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Choosing Elements to Build Brand Equity - Coggle Diagram
Choosing Elements to Build Brand Equity
Brand Elements
The trademarkable devices that help to identify and differentiate the brand from other competitions.
the different types of brand elements consist of:
Brand Names and URLs
Brand name
is fundamentally important as it captures the
main theme or key associations of the product
in a short and compact economical fashion
it is the most difficult elements for marketers to change and re-brand in the long run as it is closely tied to the product image
The selections of creating a new brand name for a products is an art and science of identifying the brand identity
Brand names can be associated to an important attribute or benefits that can make up the product positioning
The brand name is associated with brand awareness as the brand name should be
simple and easy to pronounce or spell
with an element of memorability, meaningful and likeable
URLs
(uniform resource locators) specify locations of pages on the web and is commonly referred to as domain names. The owner of the URL must register, pay for the name and can protect their brand from unauthorized use in other domain names
the company needs to protect their brand from unauthorized use by
the company can sue current owner of the URL for copyright infringement
purchase the name from current owner
register the conceivable variations of its brand as domain names ahead of time
Cybersquatting
Registering, trafficking in, or using a domain name with bad-faith to profit from the goodwill of a trademark belonging to someone.
Logos and Symbols
The
logo
refers to the visual elements that play a critical role in building brand equity and brand awareness
it ranges from corporate names or trademarks written in distinctive forms to abstract logo designs
Abstract logos may
lack inherent meaning
present with a more concreate logo
disadvantages of abstract logo
design are that consumers may not understand what the logo is intended to represent
logo help indicate the origin, ownership or associations of product
Symbols
are nonword mark logos
Characters
represents a special type of brand symbol as it takes on
human or real-life characteristics
Brand characters are introduced through advertising as it plays a central role in advertisement campaigns and package designs.
The characters are often colourful and rich in imagery hence they tend to attract the attention of consumers and become associated to the brand awareness of the product
Slogans and Jingles
Slogans
refers to short phrases that communicate descriptive or persuasive information about the brand
they function as useful "hooks" to help consumers grasp the meaning of a brand
they are an indispensable means of summarizing and translating the intent of marketing program into a specific slogans
Jingles
refers to the musical messages written around the brand
Jingles are catchy hooks and choruses that became permanantly registered in the minds of listeners
it enhance further the brand awareness by repeating the brand name in a clever and amusing ways
Packaging & Signage
Packaging
is the activity of designing and producing containers or wrappers for a product
Packaging of the brand must achieve a number of objectives for the perspective of the firm and consumer to identify which are;
identify the brand
aid product consumption
convey descriptive and persuasive information
assist in at-home storage
facilitate product transportation and protection
Packaging at the
point of purchase
, the right packaging can create strong appeal
just by being on the store shelf
help products stand out from the clutter
can provide a temporary edge on competition
Packaging innovations
can lower costs
can improve demand for products
Package design
Package design attributes to the "shelf impact" of a package
has become a more sophisticated process in terms of specialized package designers bring artistic techniques and scientific skills
A brand element provides a positive contribution towards how the brand equity conveys or implies certain elements that would be valued and associated towards a certain response.
The criteria for choosing brand element
Likability
Rich in
visual and verbal imagery
whether it is
aesthetically pleasing
and interesting
the
creative potential
of the brand name and elements that have the ability to capture the intangible characteristics of the specific brand
Transferability
within a wide range of product categoris or across the geographic boundaries and cultures worldwide
measures the extent of the brand elements that can be added to the
brand equity
for
new products or markets for the brand
usefulness of the brand element for line or category extensions
to what extent can be added to brand equity across the geographic boundaries and market segmentations
the cultural context and linguistic qualities of the brand elements must be taken into account
Meaningfulness
Descriptive and persuasive
There are criteria as to how the brand element can
convey the meanings more thoroughly:
the general information about the functions of product or services
does it describe and suggest something?
is the needs and benefits supplied?
does it help consumer to identify the product category?
specific info regarding the attributes and benefits of the brand
does it seem persuasive and suggest something regarding the product?
what's the key unique difference of its attributes or benefits?
does it suggest the targeted audience and aspects of the product performance?
Adaptability
the
flexibility
of the product and the
ability to be updated over time
the changes in consumer values and opinions can vary over time hence most brand elements need to be updated to adapt to the current trends in brand elements or make them more flexible.
Memorability
Can be easily
recognized and recalled
to achieve an increase of
brand awareness
refers to a general term that measures how consumers are familiar with the brand or its product that associates with it.
The brand elements should promote the goal of being memorable and grab the target audience's attention that can facilitate recognition to consumption.
Protectability
legally and competitively protected
brand elements of the specific brand should be
legally protected
and
trademarked
internationally and formerly
registered
with the appropriate legal bodies to defend from unauthorized competitive infringement
Marketers' strategy in building brand equity:
Marketers' strategy to leverage and maintaining the brand equity with opportunities and constraints:
Rationale for mixing and matching brand elements
each different types of brand elements plays a different role in building brand equity
Marketers 'Mix and match" to maximize and take advantage the brand equity
Helps identify and enhance the brand identity
the entire set of brand elements
contribution of all brand elements to awareness and image