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Chapter 2: Brand Management - Coggle Diagram
Chapter 2: Brand Management
Managing a brand image and logo
the logo, mark that differentiator between brands, what makes the distinction of competitors
Components of a Brand Image:
Tangible elements,
Goods and services sold,
retail outlets
Marketing communications
Intangible:
Corporate personnel
ideals
beliefs
Conduct
Environmental policies
Corporate culture
Role of brand image: a consumer perspective
provides positive assurance
Unfamiliar settings
little or no previous experience
Reduces search time
provides psychological reinforcement
Provides social acceptance
Company perspective,
an extension of feelings
ability to charge more
Consumer loyalty
More frequent purchase
Positive word-of-mouth
Greater channel power
Types of Brands:
Family brands, multiple products under one brand, transfer associations
Brand extension, new good or service
Flanker brand, new brand within current category
Corporate names, overt names more on the nose i.e. the urgentPlumber, implied names hint at the company plan i.e. POSTNET,
conceptual names no link but like me makes a hint with higher thought i.e. twitter,
iconoclastic names has nothing to with what the product does i.e apple
Develop and promote brands
What is branding important
Identification, the brand helps consumers search for the brand
an indication of consistency, awareness of the reputation, and consumer tie expectation(what they trust they will receive)
Symbolic meaning, Brand reflects a particular image in order to improve its image
Communication, allows the company to communicate what makes the company unique to competitors
Brand loyalty, and high customer satisfaction allows for the customer to be loyal and repeat purchase
Key to image rejuvenation
Help former customers rediscover the brand
Offer timeless consumer value
Stay true to original, but contemperize'
Build a community
Brand equity Vs. Brand parity
Brand equity is a set of characteristics/traits that makes the brand unique,
Helps fight brand parity and perceived better
Methods of measure:
Financial value
Stock Market Value
Revenue premium
Consumer value
Brand Parity, the similarity a brand has to another with in the market
Importance of packaging and labels
Changes in Private labels: Improved quality, perceived as a value purchase
higher loyalty retailors and lower loyalty to specific brands
Used to differ retail outlets
Increased ads of private brands
increased quality of in-store display and packaging
How, Packagin supports IMC(Labels), Final opportunity to make impression
69% purchase decision made in store
Have 3 seconds to catch attention
Must standout
tell customers what is inside
Labels: meet legal requirements, and provide marketing oppurtunites
Forms of Co-Branding: Co-Branding is 2 or more brands in a single market offer
Ingredient branding, placement of a brand in another brand, i.e. intel in PCS,
Co-op branding is the joint venture of 2+ brands into a single service, Discovery, visa bank card
Complementary brand: marketing of 2 brands for both consumption, so mountain dew doritos, or apple, and NIKE