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BUS 2463 Chapter 1: Brand & Brand Management - Coggle Diagram
BUS 2463 Chapter 1: Brand & Brand Management
Definition of brand
different components of a brand that identify and differentiate it are brand elements.
5 level of meaning for a product
The
genegric product level
is abasic version of the product containing only those attributes or characteristics absolutely necessary for its fuctioning but with no distinguishing features.
The
augmented product level
includes additional
product attributes,benefits, or related services
that distinguish the product from competitors.
The
potential product level
includes all the
augmentations and transformations that a product
might ultimately undergo in the future
The
core benefit level
is the fundamental need or want that consumers satisfy by consuming the product or service.
The
expected product leve
l is a set of attributes
or characteristics that buyers normally expect and agree to when they purchase a product
Important of brands
Firm
Signal of quality level
Endowing products with unique associations
Legally protecting unique features
Source of competitive advantage
Identification to simplify handling or tracing
Source of financial returns
Cosumer
Search cost reducer
Promise, bond, or pact with product maker
Risk reducer
Symbolic device
Assignment of responsibility to product maker
Signal of quality
Identification of the source of the product
Example of branded product
Physical goods
Retailers and distributors
Sports, arts, and entertainment
Services
Online products and services
Brading Challenges
Brand proliferation
Media fragmentation
Savvy customers
Increased competition
Increased costs
Greater accountability
Steps in brand managemnet product
Plan and implement
brand marketing programs
Measure and interpret
brand performance
identify and establish
brand positioning and values
Grow and sustain
brand equity
Definition of product
Anything we can offer to a market for attention,acqusition,use or consumption that might satisfy a need or want.