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BUS 2463 Chapter 7 LEVERAGING SECONDARY BRAND KNOWLEDGE TO BUILD BRAND…
BUS 2463 Chapter 7 LEVERAGING SECONDARY BRAND
KNOWLEDGE TO BUILD BRAND EQUITY
Effects on existing brand knowledge
Awareness and knowledge of the entity
Meaningfulness of the knowledge of the entity
Transferability of the knowledge of the entity
Leveraging Secondary Associations
Company (through branding strategies)
Country of origin (through identification of product origin)
Channels of distribution (through channels strategy)
Characters (through licensing)
Events (through sponsorship)
Effect of secondary associations
Response-type associations
Meaning-type associations
Co-Branding
Advantages
Borrow needed expertise
Leverage equity you don’t have
Reduce cost of product introduction
Expand brand meaning into related categories
Source of additional revenue
Disadvantages
Loss of control
Risk of brand equity dilution
Negative feedback effects
Lack of brand focus and clarity
Organizational distractions
Licensing
Involves contractual arrangements whereby firms can use the names, logos, characters, and so forth of other brands for some fixed fee
Celebrity Endorsement
Shapes the perceptions of the brand
Celebrity should have a high level of visibility and a rich set of useful associations, judgments and feelings