Brand Management
Brand Report Card
1. Availability to deliver benefits 2. relevance 3. value perception 4. positioning 5. consistency 6. brand architecture 7. brand equity 8. brand meaning 9. internal support 10. measuring brand equity
brand community
a geographically agnostic group specifically formed around a shared connection to a brand (seven parts: social structure, space, language, ritual, value/benefits, history, costume)
Provenance Paradox
also known as country of origin, consumers naturally associate certain geographies with quality brands and products (France with wine, Italy with sports cars)
brand associations (part of brand equity)
associations help us form a brand personality that suggestions situations for which the brand is or is not appropriate (childhood memory of having Quaker oatmeal at grandparent's house which makes you more likely to buy that brand)
marketing mix
components of an effective marketing strategy, typically involving product, placement, price, and promotion.
economies of scale
cost advantage that arises with increased volume output of a product. The greater the quality of a good produced, the lower the per-unit fixed cost because these costs are shared over a large number of goods
brand awareness (part of brand equity)
familiarity, which gives consumers a feeling of confidence, making them more likely to consider the purchase
brand stories
include things from the firm (customer service, mission statements, ads), influencers (brand advocates, friends, opinion leaders, celebs), pop culture (news, tv, celebs), and customers (shared experiences, WOM, reviews, loyalty)
perceived quality (part of brand equity)
known brand often conveys a sense of quality, real or perceived. this gives a point of differentiation and positioning, reason to buy, ect.
other brand assets
patents, trademarks which create barriers to entry and maintain competitive advantage
brand value
quantitative measurement of the financial value of a brand. Third-party valuation models are used to judge the relative success of marketing efforts and to provide external validation for marketing budgets
Brand Equity
set of assets linked to a brand's name that adds to or subtracts from the value of that product or service (includes brand awareness, perceived quality, brand associations, brand loyalty, and other)
customer centricity
set of beliefs that puts the customer's interests first, while not excluding those of other stakeholders, to develop a long-term, profitable enterprise
brand personality
set of human traits ascribed to a brand. consumers tend to gravitate toward brands whose personalities match their own (sincerity, excitement, competence, sophistication, ruggedness)
brand culture
shared, taken-for-granted brand stories, and ideas associated with a brand that give the brand meaning
brand loyalty (part of brand equity)
strongest measure of brand equity. lead to forms of reduced marketing costs, trade leverage, ability to attract new customers, and time to respond to competitive threats
branding elements
the collection of marketers to identify a brand, including name, logo, tagline, symbol and character (memorable, meaningful, likable, transferable, adaptable, protectable)
product mix
the entirety of a company's product offerings (also known as portfolio)
brand extensions
use of an existing brand name on a new product in a related or different category