Brand Management
What is the strategic brand management process and what are the steps?
The design and implementation of marketing programs to build, measure, and manage brand equity. -Identify and develop brand plans -Design and implement brand marketing programs -measure and interpret brand performance -grow and sustain brand equity
What is marketing?
The facilitation of exchange by utilizing the marketing mix to satisfy customer needs.
What are some marketing advantages of strong brands?
-Improved perceptions of product performance -Greater loyalty -Less vulnerable to competitive marketing actions -Larger margins -Greater trade cooperation and support -Increased marketing communication effectiveness
What are the four stages of brand development?
1. Identity 2. Meaning 3. Response 4. Relationships
What are the branding objectives at each stage of brand development?
1. Identity: deep, broad awareness 2. Meaning: points of parity and difference 3. Response: positive, accessible reactions 4. Relationships: intense, active loyalty
What are the differences between a brand and a product?
A brand has dimensions that may be rational and tangible (related to product performance of the brand) or more symbolic, emotional and intangible (related to what the brand represents). A product can be a physical good, a service, person, place, or an idea or social cause. There are 5 levels of meaning for a product: -Core benefit level -Generic product level -Expected product level -Augmented product level -Potential product level
What is brand knowledge?
A key to create brand equity. It creates the differential effect that drives brand equity.
What is a brand?
A name, term, sign, symbol, design, or combo that is intended to identify the goods and services of one seller.
How to identify and establish brand equity?
Basic concepts: brand positioning Target market: market segmentation Nature of competition: competitive analysis, indirect competition, multiple frames reference Points of parity and points of difference: Points-of-difference associations (attributes or benefits that consumers strongly associate with a brand) Points-of-parity associations (attributes shared with other brands) Points-of-parity versus points-of-difference
What is brand resonance?
Behavioral loyalty, attitudinal attachment, sense of community, active engagement
What are two sources of brand equity?
Brand awareness: creates favorable consumer response Brand Image: favorable, strong, uniqueness
What are types of brand elements?
Brand names, dharacters, URLs, logos and symbols, characters, slogans, jingles, and packaging.
What are strong brands?
Brands that have been market leaders in their categories for decades.
How to design and implement a brand marketing program?
Choose brand elements. Integrate the brand into marketing activities and the supporting marketing program. Leveraging secondary associations.
How to measure and interpret brand performance?
Implement a brand equity measurement system that involves brand audits, tracking studies, and an equity management system.
How to grow and sustain brand equity?
Define brand architecture. Manage brand equity over time. Manage brand equity over geographic boundaries, cultures, and market segments.
What is brand performance?
Describes how well the brand meets customers' more functional needs.
What are brand elements?
Different components that identify and differentiate a brand. Ex: name, symbol, logo, package design, or other characteristic.
What are the three key ingredients of customer based brand management?
Differential effect, brand knowledge, and consumer response to marketing.
What is IMC?
Integrated Marketing Communications. They should be clear concise and communicated throughout.
How to implement a brand mantra?
It should be developed at the same time as brand positioning.
How to design a brand mantra?
It should have brand functions, descriptive modifier,and an emotional modifier.
What does the associative network memory model do?
It views memories as a network of nodes and connecting links. -Nodes are stored information or concepts -Links are the strength of association between the nodes Brand associations are information nodes linked to the brand node in a memory.
What are psychographics?
Loosely translated as lifestyle studies. Activities, interests, and opinions.
What is MOP?
Market oriented philosophy. Gather, research, analyze, disseminate, and CPU
What can be branded?
Physical goods (business-to-business and high-tech products) and services
What are brand judgements?
Quality, credibility, consideration, and superiority
What are the factors responsible for branding challenges?
Savvy customers, economic downturns, brand proliferation, media transformation, increased competition, increased costs, and greater accountability.
What is a brand mantra?
Short, three to five word phrase that captures the essence or spirit of the brand positioning.
What is customer based brand equity?
The power of a brand lies in what resides in the minds/hearts of customers.
What is brand equity?
The value of a brand based on positive associations.
Why do brands matter to consumers?
They identify the source or maker of the product. Simplify product decisions. Lower the search costs for products internally and externally. Help set reasonable expectations for things consumers may not know about the brand. Signal product characteristics and attributes. Reduce risk in product decision.
Why do brands matter to firms?
They simplify product handling and tracing. Help organize inventory and accounting records. Provide predictability and security of demand for the firm and creates barriers of entry for competitors. Provide a powerful means to secure competitive advantage.
What is brand salience?
To what extent is the brand top-of-mind and easily recalled or recognized
What is brand imagery?
Type of person or organization who uses the brand.
How to identify and develop brand plans?
Use the: Brand positioning model Brand resonance model Brand value chain
What are brand feelings?
a customers emotional response and reaction to the brand.