Brand Mangement

brand audit

is a comprehensive examination of a brand to assess its health, uncover its sources of equity, and suggest ways to improve and leverage that equity

commodity

is a product so basic that it cannot be physically differentiated from competitors in the mind of consumers

generic product level

is a set of attributes or characteristics that buyers normally expect and agree to when they purchase a product

expected product level

is a set of attributes or characteristics that buyers normally expect and agree to when they purchase a product.

Brand resonance

is developed when customers form relationships with the brand and feel 'in sync' with the brand.

Brand recall

is the consumer's ability to retrieve the brand from memory when prompted with the category or usage situation

core benefit level

is the fundamental need or want that consumers satisfy by consuming the product or service

market

is the set of all actual and potential buyers who have sufficient interest in, income for, and access to the product.

brand portfolio

is the set of different brands that a particular firm offers for sale to buyers in a particular category.

Laddering

The deepening of meanings associated with brand positioning.

brand elements

The different components of a brand that identify and differentiate it are

The most common brand elements are

brand names, URLs, logos, symbols, characters, packaging, and slogans

Brands Should Have Duality & Richness

breadth and depth

If too different

but if you are too different, you lose consideration within the brand set.

Search goods

can evaluate product attributes easily

Experience goods

cannot assess product attributes

three sources of revenue for card holders

cardholder fees, interchange fees, and interest paid on consumers

Brand tracking studies

collect information from consumers on a routine basis over time, typically through quantitative measures of brand performance on a number of key dimensions marketers can identify in the brand audit or other means.

Brand equity

commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself

Niche Marketing

involves focusing marketing efforts on a specific subset of the market which has specific needs,

Strategic brand management

involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity.

Credence goods

very rarely even learn product attributes, such as medical procedures, automobile repairs, and dietary supplements.

Top Choice

% finding & choosing as best for them

Purchase Consideration

% finding the offerings relevant

Purchase

% purchased in past 12 months

brand mantra

, three to five word phrase, that captures the irrefutable essence or spirit of the brand positioning.

% Conversion from familiarity to consideration

- shows: Delivering relevant offerings to target needs

% Conversion from purchase to top choice

- shows: Meeting top attribute needs for the target

Brand Names

-Descriptive -Evocative -Personality -Synthetic -Founder

, building brand equity requires properly positioning

. The initial choices of the brand elements making up the brand and how they are mixed and matched; 2. The marketing activities and supporting marketing programs and the way the brand is integrated into them; and 3. Other associations indirectly transferred to or leveraged by the brand as a result of linking it to some other entity (such as the company, country of origin, channel of distribution, or another brand).

50% of firm's value can be attributed to brand assets...

...but any brand is vulnerable to poor brand management!

Brand Awareness: Why It Matters

1. Consideration advantage 2. Choice advantage 3. Why else?

strategic brand management process as having four main steps

1. Identifying and developing brand plans 2. Designing and implementing brand marketing programs 3. Measuring and interpreting brand performance 4. Growing and sustaining brand equity

6 Criteria for Choosing Brand Elements

1. Memorable 2. Meaningful 3. Likable 4. Transferable 5. Adaptable 6. Protectable

brand challenges and opportunities

1. New information, technology, sharing 2. Price, competitiveness 3. Connectivity & backlash 4. Customer-focus, C/X, centricity

Brand Imagery

1. User Imagery 2. Purchase and Usage Imagery 3. Brand Personality and Values 4. Brand History, Heritage, and Experiences

Relevance

1.Analyze category 2.Select set within category 3.Choose brand because of its differential strength on functional attribute, or ability to convey some emotional or self expressive benefit 4.Brand evaluate based on user experience Combines category choice and brand choice

Branding is all about creating differences.

1.Differences in outcomes arise from "added value" endowed to a product as a result of past marketing activity for the brand 2.Value can be created in different ways 3.Brand equity is a common denominator for interpreting marketing strategies and assessing brand value 4.There are different ways in which the brand can be manifested or exploited to benefit the firm.

Associative Network Memory Model

1.Memory is viewed as a network of nodes connected by links. ● 2.Nodes are stored information. ● 3.Links represent strength of association between the nodes.

Indirect competitors

1.include solutions that may provide the same benefit, even it if it is not in the same category. Firms that narrowly define competition may fail to realize threats and opportunities.

Competitive analysis

1.includes the resources, capabilities, and intentions of other firms, which can affect marketers' abilities to profitably serve a segment.

Brand recognition

1.is the consumer's ability to confirm prior exposure to a brand when cued with the brand.

Brand Positioning requires marketers to know

1.who the target consumer is 2.who the main competitors are 3.how the brand is similar to the competitors 4.and how the brand is different from competitors Brand positioning is not necessarily linear!

% consumers aware of brand

Awareness

Points of Difference once in party

Differentiation, desirability and deliverability

What else can be branded?

Digital Brands People Arts & Entertainment Places

% informed with current offerings

Familiarity with Offerings

Brand Knowledge

How do we know what we know? How do we measure it?

Depth:

How likely it is for a brand element to come to mind and the ease at which it does

Brand Performance

How well a product or service meets customers functional needs Primary "ingredients" and features 2. Reliability, durability, serviceability 3. Service effectiveness 4. Style and design 5. Price!

consumer perspective

Identification of source of product Who made the product Reduces risk Reduces search time/cost Promise/bond w/maker of product Symbolic Signal of quality, other attributes

Marketing Advantages of Strong Brands

Improved perceptions of product performance Greater loyalty Less vulnerability to competitive marketing actions Less vulnerability to marketing crises Larger margins More inelastic consumer response to price increases More elastic consumer response to price decreases Greater trade cooperation and support Increased marketing communication effectiveness Possible licensing opportunities Additional brand extension opportunities

The brand value chain

Is a structured approach to assessing the sources and outcomes of brand equity and the manner by which marketing activities create brands value.

Logos and Symbols

Long history as a means to indicate origin, ownership, or association

breadth

Measures the range of purchase and usage situations in which the brand element comes to mind

Packaging

Objectives: 1. Identify the brand 2. Convey descriptive & persuasive information 3. Assist in at-home storage 4. Aid product consumption the activities of designing and producing containers or wrappers for a product Material Design Color palette

reasons to believe (RTBs) in one of many forms:

PODs are generally defined in terms of consumer benefits and have important underlying proof points, or reasons to believe (RTBs) in one of many forms: design, attributes, ingredients, endorsements, etc.

Slogans

Short phrases that communicate descriptive or persuasive information about the brand Efficient shorthand means to build brand equity and help consumers grasp meaning Build awareness!

Corporate perspective

Simplify handling/tracking Legally protecting features Signal of quality Endowing products with unique associations Source of competitive advantage Source of financial returns

Characters

Special type of brand symbol: take on human or real life characteristics Can serve as brand ambassadors What are some disadvantages?

Brands can straddle two frames of reference, with one set of points-of-difference and points-of-parity. PODs in one category can become POPs in another category, and vice versa!

True

Points of Parity are easier to achieve than Points of Difference

True

Competitive POP

a.associations designed to negate competitors points-of-difference.

Category POP

a.necessary, but not necessarily sufficient, conditions for brand choice.

Correlational

a.potentially negative associations that arise from the existence of other, more positive, associations for the brand. In other words, can a brand be luxury and affordable?

Positive CBBE

accepts marketing, less price sensitive, positive feedback

Brand positioning

act of designing the company's offer and image so it occupies a distinct and valued place in the target customers' minds," is at the heart of marketing strategy.

augmented product level

additional product attributes, benefits, or related services that distinguish the product from competitors.

product

anything we can offer to a market for attention, acquisition, or consumption that might satisfy a need or want üA physical good üA retail store üAn organization üA city, state, region üAn idea or political cause

How to join parity?

approach is to inform consumers of a brand's membership in the category before stating its points of differences.

Brand feelings

are customers' emotional responses and reactions to the brand. Brand feelings also relate to the social currency evoked by the brand.

Brand attributes

are descriptive features that characterize the product or service. These are often related to function

Points of Difference, or PODs,

are formally defined as attributes or benefits that consumers strongly associate with a brand, positively evaluate, and believe that they could not find to the same extent with a competitive brand: may rely on performance attributes, performance benefits, imagery associations, or both performance and imagery.

Points of Parity (POPs

are not necessarily unique to the brand, but may, in fact, be shared with other brands.

Segmentation bases can be classified as

as descriptive or customer-oriented (related to what kind of person or organization the customer is) or as behavioral or product-oriented (related to how the customer thinks of or uses the brand or product).

Brand recognition is helpful

at the point of sale

1.The decision to target a certain type of consumers

defines the nature of competition

brand resonance model

describes how to create intense loyalty and strong customer relationships with customers.

brand positioning model

describes how to guide integrated marketing to maximize competitive advantages.

Brand Hierarchy

displays the number and nature of common and distinctive brand components across the firm's set of brands.

Market segmentation

divides the market into homogeneous groups who have similar needs and consumer behavior and require different marketing mixes.

potential product level

includes all the augmentations and transformations that a product might ultimately undergo in the future

By creating rational and tangible and/or symbolic, emotional, and intangible perceived differences among products through branding,

marketers create valuable, intangible assets

brand value chain

means to trace the value creation process for brands, to better understand the financial impact of brand marketing expenditures and investments

Jingles -

musical messages written around a brand Key for radio, other non-visual channels Less quantitative - focus on indirect brand meaning, emotion, personality, etc.

Brand

name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers to differentiate them from those of competition

Brand judgements

or customers' personal opinions about and evaluations of the brand, which consumers form by putting together different brand performance and imagery associations.We judge...1. Quality2. Credibility - expertise, trustworthiness, and likeability3. Consideration4. Superiority

Brand image

perceptions about a brand/measured by brand meaning or associations

Brand benefits

personal value and meanings that consumers attach to the product or service. These are often emotional, philosophical, or other intangible.

Customer-Based Brand Equity CBBE

power of brand what customers have learned, felt, seen and heard as the result of their experiences over time.

brand equity measurement system

s a set of research procedures designed to provide timely, accurate, and actionable information for marketers so that they can make the best possible tactical decisions in the short run and the best strategic decisions in the long run is a set of organizational processes designed to improve the understanding and use of the brand equity concept within a firm.

% Conversion from awareness to familiarity

shows: Recent touchpoint and/or clarity of offerings in communications

The best test of the brand-building contribution of a brand element is

what consumers would think about the product or service if they knew only its brand name or its associated logo or other element

brand recall is important

when the consumer has to actively seek the brand, like services and online brands.

mass marketing

which involves appealing to the entire market with a standardized product, distribution approach, and advertising campaign.

Retailers

•Establish image, position, target market • •Can yield higher margins • •Store brands or private label brands can increase loyalty and profit margins

Services

•Less tangible! • •Corporate credibility is key! Expertise, trustworthiness, and likeability. • •Variability is high - hard to compare • Referrals, testimonials are critical. Locking in long-term relationships is huge

Brand awareness:

•strength of node/memory/identifying brand under different conditions