Chapter 5: Building a Relevant Brand

Assets of Brand Equity

-Brand loyalty -Brand Awareness -Brand Associations

Specific Strategies Tied to a Brand's Equity

-Brand position -Brand extensions -Licensing

Benefits of Brand Extensions

-Business growth *Within core product category *Outside core product category -Expand customer base -Energize a brand -Prevent market share erosion

Benefits of Brand Licensing

-For the Licensor *Creation of a revenue stream *Form of brand advertising *Protects a sports property's assets -For the Licensee *Capitalize on af nity fans have for sports *Grow product line *Provides legitimacy

Examples of Brand Marks

-Logo -Colors -Characters

Characteristics of a Good Brand Name

-Recognizability -Fit -Contrast

A Brand Has Four Different Purposes or Roles:

1. Identity 2. Image 3. Promise 4. Relationship

3 Elements of a Well-Defined Brand Position

1. It specifies the target market 2. It clarifies the business or category in which a brand competes 3. It states the advantage or point of difference that will resonate with the target market.

Corporate Social Resoponibility

A managerial philosophy that guides an organization's business decisions to have an overall positive impact on society.

Brand Position

A strategy used to communicate a point of difference that a brand possesses in its marketing communications to set it apart from competition.

Relationship Marketing

An approach to marketing that focuses on building and maintaining long-term relationships with customers and other important stakeholders.

Brand Aweness

Asset developed from recognition and familiarity among consumers and sponsors.

Brand Identity

Associations that a marketer aspires to project or communicate to a target market.

Marketing a Brand

Brand= -Brand building -Brand leveraging

Brand Promise

Brands represent a promise of action that will benefit a customer. People value brands because they stand for intent to deliver value. Promises made by brands can be explicit or implicit. Explicit promises are statements of action such as a warranty or service guarantee. Performance standards are spelled out and it is up to the brand to meet those standards.

Brand Image

Consumer thoughts or mental associations about a good or service

Brand Loyalty

Customer-driven asset demonstrated by a willingness of customers to have an ongoing relationship with a business.

Brand Building

Entails decisions such as selecting a brand name and designing marks associated with the brand such as a logo and color scheme. While these branding decisions are obviously needed when a new brand is launched, they are decisions that should be evaluated on a regular basis.

Brand Marks

Form of communication other than words used to communicate brand identity.

Licensing

Legal agreement in which a brand owner grants use of its brand name or marks to another company.

Brand Leveraging

Strategies devised to capitalize on aspects of a brand (identity, image, promises, and relationships) to develop product offerings that add value for customers and drive business growth for an organization.

Logo

Symbol or other visual element that is associated with a brand.

Brand Equity

The added value a brand possesses that can be attributed to the brand (name, logo, and image).

Brand Associations

Thoughts and perceptions that an individual has for another person or object.