Marketing Management Chp. 5 Brand
Stages of brand evolution
1) Brand as formal differentiation of products 2) Brand as legal protection 3) Brand as set of emotional values 4) Brand as value
Components of brand equity (6)
1) Brand image 2) Trust 3) Associations 4) Recognition 5) Loyalty 6) Knowledge
Co-branding considerations
1) Brands must be complementary and must offer the product a way of improving its mix 2) Must be a relationship between users of both brands 3) Brands must be homogeneous in terms of market share, awareness, prestige, lifecycle
Brand must fill what functions?
1) Efficient information 2) Risk reducer
Brand Decisions
1) Extension 2) Expansion 3) Co-branding 4) Franchising 5) Licensing
4 Brand Elements
1) Identity 2) Image 3) Positioning 4) Equity
Types of co-branding
1) Knowledge and awareness 2) Values 3) Ingredients
Importance of brand
1) Represents relationship between buyer and seller based on trust and common values 2) Hard to copy 3) Step in differentiation process
Relationship b/w product and brand
A brand does not exist if there is not a great product behind it. Brand gives products objectives and content.
Formal differentiation of products (1)
A name, term, symbol or design which seeks to identify the goods and differentiate them from competition
Objectives of brand portfolio
Achieve synergy, leverage brands, develop and consolidate strong brands, clarify product's offering
Brand Portfolio
All brands that a company manages
Brand Extension
Applying an already existing brand, usually happens on same market sector but on different product category
Product
Attributes, design, uses, functional benefits
Brand as value (4)
Brand as asset capable of producing value and grow by itself to the company
Emotional attributes (3)
Brand as name with different mental representations related to set of consumers susceptible to consume the brand
Brand Licensing
Brand becomes an exchange object , agreement where another company can use brand, logo or other intangible asset for promotion
Brand Franchising
Contract by which a company allows another company in exchange of a fee the right to exploit a franchise to commercialize products
Equity
Differential effect that knowing the brand name has on customer response to product or service
Brand Components
Image, country of origin, personality, emotional beliefs
Brand Expansion
Introducing a brand in new market sector, expansion must be realted with brand image
Brand portfolio dimensions
Knowledge of brand within portfolio, different roles for each brand, brand's environment and market
Co-branding
Linking of two or more brands with objective of earning a higher value
Identity
Represents what brand ideally means to consumer. Implies potential promise
Brand
Set of mental associations held by the consumer, which add to perceived value of a product or service.
Legal protection (2)
Sign certifying the origin of a product or service and differentiating it. Trademark
Brand Positioning
Take possession of a strong purchasing rationale that gives real or consumed advantage
Image
What is in mind of consumers - real