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