brand strategy and research study set

emotional connection

1 of the 5 drivers to creating brand insistence brand CONNECTS with people through an emotional level - could be a feeling or an image - have to deliver this to keep your brand going and gain customers and loyalty

true

T/F: anything can be branded.

interbrand (1988)

a brand consultancy firm that ranks brands globally from 1-100 - best global brands

brand

a perception that resides in the customers' minds concerning the qualities and attributes of a product that differentiates itself from others in the vertical

expected product level

a set of attributes or characteristics that buyers NORMALLY expect and agree to when they buy a product ex. when purchasing coffee, consumers should expect it to be a hot drink, in a mug, and good customer service

brand recognition

ability to confirm prior exposure when given the brand as a cue - can be through a logo, digital message, symbol, or icon

brand positioning

act of designing company's image and offer or creating the product to occupy a distinct and valued place or "spot" in the consumer's mind relative to the competition - based on finding proper location in minds of consumers or market segment - allows consumers to think about the product or service in the "right" perspective - drives top of mind awareness

product

anything available in the market for use or consumption that may satisfy a need or want

generic product level

basic version of the product containing only those attributes or characteristics that are ABSOLUTELY necessary for its functioning, but with no distinguishing features - a stripped down, no frills version of the product that adequately performs product function ex. i want a cup of coffee that is warm, has caffeine

consumer segmentation bases

behavioral, demographic, psychographic, geographic

brand salience

brand awareness and identity - breadth and depth of awareness - product category structure - strategic implications (objectives)

past to future

brand equity (value) is a bridge from the ___ to the _____ - reflection of the ____ - direction for the ____

experimental and immediate, private and enduring

brand feelings can be either _______ or _______

quality, credibility, consideration, superiority

brand judgements are judgements we make as a customer based on these 4 things:

learning it, seeing it, hearing it, feeling it

brand knowledge can be in 4 ways:

authenticity

brand's based on internal truth and capability; has a defined story and well grounded value set - emotion triggering - important for brand to stay in touch with customer and communicate - the story the brand is telling is UNBELIEVABLE YET TRUE - is brand true to what they say, in short

brand imagery

brand's visual identity - key piece you use when working with a brand - what is the brand beyond basic elements and attributes you sell to a consumer? - user profile/imagery - what's your target? - purchase and usage situations/imagery - brand personality and values - brand history, heritage, and experiences - things brand does and where it's brand personality is

legacy brands

brands rich in history, heritage, and experiences - huge brand imagery ex. Rolex

authentic and relevant

brands that are BOTH ___ and ___ TRUMP differentiation

user status, usage rate, usage occasion, brand loyalty, benefits sought

bullet points of the behavioral consumer segmentation bases

target market

choosing/segmenting select groups of people to sell to -specific stakeholder(s) brand is targeting

customer based brand equity (CBBE)

consumer centric model - approaches brand equity from the perspective of the consumer (means you have to do consumer research) - stresses the power of a brand lies in what resides in the hearts and minds of the customer - differential effect that brand knowledge has on consumer response to marketing of that brand - whole thing is based on brand knowledge

brand knowledge

consumer memory and response to the marketing of a brand - creates that differential effect that drives and CREATES brand equity - what people see, learn, hear or feel when they know about your brand

awareness, relevant differentiation, value, accessibility, emotional connection

creating brand insistence involves the 5 drivers; what are they?

accessibility

customers and potential customers have to know and perceive the brand as CONVENIENT and know that it's there

brand building implications

customers own the brand in a customer-based brand equity model - don't take shortcuts with brands (have to have a quality brand) - brands have to have duality (head and heart) - brands should have richness - gotta be more than just a commodity brand - brand resonance provides important focus

presence

degree to which brand feels omnipresent and is talked about positively by customers, consumers or opinion formers in traditional and social media - is there a "buzz" - target market is talking about brand positively

engagement

degree to which customers show a deep understanding of, active participation in, or a strong sense of identification with a brand - brand engages and connects with people above and beyond buying their product

governance

degree to which the organization has the required skills and operating model for the brand that enables effective and efficient deployment of brand strategy - is the brand rewarding/motivating team members so they continue to live and support the brand's core values?

brand performance

describes how well the brand: - meets customers more functional needs (things that satisfy those wants/needs) - rate on objective assessments of quality - satisfies utilitarian, aesthetic, and economic customer wants/needs in the product or service category - what brand DOES for you - tangible and functional

brand awareness and brand image

differentiation is made up of your brand:

market segmentation

divides target market into distinct groups of homogenous customers who have similar needs and consumer behavior; looking for same personas/lookalike audiences - involves identifying consumer segmentation bases and criteria the process of breaking down all consumers in a geographic area into groups of potential buyers with similar characteristics - you then send a message out to reach them to buy your product

value

does brand deliver a good value for the price

brand awareness

establishing brand and brand equity - the perception in your mind, kept in front of you with targeted ads, creative hashtags, infographics - brand keeps itself in front of you - cornerstone of strong brands - a scientific, base line measure - want your target market to be aware of your brand, want it to be the first that comes to your mind

brand feelings

feelings/emotions or emotional responses/reactions WE have as a consumer attached/tied to a brand when we purchase or discover it - feelings can be: 1. experimental and immediate (increasing in level of intensity) 2. private and enduring (increasing in level of gravity)

core benefit level

fundamental need or want that consumers satisfy by consuming the product/service ex. i want a coffee for energy

brand

has dimensions that differentiate it in some way from other products designed to satisfy the same need - can be differentiated on basis of: - packaging - services provided - customer advice - financing - delivery arrangements - warehousing - other things valued by customers, i.e. family association

duality

head and heart

depth of brand awareness

how easily customers can recall or recognize a brand

brand extension

how far down the funnel you can take your brand and extend the value/equity ex. harley davidson motorbikes --> harley davidson helmets ---> harley davidson t-shirts --> harley davidson car toys ex. tropicana orange juice wanting to sell their product for any time, not just breakfast time

brand personality

human characteristics associated with a brand - found in the brand imagery includes: - sincerity - excitement - competence - sophistication - ruggedness ex. Jeep brand = ruggedness brand personality

uniqueness

in brand image, the "unique selling proposition" of a product - provides brands with sustainable competitive advantage - differentiation of brand and its brand associations

augmented product level

includes additional product attributes, benefits, or related services that distinguish the product from competitors ex. optional features of coffee may include hot/iced options, extra shots of espresso, whipped cream, toppings

commitment

internal commitment to the brand and a belief internally in its importance - does the brand REALLY support these core values with their time and effort?

clarity

internally about what brand stands for in terms of core values, positioning, and proposition - about target audiences, customer insights, and drivers

strategic brand management

involves design and implementation of marketing programs and activities to build, measure, and manage brand equity (value) - has 4 main steps

brand judgements

judgements WE make as a consumer on a brand based on: - quality - consideration - credibility - superiority

icon

key part of brand recognition - these symbols are very recognizable and can build brand equity ex. mcdonald's golden arches ex. nike swoosh ex. apple logo

relevant differentiation

leading edge indicator of future market share and profitability - proof points and reasons to believe - have to be unique to beat points of parity and difference

savvy customers/consumers, unparalleled access to information and technology, brand proliferation, media fragmentation, increased competition, downward pressure on prices, greater accountability, alternative sources of information about product quality

list some brand challenges and opportunities

identifying and establishing brand positioning and value

list step 1 of the strategic brand management process key concepts: - mental maps - competitive frames of reference (what's the vertical) - points of parity - points of difference - core brand values - brand mantra

planning and implementing brand marketing programs

list step 2 of the strategic brand management process key concepts: - mixing/matching of brand elements - integrating brand marketing activities - leveraging of secondary associations

measuring and interpreting brand performance

list step 3 of the strategic brand management process - known as the brand's "gut check" key concepts: - brand value chain - brand audits - brand tracking - brand equity management system

growing and sustaining brand equity (brand value)

list step 4 of the strategic brand management process key concepts: - brand-product matrix - brand portfolios and hierarchies - brand expansion strategies - brand reinforcement and revitalization

sports teams, retail stores, services, digital technology, organizations

name some types of brand strategies.

clarity, commitment, governance, responsiveness

name the 4 internal factors of the 10 brand strengths

core benefit level, generic product level, expected product level, augmented product level, potential product level

name the 5 levels of products

authenticity, relevance, differentiation, consistency, presence, engagement

name the 6 external factors of the 10 brand strengths - we focus more on these because they contribute most to true brand success - if you hit all of these, customers will continue to stay with you no matter what your price point is; you can become a premium-priced brand, like apple

brand equity (brand value)

otherwise known as the brand value made up of: - brand awareness - brand associations - perceived quality - brand experience - brand loyalty - brand preference - value equals how much of the product we can sell, equals we don't care about the price, equals how much we're willing to make in profits from that product

B2B (business to business)

positioning one's business to target other businesses their brand strategy: - to be most successful earliest on, you have to have a well-defined brand hierarchy and strategy (how they align products) - build brand around the intangibles (promise/purpose) - apply emotional associations and connect with customer emotionally; tell stories - start with competence (product has to be good, consistent, and high quality) - leverage creativity and technology (without falling far from brand's mission) - leverage digital/communication channels (direct sales, direct marketing, trade shows, sponsorships, sales promotions, specialized press, social media channels)

commodity products

products you buy that have NO differentiation between them, such as grocery store coffee, spices, etc. - people are focused more on price, not brand names here

breadth of brand awareness

refers to the range of purchase/consumption situations where the brand comes to mind ex. you choose Coca-Cola as a soft drink, even though there is a large vertical of soft drinks in the fountain soda dispenser. what made you make that decision?

strength

the ___ of brand image means the deeper the person thinks about your product information and relates it to existing brand knowledge, the stronger it's resulting brand association is

favorability

the ____ of brand image is higher when brand possesses relevant attributes and benefits that satisfy the needs/wants of consumers, such as good prices, product quality, etc.

brand recall

the ability of consumers to recall brands from memory, given a general cue such as the product category - what comes to mind first when you think of the brand

frame of reference

the category of product, service, or company that the brand exists within - 2 components: what vertical are you in and who do you compete with

consistency

the degree to which a brand is experienced without fail across all touch points and formats 3 ways: product, service, marketing elements - this will build brand and keep customers loyal as brands send the right messages

differentiation

the degree to which customers perceive the brand to have differentiated/unique proposition and brand experience - unique from other brands to be successful - very tough to achieve in a brand vertical

top of mind awareness

the first brand that comes to mind in people's minds - achieved through brand positioning

relevancy

the fit with customer needs/desires and decision criteria across all demographics and geographies - not as hard to achieve for a brand

brand touchpoints

the heart and soul of a brand ex. experience you have with the product, product consistency, etc.

responsiveness

the organization's ability to constantly evolve the brand and business in response to, or in anticipation of, market changes, challenges, and opportunities - can the brand make good AND quick decisions? are the team members flexible and responsive?

head

the part of duality that is buying the brand's product/service for the functional need to satisfy it

heart

the part of duality that is buying the product for the emotional experience

brand image

the perception of your brand that lives in the mind of the consumer and the associations they have with your brand - strength, favorability, unique

potential product level

the product level that includes all augmentations and transformations that a product might undergo in the future ex. in the future, buying coffee may include specialty drinks that you can't find anywhere else, seasonal drinks, etc.

brand name

the source of the product

brand resonance

the top of the pyramid * the extreme amount of customer loyalty and success of a brand - attitudinal attachment - behavioral loyalty - sense of community - active engagement - this can be achieved through loyalty programs, authenticity, and creating a sense of community - the bigger the brands are, the more likely they are to reach this stage of customer-based brand equity ex. Starbucks, Apple

financial forecast, role of brand, brand strength

these 3 factors all contribute to BRAND VALUE

points of difference

things the brand has that is unique and different, that other brands in the vertical do not have

points of parity

things the brand has that the vertical also has

branding

universal and persuasive in different product categories - not just about products we buy to use, but also services - applicable to both tangible and intangible offerings of an organization - technology has impacted the way firms market their offerings/way we use channels

consumer segmentation bases and b2b segmentation bases

what are 2 of the types of target market segmentation bases?

basic concepts, target market, nature of competition, points of parity and points of difference

what are 4 things you need when identifying and establishing brand positioning?

improved perceptions of product performance, greater loyalty, less vulnerable to competitive marketing actions and crises/hiccups, larger margins, inelastic consumer response to price increases, elastic consumer response to price decreases, greater trade cooperation and support, increased marketing communication effectiveness, additional brand extension opportunities

what are some marketing advantages of STRONG BRANDS?

brand strength diagnostic, strategic imperatives, brand plan

what are the 3 steps of the brand activation roadmap?

product consistency, service consistency, marketing element consistency

what are the 3 types or ways a brand can establish consistency?

behavioral, demographic, psychographic, geographic

what are the 4 consumer segmentation bases?

identifiability, size, accessibility, responsiveness

what are the 4 parts of the criteria for being in a segmented market or target market

brand awareness, brand image, brand recall, brand recognition, brand image

what are the 4 sources of brand equity (brand value)?

global, growing, visible, transparent

what are the 4 things you need for inclusion in the best global brands ranked by Interbrand?

target and frame of reference

what are the first two things in the brand positioning framework used when defining brand positioning?

brand salience, brand performance, brand imagery, brand judgements, brand feelings, brand resonance, brand-building implications

what are the parts of the pyramid that lead to building a strong brand?

identify the source of the product, assign responsibility, reduce risk, reduce search costs, act as a promise/bond/pact, signal quality and consistency

what are the reasons that brands matter?

location and perspective

what are the two things brand positioning is based on?

brand activation roadmap

what brand consultancy firms use for clients to evaluate brand: 1. brand strength diagnostic of the current state of brand vs. competition (have to survey customers) 2. strategic imperatives to guide brand initiatives moving forward 3. brand plan prioritizing where we should focus our efforts over the next 12 months; looks at finances/profits

demographic

what do the consumers look like, what are their personas? - how will brand product position itself with these people? includes; race, gender, age, family, income

complacent brands

when brands don't care anymore and fall into the "brand graveyard" - dismiss anything as a "new fad" - stuck in status quo - don't take challenger brands seriously - follow some brand strategy year after year - these brands FAIL

brand loyalty

when consumers buy the product frequently and firm in the brand - can be extremely strong in a competitive vertical to one brand, but it can be broken for another brand with a unique benefit and differentiation

user status

when you move into a vertical, you want to look for people who buy the product frequently