MKT 300 Chp9

Attributes of strong brands

A Strong Brand occupies a distinct position in consumer's minds based on relevant benefits and creates an emotional connection between businesses and consumers Constant brand message focus on long term growth manage customer experience meaningful memorable likable

Brand

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

Brand Equity value of ownership what you have trust experience awareness quality

Brand equity is the marketing and financial value associated with a brand's strength. The major components of brand equity include brand name awareness, brand loyalty, perceived brand quality, and brand associations. Corporate reputation

Brand image and personality

Brand image - salient and feeling-related associations Brand personality - specific "personality-type" traits or characteristics ascribed by consumers to different brands Masculine/feminine Calm/exciting

Brands

Brands are the touch points to a consumer Brands are a promise to deliver specific benefits associated with products or services to consumers.

Branding

Core benefit What is the customer really buying? Value proposition What does the brand deliver that customers value? Must be competitively superior

Building Brands

How do marketers strategically attempt to create a stronger brand in the marketplace? Concepts such as brand image, brand personality, and co-branding will be investigated to illustrate this process.

Marketing and branding

Marketing creates, communicates and delivers the product Marketing creates intangible value How can we measure this intangible value? (Hint: Brand Equity) If Market value / tangible asset>1 then we've created intangible value

Brand Elements

Our objective is to understand the essential aspects of a brand. A brand is an identifying name, term, design, symbol or any other feature that identifies one marketer's product as distinct from those of other marketers. Branding helps buyers identify and evaluate products. It also benefits sellers by facilitating product introduction, repeat purchasing, and promotional efforts.

Building strong brands

Provide Identity Project the Right Message Saves Time

Brand Elements

Slogans brand names websites characters color schemes logos

Coke's intangible value

Taking the stock price of Coke, multiplying that by the shares of Coke and dividing that by Coke's tangible assets = 5 We're comparing Brand name value vs. Tangible assets

Packaging and Labeling

The final goal is to understand how packaging and labeling is used in marketing strategies. Effective packaging offers protection, economy, safety, and convenience. Labeling is used for identification, promotional, and informational and legal purposes. defined place in my mind

Brand Equity

Value of a brand based on loyalty, awareness, perceived product quality, and brand associations Reflective of long-term trust built by brand in consumers' mind Indicative of "strength" of brand and brand "fit" with consumers differentiate you da brand Can be so strong that brand name becomes the category name ( master brand) Kleenex ---master brand

The role of brands

branding higher perceived quality price premium greater market share financial strength brand extentions

The Brand

connecting point for customers

functions of packaging

contain and protect promote facilitate storage use and convenience facilitate recycling

Benefits to customers

search cost reducer Signal of quality Risk reducer Symbolic device

Benefits to companies

source of competitive advantage Predictability and security of demand Barriers to entry Financial returns

Building strong brands

starts with positioning know your audience