MKT ch 15

Brand loyalty

is a consumer's steadfast allegiance to a brand, evidenced by repeated purchases.

Co-branding

is a strategy in which two or more companies issue a single product in an effort to capitalize on the equity of each company's brand

Brand revitalization

is a strategy to recapture lost sources of brand equity and identify and establish new sources of brand equity.

Packaging

is all of the activities of designing and producing the container for a product

Brand recognition

is the degree to which customers can identify the brand under a variety of circumstances

Brand

is the name, term, symbol, design, or any combination of these that identifies and differentiates a firm's products.

Brand extension

is the process of broadening the use of an organization's current brand to include new products

Customer lifetime value (CLV)

is the total amount a customer will spend from acquisition through the end of a relationship with a brand.

Brand image

is the unique set of associations that target customers or stakeholders make with a brand

Brand equity

is the value the firm derives from consumers' positive perception of its products

Twitter Search.

Talkwalker.

Cannibalization

The erosion of sales that occurs when new products eat into sales of a firm's existing products, rather than generate additional revenues or profits.

As a company implements a brand-extension strategy, it must remain mindful of the following two potential concerns:

The extension must live up to the quality consumers expect from the brand. If the quality of the extension products does not meet customer expectations, the firm jeopardizes sales, consumer trust, and brand loyalty. Brand extensions must be implemented with an eye toward avoiding cannibalization. Cannibalization is the erosion of sales that occurs when new products eat into sales of a firm's existing products, rather than generate additional revenues or profits. For example, KFC targeted new customers looking for great taste and healthier options when it introduced its new grilled chicken products. But rather than winning over new customers, KFC soon realized that the grilled chicken seemed to be purchased mostly by existing KFC customers, who were buying it instead of the fried version. Despite a major promotional push, sales fell by 4 percent at some KFC locations in the first year after the launch, in part due to the cannibalizing effect the new product had on the company's traditional products.12

manufacturer brands

brands that are managed and owned by the manufacturer.

global brand

is a brand that is marketed under the same name in multiple countries

Brand recognition research helps marketers understand two things:

(1) which brands stand out in a consumer's memory (2) the strength of his or her association with the brand.

Components of a Successful Brand

*Deliver a product that provides value-->The product should attract a positive reaction from consumers, whether that's achieved through packaging, delivery, or the value it offers to users. *Create a consistent brand image.---->All of the firm's marketing decisions, promotions, and employees should reinforce the brand by providing a consistent experience in the minds of consumers. *Create consistent brand messaging.--->As with brand image, brand messaging should be consistent and concise. *Capture feedback--->Since the real power of a brand exists in the minds of consumers, marketers must always capture and analyze customer feedback

Benefits of Brand Equity

1). Brand equity increases a firm's ability to succeed in a difficult competitive environment. 2).Brand equity facilitates a brand's expansion into new markets. 3).Brand equity can contribute to positive perceptions of product quality.

Qualitative techniques can provide

interesting, in-depth consumer insights.

CLV can be calculated using the following formula:

Customer lifetime value (CLV) =Average value of a sale × Number of repeat transactions ×Average retention time in months or years for a typical customer

Google Alerts.

Firms can set up alerts about their company, good, service, or brand and receive an e-mail whenever they appear online

esteem

Organizations with high brand equity enjoy significant advantages over other firms or how well regarded the brand is

Social Mention.

Social Mention is a tool that captures mentions of brands across most social media sites

Free association

involves asking consumers what comes to mind when they think about the brand.

The decoys

allow marketers to tell if consumers are truly able to identify the brands they've seen and to distinguish between those and brands they have not been exposed to.

knowledge

and are positively thought of by the majority of their target markets- an intimate understanding of the brand

Private-label brands

are products developed by a retailer and sold only by that specific retailer.

differentiation

are relevant to a large segment of consumers or the brands point of difference

Projective techniques

are tools used to uncover the true opinions and feelings of consumers when they are unwilling or otherwise unable to express themselves

relevance

are well known or how appropriate the brand is to you

A successful brand adds value to organizations in numerous ways

brand loyalty brand recognition:

family branding

connection made between product brands

Two important qualitative research methods are

free association and projective techniques.

Measuring brand equity is fundamental to understanding

how to build and manage a brand over time.

Qualitative research is particularly helpful in

in identifying the sources of brand equity and its role in consumer decisions

Klout score

measures, on a scale of 1 to 100, a user's influence based on his or her ability to drive other people to act on social media sites

Two common quantitative research techniques focus on

measuring consumers' recognition and recall of specific brands.

individual branding

no connection made between product brands

Brand equity increases the likelihood that the consumer will

purchase the firm's brand rather than a competing brand

Brand revitalization aka?

rebranding

Brand recall

refers to consumers' ability to identify the brand under a variety of circumstances

Brand Architecture

relationships a firm brands have with each other

Brand loyalty and brand recognition lead to more

revenue for for-profit firms and more donations and support for nonprofit organizations.

Private-label brands aka ?

store brands

Brand-recall measures can be used to determine

whether consumers consider the firm's brand when they are planning to make a purchase, and if so, whether they think of the firm's brand before they think of competing brands

brand marks

which are the elements of a brand, not expressed in words, that a consumer instantly recognizes, such as a symbol, color, or design.

The most important brand you will ever manage is

your personal brand