BRAND MANAGEMENT DAY TWO

__________________________ describes the ___________________ of the product or service, including the ways in which the brand attempts to meet customers' _____________________ or ____________________.

Brand Imagery extrinsic properties psychological or social needs

Consumer Segmentation Bases -___________________ User Status Usage rate Usage occasion Brand loyalty Benefits sought -___________________ Income Age Sex Race Family -___________________ Values opinons attitudes activities lifestyle -___________________ International Regional

-Behavioral -Demographic -Psychographic -Geographic

Brand Resonance -____________________ -____________________ -____________________ -____________________

-Behavioral loyalty -Attitudinal attachment -Sense of community -Active engagement

Market Segmentation involves identifying segmentation bases and criteria: -_________________ can we easily identify the segment? -_________________ is there adequate sales potential in the segment? -_________________ are distribution outlets and media available to reach the segment? -_________________ how favorably will they respond to a tailored marketing program?

-Identifiability -Size -Accessibility -Responsiveness

Brand Judgements -_________________ -_________________ -_________________ -_________________

-Quality -Credibility -Consideration -Superiority

Brand Judgment Examples -__________________ how good a value is this brand? -__________________ how innovative are the makers of this brand? -___________________ how likely would you be to recommend this brand to others? -__________________ to what extent does this brand offer advantages over others?

-Quality -Credibility -Consideration -Superiority

types of brand elements -_________________ -_________________ -_________________ -_________________ -_________________ -_________________ -_________________

-brand names -URLs -logos and symbols -characters -slogans -jingles -packaging

Marketers need to know: -Who the _______________ is -Who the ________________ are -How the brand is _______________ -How the brand is ________________

-target consumer -main competitors -similar -different

Two sources of brand equity 1. _____________________ 2. ____________________

1. Brand Awareness 2. Brand Image

Three Customer-Based Brand Equity Models 1. _______________________ 2. ______________________ 3. ______________________

1. Brand Positioning Model 2. Brand Resonance Model 3. Brand Value Chain Model

____________________ are customers' emotional responses and reactions to the brand. It also relates to the ___________________ evoked by the brand.

Brand Feelings social currency

Points of Difference Brand association must be seen as... 1. ____________________ 2. ____________________ 3. ____________________

1. Desirable 2. Deliverable 3. Differentiating

Points of Difference Brand association must be seen as... 1. ____________________ Target consumers must find the POD personally relevant and important (just being different is not enough...must be something that matters to the consumer) 2. ____________________ Includes both the company's actual ability to make the product/service available; and also convincing customers of their ability to do so 3. ____________________ The POD should be distinctive, superior, and sustainable (and preferably difficult to attack or copy)

1. Desirable 2. Deliverable 3. Differentiating

Framework for the course (four steps) 1. ________________________ 2. _______________________ 3. _______________________ 4. _______________________

1. Identify and establish brand positioning and values 2. Plan and implement brand marketing programs 3. Measure and interpret performance 4. Grown and sustain brand equity

Two Initial Questions in Brand Marketing 1. ______________________________ 2. _____________________________

1. What makes a brand strong? 2. How do you build a strong brand?

What happened in the google markets with emotion video?

A female marketer was required by her bosses to incorporate 20 features into her ad for Google but instead made an emotional ad that connected to someone's feelings and emotions. The ad revolved around someone googling a lot of cute searches in anticipation of studying abroad in Paris.

Slogan Test ____________________ The Ultimate Driving Machine ____________________ Just Do It ____________________ Have It Your Way ____________________ No More Tears ____________________ Breakfast of Champions ____________________ Fly the Friendly Skies

BMW Nike Burger King ------------ Wheaties United

IMPORTANT SLIDES 25 27 31-60 (43 and 54 ON QUIZ) 63-68 FAMILIARIZE YOURSELF WITH CHART ON 54 CHAPTER 2 AND 3 ARE THE MOST IMPORTANT CHAPTER 4 IS THE LEAST IMPORTANT.

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IMPORTANT TEXTBOOK PAGES 43-46 48-50 79-80 (explains the BrandDynamics Pyramid) 95 100 (Brand Value Chain) 114 (Criteria for choosing brand elements) WILL BE ON THE QUIZ

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To Sum up... To appropriately position a brand, marketers should: - Identify their target customers - Analyze the type of competition they might face in the identified market base - Identify product features and associations that are different or similar to their competitors - But also...can't be all things to all people!

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__________________________ Shared, taken-for-granted brand stories, and associations

Brand Culture

_________________________ -Captures the central theme or key associations of a product in a very compact and economical fashion -Most difficult element for marketers to change -Closely tied to the product in the minds of consumers -Naming guidelines -Naming procedures

Brand Names

__________________________ describes how well the brand: -Meets customers' more functional needs -Rate on objective assessments of quality -Satisfies utilitarian, aesthetic, and economic customer needs and wants in the product or service category

Brand Performance

____________________ a consumer's intense and actively loyal relationship with a brand

Brand Resonance

________________________ consumers' abilities to recognize, or have awareness of, any particular brand

Brand Salience

_______________________ a structured approach to assessing the sources and outcomes of brand equity and the way marketing activities create brand value

Brand Value Chain

_______________________ Related to the strength of the brand node or trace in memory. _______________________ Consumers' ability to confirm prior exposure to the brand when given the brand as a cue. _______________________ Consumers' ability to retrieve the brand from memory when prompted by a product category.

Brand awareness Brand recognition Brand recall

________________________ -Act of designing the company's offer and image so that it occupies a distinct and valued place in the target customers' minds -Finding the proper "location" in the minds of consumers or market segment -Allows consumers to think about a product or service in the "right" perspective

Brand positioning

_____________________Qualifiers...meaning at a minimum you most offer these X number and types of features to be a player in the product/service category. i.e. if you are a bank, you need to accept deposits and issue loans.

Category POPs

________________________ -Special type of brand symbol +++One that takes on human or real -life characteristics -Introduced through advertising and can play a central role in ad campaigns and package designs

Characters

________________________ "Breaking even" in those areas where competitors are seeking advantage (almost like matching their features). i.e. if you are making laptops, you have to have this much memory and processing power.

Competitive POPs

Nature of Competition _____________________ Considers resources, capabilities and likely intentions of other firms. Allows marketers to choose markets where consumers can be profitably served.

Competitive analysis

_________________________ The negative associations that accompany positive POPs. i.e. if you are high quality, you are expensive....if you are experienced, you are old...if you are a large national company, you are not local.

Correlational POPs

______________________ -approaches brand equity from the perspective of the consumer -stresses that the power of a brand lies in what resides in the minds and hearts of customers. -__________________ that brand knowledge has on consumer response to the marketing of that brand

Customer Based Brand Equity (CBBE) Differential effect

What causes brand equity to exist?

Customer-based brand equity occurs when the consumer has a high level of awareness and familiarity with the brand and holds some strong, favorable, and unique associations in memory.

The three key ingredients of CBBE: _________________________ If no differences, then commoditized...and then competition usually occurs on pricing ___________________________What they have learned, felt, seen, and heard as a result of experiences. ____________________________ is the positive or negative feedback a company receives about its products, services or business ethics. Recall copy points from an ad, respond to a sales promotion, and evaluations of a proposed brand extension

Differential effect Brand knowledge Consumer response to marketing

Brand feelings can be: -______________________, increasing in level of intensity -______________________, increasing in level of gravity

Experiential and immediate Private and enduring

Nature of Competition In marketing, ________________________ is how a new product, service, or concept is seen by the target. This creates a specific picture or idea about or surrounding a product, service, or concept being marketed. _______________________ Result of broader category competition or the intended future growth of a brand.

Frame of Reference Multiple Frames of Reference

Marketing Advantages of Strong Brands -_______________________ -_______________________ -_______________________ -_______________________ -_______________________ -_______________________

Improved perceptions of product performance. Greater loyalty. Higher margins. More inelastic consumer response to price increases. More elastic consumer response to price decreases. brand extension opportunities.

Nature of Competition ______________________ is the conflict between vendors whose products or services are not the same but that could satisfy the same consumer need. The term contrasts with _______________________, in which businesses are selling products or services that are essentially the same.

Indirect competition Direct Competition

____________________ -Musical messages written around the brand -Have catchy hooks and choruses that become permanently registered in the minds of listeners -Enhance brand awareness by repeating the brand name in clever and amusing ways (for ex: McDonald's "Badadadada, I'm loving it"

Jingles

________________________ -Indicate origin, ownership, or association -Range from corporate names or trademarks written in a distinctive form, to abstract designs that may be completely unrelated to the corporate name or activities (for ex: FedEx's logo is distinctive and explicit while Starbuck's is not.)

Logos and Symbols

Brand Resonance Examples -_________________ I buy this brand whenever I can -_________________ This brand is more than a product to me -_________________ This is a brand used by people like me -__________________ I like to talk about this brand to others

Loyalty Attachment Community Engagement

_____________________ Divides the market into distinct groups of homogeneous consumers who have similar needs and consumer behavior

Market segmentation

How do marketers create it?

Marketers convince consumers that there are meaningful differences among brands.

What happened in the T-shirt exercise?

Ms. Lowry showed how the Brand Image, whether the shirt was Prada or Walmart, affected the price of the shirt.

________________________ -Activity of designing and producing containers or wrappers -From the perspective of both the firm and consumers, packaging must: +++Identify the brand +++Convey descriptive and persuasive information +++Facilitate product transportation and protection +++Assist in at-home storage +++Aid product consumption

Packaging

Brand Positioning Model relates to _____________________

Points of Difference

_________________________ Associations that are not necessarily unique to the brand but may be shared with other brands

Points of Parity

Customer-Based Brand Equity ______________________ When consumers reacts more favorably to a product and the way it is marketed when the brand is identified than when it is not. _____________________ When consumers react less favorably to marketing activity for the brand compared with an unnamed or fictitiously named version of the product.

Positive customer-based brand equity Negative customer-based brand equity

____________________________ is a promotion where a product is demonstrated to potential customers. The goal of such a demonstration is to introduce customers to the product in hopes of getting them to purchase that item. For ex: Redbull

Product Demonstration

READ THE ARTICLE ON PAGE 69 OF DAY 2 SLIDES

READ THE ARTICLE ON PAGE 69 OF DAY 2 SLIDES

How does a marketer create brand awareness? ____________________ increases recognizability, but improving brand ____________________ also requires linkages in memory to appropriate product categories or other purchase or consumption cues.

Repetition Recall

What did Ms. Lowry do in regards to working for the Opera?

She used Guerilla Marketing by putting up stickers throughout Pittsburgh that promoted the Opera towards millennials

________________________ -Short phrases that communicate descriptive or persuasive information about the brand -Function as useful "hooks" or "handles" to help consumers grasp the meaning of a brand -Indispensable means of summarizing and translating the intent of a marketing program

Slogans

Brand Image _____________________ More deeply a person thinks about product information and relates it to existing brand knowledge, stronger is the resulting brand association ______________________ Is higher when a brand possesses relevant attributes and benefits that satisfy consumer needs and wants _____________________ • "Unique selling proposition" of the product • Provides brands with sustainable competitive advantage

Strength of Brand Associations Favorability of Brand Associations Uniqueness of Brand Associations

What did Monster do?

They copied Gatorade in regards to the shape of their bottle to make their brand more popular and get more clout

___________________________ -Specify locations of pages on the Web -Known as domain names -Protect the brands from unauthorized use in other domain names -_____________________ Registering, trafficking in, or using a domain name with bad-faith to profit from the goodwill of a trademark belonging to someone else

Uniform Resource Locators (URLs) Cybersquatting

Brand Equity as a Bridge -Brand as a ___________________ -Brand as a___________________

a Reflection of the Past a Direction for the Future

Brand Imagery Examples -To what extent do people you admire use this brand? -Is this a brand that you can use in a lot of different situations? -To what extent does thinking of this brand bring back pleasant memories? -To what extent do you feel you grew up with this brand?

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Brand Performance Examples -How reliable is this brand? -How efficient is the service and speed of ___? -How stylish do you find this brand? -Compared to other brands in this category, is it more or less expensive?

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How do customers create brand associations besides those that derive from Marketing activities? -Direct experience -Online surfing -Consumer Reports (knowledge sources) -Word of mouth -Assumptions and inferences made about the brand itself +Name, logo, etc.

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To Sum up... -Entire set of brand elements makes up the ________________ -__________________ of the brand identity depends on the extent to which the brand elements are consistent -Each brand element plays a different role in building ___________________, so marketers should "mix and match" to maximize _________________

brand identity Cohesiveness brand equity brand equity

Criteria for choosing brand elements 1. _________________ easily recognized. easily recalled. 2. ________________ descriptive. Persuasive 3. ________________ fun and interesting. rich visual and verbal imagery. aesthetically pleasant. 4. ________________ within and across product categories. across geographic boundaries and cultures 5. ________________ flexible. updatable 6. _________________ legally. competitively

memorable meaningful likable transferable adaptable protectable

Brand Feelings -Does this brand give you a feeling of ___________________? -Does this brand give you a feeling of ___________________? (For ex: Louis Vuitton gives me good Brand Feelings because it makes me feel welcomed by others and it helps my ego)

social acceptance security

Consumer-Based Brand Equity

the differential effect that brand knowledge has on consumers response to the marketing of that brand