Brand Management

Favorability of brand associations

is higher when a brand possesses relevant attributes and benefits that satisfy consumer needs and wants

Brand recognition

consumers ability to confirm prior exposure to the brand when given the brand as a cue

To sum up

brand positioning describes how a brand can effectively compete against a specified set of competitors. A good product positioning should: have a "foot in the present" and a "foot in the future," identify all relevant points-of-parity, reflect a consumer point of view in terms of the benefits and consumers derive, contain points-of-difference and points-of-parity that appeal both to the "head" and the "heart"

Identifying and Developing Brand Plans

brand positioning model, brand resonance model, brand value chain

Uniqueness of brand associations

"Unique selling proposition" of the product Provides brands with sustainable competitive advantage

To sum up

1.Branding is universal and pervasive in different product categories. 2. Applicable to both tangible and intangible offerings of an organization. 3.Technological developments have impacted the way firms market their offerings. 4. Organizations reap financial benefits from positive brand images.

Brand Recall

consumers ability to retrieve the brand from memory when given: the product category, the needs fulfilled by the category, or a purchase or usage situation as a cue.

Designing and implementing brand marketing program

- Choosing Brand Elements - Integrating the Brand into Marketing Activities and the Supporting Marketing Program - Leveraging Secondary Associations

Growing and sustaining brand equity

-defining brand architecture -managing brand equity over time -managing brand equity over geographic boundaries, cultures, and market segments

Advantages of brand awareness

-learning advantages -consideration advantages -choice advantages: consumer purchase motivation, consumer purchase ability, consumer purchase opportunity

Consumers

-signal product characteristics and attributes. on the basis of attributes products can be classified as search goods, experience goods, credence goods. -Reduce risks in product decision. These risks can be categorised as functional, physical, financial, social, pyschological, and time

Sources of Brand equity

1. Brand Awareness 2. Brand Image

Positioning guidelines

1. Defining and communicating the competitive frame of reference 2.choosing points of difference 3.Establishing Points-of-parity and points-of-difference 4. straddle positions 5.Updating position overtime 6.Developing a good positioning

Strategic Brand Management Process

1. Identifying and developing brand plans 2. Designing and implementing brand marketing programs 3. Measuring and interpreting brand performance 4. Growing and sustaining brand equity

Brand Equity

1.Differences in outcomes arise from the "added value" endowed to a product. 2. The added value can be created for a brand in many different ways. 3. Brand equity provides a common denominator for interpreting marketing strategies and assessing the value of a brand. 4. There are many different ways in which the value of a brand can be exploited to benefit the firm

Brand vs. Product

Brand has dimensions that differentiate it in some way from other products designed to satisfy the same need. Product is anything available in the market for use or consumption, that may satisfy a need or want

Brand equity as a bridge

Brand reflection of the past, brand as direction for the future

Firms

Brands provide valuable functions. 1. simplify product handling and tracing 2. help organizing inventory and accounting records 3. Offer the firm legal protection for unique features or aspects of the product 4. Provide predictability and security of demand for the firm and creates barriers of entry for competitors 5. provide a powerful means to secure competitive advantage

Strong Brands

Brands that have been market leaders in their categories for decades. Any brand is vulnerable and susceptible to poor brand management

Physical goods

Business-to-business Products and high-tech Products

Why do brand matter

Encompass all types of customers, including individuals as well as organizations. Functions provided by brands to consumers 1. identify the source or maker of the product 2. simplify product decisions 3. lower the search costs for products internally and externally 3. Helps set reasonable expectations about what consumers may not know about the brand

To sum up

Consumers perception of the brand plays a key role in determining the worth of the brand, brand equity offers guidance to interpret pas marketing performance and design future marketing programs, other factors that influence brand success and equity are: employees, suppliers, and channel members, media and government

Brand Elements

Different components that identifies and differentiates a brand (name, logo, symbol, package design, or other characteristic) Can be based on people, places, things, and abstract images

Market segmentation

Divides the market into distinct groups of homogeneous consumers who have similar needs and consumer behavior. Involves identifying segmentation bases and criteria. Criteria: identifiability, size, accessibility, responsiveness

Services

Role of branding services and professional Services

Factors responsible for branding challenges

Savvy customers, economic downturns, Brand proliferation, Media transformation, Increased competition, increased costs, greater accountability

Role of branding

Sports, Arts, and Entertainment. Geographic Locations. Ideas and Causes

Brand

a name, term, symbol, design, or other characteristic that distinguishes it from others

Product

anything we can offer to a market for attention, acquisition, use, or consumption that might satisfy a need or want

Defining customer based brand equity (CBBE)

approaches brand equity from perspective of the consumer, stresses that the power of a brand lies in what resides in the minds and hearts of customers, differential effect that brand knowledge has on consumer response to the marketing of that brand

Points of difference

are the attributes that make your brand unique

Brand mantra

communicate the category of the business to set the brand boundaries and clarify what is unique about the brand: be simple, crisp, and vivid, stake out ground that is personally meaningful and relevant to as many employees as possible

Associations can be attitudes, benefits, and attributes

attributes can be: price, imagery, feelings, experiences and personality associated with the brand. Benefits can be: Functional advantages, symbolic information or the experiential feelings it produces Attitudes: overall evaluation

Brand Awareness

brand awareness consists of brand recognition and brand recall performance.

through branding, organizations

create perceived differences amongst products -develop loyal customer franchise -create value that can translate to financial profits

Points of Parity

elements that are considered mandatory for a brand to be considered a legitimate competitor in its specific category

strength of brand associations

more deeply a person thinks about product information and relates it to existing brand knowledge, stronger is the resulting brand association

Anything that causes consumers to experience one of a brands element can increase familiarity and awareness of the brand element

name, symbol, logo, character, packaging, or slogan, including advertising and promotion, sponsorship and event marketing, publicity and public relations, and outdoor advertising. Repetition increases recognizability: but improving brand recall also requires linkages in memory to product aspects

Brand Image

once a sufficient level of brand awareness is created: Marketers can put more emphasis on crafting a brand image

Brand Mantra

short 3-5 word phrase that captures the essence or spirit of the brand positioning, Provides guidance on what products to introduce, what ad campaigns to run, where and how the brand should be sold

Creating a positive brand image

takes marketing programs that link strong, favorable, and unique associations to the brand in memory. brand associations may be either brand attributes or benefits

Brand positioning

the act of designing the company's offer and image so that it occupies a distinct and valued place in the target customer's 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

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

To sum up

to create brand equity, marketers should: create favorable consumer response i.e brand awareness, create positive brand image through brand associations that are strong, favorable, and unique

Measuring and interpreting brand performance

to manage brands profitably, managers must implement a brand equity measurement system. This involves brand audits, brand tracking studies, and brand equity management system