Brands and Brand Equity

Brand Resonance Pyramid

The idea is that we have 4 levels that we build our brand on going from the bottom to the top. Awareness, Meaning,response, and connection

Assets of Brand Equity

1. Brand Awareness: Familiarity 2. Perceived Quality 3. Brand Association: emotions that form a brand personality that suggest for what situations a brand is appropriate 4. Brand Loyalty: Repeat buying/word of mouth (most powerful) 5. Other Brand Assets: Patents/Trademarks

Why is Social Media marketing still a Small % of Marketing Budget?

1. Cost & Time 2. Knowledge Risk: Sr. Managers lack familiarity 3. Incentive Structure: Ad firms want to keep traditional fee structure *** 4. Measurement: Page views are harder to analyze via social media vs. a website 5. Loss of Control: Fear of losing control of brand's perception (Dove Example)

6 criteria for Choosing Brand Elements

1. Memorable 2. Meaningful 3. Likable 4. Transferable 5. Adaptable 6. Protectable 1-3 are internally facing elements that focus on brand building 4-6 are externally facing elements that focus on defense and preserving brand equity

Ways to Measure a Brand's Success

1. Perceptual Map 2. Brand Asset Valuator Model (BAVM) 3. Brand Report Card

Key Chalnneges in Brand management

1. Some companies only use traditional approaches 2. Some things are better in theory than in practice 3. Keeping both consumer and corporation benefits in mind 4. Focusing on short-term visions rather than long-term ones 5. Staying relevant with marketing but staying true to brand image

Brand Dynamics Model

1. brand association 2. meaningful, different, salient 3. brand pre-disposition 4. power (4xmore volume), premium (people are willing to pay more), potential (4xmore likely to grow) 5. in market

Power Grid

Brand Strength Y-axis Brand Stature X-axis 1. New/Unknown - low brand stature low brand strength 2. Niche or Unrealized Potential - low brand stature high brand strength 3. Commodity or Eroded - high brand stature low brand strength 4. Leadership/Mass market - high brand stature high brand strength -If there is more brand stature than brand strength it is mass market, if there is more brand strength than brand stature then it is leadership

How Do Brands Create Value for Consumers and Organizations

Creating a core brand message that communicates the essence of the brand and defines its brand promise 1. Parent/Umbrella Branding 2. Co-branding

Product Life Cycle

introduction --> growth --> maturity --> decline

Brand Report Card

Evaluates how a brand stacks up based on 10 traits 1) Delivers benefits customers desire 2) Stays relevant 3) Priced based on consumers' perceptions of the brand's value 4) Properly positioned 5) Be consistent 6) Fits sensibly into your brand portfolio 7) Integrated marketing strategy 8) Meaning that managers understand 9) Receives sustained support 10) Constantly monitored

Co-branding

Marketing the product under two brand names (Doritoslocos Tacos)

Brand Asset Valuator Model

Measures brand strength and brand stature based on 4 pillars 1. Differentiation 2. Referance 3. Esteem 4. Knowledge 1-2: Strength (future growth potential) 3-4: Stature (current operating value)

How has Media Changed the Way Consumer Interact with Brands?

Now there are different channels of which a marketer can market their product on (social media, television, radio, apps, smart TVs, etc.) traditional marketing strategies have become more obsolete

Brand Value

Quantitative measurement of financial value of a brand (some are quantitative while others are qualitative)

Brand Equity

Set of assets linked to a brand's name that adds to or subtracts from the value of that product or service (overall emotional value of the brand)

Brand Culture

The stories/relationship with brands the brand - Evolves as influencers, the firm, pop-culture, and customers create stories with the brand

How to Create Positive brands?

Through using the "Brand Dynamics Model" and the "Brand Resonance Pyramid" Model you can build brand equity

Parent/Umbrella Brand

selling several different bproducts under the same brand name