Developing products and brands: part 2 The Power of Branding

3 brand P's

- Brand promise - Brand performance - brand positioning core of it is communication

strategic advantages of brands

- differentiate between other market offerings - allows customers to make associations with certain attributes or feelings with a brand - successful brands create strong, lasting, positive and unique impressions through communications and associated psychological feelings and emotions, not just their functionality

why consumers like brands

- helps identify preferred products - reduce levels of perceived risk and improves shopping experience - helps gauge product quality - reduce time spent making proposition based decisions - psychological assurance or reward for products bought occasionally - informs about the source (country or company)

why companies like brands

- increases financial valuation - enables premium pricing - helps differentiate products - deters new competition into the market - encourages cross selling of their other brands - develops customer loyalty and retention - assists development and use of integrated marketing communications - contributes to corporate identity programmes - provides some legal protection

branding strategies

- individual branding - family branding - corporate brands

brand pyramid

- resonance - judgements and feelings - performance and imagery - salience

brand awareness

Consumers' ability to recall or recognise the brand. It is related to the strength of the brand in memory as reflected by consumers ability to identify brand elements under different conditions.

Brand judgements

a customers' own personal opinions and evaluations about a brand.

brand equity

a measure of the value and strength of a brand. It is an assessment of a brand's wealth aka goodwill. Is the added value produced by brand names or symbols for the physical products.

brand positioning

a strategic activity used to differentiate and distinguish a brand

family branding

all products use the organisation name either entirely or in part in its brand

brand knowledge

all the thoughts, feelings, images, experiences, and beliefs associated with the brand

strong brand has a good network of:

association, awareness and image

Brand

can be distinguished from its proposition or unbranded commodity counterparts by means of the perceptions and feelings consumers' have about its attributes and its performance. Brands have social and psychological meanings.

3BP's: brand positioning

can customers clearly differentiate brand from its competitors

brand feelings

customers emotional responses and reactions with respect to the brand when prompted by communications or by friends

brand imagery

describes the extrinsic properties of a brand (the colour, the packaging, the product consistency, associations) and level to which these satisfy customers' psychological or social needs.

3BP's: Brand performance

does the brand deliver on its promise?

individual branding

each product is branded independently of each other

3BP's: communication

enables a brand promise to be known by target customers, positions a brand correctly and supports the delivery of brand performance

brand salience

how easily and often do customers think of a particular brand

brand performance

how well do customers believe a particular brand performs

brand image

represents the set of ideas about the brand. It is given by the concepts associated with the brand.

brand personalities

the associations and images that enable consumers to construe a psychosocial meaning associated with a particular brand

3BP's: Brand promise

the benefits (tangible or symbolic) that a brand claims to provide to its customers

brand resonance (and brand relationships)

the nature of the relationship customers have with the brand and the extent to which they feel loyal to the brand. Brands used to be controlled by brand owners. Today, consumers redefine what brands mean to them, and differentiate them among similar offerings and associate certain attributes or feelings and emotions with particular brands.

brand associations

the physical and non-physical product attributes and benefits aligned with attitudes that consumers use to create an image of a brand. These include: brand image, perceived quality and brand attitude

corporate branding

using a single umbrella brand based on the name of the org. Provides a consistent differentiation and recognition everywhere.

how to achieve brand resonance

when there is proper salience and breadth and depth of awareness