Branding Final

Brand definition

a name, a term, sign, symbol, or design, or combo of them, intended to identify the goods and services of one seller or group and to differentiate them from competitors. Some form identity through which we recognize what it is and also differentiate it from competing ones

personalization

a practice of personalizing a standardized product by adding monograms, initials, or emblems -the intrinsic properties are not changed and only extrinsic ones are changed

mass customization

allows consumers to customize or adapt mrs-produced products featuring according to their needs Made to order -----> mass customization -------> mass production -mass customization leads to increased customer loyalty because there is constant research and development that goes into making sure that the consumers' needs are met and that the brand is selling what they want which leads to higher levels of customer satisfaction

licensing

an agreement through which the legal owner of the brand or a trademark (the licensor) gives another party (the license) the legal rights to use the band's name and identity (or trademark), in return for a compensation, often known as a royalty fee. advantages- for the brand owner, it helps in expanding the brand offerings beyond its initial line with limited effort and resources. ex. Dior with cosmetics; for the purchaser of the license the biggest advantage is using their resources in producing a product under a name that is already established and has consumer following disadvantages- for the licensor/brand owner licensing activities that are not closely monitored by licensor could lead to a negative impact on the brand. For the license, it could easily be hurt by any failures and scandals that hit the licensee's company.

brand revitalization

an approach whereby the brand is refurbished and modernized yet is meant to stay relevant to its existing customer with the possibility of gaining new groups. for this strategy, innovation is a major tool

brand communications

are the means by which firms attempt to inform, persuade, and remind consumers about the brand they sell

Value Innovators

balance low-priced value-driven private labels with a high level of innovation and style ex. Target with Issac Mizrahi or H&M with Kenzo

premium brands

based on emotions, better quality and benefits, higher level of innovation and creativity, have elements of craftsmanship but not completely handmade

elements of brand identity

brand elements are those trademark-able devices that serve to identify and differentiate the brand; main ones are logos, symbols, slogans, etc.

Building Brand Equity

brand knowledge is key to creating brand equity and consists of two components- brand awareness and brand image brand awareness- ability of a consumer to identify the brand under different conditions; it is a necessary but not a sufficient condition for establishing brand equity brand image- consumers' perceptions about a brand, as reflected by the brand associations held in consumer memory which make up the meaning of the brand for consumers

brands in different market segments

budget- lowest price and quality (wrangler) moderate- higher than budget; more attention to styling and quality (gap) better- tommy hilfiger bridge- more stylish of non-luxury brands (donna karan) premium- top in terms of price, quality, and taste (most RTW designers) luxury- high price- innovative, trendsetters, strong history and heritage haute couture- highest prices, exclusive, original, one piece

target market

identifying the consumer target is important because different consumers may have different brand knowledge structures and thus different perceptions and preferences for the brand - sizable, accessible, measurable

copycat private label brands

imitate style, color, and details of an established manufacturer brand and offer an alternative at a competitive price -Topshop sells a copycat version of a Chloe shoe

product category structure

in consumers' minds a product hierarchy exists, with product class information at the highest level, product category info at the second-highest level, product type info at the next level, and brand info at the lowest level

Brand image

increases the familiarity of the brand through repeated exposure and forging strong associations with the appropriate product category or other relevant purchase or consumption cues is an important first step in building brand equity 1. brand attributes- those descriptive features that characterize a product or service 2. brand benefits- the personal value and meaning that consumers attach to the product or service attributes

LEVELS of brands

independent or corporate brands -independent brand is one for which a company or corporation is the brand and the products are an extension of the company's image ex. Nike -corporate brand is a company that creates separate brands and promotes each brand individually as separate entities ex. Gap Inc.

co-branding

initiative between two different brands who collaborate and decide to use both brand names on a single product or service. it can enhance a brand's image and allows the brand to appeal to a new target market through its association with other successful brands.

brand repositioning

involves a plan by which the brand redefines its market position, target customer, and strategy

brand positioning

it is 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

brand audit

it is the stage where the organization assesses the brand's performance and measures customers' reactions. Based on the evaluation outcome, many decisions are made regarding whether the brand is on the right track or not. *brand inventory*- presents company perspective and provides a current, comprehensive profile of how all the products and services sold by a company are marketed and branded. Marketers should also profile competitive brands in as much detail as possible to determine POP and POD. The brand inventory therefore provides useful info for interpreting follow-up research such as the brand exploratory. *brand exploratory*- presents consumer perspective. the research and activity directed to understanding what consumers think and feel about the brand and act toward it in order to better understand sources of brand equity as well as any possible barriers. this is done by using both qualitative research techniques and quantitative research techniques

which one is more emotional appeal

luxury market

celebrities and fashion promotion (paid media)

many brands turn to celebrities to promote their products. they can be product endorsements, testimonials, spokespersons, and product placements on TV, in movies and music videos

putting it all together

marketers mix and match to maximize brand equity; the entire set of brand elements makes up the brand identity

public relations (paid media)

refer to activities held by the brand to enhance the brand's image and gain favorable publicity. PR activities include press release kits and special events

Generic private label brands

refer to no-name products that are not popular in the fashion industry; they are placed next to branded products at the store such as shampoo or soda

Brand concept

-concept needs to be fresh and unique enough to convince potential customers of its role and significance in their lives -concept should be in the form of a different proposal to solving a problem, a new use of fabrics, new distribution system, new interpretation of styles, etc.

brand failure

*brand amnesia*- brand forgets what it is all about and attempt to reinvent *brand ego*- brand overestimates its power and ignore competitors and believes it can enter any market it wants *brand megalomania*- as a result of inflated ego, brand believes it is powerful enough to expand every product it desires *brand deception*- brand lies and sends false message to customers *brand fatigue*- brand gets old and loses interest in reinventing itself *brand paranoia*- brand faces tough competition and fails to compete or tries to imitate and catch up with competitors *brand irrelevance*- brand fails to evolve with its market and or its consumers

criteria for integrated marketing communication (IMC) -- 6 C's

*coverage*- proportion of audience reached by each communication option; whatever is not reached by one option should be reached by another *contribution*- refers to unique info carried by each communication option it is essential that all options have a *commonality* or the brand will come across as coherent *complementarity*- each option should also carry some unique elements which are not offered by other options, to lure customers to use more than one communication option *conformability*- each communication option should be self-sufficient *cost*- all communication options are bound by cost factors, which are usually determined by the brand's communication budget

price strategies

*price skimming*- introducing the product at a premium price; the demand at that price should be enough to cover initial production costs in short run before competitors enter the market and force prices to fall *price penetration*- a product is introduced at an attractive low price to achieve a faster market penetration and gain market share; prices will increase after consumer awareness increases *bait and switch*- a product is advertised at a low price to lure people but then convinced customers to buy at a higher price *flexible pricing*- when same product is charged a different price for different customers; airline tickets are sold at a higher price closer to the date of departure *price zoning*- creates a price floor and ceiling *odd pricing*- when the price ends in an odd number ex. $19.99

Brands vs. products

-Most brands have a have a one-brand many-products strategy -a brand is not equal to its products -a brand produces multiple products and may even change those products over time but the brand itself does not change

history of branding

-Originated in Ancient Greece; derives from word "brand" which means to burn -18th century brands were used to protect products and give purchasers confidence -Industrial Revolution is when brands truly came into being -IR was birth of modern brands and second half of 20th century saw explosion of branding due to technology, communication, and marketing advancements

Triple Bottom Line

-a brand is truly sustainable if it is socially(if it cares about the people involved), environmentally (limit waste and promote clean water efforts), and economically (still profitable even after taking expensive strides to be sustainable) sustainable -efforts should be made to obtain as much overlap in the 3 categories as possible

TYPES of brands

-national, private label and exclusive brands -national brands are owned by a national manufacturer and distributed through national retailers, can also be sold through flagship stores -private label are manufactured and distributed only through stores that own the brand ex. Old Navy -exclusive brands are produced as collaboration between national designers/manufacturers with retailers ex. Simply Vera at Kohls

private label

-owned by retailers, not a manufacturer -price is major factor in brand's success -only work when price gap between private label and manufacturer brand is high -4 major types: generic, copycat, premium store brands, value innovators

vision statement

-targets external audience -usually is long-term oriented and presents framework for future decisions while maintaining flexibility to respond to future changes

What brands do for its firms

-they serve an identification purpose, to simplify product handling and tracing -a brand also offers the firm legal protection for unique features or aspects of the product-- protects by using logos and registering trademarks

Influencers of brand concept

1. Company-- remains sole legal owner of the brand, also the brand's major investor and financial backer 2. Customer-- brand is meant to address user's need, every brand is built with a target customer in mind 3. Culture-- social and cultural changes are instrumental in shaping the needs and aspirations of every generation; rising interest in the internet and social media has changed the way marketers and consumers interact; consumers are more involved now and expect brands to actively interact with them

Consumer purchase process

1. Problem/need recognition-- there is a recognized need that needs to be fulfilled 2. information search-- people start to search for best options and solutions to fulfill need (sources can be internal-memory, experience OR external-friends, family, ads) 3. Evaluation- people start to evaluate all the alternative potential purchase options based on nature of need-- rational vs. emotional decision making (functionality vs. status) 4. decide to buy- at this stage buyer experiences brand and sends feedback for future purchase decisions

new technologies in branding

1. radio frequency identification-- digital and electronic technologies have allowed products and services to be designed, packed, delivered, and experienced in new and different ways ex. wireless checkout, automatic replenishment, smart tags for washing purposes 2. Mobile Branding-- refers to the use of mobile technologies and devices such as our cell phones ex. Apple Pay 3. Beaming-- allows companies to use billboards and displays to beam info to cell phones via infrared or Bluetooth. It is also being tested for use inside stores 4. audio targeting-- involves directing sound in the same manner that a laser beam directs light. It has the ability to send different audible messages to different targets and create a highly customized message

product hijacking

a brand is meant to target a specific market segment and user group but gets picked up and popularized by a different one

Brands reduce risk

Types of risks 1. Functional risk- risk of products not performing up to expectations 2. physical risk- if product poses a threat to the physical well-being or health of the user and others 3. financial risk- if product is not worth the price paid 4. Social risk- if product results in embarrassment from others 5. psychological risk- if the product affects the mental well-being of the user 6. time risk- if the failure of the product results in an opportunity cost of finding another satisfactory product

price

can create an association in consumers' minds and an advantage of branding is demanding a premium price as compared to non-branded products -mass market brands where the driving force is value, prices are set with a price ceiling -luxury brands- sold on the merit of emotional values and exclusivity, permitting them to have significant premium prices

paid media

channel of communication that is paid for by the brand -example being a commercial on TV advertises the brand because the brand paid for the commercial to be on TV -this includes ads in newspapers, promos, tv ads, print ads

Owned media

consists of brand communication through channels that the brand owns or controls to some extent -example websites, emails, stores, and social media pages are owned by the brands

communication hijacking

consumers taking over the marketing and promotion of the brand and its products through various forms of viral marketing

promotional activities (paid media)

coupons, sales, free samples are all effective tools in the mass market segment where customers are more price conscious

Brand awareness

customer-based brand equity occurs when the consumer has a high level of awareness and familiarity with the brand holds some strong, favorable, and unique brand associations in memory 1. Brand recognition- consumers' ability to confirm prior exposure to the brand when given the brand as a cue 2. 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 cute

nature of competition

deciding to target a certain type of customer and other firms have also decided to target that segment in the past or plan to do so in the future

points of difference

defined as attributes or benefits that consumers strongly associate with a brand and believe that they could not find to the same extent with a competitive brand - may depend on performance attributes - generally defined in terms of consumer benefits

omni-channel marketing

each platform needs to have awareness of the other. the website needs to know what experience what you've had on Facebook, how you've interacted with the brand's apps, and what kind of in-store digital experiences you might have had. the experience needs to be seamless. in order to successfully integrate the channels for a seamless omni-channel experience, there should be commonality in content across different media to ensure that consumers are getting a consistent message. it is also important for maintaining constant brand identity.

emotional route

feelings, imagery, personality, history and heritage brand imagery: it is the way people think about a brand abstractly, rather than what they think the brand actually does and refers to intangible aspects of the brand user imagery: associations about the type of person or organization who uses the brand-- gender, age, race, income, psychographic factors - luxury brands are known for history and heritage

brand resonance

final step of brand building focuses on the relationship and identification that the customer has with the brand - describes the nature of this relationship and the extent to which customers feel that they are in sync with the brand ex. are Apple, LV, Harley-Davidson has 4 categories 1. behavioral loyalty 2. attitudinal attachment 3. sense of community 4. active engagement

global expansion

geographic extension of the brand international vs. global expansion *international*- any form of presence in foreign markets even if it is inconsistent in types of products or sizes of operation *global*- having one branding proposal in all foreign markets with the option of some level of adoption, but the brand more or less remains in tact. the mode of entering into global market with *highest risk, but highest gain* is wholly owned subsidiaries-- it is when a brand fully owns its stores in foreign countries. highest risk because the brand is investing everything in an unknown setting, but highest gain since the profit is not shared with anyone else

brand associations

the more deeply a person thinks about product info and relates it to existing brand knowledge, the stronger the resulting brand associations will be

breadth and depth of brand awareness

measures how likely it is for a brand element to come to mind depth- a brand people easily recall has a deeper level of brand awareness than one that we recognize only when we see it; influences the likelihood that the brand comes to mind breadth- measures the range of purchase and usage situations in which the brand element comes to mind and depends on the organization of brand and product knowledge in memory; describes the different types of situations in which the brand might come to mind

brand salience

measures various aspects of the awareness of the brand and how easily and often the brand is evoked under various situations or circumstances

earned media

media that the brand does not pay for but are free to the brand; they are usually consumer communications about the brand -examples are social media responses, word of mouth, blogs, and customer reviews

criteria for selecting brand elements

memorability: brand elements that achieve brand awareness are inherently memorable and attention-getting and facilitate recall and recognition meaningfulness: brand elements may take on all kinds of meaning, with either descriptive or persuasive content -- general and specific information likability: do customers find the brand element aesthetically pleasing and likable? a likable set of brand elements helps customers choose one brand over the other during purchase transferability: the less specific the name, the more easily it can be transferred across categories, example being Amazon - the last two are adaptability and protectable (in both legal and competitive sense)

Points of parity

not necessarily unique to the brand but may in fact be shared with other brands 3 types 1. category- represent necessary conditions for brand choice 2. competitive- associations designed to negate competitors' points of difference 3. correlational- potentially negative associations that arise from the existence of other, more positive associations for the brand

variety

number of different categories of merchandise that a store offers -a baby store has a wide variety and target has a broad variety

vertical integration

organization takes over and controls various stages of the production or distribution chain. For example, if a manufacturer decides to start whole selling or retailing, it is moving forward in the supply chain and it is known as *forward vertical integration*. on the other hand, if someone moves backward in the chain, such as a retailer opening a manufacturing facility, it is *backward vertical integration*. advantages- there is higher profits and higher control disadvantages- more investment and higher risks

channels of communication

paid media, owned media, earned media, social media

Brand Equity

power of a brand lies in what customers have learned, felt, seen, and heard about the brand as a result of their experiences over time 3 keys ingredients 1. differential effect 2. brand knowledge 3. consumer response to marketing

Mass market brands

premium and private labels

brand extension

refers to the increase in range and type of product lines under the brand's umbrella. *brand extension*- refers to introducing new product lines or categories that did not exist before such as introducing menswear at a women's wear brand. *line extension*- adding new product items to an existing line of product. it is like adding short-sleeved shirts to a line of shirts. advantages- offers complete solutions for consumers, makes brand more visible and powerful, reaches various markets disadvantages- the brand might lose credibility and or become diluted due to multiple extensions

SKU

stock keeping unit that each item in a store is called

assortment

stores only carry one category of merchandise but offer multiple choices within that singular category -ex. Baby store that only carries onesies has small variety of items but deep assortment of onesies -Victoria's Secret has a narrow variety but deep assortment -it IS possible for a store to have a broad variety as well as a deep assortment

brand relaunch

strategy by which the brand is reintroduced after a period of demise or lack of market interest

mission statement

targets internal audience and answers why a brand is in business and what kind business it is in; the whole organization needs to live and understand the brand (internal communication)

brand values

the additional thing that brands provide and that which satisfies us both rationally and emotionally -some brands are segment specific-- some choose VS over Hanes because the quality is better and that is why some are willing to pay more for a market segment brand rather than mass-market budget brand -others are brand specific-- brand specific values make us pick one brand over the in the same segment. An example is choosing a Gucci bag over a Prada bag

franchising

the brand provides its products and brand identity but everything else is provided by the local partner. the brand gets a royalty for its products. it is low risk but also low profit

experiental branding

the discipline of understanding and defining brands in terms of the way they are experienced, in order to differentiate them in the most powerful dimension which is relevance -the products are different because each person create unique products -therefore brands want to create a similar experience for everyone and same level of service so that their experience is unmatched ex. Build a Bear -in TRADITIONAL branding, the products are the same but the they are experienced differently according to each individual

rational route

the product mix: performance/features, service, price, distribution - product attributes: designing and delivering a product that fully satisfies customer needs and wants is a prerequisite for successful marketing brand performance: describes how well the product or service meets customers' more functional needs price: positions the brand and purpose of branding is having the ability to demand a premium price compared to non-branded products; mass market brands have prices set with a price ceiling and for luxury market, products are sold based on emotional value and price does not necessarily affect the decision service: refers to services provided by brand before, during, and after purchase distribution: mass market brands emphasize more on convenience and accessibility-- ppl don't put in effort to drive 30 miles for H&M but would for Louis Vuitton

brand elements

these are the components that going into creating a brand-- choosing a name, logo, package design, and other distinguishable characteristics

ROMI (Return on Marketing Investment)

this is a measure of how much we are spending on marketing for the brand versus how much brand equity we are generation.

brand building and management

this proves consists of following steps -IDENTIFYING branding plan and developing brand positioning strategy -DEVELOPING brand identity -BRAND communications -BRAND audit/evaluation -BRAND growth

premium store brands

type of private level brand that offer superior quality than manufacturer brands but at lower prices with high creativity -Macy's INC and Alfani are examples

channel diversification

when we go into more than one channel. Ex. Amazon is an online retailer trying to diversify and cater to a different group of customers by opening up brick and mortar stores ( a different channel).

positioning statement

who- who is the target, the potential customer what- what is the benefit and purpose of the brand reason- what are the differentiators that support and can create such a benefit against whom- who is the competition

Can anything be branded?

yes