Marketing chapter 15

knowledge

an intimate understanding of the brand

differentiation

the brand's point of difference

co-branding - continued

, Co-branding has many benefits. But negative publicity for one of the brands could affect the co-branding partner in a negative way.

components of a successful brand

-Deliver a product that provides value -Create a consistent brand image -Create consistent brand messaging -Capture feedback

successful branding - internal

. Internally, a strong brand drives cohesion and helps an organization build the capacity and skills to implement its mission.

The global strength of U.S brands

All US companies benefit from US tech companies consumers in developing countries desire American-sounding brand names

Social media branding goals

Allow firms to develop deeper relationships with customers Generates positive word - of - mouth communication across social networks

brand image

Brand image is the unique set of associations that target customers or stakeholders make with a brand. It signifies what the brand presently stands for in the minds of others.

Brand loyalty

Brand loyalty typically develops because of a customer's satisfaction with an organization's products.

co-branding

Co-branding is a strategy in which two or more companies issue a single product in an effort to capitalize on the equity of each company's brand.

Common US mistake

Cultural differences can greatly affect product packaging. A common mistake U.S. marketers make is to group together nations--for example, Asian countries--and assume that consumers in those countries have similar tastes and brand preferences. Such a short-sighted view can cause problems as brands enter international markets

Customer engagement through social media

Customers seeking discounts customers as brand advocates consumers sharing brand information - klout score Branding through customer service

4 dimensions of the BrandAsset valuator

Differentiation relevance esteem knowledge

Successful branding - external

Externally, a strong brand results in trust among the firm's many constituents, be they customers, donors to a nonprofit organization, suppliers, or communities.

Adapting brands to the global market

Finding balance between being global and being local Appeal to local culture through packaging common US mistake is grouping nations

Brand marks

Firms like Nike and McDonald's employ brand marks, which are the elements of a brand, not expressed in words, that a consumer instantly recognizes, such as a symbol, color, or design.

packaging - continued

For example, demand for environmentally friendly packaging has changed the marketing landscape for U.S. consumer goods in many categories. Research suggests that a growing number of consumers are green motivated, or driven to make decisions based on concern about the environment

Measuring brand equality - qualitative methods

Free association - involves asking consumers what comes to mind when they think about the brand. projective techniques - are tools used to uncover the true opinions and feelings of consumers when they are unwilling or otherwise unable to express themselves.A common projective strategy involves asking a consumer to compare a brand to a person, animal, car, or country.

Monitoring a social brand

Google alerts social mention @ Twitter search talkwalker?

Klout score

Klout score measures, on a scale of 1 to 100, a user's influence based on his or her ability to drive other people to act on social media sites.

Brand

The term brand encompasses several pieces, brand is the name, term, symbol, design, or any combination of these that identifies and differentiates a firm's products.

Brand strats

brand extension - meet customer expectations - avoid cannibalization brand revitalization - rebranding to rebuild trust with customers CO-branding Private-label Brands - store brands - manufacturer brands

Measuring brand equality - quantitative methods

brand recognition brand recall - consumers' ability to identify the brand under a variety of circumstances. Customer lifetime value

customer lifetime value

is the total amount a customer will spend from acquisition through the end of a relationship with a brand.

relevance

how appropriate the brand is to you

esteem

how well regarded the brand is

Global brand

is a brand that is marketed under the same name in multiple countries

brand revitalization / rebranding

is a strategy to recapture lost sources of brand equity and identify and establish new sources of brand equity.

Packaging

is all of the activities of designing and producing the container for a product. It is one of the most underappreciated tools in marketing. Packaging provides marketers with an opportunity to promote the image they want others to associate with the brand. Marketers also can utilize packaging to reinforce their brand image with consumers.

brand recognition

is the degree to which customers can identify the brand under a variety of circumstances.

Cannibalization

is the erosion of sales that occurs when new products eat into sales of a firm's existing products, rather than generate additional revenues or profits.

brand extension

is the process of broadening the use of an organization's current brand to include new products.

private label brands

sometimes referred to as store brands, are products developed by a retailer and sold only by that specific retailer. Private-label goods and services are available in a wide range of industries, from food to cosmetics to web hosting.

brand equity

the value the firm derives from consumers' positive perception of its products. Brand equity increases the likelihood that the consumer will purchase the firm's brand rather than a competing brand.

Branding for nonprofit orgs

•Complexity of goals and audience to be addressed makes branding even more critical - Unique - Pleasing to eye and ear - Easy to remember - Reflective of organization's work •Nonprofit brand equity •Measuring nonprofit brand equity