Marketing Management Chp. 5 Brand

Stages of brand evolution

1) Brand as formal differentiation of products 2) Brand as legal protection 3) Brand as set of emotional values 4) Brand as value

Components of brand equity (6)

1) Brand image 2) Trust 3) Associations 4) Recognition 5) Loyalty 6) Knowledge

Co-branding considerations

1) Brands must be complementary and must offer the product a way of improving its mix 2) Must be a relationship between users of both brands 3) Brands must be homogeneous in terms of market share, awareness, prestige, lifecycle

Brand must fill what functions?

1) Efficient information 2) Risk reducer

Brand Decisions

1) Extension 2) Expansion 3) Co-branding 4) Franchising 5) Licensing

4 Brand Elements

1) Identity 2) Image 3) Positioning 4) Equity

Types of co-branding

1) Knowledge and awareness 2) Values 3) Ingredients

Importance of brand

1) Represents relationship between buyer and seller based on trust and common values 2) Hard to copy 3) Step in differentiation process

Relationship b/w product and brand

A brand does not exist if there is not a great product behind it. Brand gives products objectives and content.

Formal differentiation of products (1)

A name, term, symbol or design which seeks to identify the goods and differentiate them from competition

Objectives of brand portfolio

Achieve synergy, leverage brands, develop and consolidate strong brands, clarify product's offering

Brand Portfolio

All brands that a company manages

Brand Extension

Applying an already existing brand, usually happens on same market sector but on different product category

Product

Attributes, design, uses, functional benefits

Brand as value (4)

Brand as asset capable of producing value and grow by itself to the company

Emotional attributes (3)

Brand as name with different mental representations related to set of consumers susceptible to consume the brand

Brand Licensing

Brand becomes an exchange object , agreement where another company can use brand, logo or other intangible asset for promotion

Brand Franchising

Contract by which a company allows another company in exchange of a fee the right to exploit a franchise to commercialize products

Equity

Differential effect that knowing the brand name has on customer response to product or service

Brand Components

Image, country of origin, personality, emotional beliefs

Brand Expansion

Introducing a brand in new market sector, expansion must be realted with brand image

Brand portfolio dimensions

Knowledge of brand within portfolio, different roles for each brand, brand's environment and market

Co-branding

Linking of two or more brands with objective of earning a higher value

Identity

Represents what brand ideally means to consumer. Implies potential promise

Brand

Set of mental associations held by the consumer, which add to perceived value of a product or service.

Legal protection (2)

Sign certifying the origin of a product or service and differentiating it. Trademark

Brand Positioning

Take possession of a strong purchasing rationale that gives real or consumed advantage

Image

What is in mind of consumers - real