MKT ch 15
Brand loyalty
is a consumer's steadfast allegiance to a brand, evidenced by repeated purchases.
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
Brand revitalization
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
Brand recognition
is the degree to which customers can identify the brand under a variety of circumstances
Brand
is the name, term, symbol, design, or any combination of these that identifies and differentiates a firm's products.
Brand extension
is the process of broadening the use of an organization's current brand to include new products
Customer lifetime value (CLV)
is the total amount a customer will spend from acquisition through the end of a relationship with a brand.
Brand image
is the unique set of associations that target customers or stakeholders make with a brand
Brand equity
is the value the firm derives from consumers' positive perception of its products
Twitter Search.
Talkwalker.
Cannibalization
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.
As a company implements a brand-extension strategy, it must remain mindful of the following two potential concerns:
The extension must live up to the quality consumers expect from the brand. If the quality of the extension products does not meet customer expectations, the firm jeopardizes sales, consumer trust, and brand loyalty. Brand extensions must be implemented with an eye toward avoiding cannibalization. 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. For example, KFC targeted new customers looking for great taste and healthier options when it introduced its new grilled chicken products. But rather than winning over new customers, KFC soon realized that the grilled chicken seemed to be purchased mostly by existing KFC customers, who were buying it instead of the fried version. Despite a major promotional push, sales fell by 4 percent at some KFC locations in the first year after the launch, in part due to the cannibalizing effect the new product had on the company's traditional products.12
manufacturer brands
brands that are managed and owned by the manufacturer.
global brand
is a brand that is marketed under the same name in multiple countries
Brand recognition research helps marketers understand two things:
(1) which brands stand out in a consumer's memory (2) the strength of his or her association with the brand.
Components of a Successful Brand
*Deliver a product that provides value-->The product should attract a positive reaction from consumers, whether that's achieved through packaging, delivery, or the value it offers to users. *Create a consistent brand image.---->All of the firm's marketing decisions, promotions, and employees should reinforce the brand by providing a consistent experience in the minds of consumers. *Create consistent brand messaging.--->As with brand image, brand messaging should be consistent and concise. *Capture feedback--->Since the real power of a brand exists in the minds of consumers, marketers must always capture and analyze customer feedback
Benefits of Brand Equity
1). Brand equity increases a firm's ability to succeed in a difficult competitive environment. 2).Brand equity facilitates a brand's expansion into new markets. 3).Brand equity can contribute to positive perceptions of product quality.
Qualitative techniques can provide
interesting, in-depth consumer insights.
CLV can be calculated using the following formula:
Customer lifetime value (CLV) =Average value of a sale × Number of repeat transactions ×Average retention time in months or years for a typical customer
Google Alerts.
Firms can set up alerts about their company, good, service, or brand and receive an e-mail whenever they appear online
esteem
Organizations with high brand equity enjoy significant advantages over other firms or how well regarded the brand is
Social Mention.
Social Mention is a tool that captures mentions of brands across most social media sites
Free association
involves asking consumers what comes to mind when they think about the brand.
The decoys
allow marketers to tell if consumers are truly able to identify the brands they've seen and to distinguish between those and brands they have not been exposed to.
knowledge
and are positively thought of by the majority of their target markets- an intimate understanding of the brand
Private-label brands
are products developed by a retailer and sold only by that specific retailer.
differentiation
are relevant to a large segment of consumers or the brands point of difference
Projective techniques
are tools used to uncover the true opinions and feelings of consumers when they are unwilling or otherwise unable to express themselves
relevance
are well known or how appropriate the brand is to you
A successful brand adds value to organizations in numerous ways
brand loyalty brand recognition:
family branding
connection made between product brands
Two important qualitative research methods are
free association and projective techniques.
Measuring brand equity is fundamental to understanding
how to build and manage a brand over time.
Qualitative research is particularly helpful in
in identifying the sources of brand equity and its role in consumer decisions
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
Two common quantitative research techniques focus on
measuring consumers' recognition and recall of specific brands.
individual branding
no connection made between product brands
Brand equity increases the likelihood that the consumer will
purchase the firm's brand rather than a competing brand
Brand revitalization aka?
rebranding
Brand recall
refers to consumers' ability to identify the brand under a variety of circumstances
Brand Architecture
relationships a firm brands have with each other
Brand loyalty and brand recognition lead to more
revenue for for-profit firms and more donations and support for nonprofit organizations.
Private-label brands aka ?
store brands
Brand-recall measures can be used to determine
whether consumers consider the firm's brand when they are planning to make a purchase, and if so, whether they think of the firm's brand before they think of competing brands
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.
The most important brand you will ever manage is
your personal brand