Brand Management
Terms
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- What is brand?
- name, term, sign, symbol or design or combination of them, intended to identify the goods & services for one seller or group of sellers & to differentiate them from those of competition.
- How do we contrast a brand & product?
- brand is more than a product. brand can differentiate the same product.
- what is the 5 levels of meanings for product?
- 1.core benefit level 2.generic product level 3.expected product level 4.augmented product level 5.potential product level
- Why brands are so valuable for customers? what are the roles that brands play?
- -identification of source/maker of product -assignment of responsibility to product maker -simplify/shortcut for customer product decisions -search cost reducer -trust & loyalty with maker of product -symbolic device -signal of quality (search, experience and credence goods) -risk reducer (functional, psychological, physical, financial time risk)
- Why brands are so valuable for firm? what are the roles that brands play?
- -means of identification to simplify handling& shipping -means of legally protecting unique features. (licensing) -signal of quality level of satisfied customers -means of providing products with unique associations -source of competitive advantage and financial returns
- Can everything be branded?
- YES. marketers must give consumers a label for the product and meaning for the brand. -physical goods (coke, nescafe...) -services -retails & distributers (Wal-Mart) -online products (amazon.com) -people (paul newman) -sports, arts & entertainment -geographic locations ( vegas, NYC) -Ideas & causes ( breast cancer pink ribbons)
- What are the strongest brands and what are the advantages?
- Coca-cola, Microsoft, IBM, GE... -improve perception of product performance -greater loyalty -gain profit margin -increase support -licensing opportunity
- Why it is so difficult to manage brands? what are the challenge to brand builders?
- -savvy customers -brand increase -media fragmentation -increased competition -growth of private label -increased costs of new product introduction
- how can differentiate in outcomes arise from added value?
- creating brand equity and reinforces how important the brand is in marketing strategies.
- how do we build, measure manage brand equity?
- strategic brand management: 4 steps: 1. identify & establish brand positioning & values -mental map -POP&POD -core brans associations -brand mantra 2. planning & implement brand marketing programs -mixing & matching of brand elements -integrating brand marketing activities -leveraging secondary association 3.measure & interpret brand performance -brand audit -brand value chain -brand tracking -brand management system 4.grow & sustain brand equity -brand-product matrix -brand portfolios & hierarchies -brand expansion strategies -brand reinforcement and revitalization
- How do you build a strong brand?
- customer based brand equity it approaches brand equity from the perspective of the consumers -differential effect that brand knowledge has on consumer response to the marketing
- what do you mean by brand equity as bridge?
- -reflection of the past: quality os more critical factor than quantity -direction of the future: consumers will decide based on their brand beliefs and attitude.
- what is the key to create brand equity?
- brand -knowledge: brand node in memory with a variety of associations linked to it.
- what are the 2 components of brand knowledge?
- -brand awareness -brand image
- when does CBBE occur?
- when the customer has a high level of awareness & familiarity with the brand & holds some strong favorable & unique brand associations in memory
- what is brand awareness? what are the advantage of having high awareness?
- brand recognition & brand recall -learning advantage -consideration advantage -choice advantage
- how do you create brand awareness?
- -increase the familiarity of the brand through repeated exposure (brand recognition) -increase association with the appropriate product category or relevant purchase cues. (brand recall)
- what is brand image? what are the advantages of having strong brand image?
- it is a brand associations -strength of brand association -direct experience=> strong brand attribute -TV commercial => weak brand attribute -favorability of brand association -desirability (how relevant, distinctive, believable) -deliverability (how the product performs now & n the future) -uniqueness of brand association -USP
- how do you build brand?
- 4 steps: 1.brand identity 2.brand meaning 3.brand response 4.brand relationship
- what are the brand pyramid?
- 1.salience 2.performance 3.imagery 4.judgement 5.feelings 6.resonance
- explain each elements of brand pyramid
- salience: -breadth&depth of awareness -product category structure -product + class -product + category -product + type -product + information -importance of top-of-mind & the right place right time. performance: -5 important types of attributes: 1.primary ingredients & supplementary features 2.product reliability, durability, serviceability 3.service effectiveness, efficiency, empathy 4.style & design 5.price imagery: intangible aspects of brand 4 main intangibles: 1.user profiles 2.prchase & usage situations (time, type) 3.personality & values 4.history, heritage & experience judgement: 1.brand quality 2.brand credibility (brand expertise, trustworthiness, likability) 3.brand consideration 4.brand superiority (differentiation) feelings: -transformational advertising 6 types of brand building feelings: -warmth -fun -excitement -security -social approval -self-respect resonance: they are in sync with the brand 1.behavioral loyalty 2.attitudinal attachment 3.sense of community 4.active engagement
- what are the important brand tenets?
- -customer owns brands -don't take shortcuts with brands -brand should have a duality -brand should have richness -brand resonance provides important focus
- what are the steps of brand positioning?
- 1.who is the target market? -4 bases segmentation: 1.behavioural 2.demographic 3.psychographic 4.geographic 2.who are the main competitors? -do NOT define competition too narrowly. 3. how is the brand similar to competitors? -POP ( category and competitive) 4.how is the brand different from competitors? -performance base and imagery base
- how do marketers identify brand mantras?
- step1: mental map step2: core brand association step3: brand mantra -brand function -descriptive modifier -emotional modifier
- what are the steps for brand audits?
- step1: brand inventory (supply side) -profile -base for positioning map -insights brand equity -assess consistency -POP POD -brand element step2:brand exploratory -brand association -brand positioning -CBBE
- how to choose the best brand elements?
- -memorability -meaningfulness -likability -transferability -adaptability -protectabilitty -global branding mishaps
- what is the naming procedures?
- 1. define objectives 2.generate names 3.sreen initial candidates 4.study candidate names 5.research the final candidates 6.select the final name
- what are the advantages to have logos & symbols?
- -versatile -when the full brand name is difficult to use for any reason, -easily adapted over time
- what are the advantage and disadvantage to have characters?
- advantage: -increase brand awareness -increase likability -easily adapted across products disadvantage: -possibility of dampen brand awareness ( too much attention to character) -must update over time
- what are the advantages to have slogans?
- -increase brand awareness -reinforce the message of a particular campaign
- what are the functions of packaging?
- -identify the brand -convey descriptive persuasive information -facilitate product transportation & protection -assist at home storage -aid product consumption
- what are the derives of the new economy?
- -digitization & connectivity -disintermediation & reintermediation -customization & customerization -industry convergence
- what is the one of the approach for personalizing marketing?
- experiential marketing: promote a product by not only communication a product's features & benefits but also connecting it with unique & interesting experiences.
- what are the five different types of experiences that Schmitt stated?
- 1.sense 2.feel 3.think 4.act 5.relate
- what are the guidelines for experimental marketing?
- 1.experiences must be planned. 2.think about the customer experience first! 3.be obsessive about DETAILS of experience 4.add a little element that stylized the experience 5.think consumption situation-not product/service 6.holistic experience 7.use the experiential GRID(SEM..) 8.Use different method