1/12/14 8:50 PM Strategic Brand Management Creating Brand Equity • How consumer characteristics influence buying behaviour • Major psychological processes that influence consumer responses to the marketing program • How consumers make purchasing decisions • How consumers stray from a deliberative, rational decision process Strategic Brand Management • Identify – Plan – Measure and Interpret – Grow • Brand: A name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors • Role of brands: o Identify source / maker o Simplify decision-making o Reduce risk o Simplify product handling o Protect unique features o Create loyalty o Establish barriers to entry • Brand equity: The added value endowed on products and services because of the brand o Differences in consumer responses attributed to consumers’ brand knowledge and influenced by their perceptions, preferences and behaviours
Transcript
1/12/14 8:50 PM
Strategic Brand Management Creating Brand Equity
• How consumer characteristics influence buying behaviour • Major psychological processes that influence consumer responses to
the marketing program • How consumers make purchasing decisions • How consumers stray from a deliberative, rational decision process
Strategic Brand Management
• Identify – Plan – Measure and Interpret – Grow • Brand: A name, term, sign, symbol, or design, or a combination of
them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors
• Role of brands: o Identify source / maker o Simplify decision-making o Reduce risk o Simplify product handling o Protect unique features o Create loyalty o Establish barriers to entry
• Brand equity: The added value endowed on products and services because of the brand
o Differences in consumer responses attributed to consumers’
brand knowledge and influenced by their perceptions, preferences and behaviours
• Scope of branding – to create differences between products Brand Equity Models
• BrandAsset Valuator (BAV) Model
• BrandZ Model
• Brand Resonance Model
• Building brand equity – combination of brand elements, secondary associations and marketing activities
• Managing brand equity – brand revitalisation and reinforcement
o Choice criteria § To build a brand, they must be memorable, meaningful
and likeable § To be defensive, must be transferrable, adaptable and
protectable o Developing brand elements
§ Easy to recall, descriptive and persuasive • Secondary associations with brand
o Geographic regions, other brands, characters, spokespeople, sporting events
• Brand communities’ members must have a brand connection, shared rituals and stories, and responsibility to community
Brand Value Chain An approach to assess the sources and outcomes of brand equity and the way marketing activities create brand value
Brand Portfolio The set of all brands and brand lines a particular firm offers for sale in a particular category or market segment. Crafting the Brand Position Developing and establishing an effective position in the market Identifying and analysing competition Successfully differentiate
• Brand positioning: placing in terms of customers wants and needs, company capabilities and competitive actions – perceptual map
o Communicate points of difference and points of parity • Value proposition? • Brand mantra – communicate, simplify and inspire
o Eg. Disney – ‘fun, family and entertainment’ Brand positioning bulls-eye
