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Strategic Brand Management_Chapters 1 & 2
Transcript of Strategic Brand Management_Chapters 1 & 2
What is a BRAND?
Some More Terms to Make Us Sound Smart
Benefits of a Strong Brand
The Five Levels of Meaning for a Product
A Few More Smart-Sounding Terms
HOW do you brand a product?
A brand is something that resides in the mind of consumers.
Dr. Mike Breazeale
Chapters 1 and 2
Brands Are Assets That Drive Strategy
Brand Assets Have Real Value
So, what is VALUE?
Value is the difference between the customer's evaluation of the total benefits received from a product and the total cost of acquiring and consuming it.
It is entirely a customer perception!
Dr. B's Definition:
And isn't that the only one that really matters?
A Brand is a story that comes with a promise and a set of expectations.
A category of products that are all made by a particular company and all have a particular name
A name, term, sign, symbol, or design, or combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition
Something that has created a certain
amount of awareness, reputation, and
prominence in the marketplace
The different components of a brand that identify and differentiate it, these are all carefully selected for maximum impact.
The outward expression of a brand - including its name, trademark, communications, and visual appearance - that communicates the way that the owner wants the brand to be perceived
Consumers' impression of the brand - what it means to them
Tagline or catchphrase
Generic Product Level
Expected Product Level
Augmented Product Level
Potential Product Level
Core Benefit Level
"The new competition is not between what companies produce in their factories but between what they add to their factory output in the form of packaging, services, advertising, customer service, financing, delivery arrangements, warehousing, and other things people value."
Ted Levitt - Harvard
For the Manufacturer:
Identification of source
Assignment of responsibility
Search cost reducer
Promise, bond, or pact w/ maker
Signal of quality
Simplify handling / tracking
Legal protection possible
Signal of quality level
Unique associations possible
Source of financial returns
Barrier to entry
Brand loyalty -> predictable demand
Who is the brand?
What does it do?
Why should consumers care?
How do you identify it?
What is its meaning?
The KEY to Branding
Customers must perceive a meaningful difference between your brand and the rest of the product category.
Unique Selling Proposition (USP)
Describes the unique functional benefit or collection of benefits that is valued by your target customers but that none of your competitors can match
Considers only what you have already done
Uses your reputation to imply a promise about what you WILL DO
Describes the value of having a well-known brand name, based on the idea that the owner of a well-known brand name can generate more money from products with that name than from products with a less well-known name
A comprehensive examination of a brand to assess its health, uncover its sources of equity, and suggest ways to leverage and improve that equity. This requires understanding sources of brand equity from the viewpoint of the firm and the consumer
The structure of brands within an organizational entity, this is the way in which the brands within a company's portfolio are related to, and differentiated from one another.
What then is strategic brand management?
This involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity.
Four Major Steps
Identify and develop brand plans
Design and implement brand marketing programs
Measure and interpret brand performance
Grow and sustain brand equity
Good brand elements are:
Pick a favorite brand in your group and list all the brand elements that you can think of for that brand. Decide which ones meet these criteria and which ones don't. Pick a spokesperson to share with the class.
A brand is MORE than a product . . .
Because it can have dimensions that differentiate it in some way from other products designed to satisfy the same need.
Related to performance
What the brand represents to the user