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Transcript of Brand Strategies
Anil Momin 7091817
Ferdaus Saleh 4976609
Onyelo Osisiogu 7042862
Pranav Teja 7493615
Sai Aditya Omkaram 7025319
Do you know you encounter over 3000 brands a day????
Branding is the process of giving an identity to a person, place or thing so that it stands out from the crowd
A name, team, sign, design, symbol or a combination used to identify the products of a firm and differentiating them from its competitor’s offerings
Branding is not just for the consumer market (B2C), it is also for the business market (B2B) e.g SAP, Intel.
BRANDING IN BUSINESS
What do we want our brand to become?
A clear articulation of the strategic, and financial brand goals that management has created for the brand.
Provides a vision that forces management to articulate what they want the brand to “do” for the organization, over the next five years, relative to brand value, revenue and profit contributions.
Amazon : “Our vision is to be earth’s most customer centric company; to build a place where people can come to find and discover anything they might want to buy online”.
The Walt Disney Corporation : “To make people happy".
It is the place in consumers’ minds that you want a brand to own – the benefit you want them to think of when they think of your brand.
A strong brand position means the brand has a unique, credible, sustainable and valued place in customers’ minds.
Simplicity and user-friendly
Food & Fun
A list of all promises a brand makes to its customers. Such a contract is executed internally, but it is defined and validated externally by the marketplace.
Brand contracts can and should change overtime. New promises can be added, other promises can be updated, and irrelevant promises can be deleted.
Provide the highest quality coffee available in the market today.
Offer customers a wide variety of coffee options as well as complimentary food and beverage items.
Have an atmosphere that is warm, friendly, homelike and appropriate for having conversation with a good friend or reading a book.
Visiting Starbucks is as much about the “experience” of drinking coffee as it is about the coffee itself.
When a commodity becomes a brand, it is said to have equity.
Brand equity is one of the factors which can increase the financial value of a brand to the brand owner.
Difference between the perceived value and the intrinsic value.
There are 2 types of brand equity
- Customer brand equity
- Firm brand equity
CUSTOMER BRAND EQUITY
It is the value that the customers receive
What customers believe before purchase
It reduces customer research costs and purchase risks E.g : Armani, Prada
- Post – Purchase Equity :
Enhances customer’s consumption experience
Functional – Doing the job it’s designed to do
Economic – Low cost of ownership
Psychological value – Assurance of Continued functional value
E.g : Harry Potter, Virgin
BRAND STRATEGIES THROUGH CASES
Brand has a respectable market share but want it to Grow
Have a strong brand but want to penetrate the market even better
Build strategic alliances through co-branding.
Transfer positive customer attitudes.
Alliance focus on competency (Strengths and weaknesses).
Ensure appropriateness of brand association with target market segment.
Brand has a respectable market share and you want to protect it from growing competition
Address that section of the market which does not buy your product.
Attract customers who do not buy into your brand’s equity.
- Preempt competition.
- Cover market completely.
- Cannibalization is expected
Monolithic brand for several products.
Use of one brand name and the recognizable.
Easy for customers to find and identify Apple products.
Creating new brands which are part of the parent brand family.
Seek target customer loyalty to individual brands.
Customer may not realize the parent brand.
Brand is strong in the current market; the market is saturated and you are looking to diversify
Attach an existing brand name to different product(class, form).
Avail new market opportunity.
Analyze market before approaching it.
Same product - Line Extension
Different product – Brand Extension
Adds variety to its existing product for the sake of reaching a more diverse customer base
Brand is sold in the B2B market as a component of another product and you want the brand to get consumer recognition and equity
Tell consumers about your brand’s presence in the final product.
Questions are welcome
The B2C and B2B speak different languages
While the B2C is focused image & association, B2B wants to be viewed as experienced & trustworthy to its business partner
Address segment needs more precisely
Better Utilization of brand equity
Expansion of the brand itself into new markets.
Brand is old and has loyal customer, but its now nearly replaced with a new entrant brand
Target new market segment Colgate Palmolive, Avon and Reader Digest expand through new geographic segment.
Repositioning of brand, Sears introduced products for female
Change brand association. e.g Honda bike and young guy
BUILDING A STRONG BRAND
Takes significant investment to achieve.
First entrant to into a new product form
Need to educate potential customers.
Launching a new corporate brand is also very expensive. Ex: Lucent spent $50 Million to create corporate brand awareness
BRAND ASSOCIATIONS & IMAGE
Brand Associations: the meanings the brand has for customers.
Brand Image: is the overall meaning.
Firms seek congruence between brand image & brand identity.
Brand equity suffers when brand identity & brand image mismatch.
BRAND QUALITY & VALUE PERCEPTIONS
Enhanced by consistency in communications and customers’ brand experiences.
Achieving consistency always is difficult.
New brand managers wanting to make a mark on the product often reformulate the brand identity.
Each reformulation sacrifices consistency, brand quality & customer’s value perception.
Many global 100 firms have brand police & brand czars to oversee branding consistency
Consistency in brand quality & value perceptions is important for brand loyalty.
Starbucks and Ben & Jerry’s build brand coherence through their personnel and the design & décor of their retail facilities.
Firms earn high brand loyalty by:
1. Selecting the right brand identity for target customers & consistently executing that identity.
2. Ensuring third party organizations like advertising agencies are motivated to deliver on the brand identity.
3. Measuring customer satisfaction with the brand continuously & making necessary corrections.
FIRM BRAND EQUITY
Firm brand equity is the value firm receives.
The company can have more leverage with the trade.
The company can charge a premium on their product.
The company can have more brand extensions
Course Text book: Capone’s Marketing Framework