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UNO MKT4300_Chapter 8
Transcript of UNO MKT4300_Chapter 8
Dr. Mike Breazeale
What is a brand?
A brand is 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.
Brands allow consumers to assign responsibility for the performance of a product.
Brands also serve to simplify consumer decision making.
Brands simplify product handling for the firm.
Brands allow the firm to legally protect their asset through copyrights, patents, or trademarks.
Brands allow firms to safely invest in their asset with the knowledge that they will be able to reap the benefits of the investment.
Brands can serve as a barrier to entry.
Brands allow the firm to charge a price premium.
is endowing products and services with the power of the brand.
It involves creating differences among products in the consumer's mind by teaching consumers what the product stands for.
This allows consumers to form mental structures that help them to organize their knowledge about an offering.
What can be branded?
Brand equity is the added value endowed on products
and services, which may be reflected in the way consumers, think, feel, and act
with respect to the brand.
What is Brand Equity?
More inelastic consumer response
Greater trade cooperation
Increased marketing communications effectiveness
Possible licensing opportunities
Improved perceptions of product performance
Less vulnerability to competitive marketing actions
Less vulnerability to crises
Advantages of Strong Brands
A brand promise is the marketer’s vision of
what the brand must be and do for consumers.
In order for it to matter, the customer
must perceive that it offers value!
What is a Brand Promise?
Brand Asset Valuator (BAV)
Brand Equity Models
Brand Dynamics Pyramid
Brand Resonance Pyramid
Brand equity depends
on all touchpoints.
But there are 3 main drivers:
1.) The initial choices for brand elements or identities that make up the brand image
2.) The product, service, and all accompanying marketing activities/supporting programs
3.) Other associations transferred to the brand through linking it to another entity, person, place, or thing
How do you choose GREAT brand elements?
Secondary Sources of Brand Knowledge
A specialized community of consumers and employees
whose identity and activities focus around the brand
Sense of connection to the brand, the firm, the product, and other community members
Shared rituals, stories, and traditions that help convey meaning
Shared responsibility to the community and individual members
Some Important Branding Terms
The set of all brands and brand lines a firm offers for sale in a particular category or market segment
All products sold under a particular brand (including all extensions)
Using an established brand to launch a new product
Using a parent brand to enter a different category from the one it already serves
An existing brand that gives birth to an extension or a sub-brand
Brand Portfolio Roles
Flanker (or Fighter)
Entry level (low-end)
The profitable main brand
Positioned against competitor brands to protect he Flagship
Profitable even without marketing support
Attract customers to the franchise for trading up
High price adds prestige and credibility to the franchise
One Potential Concern
When brand extensions cause customers to no longer associate a brand with a specific product or highly specific set of characteristics, thinking less of the brand