Week 2 – Part 1

WHY SPEND $ ON ADVERTISING TO

FIX “BROKEN” BRANDS?

MANAGING BRANDS THROUGH CRISIS

SUCCESSFULLY

Apple has ALWAYS

said WHY it does

what it does.

Building Strong Brands

Part IV

What’s a “Brand?”

Is it a LOGO?

…a tagline?

“Finger-Licking Good.”

“We Bring Good Things to Life.”

“Quality isJob One.”

…a jingle?

Is a Brand a PROMISE?

Memorable

Invaluable

Unique

Resources

Resources

• Avoid using JUST your family name

• Is your name appropriate (Ex. Pain Dental)

• Watch your intellectual capital, website domains, etc.

• Don’t use a name that’s so narrow that it prevents your future growth (Ex. Just Screws)

Brand Guidelines

Why Brands Matter

• Reduces the cost associated with searching for products internally (how much to think about them) and externally (how much to look for them)

• Define product/service qualities

• Present product/service characteristics

• Chance to “connect” with product maker

• Sign of “perceived” quality…PRESTIGE

• Help consumers organize their knowledge about a product to clarify their decision-making and thus adds value to firms.

Brands Matter to Consumers

• Signal characteristics to consumers

• Reduce the risks for consumers in their purchase decisions:

– Functional risk: product doesn’t perform up to expectations

– Financial risk: Product’s not worth the price paid

– Physical risk: product poses a physical threat

– Social risk: Product results in embarrassment from others

– Psychological risk: Product affects mental well-being of the user

– Time risk: A product’s failure costs the consumer a chance of finding another acceptable product

Brands Matter to Organizations

• Serve an identification purpose

• Legal protection such as intellectual property rights for certain brand attributes

• Investing in a brand helps endow a product with unique associations and meanings that help to differentiate it

>>>

Brands Matter to Organizations

• Helps to organize a firm’s inventory and accounting

Brands Matter to Organizations

• Powerful means of securing a competitive

advantage by LIVING with consumers their

whole lives…

Brands Matter to Organizations

• Enables firms an opportunity to charge a PREMIUM for their products

• Brands represent enormously valuable pieces of legal property

Brands Matter to Organizations

How Do You BRAND

Something?

V.S.

Think…Broadway

Case Study

Fired Judy Taymor Needed to completely

re-do the ending Michael Cohl producer

unwilling to be flexible Delay launch until ready Find supporters (U2) Get funding Take risks!

WHERE DIDBRAND NAME

USAGE ORIGINATE?

The SIX Elements Marketers Use toBuild Brands?

BrandToolkit

• Memorability

• Meaningfulness

• Likability

• Transferability

• Adaptability

• Protectability

Criteria

Offensive

Defensive

• Memorability: Building a high level of brand awareness (recall) is absolutely CRITICAL.

• Meaningfulness: Brand elements can reflect all sorts of meaning, either descriptive or persuasive.

– General information about the nature of the product category;

– Specific information about particular attributes & benefits of the brand.

• Likability: Do customers find the brand element aesthetically appealing? Is it likable visually…verbally…and other ways?

Offensive Criteria

• Transferability: The extent to which the brand element adds to the brand equity of new products for the brand.

• Adaptability: The more flexible and adaptive the brand element is, the easier it is to update it to adopt to changes in consumer values, opinions, and preferences.

• Protectability: Can it be protected both legally and from competition?

Defensive Criteria

• Critical choice as it captures the central theme or key associations of a product.

• Should be effectively captured into a consumer’s memory in SECONDS!

• Closely tied to the product in the hearts & minds of consumers.

• 140,000 words in the English language; 23,000 are recognized by the avg. American; 7,000 words make up the vocabulary of most TV shows & commercials.

What’s In a Brand NAME?

• Should have a clear, understandable, and unambiguous pronunciation AND meaning.

• A brand name should be familiar and meaningful, so it can tap into the consumer’s knowledge structures.

• Must be unique, distinctive, different

What’s In a Brand NAME?

What’s In a Brand NAME?

• Descriptive: Describes the function literally.

• Suggestive: suggests the benefit or function.

• Compounds: Combines 2 or more unexpected words.

• Classical: Based on Latin, Greek, Sanskrit.

• Arbitrary: Real words with no obvious connection to the company.

• Fanciful: Words with no obvious meaning.

Types of Brand Names

Simple & Easy to Pronounce

Onomatopoeia

• Define your objectives.

• Generate name options.

• Screen initial candidates.

• Study candidate names.

• Research final candidates.

• Select the final name.

• Market the product/service using its name.

Steps for Naming New Products

Logos & Symbols

Characters