brand management lecure 5
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Transcript of brand management lecure 5
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What is a brand ?
What a brand means to commonperson ?
In 'blind' taste tests, people preferthe taste of Pepsi over the taste ofCoke. However, if the test is not
'blind' and the tasters know whichbeverage is which, they prefer thetaste of Coke over Pepsi! That is theemotional power of a brand. TheCoca-Cola brand has the power toactually change an individual's
taste!
Coca-cola is the no.1 brand in theworld.The first shape that was registered isthe coca cola bottle.
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CompanyProduct A
Product B
Product PackagingWebsites
Advertisements
A brand is a promise. A promise to achieve certain results, deliver acertain experience, or act in a certain way. A promise that is conveyedby everything people see, hear, touch, taste or smell about yourbusiness.
logo
Integrity of Brand
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Brand
A name becomes a brand when consumers associateit with a set of tangible and intangible benefits thatthey obtain from the product or service
It is the sellers promise to deliver the same bundleof benefits/services consistently to buyers
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Brand Equity
When a commodity becomes a brand, it is said tohave equity.
The premium a brand can command in the market
The difference between the perceived value and theintrinsic value
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Levels of meaning
Attributes
Benefits
Values
CulturePersonality
Users
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Brand Power
Customer will change brands for price reasonsCustomer is satisfied. No reason to change.Customer is satisfied and would take pains to get the
brandCustomer values the brand and sees it as a friendCustomer is devoted to the brand
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Brand Equity Competitive Advantages
Reduced marketing cost
Can charge a higher price
Can easily launch brand extensions
Can take some price competition
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Managing Brand Equity
Brand Equity needs to be nourished andreplenished. We must not flog the brand for equityto be diluted or dissipated
Store brands
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Advantages of branding
Easy for the seller to track down problems andprocess orders
Provide legal protection of unique product features
Branding gives an opportunity to attract loyal andprofitable set of customersIt helps to give a product category at different
segments, having separate bundle of benefits
It helps build corporate imageIt minimises harm to company reputation if thebrand fails
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Brand parity
Consumers buy from a set of acceptable/ preferredbrands
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Umbrella Brand
Products from different categories under one brandDangerous to the brand if the principal brand failsSometimes the company name is prefixed to the
brand. In such cases the company name gives itlegitimacy. The product name individualisesit.
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Umbrella branding
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Naming the Brand
Product benefits
Product qualities
Easy to pronounce
Should be distinctiveShould not have poor meanings in other languages
and countries
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Brand strategy
Line extension existing brand name extended tonew sizes in the existing product category
Brand extension brand name extended to newproduct categories
Multibrands new brands in the same productcategory
New brands new product in a different productcategory
Cobrands brands bearing two or more wellknown brand names
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Co-branding
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LineExtension
Multibrands
BrandExtension
NewBrands
Brand
Name
Existing New
Product Category
Existing
New
Four Brand Strategies
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BRAND ELEMENTS
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MKTG 461 Brand Management
Brand Elements
Brand elements (or brand identities) aretrademarkable devices that serve to identify anddifferentiate the brand Keller (1998)
Various elements exist: Brand names
Brand logos
Packaging Symbols
Characters
Slogans and Jingles
Names, Logos, & Packages Slide 1
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MKTG 461 Brand Management
Brand Elements
Choosing Brand Elements1. Memorable
Easily Recognized and Recalled
2. Meaningful
Descriptive, Persuasive, Fun & Engaging, Rich Imagery3. Transferable Within and Across Categories, Across Different Markets
4.Adaptable Flexible, Able to be Updated
5. Protectable Legally & Protectable
Names, Logos, & Packages Slide 2
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MKTG 461 Brand Management
Brand Names
Good brand names are important
Brand meaning can be captured in a very compact and economicalfashion
Brand name is often at the center of brand associations
Research is often used to select (Coast - $1 million)
Good names are tough to find Most are registered
140,000 words in English vocabulary (20,000 recognized; 7,000found on television)
Names, Logos, & Packages Slide 3
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MKTG 461 Brand Management
Brand Names Guidelines
Easy and simple to pronounce/spell
Easy names are repeated builds cognitive structures
Consumers avoid saying difficult names Wyborowa Vodka (Vee-ba-rova)
Consumers may get different perceptions based on differentpronunciations (Nike or Porsche)
Close attention to linguistics of name are importantAcura versus Accura (AK-yur-a)
Names, Logos, & Packages Slide 4
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