Mktg sales week2_part1
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Transcript of Mktg sales week2_part1
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Week 2 – Part 1
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WHY SPEND $ ON ADVERTISING TO
FIX “BROKEN” BRANDS?
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MANAGING BRANDS THROUGH CRISIS
SUCCESSFULLY
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Apple has ALWAYS
said WHY it does
what it does.
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Building Strong Brands
Part IV
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What’s a “Brand?”
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Is it a LOGO?
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…a tagline?
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“Finger-Licking Good.”
“We Bring Good Things to Life.”
“Quality isJob One.”
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…a jingle?
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Is a Brand a PROMISE?
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Memorable
Invaluable
Unique
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Resources
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• 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
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Why Brands Matter
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• 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
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• 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
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• 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
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• Helps to organize a firm’s inventory and accounting
Brands Matter to Organizations
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• Powerful means of securing a competitive
advantage by LIVING with consumers their
whole lives…
Brands Matter to Organizations
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• Enables firms an opportunity to charge a PREMIUM for their products
• Brands represent enormously valuable pieces of legal property
Brands Matter to Organizations
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How Do You BRAND
Something?
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V.S.
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Think…Broadway
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Case Study
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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!
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WHERE DIDBRAND NAME
USAGE ORIGINATE?
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The SIX Elements Marketers Use toBuild Brands?
BrandToolkit
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• Memorability
• Meaningfulness
• Likability
• Transferability
• Adaptability
• Protectability
Criteria
Offensive
Defensive
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• 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
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• 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
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• 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?
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• 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?
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What’s In a Brand NAME?
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• 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
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Simple & Easy to Pronounce
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Onomatopoeia
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• 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
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Logos & Symbols
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Characters