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Brand

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"Name, term, symbol or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of the competition."

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Brand elements

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Different components that identifies and differentiates a brand (Name, logo, symbol, package design, or other characteristic)

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Product

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Anything available in the market for use or consumption, that may satisfy a need or want

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Functions to Consumers

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Identify the source or maker of the product Simplify product decisions Lower the search costs for products internally and externally Helps set reasonable expectations about what consumers may not know about the brand Signal product characteristics and attributes Reduce risks in product decision

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Functions to Firms

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Simplify product handling and tracing Help organizing inventory and accounting records Offer the firm legal protection for unique features or aspects of the product Provide predictability and security of demand for the firm and creates barriers of entry for competitors Provide a powerful means to secure competitive advantage Source of financial returns

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Levels of product

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Core benefit, generic product, expected product, augmented product

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Core benefit

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Fundamental need to be satisfied

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Generic product

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Basic version of product

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Expected product

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Attributes buyers normally expect

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Augmented product

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Distinguishes attributes

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Branding challenges

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Increased competition and costs, savvy customers, economic downturn, and brand proliferation

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Strategic brand management process

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Design and implementation of marketing programs to build measure, and manage brand equity

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Brand positioning model

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Describes how to guide integrated marketing to maximize competitive advantages

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Brand resonance model

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Describes how to create intense, activity loyalty relationships with customers

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Brand value chain

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Means to trace the value creation process for brands, to better understand the financial impact of brand marketing expenditures and investments

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Brand audits

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Comprehensive examination of a brand to, assess its health, uncover its sources of equity, and suggest ways to improve and leverage that equity

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Brand tracking studies

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Collect information from consumers on a routine basis over time, typically through quantitative measures of brand performance on a number of key dimensions marketers can identify in the brand audit or other means

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Brand equity management system

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Set of organizational processes designed to improve the understanding and use of the brand equity concept within a firm

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Customer Based Brand Equity

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Approaches brand equity from the perspective of the consumer Stresses that the power of a brand lies in what resides in the minds and hearts of customers Differential effect that brand knowledge has on consumer response to the marketing of that brand

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Brand Knowledge

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Key to create brand equity Creates the differential effect that drives brand equity

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Brand Image

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Consumers' perceptions about a brand based on strength, favorability, and uniqueness of brand assocaitions

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Market segmentation

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Divides the market into distinct groups of homogeneous consumers who have similar needs and consumer behavior

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Brand positioning

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Established through defining competitive framework, points of parity (POPs) and points of difference (PODs), determining brand's mantra, and updating/changing a brand's position

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Steps of Brand Building

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Brand salience, brand performance, brand imagery, brand judgment, brand feelings, brand resonance, and brand-building implications

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Brand salience

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Measures various aspects of the awareness of the brand: To what extent is the brand top-of-mind and easily recalled or recognized. What types of cues or reminders are necessary? How pervasive is this brand awareness?

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Brand performance

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Attributes and benefits that underlie brand performance: Primary ingredients and supplementary features. Product reliability, durability, and serviceability.

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Brand imagery

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Based on user profile, purchase and usage situations, brand personality and values, brand history, heritage, and experiences

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Brand judgment

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Based on quality, credibility, consideration, and superiority

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Brand feelings

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Customers' emotional responses and reactions to the brand Relate to the social currency evoked by the brand Feelings can be: Experiential and immediate, increasing in level of intensity Private and enduring, increasing in level of gravity

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Brand resonance

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Consisting of behavioral loyalty, attitudinal attachment, sense of community, and active engagement

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Brand-building implications

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Customers own the brand Don't take shortcuts with brands Brands should have a duality Brands should have richness Brand resonance provides important focus

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Types of brand elements

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Brand names, URLs, logos and symbols, characters, slogans, jingles, and packaging

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Brand names

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Captures the central theme or key associations of a product in a very compact and economical fashion Most difficult element for marketers to change Closely tied to the product in the minds of consumers

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Logos and symbols

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Indicate origin, ownership, or association Range from corporate names or trademarks written in a distinctive form, to abstract designs that may be completely unrelated to the corporate name or activities

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Characters

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Special type of brand symbol One that takes on human or real-life characteristics Introduced through advertising and can play a central role in ad campaigns and package designs

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Slogans

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Short phrases that communicate descriptive or persuasive information about the brand Function as useful "hooks" or "handles" to help consumers grasp the meaning of a brand Indispensable means of summarizing and translating the intent of a marketing program

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Jingles

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Musical messages written around the brand Have catchy hooks and choruses that become permanently registered in the minds of listeners Enhance brand awareness by repeating the brand name in clever and amusing ways

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Packaging

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Activity of designing and producing containers or wrappers From the perspective of both the firm and consumers, packaging must: -Identify the brand -Convey descriptive and persuasive information -Facilitate product transportation and protection -Assist in at-home storage -Aid product consumption

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Criteria for choosing brand elements

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Memorable, meaningful, likable, transferable, adaptable, protectable

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Experimental marketing

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Promotes a product by communicating a product's features and benefits and connecting it with unique and interesting consumer experiences

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Relationship marketing

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Attempts to provide a more holistic, personalized brand experience to create stronger consumer ties

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Mass customization

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Making products to fit the customer's exact specifications. The advent of digital-age technology enables companies to offer customized products on a previously unheard-of scale.

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One-to-one marketing

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Consumers help add value by providing information to marketers. Marketers add value by taking that information and generating rewarding experiences for consumers.

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Permission marketing

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The practice of marketing to consumers only after gaining their express permission. An influential perspective on how companies can break through the clutter and build customer loyalty.

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Perceived quality

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Customers' perception of the overall quality or superiority of a product or service compared to alternatives and with respect to its intended purpose

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Aftermarketing

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To achieve the desired brand image: Product strategies should focus on both purchase and consumption.

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Value pricing

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Objective is to uncover the right blend of product quality, product costs, and product prices that fully satisfies the needs and wants of consumers and the profit targets of the firm

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Price segmentation

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Sets and adjusts prices for appropriate market segments

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Everyday low pricing (EDLP)

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Has received increased attention as a means of determining price discounts and promotions over time

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Marketing communication

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Means by which firms attempt to inform, persuade, and remind consumers about the brands they sell

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Brand communication

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The firm wants current brand knowledge to equal desired brand knowledge. Sometimes, however, there is a gap between the two and the firm needs to close this gap by means of communications

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Information processing model of communications

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For a person to be persuaded by any form of communication the following steps must occur: exposure, attention, comprehension, yielding, intentions, and behavior

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Exposure

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Seeing or hearing communication/awareness

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Attention

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Noticing communication

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Comprehension

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Understanding the intended message

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Yielding

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Responding favorably to the message

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Intentions

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Planning to act in the desired manner of communication

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Behavior

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Actually acting in the desired manner

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Types of communication

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Primary and selective

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Primary communication

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Persuade consumers to use the product category

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Selective communication

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Persuade consumers to use a particular brand

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Consumer promotions

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Designed to change the choices, quantity, or timing of consumers' product purchases. Customer franchise building promotions like samples, demonstrations, and educational material. Non-customer franchise building promotions such as price-off packs, premiums, sweepstakes, and refund offers.

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Trade promotions

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Financial incentives given to channel members to facilitate the sale of a product through slotting allowances, point-of-purchase displays, contests and dealer incentives, training programs, trade shows, and cooperative advertising. Designed either to secure shelf space and distribution for a new brand, or to achieve more prominence on the shelf and in the store.

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Promotion

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Are short-term incentives to encourage trial or usage of a product or service. Are designed to change the behavior of the trade or consumer

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Online marketing communication

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Advantages of marketing on the Web: Low cost, greater level of detail and higher degree of customization. Can accomplish almost any marketing communication objective . Valuable in terms of solid relationship building.

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Publicity

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Non-personal communications such as press releases, media interviews, press conferences, films, and tapes

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Public relations

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Include annual reports, fund-raising and membership drives, lobbying, special event management, and public affairs feature articles, newsletters, photographs, films, and tapes

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Buzz marketing

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Various techniques marketers apply to get people notice and talk about the brand

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Ways to optimize integrated marketing communications

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Coverage, contribution, commonality, complementarity, versatility, and cost

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Leveraging process

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An indirect approach to building brand equity by linking the brand to other entities that have their own knowledge structures

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Country of origin or geographic location

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Can be linked to the brand to generate secondary associations Can create strong points-of-difference

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Channels of distribution

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Retail stores can indirectly affect brand equity through an "image transfer" process Retailers have their own brand images in consumers' minds due to the following associations -Product assortment -Pricing -Credit policy -Quality of service Customer base can be expanded by tapping into new channels of distribution

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Co-branding

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When two or more existing brands are combined into a joint product or are marketed together in some fashion Example - Betty Crocker paired with Sunkist Growers to market a lemon chiffon cake mix

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Ingredient branding

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Creates brand equity for materials, components, or parts that are contained within other branded products Branded ingredients are often a signal of quality Uniformity and predictability of ingredient brands can reduce risks and reassure consumers

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Licensing

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Creates contractual arrangements whereby firms can use: Names, logos, and characters of other brands to market their own brands for some fixed fee Can also provide legal protection for trademarks

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Celebrity endorsement

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A famous person can: -Draw attention to a brand -Shape brand perceptions, by virtue of consumers perceptions of the famous person Celebrity endorsers should have: -A high level of visibility -A rich set of potentially useful associations, judgments, and feelings

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Sporting, cultural, or other events

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Have their own set of associations that may become linked to a sponsoring brand under certain conditions Contribute to brand equity by: -Becoming associated to the brand and improving brand awareness -Adding new associations -Improving the strength, favorability, and uniqueness of existing associations

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