Week 1 Brand Management notes
Week 1 Brand Management notes MKTG 421
Popular in Brand Management
Popular in Marketing
This 4 page Class Notes was uploaded by Erin McGoff on Wednesday August 31, 2016. The Class Notes belongs to MKTG 421 at American University taught by Dr. Sanal Mazvancheryl in Fall 2016. Since its upload, it has received 34 views. For similar materials see Brand Management in Marketing at American University.
Reviews for Week 1 Brand Management notes
Report this Material
What is Karma?
Karma is the currency of StudySoup.
Date Created: 08/31/16
Brand Marketing 8/31/16 2:53 PM Introductions Syllabus breakdown Group brand audits • Choose a brand (chevy) not the company (GM) Case Write-ups Attendance • Attendance not required but he’ll KNOW who’s there and who’s not • There’s nothing else to do on a Wednesday afternoon, what are you doing? What is a brand? • Word first used in 1552 “identifying mark made by a hot iron” • Definitions o A mark used to identify product by seller o AMA definition ▯ A name, term, sign, symbol, design or a combination of these, intended to identify the goods r services of one seller to differentiate their product or service from those of competitors. • Starbucks CEO Howard Schultz says that “dysfunction in Washington is a major blow to the brand equity of America” • #Occupy Wall street was a brand—social movements can be brands. • Staying true to yourself: Taylor Swift (people can be brands) • What is the oldest branded product in the world still in use today? o MONEY o Religion What is the importance of brands? • Toyota Corolla vs. Geo Prism o Product was exactly the same. o Which car sold more? ▯ Corolla was priced higher, but sold more. ▯ Results: Toyota commanded a $300 price premium ▯ Toyota earned 108mm more than GM in operating profits ▯ Conclusion: people pay more for a brand that is well-known. • 2002, LVMH sold the Prommery brand to Vranken for 150m but retained the vineyards. o They just sold the brand, aka they paid for the name. • Brand importance actually went up from 69% to 87% during recession (2006- 2010) • Apple brand is the most expensive $246.99b • Brand are a great investment. Brand resilience • Coke, Kellogg, Dior, Gucci –they’re still the best 80% later • Why do strong brands never die? o Brands aren’t just names—they’re a promise. ▯ Utilitarian ▯ Batteries, cars ▯ Emotional ▯ Wells Fargo business credit card – the possibilities ▯ Coca-Cola—nostalgia ▯ Symbolic ▯ What does the brand say about the user? o Good products have all three. • EX: Consumers know brand promise and rely on that. o Mercedes released the A class that toppled over o They immediately got PR on it and resolved their bad press o Make a brand promise to your target market • EX: DeWalt vs. Black & Decker o Same general message, different audiences and promise. The importance of branding from the consumers perspective: • To distinguish a name and promise to tell them apart from competitors. • Created over years of interaction with the brand. • Brands add “Value” to the product. Importance of branding from the company’s perspective: • Asset for the company—non tangible • Identifies the company’s products. • Costs of branding: o If the promise is not fulfilled once, trust is broken. 8/31/16 2:53 PM 8/31/16 2:53 PM