Brand Management - Week 2 Notes
Brand Management - Week 2 Notes MKTG 421
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This 7 page Class Notes was uploaded by Erin McGoff on Wednesday September 7, 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 5 views. For similar materials see Brand Management in Marketing at American University.
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Date Created: 09/07/16
Brand Marketing 9/7/16 2:36 PM Week 2 Brand Equity Reading today: Brand Audit: How to Measure • Brand o Promise that companies make and that consumers rely on o Strong brands are valuable assets for the company that owns them o Strong brands are fairly resilient even in tough economic times o Brand is more than just a trademark that a company owns and under which it does business • Challenges facing Brand Managers o Savvy consumers armed with several choices and lot of information ▯ Large scale social and digital media information ▯ Online reviews ▯ Technology has made things more convenient o Increased global competition o Decreased effectiveness of traditional marketing tools o Emergence of new marketing tools ▯ Snapchat, Pinterest, Facebook ▯ Not everyone watches cable anymore. • Process? - Strategic Brand Management o Strategic approach vs. tactical approach ▯ Tactical = how to reach target audience ▯ Strategic = structure (preliminary) o Involves the design and implementation of marketing programs and activities to build, measure, and strengthen brand equity ▯ 1. Understanding and measuring brand value ▯ 2. Building strong brands using marketing programs ▯ 3. Interpret performance? Measuring ▯ 4. Strengthen and sustain existing brands • Start with 3 important branding concepts – aggregated process – pyramid o Brand identity ▯ What do I want my brand to stand for? ▯ What promise will I make to my customers? o Brand knowledge ▯ Brand awareness & brand image – in people’s mind ▯ Words, images that they have in their mind. This lives in their minds. o Brand equity ▯ Differential response a consumer has to your brand relative to other brands. ▯ Strong brand? People may be willing to pay more for the brand. • Pyramid o Bottom: brand awareness & brand recall – getting people to head about it o Bottom Middle: emotional benefits + emotional benefits o Top middle: rational evaluation + emotional evaluation o Top: Attachment [brand equity] • What is customer based brand equity? o Brand: Powerade o Associations: cooler, more hip version of Gatorade with cool ads. o Brand equity: the value consumer place on the sum total of their association to a brand, relative to a generic or commodity product. • Benefits of customer based brand equity o 1. Enjoy greater band loyalty, usage and affinity o 2. Command larger price premiums o 3. Receive greater retailer cooperation and support ▯ a retailer is more likely to support Coca Cola than RC Cola because they know Coke will sell more. o 4. Resiliency to crisis o 5. Support brand extensions into new categories o 6. Yield licensing opportunities • 3 Sources of Customer-Based Brand Equity o Brand awareness and brand recall ▯ Customer is aware of the brand and can recall it o Brand associations ▯ Customer has strong, favorable, and unique associations. o Ok he just skipped that • Customer based “Brand Equity Pyramid” o Who are you? - salience o What are you? - performance &imagery o What about you? – judgment & feelings o What about you and me? – equity Image + Attachment = Brand Equity. • Measuring Brand Equity – HOW TO o Measuring brand knowledge ▯ Brand Awareness ▯ You know about and can recognize the brand. ▯ The value? • Allows the brand to be considered for purchase. People won’t buy stuff they don’t know. • Increases familiarity and liking • Brand name can signal meaning • Serves as anchor to which brand associations are made. ▯ How to measure? • Depth: # of consumers who have heard about the brand and how well they know it. • Breadth: when does the brand come to mind? • Brand recall if purchase is memory based [unaided and aided] o “name all the brands of soda you can think of” • Brand recognition is purchase is stimulus- based [only aided] o “have you ever seen this logo before?” • In a survey and do BOTH. ▯ Brand Associations ▯ Is anything that is linked in consumers memory to a specific brand • Differentiates brand from competitors • Help consumer easily retrieve information about a brand • Creates positive attitudes and feelings towards brand • Free association o “tell me what comes to mind…” o count the number of times people use a word. ▯ Measuring by Creating Your Own Brand Associations List • Free association tasks “projective techniques” o “she bought a pair of Nike’s because…” ▯ Measuring brand equity • Expert ratings • Customer surveys of overall brand evaluation • Projective techniques o Tell a story o Ask questions indirectly to get the true answer • Comparison Tasks o “If Kelloggs were an animal, what animal would it be?” ▯ Brand Image ▯ Perceptions people have about any brand ▯ Having a brand image helps you compete with other brands. ▯ Measuring brand image using surveys • How would you rate… • How good is the value…. ▯ Emotional brand image • Happiness, excitement, nostalgia, status… ▯ Brand Attachment ▯ How strong is your brand? • If you increase your price? • If you rebrand? • What is the strength of loyalty? • “Measure of the future” ▯ Value of brand attachment • Recommendations, reviews, reduced promotion expenditures • Increases leverage with distribution channels ▯ Building Brand Equity ▯ Determine brand’s knowledge and image ▯ Develop marketing and branding programs ▯ Integrate across different product lines and target markets ▯ Measure and control the brand’s awareness/associations/image/loyalty to brands. 9/7/16 2:36 PM 9/7/16 2:36 PM
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