20140308 brand management chapter 2 iba mba48 e

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  • 1. Brand Management Session 2: Brand Equity and Brand Manager Zeeshan Kingshuk Huq Guest Faculty zeeshan.huq@gmail.com

2. We read about the the relationship in last class Brand is a promise Product is the system of delivering this promise Advertisement proposes and makes you believe this delivery of promise2 3/10/14/ZKH 3. BRAND EQUITY 3 3/10/14/ZKH 4. But what is a good brand made of? Brand Equity is the difference between the value offered by a product / service by the company the value perceived by the consumers ! IsMercedes expensive?4 3/10/14/ZKH 5. Brand Equity consists of Brand Loyalty Reduced marketing costBrand AwarenessPerceived QualityAnchor to which Reason to buy other Differentiation / associations Trade Leverage Position can be attached Attracting new Price Familiarity-liking customers ChannelSignal of Time to respond member interest substance to competitive Extension Consideration threatsBrand Association Easy interpretation Reason to buy Create positive image Extension 5 3/10/14/ZKH 6. Can we measure Brand Equity? Yes, and there are various models Details of different approaches to conceptualize brand equity differ However, all of them share a common core typically rely on brand knowledge structures in the minds of consumers Consumers individuals or organizations are the single source or foundation of brand equity6 3/10/14/ZKH 7. Generic Model in Measuring Brand Equity Considerations !BrandAwareness- Breadth - Depth !BrandImage- Characteristics, price, durability, quality, effective - Personification (user versus brand) - Values, history, heritage - Feelings Measurements !BrandAwareness- Brand Recognition - Unaided Recall - Aided Recall!BrandImage- Free Association - Means-Ends Chain Analysis - Projective Techniques - Ethnography / Observation - Aaker Scale 7 3/10/14/ZKH 8. Other models IPSOS Brand Health Model ! ConsumerPerception Equity ! Category Involvement Sensitivity ! Price Perception Value Research International Equity Engine ! Affinity ! Identification ! Approval ! Performance Young & Rubicam BrandAsset Valuator ! Differentiation ! Relevance ! Strength / Knowledge ! Stature Milward Brown BrandDynamicsTM ! Presence ! Relevance ! Performance ! Advantage ! Bonding Neilsen Winning Brands ! 4/5stages 8 3/10/14/ZKH 9. How long does it take to build a brand?9 3/10/14/ZKH 10. BRAND MANAGER10 3/10/14/ZKH 11. 11 3/10/14/ZKH 12. What are the expertise / role of a Brand Person? S/he is the parent of the brand, agency is the mentor that grooms the brand Skill-set needed: ! Creativity ! A natural observer gathers insights ! Networking, resourcefulness ! People-savvy ! Rational, analytical ability ! Capability to write succinctly ! Attention to details S/he is the sole responsible person for the growth of the brand theres nothing s/he can escape from. Rest of marketing department supports her/him. 12 3/10/14/ZKH 13. Brand Person provides a brief A good brief is a reflection of how well the brand person understands and owns his/her brand Brief means brief ! Concise no more than 2 pages ! Simple and Clear for anyone, freefrom jargons ! Positive and truthful inspiring, driving excellence Outline Should be presented in person to the agency, including the creative team, preferably with product demo13 3/10/14/ZKH 14. Brief to Agency Why do we want new advertising? Who are we talking to? What effect should the advertising have on the consumer? What does s/he think now? What would we like her to think/do? The story what is the single most persuasive benefit we can offer? Why should the believe it? What are the executional considerations? What are the practical considerations, e.g. timing, advertising properties, competitive reaction, regulatory aspects, etc Authority Budget strength 14 3/10/14/ZKH 15. 1. Would you want to be a brand manager? If yes, why? If not, why not?QUIZ 15 3/10/14/ZKH 16. QUESTIONS AND ANSWERS 16 3/10/14/ZKH