Brand Management Chapter 1

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<ul><li><p>CHAPTER 1: BRANDS &amp; BRAND MANAGEMENT</p><p>Dhrupody</p></li><li><p>What is a brand?For the American Marketing Association (AMA), ..a brand is a name, term, sign, 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 competition. </p><p>Dhrupody</p></li><li><p>Brands vs. ProductsA product is anything we can offer to a market for attention, acquisition, use, or consumption that might satisfy a need or want. </p><p>Dhrupody</p></li><li><p>Five Levels of Meaning for a Product </p><p>The core benefit level is the fundamental need or want</p><p>The generic product level is a basic version of the product containing only those attributes or characteristics absolutely necessary for its functioning</p><p>The expected product level is a set of attributes or characteristics that buyers normally expect and agree to when they purchase a product. </p><p>The augmented product level includes additional product attributes, benefits, or related services </p><p>The potential product level includes all the augmentations and transformations that a product might ultimately undergo in the future.</p><p>Dhrupody</p></li><li><p>Why do brands matter?</p><p>Dhrupody</p></li><li><p>Importance of Brands to ConsumersIdentification of the source of the product</p><p>Assignment of responsibility to product maker</p><p>Risk reducer</p><p>Search cost reducer</p><p>Promise, bond, or pact with product maker</p><p>Symbolic device</p><p>Signal of quality</p><p>Dhrupody</p></li><li><p>Reducing the Risks in Product Decisions</p><p>Functional riskThe product does not perform up to expectations.</p><p>Physical riskThe product poses a threat to the physical well-being or health of the user or others. </p><p>Financial riskThe product is not worth the price paid.</p><p>Social riskThe product results in embarrassment from others.</p><p>Psychological riskThe product affects the mental well-being of the user.</p><p>Time riskThe failure of the product results in an opportunity cost of finding another satisfactory product.</p><p>Dhrupody</p></li><li><p>Importance of Brands to FirmsIdentification to simplify handling or tracing</p><p>Legally protecting unique features</p><p>Signal of quality level</p><p>Endowing products with unique associations</p><p>Source of competitive advantage</p><p>Source of financial returns</p><p>Dhrupody</p></li><li><p>Can everything be branded?Physical goods</p><p>Services</p><p>Retailers and distributors</p><p>Online products and services</p><p>People and organizations</p><p>Sports, arts, and entertainment</p><p>Geographic locations</p><p>Ideas and causes</p><p>Dhrupody</p></li><li><p>What are the strongest brands?</p><p>Dhrupody</p></li><li><p>Top Ten Global Brands</p><p>Dhrupody</p></li><li><p>Branding Challenges &amp; opportunitiesSavvy customers</p><p>Brand proliferation</p><p>Media fragmentation</p><p>Increased competition</p><p>Increased costs</p><p>Greater accountability </p><p>Dhrupody</p></li><li><p>The Brand Equity Concept</p><p> Differential effect</p><p>Brand knowledge</p><p>Consumer response to marketing</p><p>Dhrupody</p></li><li><p>Strategic Brand Management ProcessMental mapsCompetitive frame of referencePoints-of-parity and points-of-differenceCore brand valuesBrand mantra</p><p>Dhrupody</p></li><li><p> 1. Identify and establish brand positioning and values Mental maps: Visual depiction of different type of associations linked to the brand in the mind of customer</p><p> Competitive frame of reference: Creating brand superiority in the mind of customer.</p><p> Points-of-parity and points-of-difference: POD not available in other brand, similar to other brand</p><p> Core brand values: Attributes and benefits of brand.</p><p> Brand mantra: Core brand promise.</p><p>Dhrupody</p></li><li><p>2.Plan and implement brand marketing programsMixing and matching of brand elements: Name.logos symbols characters,packaging and slogans.</p><p>Integrating brand marketing activities: Marketing programs can create strong,favorable and unique brand association.</p><p> Leveraging of secondary associations: Brand may be linked to</p><p> *Company *Character *Spokepeople *Country *Sonsorship *Awards </p><p>Dhrupody</p></li><li><p>3.Measure &amp; interpret brand performanceBrand value chain: Value creation Process</p><p> Brand Audit: A comprehensive examination of a brand to discover its sources of brand equity.</p><p> Brand Tracking: Collecting continuous information from customer.</p><p>Brand equity management system: *Brand equity charter *Brand equity report *Brand equity responsibility</p><p>Dhrupody</p></li><li><p>4.Grow and sustain brand equity</p><p>Defining the Branding Strategy</p><p>Managing Brand Equity Over Time</p><p>Managing Brand Equity Over Geographic Boundaries, Cultures, and Market Segments.</p><p>Dhrupody</p><p>111111171</p></li></ul>