closing observation ( group 6 )

8/13/2019 Closing Observation ( Group 6 )

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CLOSING

OBSERVATIONS

resented bySatyajeet Kumar

Saurabh Chaudhary

Sudhanshu Sethi

Swaraj Purohit

Tarun Sharma

Vikram Kumar

Vinay Kamal

Viren Dutta


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BRAND KNOWLEDGE STRUCTURE

Brand awareness, depth, and breadth

Brand associations


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SUMMARY OF CUSTOMER-BASED BRAND

EQUITY FRAMEWORK

Sources of brand equity Strength Favorability Uniqueness

Outcomes of brand equity

Greater loyalty Less vulnerability to competitive marketing actions Less vulnerability to marketing crises Larger margins More inelastic consumer response to price increases More elastic consumer response to price decreases

Greater trade cooperation and support Increased marketing communication effectiveness Possible licensing opportunities Additional brand extension opportunities


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TACTICAL GUIDELINES

Building brand equity

1. Through the initial choice of the brand elements

making up the brand

2. Through marketing activities and the design ofthe marketing program

3. Through the leverage of secondary

associations that link the brand to other entities


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GUIDELINES FOR BUILDING BRAND EQUITY

Mix and match brand elements Create a rich brand image and high

perceived quality

Adopt value-based pricing strategy

Consider a range of distribution options

Mix marketing communication options

Leverage secondary associations


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IMPORTANCE OF COMPLEMENTARITY AND

CONSISTENCY

Complementaritymeans choosing different brand

elements and supporting marketing activities so

that the potential contribution to brand equity ofone compensates for the shortcomings of others.

A high degree of consistencyacross these

elements helps to create the highest level of

awareness and the strongest and most favorable

associations possible.


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GUIDELINES FOR MEASURING BRAND EQUITY

Formalize the firms view of brand equity Conduct brand inventories

Conduct consumer tracking studies

Assemble results of outcome measures Establish a department to oversee the

implementation


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GUIDELINES FOR MANAGING BRAND EQUITY

Define brand hierarchy Create global associations

Introduce brand extensions

Clearly establish the roles of brands in theportfolio

Reinforce brand equity over time

Enhance brand equity over time

Identify differences in consumer behavior indifferent market segments


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CHARACTERISTICS OF STRONG BRANDS

MANAGERS Understand brand meaning and market appropriate products

in an appropriate manner Properly position the brand Provide superior delivery of desired benefits Employ a full range of complementary brand elements and

supporting marketing activities

Embrace integrated marketing communications andcommunicate with a consistent voice Measure consumer perceptions of value and develop a

pricing strategy accordingly Establish credibility and appropriate brand personality and

imagery Maintain innovation and relevance for the brand Strategically design and implement a brand hierarchy and

brand portfolio Implement a brand equity management system to ensure

that marketing actions properly reflect the brand equity

concept


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SEVEN DEADLY SINS OF BRAND

MANAGEMENT

1. Failure to understand the full meaning ofthe brand

2. Failure to live up to the brand promise

3. Failure to adequately support the brand4. Failure to be patient with the brand

5. Failure to adequately control the brand

6. Failure to properly balance consistencyand change with the brand

7. Failure to understand complexity of brandequity measurement and management


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INDUSTRIAL AND B2B BRANDING

Adopt a corporate or family brandingstrategy

Link non-product-related imagery

associations Employ full range of marketing

communication options

Leverage equity of other companies thatare customers

Segment markets carefully and develop

tailored branding and marketing programs


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GUIDELINES FOR HIGH-TECH BRANDING

Establish brand awareness and rich brandimage

Create corporate credibility associations

Leverage secondary associations of qualityAvoid overbranding products

Selectively introduce new products as new

brands and clearly identify the nature ofbrand extensions


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GUIDELINES FOR SERVICE BRANDING

Maximize service quality Employ a full range of brand elements to

enhance brand recall Create and communicate strong organizational

associations

Design corporate communication programs thataugment consumers service encounters andexperiences

Establish a brand hierarchy using distinct familyor individual brands as well as meaningfulingredient brands


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GUIDELINES FOR BRANDING RETAILERS

Create a brand hierarchy consisting of thestore as a whole as well as individual

departments

Enhance the manufacturers brand equityby communicating PODs

Establish brand equity at all levels of the

brand hierarchy Create multichannel shopping experience

Avoid overbranding


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GUIDELINES FOR SMALL BUSINESS

BRANDING

Emphasize building one or two strong brands Focus the marketing program on one or two

key associations

Employ a well-integrated set of brandelements that enhances both brand

awareness and image

Design creative brand-building pushcampaigns

Leverage as many secondary associations

as possible


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GUIDELINES FOR ONLINE BRANDING

Dont forget the brand building basics Create strong brand identity

Generate strong consumer pull

Selectively choose brand partnerships Maximize relationship marketing


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FUTURE BRAND PRIORITIES

How will branding change in the coming

years? What are the biggest branding

challenges? What will make a successful

twenty-first-century brand?


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BUILDING BRAND EQUITY

Brand elements

In a cluttered, competitive marketplace, thebrand elements that make up the brand will have

to do more and more of the selling job. Marketing programs

Strong brands in the twenty-first century also willrise above others by better understanding the

needs, wants, and desires of consumers andcreating marketing programs that fulfill and evensurpass consumer expectations.


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MEASURING BRAND EQUITY

Marketers of successful twenty-first-century

brands will create formalized measurement

approaches and processes that ensure they

continually monitor their sources of brandequity and those of competitors.


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MANAGING BRAND EQUITY

It will be essential in building strong twenty-first-century brands to align internal and external brandmanagement. Internal brand management ensures that

employees and marketing partners appreciateand understand basic branding notions and howthey can affect the equity of brands.

External brand managementrequiresunderstanding the needs, wants, and desires ofconsumers and creating brand marketing

programs that fulfill and even surpass consumerexpectations.

Companies must also align bottom-up and top-down marketing management .


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ACHIEVING MARKETING BALANCE

The most fundamental challenge ofmarketing and brand management isreconciling the many potential trade-offs inmarketing decisions

There are three means or levels of achievingmarketing balance, in increasing order ofpotential effectiveness:Alternate

Divide

Finesse

6 D b 2013


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6 December 2013

22

closing observation ( group 6 )

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