part 7 building brandsstudent.bms.lk/gdm/46/slides/slides/mm/7.chapter 07.pdf · brand resonance...
TRANSCRIPT
Part – 7
Building Brands
MATHISHA HEWAVITHARANA
MBA (Col),BBA Sp.Mktng (Col), PPG DIP. In Mktng (UK), MCIM (UK), Chartered
Marketer (UK), Practicing Marketer (SL), ACMA, CGMA CIMA (UK), DBF (IBSL),
AIB (IBSL), MSLIM(SL),
Head of Branches - Siyapatha Finance PLC
Resource Person
Chapter Contents
• Branding
• Measuring & Managing Brand Equity
• Branding Strategy
• Global Marketing
• Global Marketing Strategies
What is a Brand
A brand is a name, term, sign, symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.
What is a Brand
• The process involved in creating a unique name and image for a product in the consumers' mind, mainly through advertising campaigns with a consistent theme.
• Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers.
Brand Equity
Brand equity reflects the
“Value of a Brand”.
A well Established & a Known Brand will definitely give a Competitive Advantage for the product in that Market
by Gaining more Market Preference & Earning Capacity.
Brand Resonance Pyramid
Brand Resonance Model views brand building as an ascending, sequential series of steps, from bottom to top.
Brand Resonance Pyramid
BRAND EQUITY
will be Created as a result of Reaching the Top of the Pyramid;
Brand Dynamics Pyramid
Brand Characteristics / Attributes
1) Brand Awareness
2) Brand Positioning
3) Brand Identity
4) Brand Personality
5) Brand Association
6) Brand experience
7) Brand Consistency
8) Brand Welfare
9) Brand Relevancy
10) Brand Credibility
11) Brand Inspiration
12) Brand Uniqueness
Brand Awareness
Extent to which a Brand is recognized by potential
Customers / Stakeholders, and is correctly Associated
with a particular product.
Brand Awareness is Expressed usually as a percentage
of the target Market, brand awareness is the
Fundamental goal of Advertising and Marketing
Communication in the early stages or years of a
product’s introduction.
Brand Positioning
“ Act of Designing the Company’s Offer and image
so that it occupies a distinct and values place in the
Target Customer’s Mind”
Brand Identity
The visible Elements of a Brand (such as Colours,
Design, Logo, name, Symbols) that together identify and
distinguish the brand in the consumers mind.
Brand Personality
“Brand personality is the way a brand speaks and behaves. It means assigning human personality traits/characteristics to a brand so as to achieve differentiation. Brand personality is nothing but personification of brand. Every Brand has its own brand personality”.
Brand Association
“Brand Associations are images and symbols associated with a brand or a brand benefit”.
“Brand association is anything which is deep seated in customer’s mind about the brand”.
Brand Experience
“A brand experience is a brand’s action perceived by a person. Every interaction between an individual and a tangible or intangible brand touch points can be seen as a brand experience”.Simply Brand Experience can be defined as all the points of contact with a brand. This may include;
a) Product Performanceyou get the brand experience by your self
a) How our Known Parties Feel about the Brandyou get the brand experience by others
Brand Consistency
“When a company maintains the same message over time, its brand develops meaning and becomes ingrained in people’s memories. Brand consistency ensures that people come to know a brand by
one name or "face" and are thus more likely to remember it when it comes time to buy products in the brand's category. ”.
Brand Welfare
“In Brand Welfare, future welfare of the brand is assured with aligning the Brand with something preferred by the customer which will facilitate in maintaining the desired Brand Image in long-run ”.
Brand Relevancy
“Brand must meet the expectations of people and it should perform the way people need it to be”
Brand Credibility
“Brand should deliver it’s promises. Brand communications should convey a realistic message which ensures that those promises can be delivered”
Brand Inspiration
“Brand should inspire the target market via its communication and performance”
Brand Inspiration
“Brand should be unique and unmatched by other alternatives in the market”
Branding Strategies
1) Line Extension
2) Brand Extension
3) Multi Brands
4) Co-Brands
5) New Brands
Branding Strategies
Line Extension
This is using the existing brand to create different brands of the
same product by changing the aspects like colour, size or
shape. Family branding continues to be the favored branding
approach for service branding.
Branding Strategies
Brand Extension
This is the strategy of using the same brand name to enter into
different product types.
Branding Strategies
Multi Brands
This is the strategy of operating different brands under different
names by the same company in the same market.
Branding Strategies
Co-Brands
This is the strategy of developing a particular brand by
combining two different attributes to generate a different value
and to create a competitive advantage.
Branding Strategies
New Brands
This is the strategy of introducing / launching a new brand in
order to close a prevailing market gap. Each product of the
organization will be given a new brand name.
Celebrity Endorsement Branding
• Celebrity Branding or celebrity endorsement is a form of advertising or marketing strategy used by organizations which involves celebrities or a well-known person using their social / public status to help promote a product under the assumption that the positive images of the celebrity endorser will also be passed on to the product / Brand.
• The public personality of the used celebrity must depict similar values / Status to the Brand personality and values.
• Matching Celebrity Vs Brand Personality /
Values
• Mass Market Acceptability of the Celebrity
• Consistency and Long Term Commitment
• Possibility of Unique Endorsements
• Timing of Selection & Replacement
• Trade Mark & Regulatory Considerations
Celebrity Endorsement Branding
Factors to be Considered
Advantages of Branding
1) To create differentiation between products and services
2) To generate a competitive advantage in the market
3) The lifetime of a product can be extended by branding
4) Branding will help the organization to develop a proper
positioning strategy
5) A proper branding strategy will improve the profit margins of
the organization
6) To facilitate self-selection of products
7) To create brand loyalty
Challenges of Branding
1) The management time, effort and cost involved in building
a brand
2) A failure of a particular brand may badly influence the other
performing brands as well.
3) Changes in the environment may influence the level of
importance of a particular brand
4) Branding can lead to over pricing
5) Branding may create an artificial value to the business
Chapter Contents
• Branding
• Measuring & Managing Brand Equity
• Branding Strategy
• Global Marketing
• Global Marketing Strategies