Marketing 480C Test One
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a brand is a name, term, sign, symbol, logo, or design which is intended to identify the goods or services of one seller or group of sellers by differentiation.
Brands are important to consumers... why?
- –Risk reduction
- –Lower search costs
- –Symbolic device & signal of quality
Brand management is as difficult as ever...?
- –Savvy consumers
- –Increased competition
- –Decreased effectiveness of traditional marketing tools and emergence of new marketing tools
- –Complex brand and product portfolios
- –Proliferation of line extensions
Characteristics of Strong Brands
- •Vision of the mass market
- •Managerial persistence
- •Financial commitment
- •Relentless innovation
- •Asset leverage
Core Benefit Level
fundamental need or want that consumers satisfy by consuming
Generic Product Level
basic version of th eproduct containing only necesary attributes
Expected Product Level
additional product attributes that distinguish products from competitors
Potential Product Level
includes all trandsformations a product might undergo in the future
evaluatable by visual inspection
evaluatable by trial and use
evaluation is rarely found out, even after purchase
product not up to expectations
products are threat to health
product not worth price paid
products result in social embarrasement
product affects mental well-being
products that don't work waste time
Brand Extension Tendency
brand line extension much more common and less expensive than brand creation
Fragmented Market Share... why?
- - Increasing Cost
- - Increased Clutter
- - Fragmentation
- - Technology
Increased Market Competition... why?
- - globalization
- - low-priced competitors
- - brand extensions
- - deregulation
Steps to Strategic Brand Management
- - identify and establish brand positioning
- - planning and implementing brand marketing program
- - measuring and interpretting brand performance
- - sustaining customer brand equity
Points of Parity
competitive disadvantages a brand has
visual depiction of different associations a brand carries. accurately portrays in detail all salient brand associations and responses for a particular target market (e.g., brand users)
brand association that best characterises esence of band
Brand Value Chain
used to trace value creation process for brands, to better understand financial impact f brand marketing investments
The Concept of Brand Equity
- •The brand equity concept stresses the importance of the brand in marketing strategies.
- •Brand equity is defined in terms of the marketing effects uniquely attributable to the brand.
Determinants of Customer-Based Brand Equity
- Customer is aware of and familiar with the brand
- Customer holds some strong, favorable, and unique brand associations in memory
Benefits of Customer-Based Brand Equity
- •Enjoy greater brand loyalty, usage, and affinity
- •Command larger price premiums
- •Receive greater trade cooperation & support
- •Increase marketing communication effectiveness
- •Yield licensing opportunities
- •Support brand extensions.
Strategic Brand Management
involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity.
Depth of Brand Awareness
- –Ease of recognition & recall
- –Strength & clarity of category membership
Breadth of brand awareness
- –Purchase consideration
- –Consumption consideration
the extent to which customers feel that they are “in synch” with the brand and the intensity or depth of the psychological bond that customers have with the brand
- •Behavioral loyalty
- –Frequency and amount of repeat
- •Attitudinal attachment
- –Love brand (favorite possessions;
- “a little pleasure”)
- –Proud of brand
- •Sense of community
- •Active engagement
- –Seek information
- –Join club
- –Visit web site, chat rooms
Associative Network Memory Model
views the memory as consisting of a network of nodes and connecting links, wheres eachnode is stored information
consumers perceptions about a brand
a customer's ability to retrieve teh brand from memory when given the product category or needs of the category
a customer's ability to confirm prior exposure to the brand when given the brand as a cue
the handful of brands that recieve serious consideration for purchase
those descriptive features that characterize a product or service
person value and meaning that consumers attach to the product or service attributes
how relevent, distinctive, and believeable consumers finds brand associations.
the actual or potential ability of the product to perform
Steps To A Strong Brand
- - ensure identification of the brand with customers
- - ensure understanding of brand totality and meaning
- - eliit the proper customer responses to this brand
- - convert brand response to create intense loyaltyBR
measures the awareness of the brand and how easily it can be evoked under various situations of circustances
Depth of Brand Awareness
how likely it is for a brand element to come to mind, and the ease with which it does
Breadth of Brand Awareness
measures the range of purchase and usage situations in which the brand comes to mind
Product Category Structure
how product categories are rganized in the memory
describes how well the product or service meets customer's more functional needs
objective assesment of the utility of a brand based on perceptions of what is given versus what is recieved. based on the measurements of quality, price, and conveniecnce.
customer's objective and intangible assesment of the brand, above and beyond its objectively percieved value. three measurements are brand awareness, customers brand attitudes, and customers perception f brand ethics.
customers tendency to stick with the brand, abive and beyond objective and subjective assements of the brand. made via loyalty and recognition programs.
A positioning statement for a brand is the central idea that encapsulates a brand’s meaning and distinctiveness compared to other brands
Actions Involved with Brand Positioning
- •Define competitive frame of reference
- –Target market
- –Nature of competition
- •Define desired brand knowledge structures
Strategies to Reconcile Attribute & Benefit Trade-Offs
- •Establish separate marketing programs
- •Leverage secondary association (e.g., co-brand)
- •Re-define the relationship from negative to positive
- -Brand mantras are short 3 to 5 word phrases that capture the irrefutable essence or spirit of the brand positioning and brand values.
- -Brand mantra must clearly delineate what the brand is supposed to represent and therefore, at least implicitly, what it is not
- •Don’t change positioning too often
- •Find robust, updateable positions
- •Often POP’s can be as important – or more so – than POD’s
a set of all actual or potential buyers who have sufficient interest in, income for, and access to the product
divides the market into distinct groups of homogeneous consumers who have similar needs and consumer behavior
Brand Commitment Segementation
- convertible - on the threshhold of change
- shallow - not ready to switch, but considering
- average - comfortable with choice, unlikely to switch
- entrenched - loyal, unlikely to change in near or far future
Criteria to Guide Segmentation
- Identifiability - can segmement be identified
- Size - adqequate sales size in segement
- Accesebility - specialized distribution outlets to reach segement
- Responsiveness - how well will tailored marketing program work
Point of Difference
attributes or benefits that consumers strongly associate with a brand, and positively evaluate, and believe coul dnot be found anywhere else.
Unique Selling Proposition
ads shoul dbe made to make case for uniqueness
Sustainable Competitive Advantage
a firm's ability to achieve an advtantage in delivering superior value in the marketplace for a prolonged period of time.
Category Points of Parity
represnet the most basic conditions for brand choice.
Competitive Points of Parity
- those associations designed to negate competitors' points of difference.
- if a brand can simply match what other brands consider to be unique to them, they are in strong standing.
describes the nature of the product or service or the type of experiences or benfits the brand provides.
further clarifies the genre of the experience (athletic, or family)
describes emotional benefit of the experience
making sure that members of the organization are properly aligned with the brand and what it represents
comprehensive examination of a brand to discover its sources of brand equity.
is a comprehensive, systematic, independant, and periodic examination of a company's markting enviornment, objectives, strategies, and activities with suggestions to iprove and sustain marketing efforts.
is provide a current, in-depth profile on how all products and services sold by a company aremarketed and branded.
detailed accounts of what customers think the brand stands for
- provide more holistic, personalized brand experiences to create stronger consumer ties
- –Mass customization
- –CRM (Customer Relationship Marketing)
- –After-marketing & loyalty programs
- •Employ multiple touch points & multiple senses to demonstrate how product can enrich customers life
- •Often involves special events, contests, promotions, sampling, on-line activities, etc.
“encourages consumers to participate in a long-term interactive marketing campaign in which they are rewarded in some way for paying attention to increasingly relevant messages.”
One-to-One Marketing: Five Key Steps
- •Identify consumers, individually and addressably
- •Differentiate them, by value and needs
- •Interact with them more cost-efficiently and effectively
- •Customize some aspect of the firm’s behavior Brand the relationship
New Economic marketing Field... why?
- - digitization and connectivity
- - disintermediation (via new middlemen)
- - customization
- - industry convergence
Hemed is awesome. True or False?
- customer's perception of the overall quality or superiority of a product or service compared to alternatives and with respect to its intended purpose.
- graded by performance, features, conformance, reliability, durability, serviceability, stayle and design.
- functional benefits (product and performance attributes)
- process benefits (ease of access to product information, and overall ease of use involved with product)
- relationship benefits (value based on personalized service, strong emotional relevance, information sharing)
making products to fit the customer's exact specifications
Loyalty/ Frequency Programs
- programs that reward customer behavioral loyalty
- purpose is identifying, maintaining, and increasing the yield from a firm's best customers through interactive, value-added relationships
retailers order more product than they plan to sell during the promotional period so they can make extra cash by selling it at regular prices after the promotional offer expires
retailers pass along or sell the discounted products to retailers outside the designated selling area
are defined as sets of interdependant organizations involved in the process of making a product or service available for use or consumption.
means selling through personal contacts from the company to prospective customers by mail, phone, or electronic means.
sell through a third-party intermediaries such as agents or broker representatives, wholesalers, or distributors.
costumers use their buying buyer power and influence on retailers "pull" the product through the channel
called as such because the manufacturer is attempting to reach the consumer by "pushing" the product through each step of the distribution chain
branded items in a diverse set of durable and semidurable goods categories that are not directly comprable to other items carrying the same brand name
a manufacturer pays for a portion of the advertising that a retailer runs to promote the manufacturer's product and its availability
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