6 - Marketing Management MARKETNG 7104 Session 6 The power...

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23/06/2016 1 Session 6: The power of branding Marketing Management – MARKETNG 7104 Learning Objectives Identify and describe the strategic power of branding Explain the value of branding Define brand equity and discuss the major components of brand equity Recognise how brand names are selected and protected Identify two types of branding policies, and explain brand extensions, co-branding and brand licensing Explore different strategies for building and sustaining brands Examine brands and the marketing mix
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23/06/2016 2 Branding Brand – A name, term, design, symbol or other feature that identifies one marketer’s product as distinct from those of other marketers Ford GTP, Holden Monaro Brand Name – The part of a brand that can be spoken – including letters, words and numbers MUA, AFL, Cricket Australia, Heinz 57 Brand Mark – Part not made up of words, such as a symbol or design Nike swoosh, Mercedes tri-star, McDonald’s golden arches Trademark – Legal designation of exclusive use of a brand Trade name – Full legal name of organisation The flying kangaroo is a familiar brand mark initiated, owned and protected by Qantas. Can you name some other iconic brand marks? DISCUSSION QUESTION
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23/06/2016 3 The Value of Branding – To buyers Helps facilitate consumer purchases by identifying specific preferred products that satisfy their needs Without brands, product selection would be quite random and based mostly on price Provides a form of self-expression and status e.g. Daewoo compared to BMW or Porsche Symbolises a level of product quality in the customer’s perception Reduces the risk of purchase of ‘competitive’ but inferior or inadequate products The Value of Branding – to sellers Identifies and differentiates a firm’s products from competing products Helps in the introduction of new products Familiarity with the name and perceived quality Facilitates the promotion of all same-brand products Fosters the development of brand loyalty Leading to more stable market share, and less reliance on price-cutting to attract customers
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23/06/2016 4 Culture and branding Consumers confer their own social meaning onto brands The brand’s appeal is largely at an emotional level, and is based on its symbolic image and key associations For Harley-Davidson and Apple owners, this association can be almost cult-like! Fosters the development of ‘brand communities’ Leading to more communication between customers, and relationships that competitors can find hard to break Cultural Branding ‘Cultural branding’ is the term used to explain how a brand conveys a powerful myth that consumers find useful in cementing their identity and self-concept The Harley ‘biker’ image and reputation is given to (and accepted by) Harley-Davidson bike riders regardless of their educational, socioeconomic or financial reality
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