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Chapter 9 – Brand Strategy and Management: 318 – 342 LO1 What is a Brand: Define and describe the concept of a brandLO2 Brand Characteristics: Explain the roles of logos, brand personality, brand status, and brand equity in building brandsLO3 Brand Strategies and Management: List and describe the major strategic and ongoing management decisions marketers must make about brandsLO4 Brand Communications: Summarize the ways marketers can engage consumers through brand communicationsLO5 Brand Communications: describe the roles of storytelling, branded content, branded entertainment, social media, and brand advocates in brand communicationsChapter 9 – Brand Strategy and Management: 318 – 342 LO1 What is a Brand: Define and describe the concept of a brand*What is a Brand oBrand: a name, symbol, icon, design, or a combination of these, that identifies the maker or marketer of a productoThe brand name may identify a company, one of its products, or a product line. If used for the firm as a whole, the preferred term is trade name—but a brand is much more than just a trade name. Brands are powerful. oBrands have status and value. oBrands have personality, and so they involve our emotions as consumers, and as human beings. But for all that, a brand is not real. It can’t be touched or pointed at. oA brand is nothing more than an idea—and for the biggest brands in the world, it is precisely that idea that generates most of the company’s revenue.oBrand names help consumers identify products that might benefit them. oBrands also say something about product quality and consistency—people who always buy the same brand know that they’ll get the same level of quality each time they buy. oAs well, branding gives the marketer several advantages: the brand name becomes the basis on which a whole story can be built about a product’s special qualities; the brand name and trademark provide legal protection for unique product features that otherwise might be copied by competitors; and branding helps the marketer segment markets.oi.e., instead of offering just one general product for all consumers, Toyota Motor Corporation can offer the major Lexus, Toyota, and Scion brands, each with numerous sub-brands such as the Camry, Corolla, Prius, Matrix, Yaris, Tundra, Land Cruiser, and othersBrand Meaning oin the beginning: products where just products, until someone came out with the idea – trademarks. oTrademarks: names, symbols, characters (like the Pillsbury Doughboy), and even shapes, such as the Coca-Cola bottle (trademark in 1960) oTrademark names have monetary value, and therefore must be protected, and distinguished from regular or generic words with a similar meaning.
oTrademarked names are indicated with a superscript TM, and after the company has gone through a lengthy legal process of registering its trademark, it indicates it with this symbol: ®oTrademarks and logos often represent brands, yet the meaning of a brand encompasses