Brand Management Introduction - What is Brand Management Concepts of Brand Management \u2022 Definition of a Brand \u2022 Brand Name \u2022 Brand Attributes

Brand Management Introduction - What is Brand...

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Unformatted text preview: What is Brand Management Concepts of Brand Management • Definition of a Brand • Brand Name • Brand Attributes • Brand Positioning • Brand Identity • Sources of Brand Identity • Brand Image • Brand Identity vs Brand Image Concepts of Brand Management • Brand Personality • Brand Awareness • Brand loyalty • Brand Association • Building a Brand • Brand Equity • Brand Equity & Customer Equity • Brand Extension • Co-branding What is a BRAND ? • It is an accumulation of Emotional & Functional associations • It is a promise That the product will perform as per the customers expectations • It shapes customer’s expectations about the product • Usually have a trademark which protects them from use by • • • others. Carries an assurance about the characteristics that make the product or service unique It differentiates it’s self from others in the marketplace It simplifies consumers purchase decisions. Brands are different from products in a way that brands are “what the consumers buy” While products are “what concern/company make” Brand Name • Is one of the elements which helps the customers identify and differentiate one product from another. • Features of a Good Brand Name – – – – – – – Should be unique/distinctive Should be extendable Easy to pronounce, identified and memorized Easily convertible into a foreign languages Capable of legal protection and registration Should suggest product/service category (Newsweek) Should not portray bad/wrong meanings in other catergories. • For instance NOVA is a poor name for car to be sold in Spanish speaking countries as it means ‘doesn’t go’ in Spanish Brand Attributes • Relevant – must meet consumer expectations and • • • • • • • perform Consistent – signifies what the brand stand for and builds customer trust Properly positioned – so that it makes a place in target audience mind and preferred over other brands Sustainable – drives toward innovation & success Credibility – should do what it promises Inspirational – should inspire Uniqueness – should be different & unique Appealing – should be attractive to consumers Brand Positioning • “target consumer’s” reason to buy your brand in preference to others It must make sure that • Is it unique/distinctive vs. competitors ? • Is it significant and encouraging to the niche market? • Is it appropriate to all geographic markets? • Is the proposition validated with unique, appropriate and original products? • Is it sustainable – can it be delivered constantly across all points of contact with the consumer? • Is it helpful for the organization to achieve its financial goals? Brand Positioning is the key of Marketing strategy Brand Image • Set of beliefs held about a specific brand • Over all impression in consumers’ mind • It is the customer’s net extract from the brand Brand identity • Noticeable elements of a brand – Trademark color – Logo – Name – Symbol Should include – Brand vision, culture, positioning, personality, relationships and presentations Sources of Brand identity • Symbols: – – – Help customers memorize products and services Easier to memorize than brand names Strong means to attract attention and brand personality • Logos: – Unique graphic or symbol that represents a company, product, service – Should be simple, memorable, easy, effective and unique • Trademarks Brand identity vs. Brand image Brand identity • Who you really are • Your desire • Where you want to be • Looking ahead • Promise to consumers Brand image • How market perceives • Others view • What you have got • Looking back • Consumers perception Brand Awareness • Consumers familiarity about the life and • availability of the product Includes both brand recognition – Ability of consumer to recognize prior knowledge of brand • Brand recall is the potential of costumer to • recover a brand from his memory when given a clue 2 types of brand awareness – Aided – Top of mind Brand personality • The way brand speaks and behaves • It indicates emotional associations of the brand Brand Personality 14 What is brand personality? • Brand Personality is a set of human characteristics associated with a brand • Personality is how the brand behaves • Gender, age, socio-economic class, psychographic, emotional characteristics 15 Some examples… • Marlboro is ‘masculine’ while Virginia Slims is ‘feminine’ • IBM is ‘older’ while Apple is ‘younger’ • DAWN is ‘old-fashioned’ while Tribune is ‘trendier’ • Coke is ‘conforming’ while Pepsi is ‘irreverent’ 16 About brand personality • Brand Personality, like human personality, is both distinctive and enduring – Both are built over a period of time • Refers to the outcome of all the consumer’s experiences with the brand • In other words, the brand’s personality is the weighted average of previous impressions • In consumer’s mind, these impressions merge to form an overall concept of what to expect from brand 17 More about it… • Brand Personality is eagerly searched by brand strategists and researchers • Differences in responses by different consumers provide useful insights • For example, users of a product will perceive a brand different from nonusers 18 In essence… ‘Personality traits are what the brand will live and die for’ 19 Examples… Axe • Seduction, masculinity, inviduality, unconventionality Marlboro • Masculinity, freedom, adventure Levi’s • Rebellion, sensuality, being cool 20 Why use brand personality? Enriches understanding • Helps gain an in-depth understanding of consumer perceptions of and attitudes towards the brand • Can provide more insight than is gained by asking about attribute perceptions • For ex., Microsoft, IBM etc., 21 ...
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