Comm 296 - Chapter 9 - Comm 296 Chapter 9: Brand Strategy...

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Comm 296 Chapter 9: Brand Strategy and Management WHAT IS A BRAND? Brand : a name, term, sign, symbol or design, or a combination of these, that identifies the maker/seller of a product/service - Help consumers: o Identify products that might benefit them o Convey product quality and consistency - Help sellers: o Brand is the basis of the firm’s story, can tell what the product’s special qualities are o Brand name/trademark provides legal protection for unique product features o Help segment markets BRAND MEANING - Consumers trust brands – trademarks/logos represent brands o Attach meanings to brands, develop brand relationships Brand Relationships - Brand = key element in company’s relationships with consumers o Represents what the product/service means to consumers: VALUE created in consumers’ minds - Customers may be very devoted/loyal to a brand Brand Advocacy Brand advocates : customers, employees and others who WILLINGLY and VOLUTNARILY promote their favorite brands - Powerful marketing tool - Suggestions: o Trust – word of mouth, consumer opinions; build trust with potential advocates o Base of brand supporters – create advocates in the world around them o Customers and employees – best advocates for a brand o Experience – deliver an experience that gets advocates to actively promote the brand o Outperform in areas they care most – understand and solve customer’s problems PEOPLE AS ADVOCATES - Turning a person’s name into a powerhouse brand is very effective o E.g. Oprah Winfrey, Martha Stewart, Donald Trump, Rachel Ray - Athletes are brands in and of themselves - More control over their image with money, free time and social media tools BRAND CHARACTERISTICS - Personality, status, equity (value) Brand Representations - Personality o Logos can support brand’s positioning and add personality to the brand Brand personality : sum total of all the attributes of a brand, and emotions it inspires in minds of consumers o Use human adjectives to describe brand E.g. Apple is “stylish”, Starbucks is “sophisticated” - Status: brands can occupy a level of social regard with respect to another o E.g. Rolls-Royce (higher status) vs. Ford (lower status) o Status is not the same as value/popularity o High-status is usually exclusive o Low-status is more common Brand Equity Brand equity : dollar amount attributed to the value of the brand; based on intangible qualities that create that value
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This note was uploaded on 12/07/2011 for the course COMM 296 taught by Professor Dasgupta during the Winter '08 term at The University of British Columbia.

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Comm 296 - Chapter 9 - Comm 296 Chapter 9: Brand Strategy...

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