BUS467_Exam3_Study Guide

BUS467_Exam3_Study Guide - Brand Management and...

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Brand Management and Customer-based Brand Equity Brand – name, term, sign, symbol, or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition. Why Brand ? – Represent valuable pieces of legal property, capable of influencing consumer behavior, being bought and sold, and providing the security of sustained future revenues. (Identify product, reduce risk, reduce consumer search cost, signal quality, legal protection, create product associations, differentiate product). Brand Management – the act of designing and implementing marketing programs to build and maintain brand equity. (Product, price, distribution, communications). Main steps: 1. Identifying and establishing brand positioning and values 2. Planning and implementing brand marketing programs 3. Measuring and interpreting brand performance 4. Growing and sustaining brand equity. Brand Equity – stresses the importance of brand role in marketing strategies. It relates to the fact that different outcomes result in the marketing of a product or service because of its brand name, as compared to if the same product or service did not have that name. Understanding each sub-dimensions of customer-based brand equity model : Brand Development Stage – Bottom to top: Identity (Who are you?), Meaning (What are you?), Response (What about you?), Relationships (What about you and me?) Pyramid – Bottom to top: Salience – measures awareness of the brand and gives the product an identity by linking brand elements to a product category and associated consumption situation. Depth and Breadth. The brand must not only be top-of-mind and have sufficient “mind share” but it must also do so at the right times and places. Performance – describes how well the product/service meets customers’ more functional needs. Types of attributes and benefits: Primary ingredients and supplementary features, product reliability, durability, and serviceability, serve effectiveness, efficiency, and empathy, style and design, price. Imagery – refers to more intangible aspects of the brand and ways in which the brand attempts to meet customers’ psychological or social needs. Judgments – customers’ personal opinions about evaluations of the brand, which consumers form by putting together all the different brand performance and imagery associations. Types of judgment: Brand quality, Brand credibility, Brand consideration, Brand superiority. Feelings – customers’ emotional responses and reactions to the brand. Resonance – describes the nature of the relationship and identification that the customer has with the brand, the extent to which customers feel that they are in sync with the brand. Is characterized in terms of intensity/depth of the psychological bond that customers have with the brand and the level of activity engendered by this loyalty. Routes: Rational Route – S, P, J, R. Emotional Route – S, I, F, R.
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BUS467_Exam3_Study Guide - Brand Management and...

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