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Unformatted text preview: Brand Management Class Notes- Nov 8 Introduction We are going to talk about strategy, brand strategy, and as long as we do that first before jumping into anything, you have to have a of what your brand needs to mean before you put anything in it. For example, lets suppose you are a new brand and you want to raise the level of awareness for that new brand. What might you do to raise the level of awareness? You cant create an ad or a campaign without having a direction of what you want to say. Or lets say, like many other people, you want to have a sports sponsorship or an event, can you pick an event to sponsor without knowing what you want your brand to stand for? No. Can you come up with a global design or a visual color scheme, graphic look and feel without having an impression of how your brand is going to be perceived by the target customer. Strategize what your brand must be. What price should you start with? You have to look at my customer segment, things about them today, and how we are going to change that. We are going to be doing things like consumer research. You also need to have a very good handle on trends in the market. So whats in, what is not. If you are Powerade, you have to look at the energy drink market, look into the water market, what kinds of sports. And then the profits, because you want to go after those segments or those pieces of the market, where the money is. What are the people purchasing, these people are less price sensitive, more margin. Brand strategy The question in the strategy piece is how do we arrive at a brand strategy? Some companies call it brand assets, brand driver, brand frame, brand DNA. What should my brand stand for and how do we decide? So lets take a look at some of the existing brand platforms in the electronics industry. We have a Samsung in 2004, their platform was that if it is digital, everyone will buy it. They changed to something else. Phillips had a global branding campaign focusing on cents and simplicity. How do you arrive at the positioning for your brand, how do we judge if these are any good, what should the criteria be? This is the situation, your brand is competing for the business from multiple segments, which should we go after? Looking at this, what do you think the criteria should be for a good brand strategy? It has to be relevant in a functional sense, you can build a brand that is very nice, but nobody cares about it. Another criteria is you should build your brand on something that is hard to imitate and copy. Easy to communicate, short, simple, something that links to a real content that you have. Ideally, something that you can deliver better than others, differentiate. You want to find something that separates the Burger King from the Wendys and McDonalds and Arbys. You want to do it in such a way that people cant copy it, you want to find something that is relevant to how they make a choice, and ideally, also have this extra kick, an emotional power that will convince your target audience. At the same time, you extra kick, an emotional power that will convince your target audience....
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This note was uploaded on 02/09/2012 for the course MKT 303 taught by Professor Rajeevbatra during the Fall '11 term at University of Michigan.
- Fall '11