Brand Management Class Notes- Dec 6

Brand Management Class Notes- Dec 6 - Brand Management...

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Unformatted text preview: Brand Management Class Notes- Dec 6 Introduction Using sports stars, celebrities, these are the types of ads that might get noticed. But people might remember that part but have a hard time remembering the brand. An example is the Aflac duck, everyone knows the duck but may not understand what the product is or does. The question was how should you allocate your budget across the media, the point is if goal is awareness, you should find forget it (?) and to find forget it, you should not use a mass reach media, like tv. Its expensive. It wont give you enough frequency for your budget. Types of events to sponsor We talked about sponsoring events, and one key question is what type of events should we sponsor? Obviously, one that will be watched by your target market, or there should be an inextrancer(sp?) that takes place from the event to your brand, and as we see in the Red Bull case, they wanted to build they created their own event. The other one is extensive investment force market and so on, and we said you need to also tie in the sponsorship to advertising. The third one is publicity or PR, this one is much cheaper, and people believe public relations much more than they believe advertising, so there is a credibility advantage for this. For awareness, you can build a huge share of awareness. The next question then is, how do you get this? And obviously, you get people to sign up for their newsletters and things like that. But really, you had something that the media would consider is useful. This is where creativity comes in, and your PR agency has some ideas. Use surveys, contests, things like that are very clever in coverage. Ex: IBM sponsored a chess match; Victorias Secret coverage of online fashion show. That is where we stopped, and today I want to give you some other ideas, which is how you build awareness through, viral market, buzz markets. Red Bull This one, you are probably less familiar with this one. This is actual water(?) from Thailand. Is this a successful brand? Global, 70 % market share. Profitability? are very into brand value, and is this a profitable brand? Look at Exhibit 1, 70%, that is pretty awesome. Is it the product, is it because Red Bull as the product is different/better than the competing energy drinks in the market? No, the awful tasting yellow liquid in this can is probably quite similar to the awful tasting yellow liquid in that can. Its not the product what people cant see, it is the associations people draw. So lets go back to the associations for Red Bull, what is the brand? What are the associations? Energy, from extreme sports, freedom, free-spirited approach to life, slightly rebellious/counterculture, party/music atmosphere, danger, risk-taking, mystery, fun. Most people who drink Red Bull arent into extreme sports. What are the places that people tend to drink Red Bull? The gym, colleges and universities. Part of the all nighter energy thing is the distribution, Premium is created by price. Instead of pricing it at competition, you make it two or distribution, Premium is created by price....
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Brand Management Class Notes- Dec 6 - Brand Management...

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