Fall 20 Study Guide Exam 3 - MKT 300 Exam 3 Study Guide Modules 4-5 Module 4 Branding Core benefit what the customer is buying Value proposition

Fall 20 Study Guide Exam 3 - MKT 300 Exam 3 Study...

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MKT 300 Exam 3 Study Guide Modules 4-5 Module 4: Branding- Core benefit: what the customer is buying Value proposition: what the brand delivers that customers value; competitively superior brand elements Role/attributes of brands - They stand for something; promise to deliver specific benefits associated with products or services to consumers; represent solutions. Brand Equity is the marketing and financial value associated with a brand’s strength(multiply -differentiation, relevance, esteem, and knowledge) Master Brands - Can be so strong that brand name becomes the category name (Master brand) Cocoa cola Brand Equity Benefits Benefits to companies - source of competitive advantage, predictability and security of demand, barriers to entry, financial returns Benefits to consumers - search cost reducer, signal of quality, risk reducer, symbolic device Intangible Value Find by Brand Equity- value you cannot hold in your hand; value a film has above and beyond tangible assets; market value is greater than the tangible assets Brand Equity Models Aaker = Devotion BAV(BRAND ASSET EVALUATOR) components - Brand Equity is made up of differentiation, relevance, esteem, and knowledge - multiply these four things together to get brand equity - if one of the four categories is 0, then there's no brand equity Interbrand; two components of brand earnings and brand strengths - Brand earnings are objective (brand sales, cost of sales, marketing costs) Brand strength is subjective (leadership, stability, market, geographic spread) Brand Personality Specific “personality-type” traits or characteristics ascribed by consumers to different brands (Masculine/feminine – Calm/exciting) Brand Archetypes Carl Jung suggests that humans are not a "blank state" but rather a combination of archetypes -universal, archaic patterns and images that derive from the collective unconscious and are the psych counterpart of instinct (Social, order, ego, freedom) Nike: hero Disney: magician Target: every person Apple: Revolutionary Campbell's soup: caregiver
Branding strategies

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