Many high status brands tend to be exclusive rather than popular while lower

Many high status brands tend to be exclusive rather

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Many high-status brands tend to be exclusive rather than popular, while lower-status brands can still be highly popular. A brand’s personality and status are key to establishing the positioning of that brand. A powerful brand has monetary value and equity. Brand equity is the dollar amount attributed to the value of the brand, based on all the intangible qualities that create that value. Brand equity is difficult to calculate, but one indicator is the extent to which people are willing to pay more for the brand. LO3 Brand Strategies and Management: List and describe the major strategic and ongoing management decisions marketers must make about brands Marketing managers responsible for brands must make high-level strategic decisions that govern the management of the brand, and that guide the public and market perceptions about the brand. The first is brand name selection. A great brand requires a good, strong, memorable name. Brand experts advise that a new brand name should suggest something about the type of products it will brand; be easy to pronounce, recognize, and remember; be distinctive, extendable, pronounceable in many languages, and capable of registration and protection as a trademark. To stand out in our overcommunicated world, brands must establish and own a unique, honest, meaningful, and clear position. Brand positioning is based on product attributes, benefits, or beliefs and values. The strongest brands are those that engage consumers on a deep, emotional level. Brand sponsorship is an important branding strategy decision, and begins with the question, “To brand or not to brand?” Not all products are branded, but those that are may be national brands or private brands (also called store brands and private labels). Private brands are brand names applied by marketers to products manufactured for them under contract. While some manufacturers take years and spend millions to create their own brand names, others license the right to use a brand name, then focus on marketing and selling their products under that name. Finally, marketers may partner with another company, take the strongest elements of each company’s products, and combine them to produce a co-branded offering.
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In addition, because brands are valuable corporate assets, they must be carefully developed, either by creating line extensions or brand extensions, pursuing a multibrand strategy, or creating entirely new brands. Finally, it is the job of the brand manager to manage and protect the brand on an ongoing basis, by carefully managing the marketing communications and advertising that communicates the brand’s attributes and positioning to the market. Brands must be maintained, not just by advertising, but by the overall brand experience, points of purchase, word of mouth, websites, and, increasingly, social media.
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