Pick Your Brands Choose your top favorite brand Why do you feel they are effective? What is one word/phrase that would describe the brand? Who is their top competitor? How are each positioned against each other (how are they the same, how are they different)? Choose your top least favorite brand Where do they fail where others succeed?
Agenda Elements of corporate image Importance of corporate image Tactics of a corporate image Types of brands Positioning your brand/image
Corporate Image Feelings consumers and businesses have about the overall organization and its individual brands
Top Three Contributing Factors PERCEIVED QUALITY of product(s) or service(s) RESPONSE/SUPPORT of products/services if something goes wrong How the firm treats its CUSTOMERS Can you think of an example of a firm that failed on one of these critical elements? ?
Promoting the Desired Image CREATING REJUVENATING CHANGING
Creating a Strong Brand Name Benefits of the brand Emotions during or after purchase One word/phrase What is important to the customer?
Brand Parity vs. Brand Equity Find what’s unique to the brand – DIFFERENTIATION Price premium, higher margins Distribution/Retailer power Reduce chance of switching Prevents decrease in market share
Building Brand Equity Differentiation Research and development, innovation Be a fast mover! New and traditional media Domination of the market What about niche brands? AWARENESS RECALL RECOGNITION
Types of Brands Family brands Brand extensions Flanker brands Co-branding Ingredient branding Complementary/co-consumption branding Private brands
Brand Positioning Creating a perception in the consumer’s mind regarding the nature of the brand in relation to other brands in the market e.g. product quality, price, etc. Common positioning strategies Attribute (characteristic) Competitive Use or application Price-quality (high quality or low cost) Product user (who will use the product) Product class (product category) Cultural symbol/icon
Sample Brand Positioning Map Ford Chevy BMW PERCEIVED VALUE ($) PERCEIVED QUALITY
Branding YOU! How can you apply branding and image tactics to yourself/your job search? How would you position yourself in the marketplace? What would your differentiation strategy be? How would you communicate this strategy?