MKTG 4550:The Role of Marcom Dr. Campbell Th 8/25/11
Today’s Learning Goals • Concept of “Brand equity” – Benefits – Definition • How marketing communications influence brand equity • Basic concept of integrated marketing communications – Definition
What is a Brand? • “…A name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition.” (AMA)
Why are Brands Important?• In what ways can brand equity provide value to a firm?• In what ways can brand equity provide value to customers?
Definition:Customer-Based Brand Equity The differential effect that brand knowledge has on consumer response to the marketing of that brand. Kevin Lane Keller
Customer-Based Brand Equity Awareness BRAND EQUITY Brand Associations/Mea ning
Building Customer-Based BrandEquity• Creating a brand requires putting a label and meaning to a product or service – Label Brand elements – Meaning Marketing mix • Strong • Favorable • Unique
Role of Marketing Communications• Marketing Communications are good at these necessary tasks – Establishing a label (awareness) – Developing meaning – Associating the meaning with the label
Essential Function of Marcom Build brand equity
Steps in Creating Strong Brand Equity• Determine desired, differentiated positioning• Develop a great product• Create accessible, favorable brand attitudes by communicating consistent brand position/image in all elements of the marketing mix – Product – Pricing – Distribution
The Goal of Marcom Management Manage all “brand contacts” to build a cohesive, strong brand
What is “Integrated Marketing Communications”? Marketing communications planning that recognizes the added value of a comprehensive plan that evaluates…a variety of communication disciplines…and combines these disciplines to provide clarity, consistency, and maximum communications impact.American Association of Advertising Agencies
Conclusion Promotion management is the process of developing communications strategy and coordinating the promotional mix elements to develop and control an integrated program of effective marketing communication that builds strong brand equity.
Takeaways• The value of brand equity is derived from the value that brands bring to firms and their customers.• The brand resides in the mind of the consumer – Brand awareness and brand associations are the basis of customer-based brand equity – CBBE is the differential effect arising from brand knowledge• The primary goal of marcom is to build the brand• Strong brands are built when project a coordinated, consistent, unified image in the marketplace through a variety of communications tools.
How measure Consumer-Based BE?• Given that the overall goal of marcom is to build a strong brand, how will we know if we are? How can we measure?• What is the differential effect that our brand gains? What response to our product is due to the brand?
Coming up…• Next class (T 8/30) – BB Ch 2 – Due: Getting to Know You Exercise • This is on CULearn