<ul><li>What is a Brand and how does branding work </li></ul><ul><li>What is Brand Equity </li></ul><ul><li>How is Brand Equity built, measured and managed </li></ul><ul><li>What are the important decisions in developing a branding strategy </li></ul>Looking Forward
Branding is endowing products and services with the power of a brand. It’s all about creating differences between products. Marketers need to teach consumers “who” the product is – by giving it a name and other brand elements to identify it – as well as what the product does and why consumers should care.
<ul><li>Brand Equity: It is the added value endowed on products and services. It may be reflected in the way consumers think, feel, and act with respect to the brand, as well as in the prices, market share, and profitability the brand commands for the firm. </li></ul><ul><li>Customer Based Brand Equity: It is the differential effect the brand knowledge has on consumer response to the marketing of that brand. </li></ul>
Brand Equity as a Bridge Consumer knowledge is what drives the differences that manifest themselves in brand equity. In an abstract sense, we can think of brand equity as providing marketers with a vital strategic “bridge” from their past to their future. A brand promise is the marketer’s vision of what the brand must be and do for the consumers.
Brand Equity Models <ul><li>BRANDZ Model </li></ul>Aaker Model Aaker maintains that the identity should be differentiating on some dimensions, suggest parity on others, resonate with customers, drive brand building programs, reflect the culture and strategy of the business, and be credible.
<ul><li>Brand Resonance Model </li></ul>Brand Salience: is how often and how easily customers think of the brand under various purchase or consumption situations Brand performance: is how well the product or service meets customers’ financial needs
Brand imagery: describes the extrinsic properties of the product or service, including the ways in which the brand attempts to meet the customers’ psychological or social needs Brand judgments: focus on customers’ own personal opinions and evaluations Brand feelings: are customers’ emotional responses and reactions with respect to the brand Brand resonance: refers to the nature of the relationship customers have with the brand and the extent to which they feel they’re “in sync” with it.
Building brand equity <ul><li>Right Brand Knowledge </li></ul><ul><li>The initial choice for the brand elements or identities making up the brand </li></ul><ul><li>The product and service and all accompanying marketing activities and supporting marketing programs </li></ul><ul><li>Other associations indirectly transferred to the brand by linking it to some other entity </li></ul>
Choosing brand elements <ul><li>Memorable </li></ul><ul><li>Meaningful </li></ul><ul><li>Likeable </li></ul><ul><li>Transferable </li></ul><ul><li>Adaptable </li></ul><ul><li>Protect-able </li></ul>Brand contact is any information-bearing experience, whether positive or negative, a customer or prospect has with the brand, the product category, or the market that relates to the marketer’s product or service
Leveraging Secondary Associations <ul><li>Burton makes snowboards as well as ski boots, bindings, clothing and outerwear </li></ul><ul><li>Decided to introduce a new surfboard called “The Dominator” </li></ul>
Measuring Brand Equity <ul><li>Brand Value chain: is a structured approach to assessing the sources and outcomes of brand equity and the manner in which marketing activities create brand value </li></ul>