Brand equity
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The document discusses how brand equity affects consumer decision making. It notes that brands provide value through awareness, associations, and perceived quality which influence how consumers screen and compare options. Powerful brands can dictate what attributes consumers use in screening and set the agenda. Having high brand awareness and serving as the reference brand when consumers compare options provides a significant strategic advantage. Managing brand equity primarily involves influencing consumer associations to build the brand's position in the mind of the consumer.
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Brand equity
The document discusses how brand equity influences consumer decision making. It notes that brands help consumers cope with large numbers of choices by aiding recall and setting expectations through image associations. Powerful brands can dictate what attributes are used to screen out alternatives. Brand equity also affects the comparison phase, as consumers will compare other brands to a reference brand and perceive any differences from the reference as losses. Becoming the reference brand gives a strategic advantage, as improvements help the brand but decreases hurt competitors more. Managing brand equity primarily involves shaping consumer associations to build and maintain the brand as the reference point.
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1. Problem recognition - needs are triggered by internal or external stimuli
2. Information search - consumers gather information from personal, commercial, public, and experimental sources
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Brand equity refers to the added value a brand provides to a product or service. It is defined as the differential effect that brand knowledge has on consumer response to the marketing of that brand. Strong brand equity provides benefits like greater brand loyalty, higher prices, and more effective marketing. Customer-based brand equity specifically relates to how consumer knowledge, perceptions, and feelings about a brand influence how they respond to its marketing. Building strong customer-based brand equity involves creating brand awareness and favorable associations through marketing programs and linking the brand to positive entities.
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The 5-stage consumer decision process model includes: 1) problem recognition triggered by internal or external stimuli, 2) information search using personal, commercial, public, or experimental sources to learn about brands, 3) evaluation of alternatives where consumers form preferences among brands based on perceived ability to satisfy needs, 4) purchase decision involving sub-decisions like brand, dealer, quantity, and payment method, and 5) post-purchase behavior including satisfaction, actions like word-of-mouth, and disposal.
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Brand equity is defined as the marketing effects that are uniquely attributable to a brand, such as differences in consumer responses. Consumer-based brand equity arises from the differential effect that brand knowledge has on how consumers respond to the marketing of that brand. A brand must create strong, favorable, and unique associations with customers for brand equity to exist, which is reflected in customer perceptions, preferences, and behaviors related to the brand. Models for measuring brand equity include the BrandAsset Valuator, BrandZ, and Brand Resonance Model, which all analyze components such as brand differentiation, relevance, esteem, knowledge, presence, performance, advantage, bonding, salience, imagery, judgments, and feelings.
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This document outlines the consumer decision making process, which includes problem recognition, information search, evaluation of alternatives, purchase decisions, and post-purchase behavior. It discusses key aspects of each step, such as internal and external triggers for problem recognition, active information search from various sources, attributes and benefits considered during evaluation, and heuristics like conjunctive or elimination used in purchase decisions. Risks and opinions of others can also influence decisions. Post-purchase satisfaction, use, and actions determine repeat purchases and recommendations.
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There are four main types of consumer buying decisions: complex buying behavior, dissonance reducing behavior, habitual buying behavior, and variety-seeking behavior. Complex buying behavior involves high consumer involvement, significant perceived differences between brands, and occurs for expensive, risky purchases like computers. Dissonance reducing behavior also has high involvement but less perceived brand differences, for purchases like carpets where learning occurs but decisions are quick. Habitual buying has low involvement and little brand differences, for everyday low-cost items bought out of habit. Variety-seeking behavior has low involvement but significant perceived brand differences, leading to frequent brand switching for items like cookies.
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Brand equity provides added value to products and services from a customer perspective. There are three key ingredients to customer-based brand equity: 1) Differences in consumer response arise from brand knowledge, thoughts, and feelings about the brand over time. 2) Consumer brand knowledge, thoughts, feelings, images and beliefs are responsible for differences in response. 3) Brand equity is reflected in perceptions, preferences, and behaviors related to marketing the brand. The document then discusses several models of measuring brand equity, including the BrandAsset Valuator, BrandZ, and Brand Resonance Model.
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The marketing mix consists of 4 key elements used to sell a product: product, price, place, and promotion. A product includes both tangible features like packaging as well as intangible features like branding. Price is used both to make a profit and influence consumer perceptions of quality. Place refers to how the product reaches customers through distribution channels. Promotion communicates information about the product through advertising, public relations, sales promotions, and direct marketing.
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This document describes a system called Brand Dynamics for measuring and understanding brand value and equity. It outlines different levels in a pyramid that brands must progress through, starting with developing brand presence, then relevance, performance, advantage, and ultimately bonding with consumers. Consumer equity, defined as consumers' thoughts, feelings and associations with a brand, actively determines a brand's meaning and worth. Consumer equity and brand associations directly impact a brand's financial value and equity in the marketplace.
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The document outlines a 5-stage model of the consumer buying decision process:
1. Problem recognition - needs are triggered by internal or external stimuli
2. Information search - consumers gather information from personal, commercial, public, and experimental sources
3. Evaluation of alternatives - consumers evaluate products and form preferences among brands based on attributes and perceived value
4. Purchase decision - final decision can be influenced by attitudes of others and unanticipated situational factors
5. Post-purchase behavior - consumers may experience satisfaction, dissatisfaction or disposal after their purchase
Brand Equity
Brand equity refers to the financial value and brand assets or liabilities that accrue to a product or service due to marketing programs and brand awareness. It is measured by the differential effect of brand knowledge on consumer responses. Sources of brand equity include brand awareness, image, and associations that are strong, favorable, unique, and link the brand to attributes and benefits. Consumer-based brand equity is the differential effect of brand knowledge on consumer responses to marketing and is built through brand salience, performance, imagery, judgments, feelings, and relationships. Building brand equity involves identifying the brand, developing brand meaning and imagery, influencing consumer responses and judgments, and creating relationships.
Brand equity
Brand equity refers to the added value a brand provides to a product or service. It is defined as the differential effect that brand knowledge has on consumer response to the marketing of that brand. Strong brand equity provides benefits like greater brand loyalty, higher prices, and more effective marketing. Customer-based brand equity specifically relates to how consumer knowledge, perceptions, and feelings about a brand influence how they respond to its marketing. Building strong customer-based brand equity involves creating brand awareness and favorable associations through marketing programs and linking the brand to positive entities.
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The document outlines the 5 stages that consumers go through in the buying process: 1) problem recognition, 2) information search, 3) evaluation of alternatives, 4) purchase decision, and 5) post-purchase behavior. It describes each stage in detail, including how internal and external stimuli can trigger problem recognition, the different sources of information consumers use in their search, and how they evaluate alternatives based on attributes and form attitudes. The document also discusses factors that can influence the purchase decision and the importance of satisfying consumers in the post-purchase stage through reinforcement of their choice.
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The document discusses three types of consumer choice processes:
1) Affective-based choice, which is based on an immediate emotional response to a product without considering attributes. Marketers should help consumers envision how a product will make them feel.
2) Attribute-based choice, which involves comparing a product's specific attributes to other options. This process is more effortful and takes more time.
3) Attitude-based choice, where decisions are made based on general attitudes, impressions, intuitions or heuristics rather than comparing attributes.
The type of choice process used depends on motivation, available information, and the situation. Combinations of these processes may be used for a single decision.
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The document outlines the five stages of the consumer buying process: 1) problem recognition, 2) information search, 3) evaluation of alternatives, 4) purchase decision, and 5) post-purchase behavior. In the first stage, internal or external stimuli trigger a need. In the second stage, consumers search for information from commercial, personal, and public sources to learn about brands. In the third stage, consumers evaluate brands based on attributes, beliefs, and an expectancy-value model to make a judgment. In the fourth stage, purchase intentions can be influenced by others or changed by non-compensatory decision models. In the final stage, consumers experience post-purchase satisfaction, take actions, and are influenced by offers.
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The document contains samples of questionnaires to assess different aspects of branding: brand perception, brand preference, brand image, and brand loyalty. The questionnaires include multiple choice and open-ended questions about the respondent's attitudes toward brands, factors influencing purchase decisions, assessment of a particular brand's image and performance, and areas for potential improvement.
Consumer preference study milk based beverages vs. carbonated beverages
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The document discusses several challenges and opportunities related to branding. It outlines 6 key challenges: 1) a shift from long-term strategy to short-term tactics, 2) a shift from advertising to promotions, 3) the growth of online shopping, 4) opportunities from new technologies, 5) more sophisticated buyers, and 6) the growth of corporate branding. It also discusses the importance of branding and maintaining key branding concepts like a clear brand promise, defining brand attributes, and establishing a brand personality. Strong brands build loyalty by consistently meeting customer expectations.
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The document discusses various aspects of brand management including defining brands and brand equity, developing brand positioning, and measuring brand performance. It covers common brand equity models like Aaker's model and BrandZ, and how they measure elements such as brand strength, relevance, and consumer perceptions. It also outlines strategies for managing brand equity like brand reinforcement, extensions, and handling brand crises.
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The document provides a guide for measuring brand equity, including defining its components, reasons for measuring it, and recommended research methods. Brand equity is defined as the unique marketing effect attributable to a brand from leveraging positive customer attitudes and associations. Key measures include brand awareness, imagery, loyalty, and ability to command a premium price. A survey is recommended to measure these components and assess a brand's franchise size, profile, and marketing leverage.
Importing, Exporting and SourcingWhat’s this chapter about
Importing, Exporting and Sourcing
What’s this chapter about?
Important aspects of importing, exporting and sourcing
Key influencers for import, export and sourcing decisions
Multinational vs. Global Strategy
Companies engaged in international business activities can approach the market using either a multinational or a global strategy.
Export selling vs. Export marketing
Multinational strategy
A strategy of adapting products and their marketing strategies in each national market to suit local preferences.
Global strategy
A strategy of offering the same products using the same marketing strategy in all national markets.
Benefits and Drawbacks
Multinational strategy
Benefits
Drawbacks
Global strategy
Benefits
Drawbacks
Monitor and respond quickly to changes in buyer preferences
Inability to exploit scale economies
Costs savings from scale economies
Knowledge sharing
Only simple modifications to product features can be implemented
The Exporter “Must Do” List
Gain in depth understanding of the target market.
Conduct marketing research and identify market potential.
Make strategic decisions concerning 4Ps (marketing mix).
Expanding the “Must Do” List
Logistics
Packaging, transportation, etc.
Legal Procedures
Contracts, customs procedures, tariffs, etc.
After-sales service
Product discontinuation, parts availability, product repair, etc.
Sales Promotions
Advertising
Foreign Market Intelligence
Competition
Government Influence on Trade
Governments have long intervened in the trade of goods and services for political, economic and cultural reasons.
Encouraging Exports
Subsidies, tax breaks, export financing, etc.
Discouraging Imports
Tariffs, quotas, embargo, local content requirements, etc.
Encouraging Exports (Example)
Encouraging Exports (Example)
Discouraging Imports
Can you think of examples?
Sourcing
What is sourcing?
What makes it so important?
In class discussion!
Factors that Affect Sourcing
Factory costs and conditions (land, labor, etc.)
Logistics
Infrastructure
Political risk
Exchange rates / currency convertibility
On Wednesday
Licensing, Investment, and Strategic Alliances (Part 1)
Segmenting, Targeting and Positioning
What’s this chapter about?
Important aspects of STP marketing
STP Marketing
Segmenting
Dividing a market based on demographics, lifestyles, behavioral measures etc.
Targeting
Selecting the most appropriate market(s)
Positioning
Target marketing messages using the 4Ps
Market Segmentation
Market segmentation is the division of consumer markets into meaningful and distinct groups.
Why is Market Segmentation important?
Marketers can better define consumer needs.
Decision makers can define objectives and allocate resources accurately.
Competitive advantage.
Segmentation Base …
is a group of characteristics that is used to assign segment members.
Demographics
Psychographics
Needs
Behavioral
Demographic ...
Branding
A brand is a name, symbol or design that identifies products from one seller and differentiates them from competitors. Brands help identify the maker, simplify product handling, organize accounting, offer legal protection, signify quality, create barriers to entry, and provide competitive advantages like securing price premiums. Branding endows products with the power of the brand name while brand equity reflects the added value of positive brand associations. Strong brands improve perceptions, build loyalty, and provide greater marketing and financial benefits.
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Brand Mgt.pdf
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7 Strategic Product Management - Product Category Analysis
7 Strategic Product Management - Product Category AnalysisRajesh Satpathy, Regional College of Management (RCM), Bhubaneswar
This document discusses product category analysis. It begins by defining category analysis as having in-depth knowledge of demand and supply for a particular category. This helps efficiently manage categories and gives stakeholders holistic understanding. Category analysis includes category overview, drilling into details, and deep analysis. It provides insights into customer experiences, market trends, competitors, and their marketing. Competitor and customer experience analysis are parts of category analysis. The document outlines why category analysis is important by answering questions about sales, performance, products, trends, and margins. It also discusses the goals of exhaustive category analysis, including identifying category drivers and customer beliefs, discovering trends, and measuring brand equity. Finally, it covers why competitor analysis is important for identifying strengths and weaknessesBranding and Brand Positioning / Marketing Management By Kotler Keller
This document provides an outline on branding and brand positioning. It defines what a brand and branding are, and lists advantages of strong brands such as improved perceptions, loyalty, margins, and marketing effectiveness. It discusses key aspects of branding including brand elements, equity, strategies, and portfolios. It also covers brand positioning and differentiating a brand through points of parity and points of difference. The document aims to educate on developing and managing brands for optimal market performance and value.
Brand
A brand is a set of associations linked to a product, company or division that reside in customers' memories. These associations help customers understand what the brand stands for, why it is relevant, how it differs from other products and competitors. Branding involves differentiating a company's products through a unique identity and creating emotional connections with consumers. Strong brands can command higher prices than generic products and be leveraged to launch related brand extensions. Brand equity is measured through financial value, brand extensions and consumer attitudes toward the brand. Building brand equity involves introducing a quality product, making the brand memorable through repeated usage, and reinforcing a consistent image over time.
Brand management unit 1
This document discusses key concepts in brand management including:
- The meaning of brands, branding, and brand management and their importance to consumers and firms.
- The difference between products and brands and how brands add value.
- The strategic brand management process and customer-based brand equity (CBBE) model.
- Sources of brand equity like brand awareness, loyalty, perceived quality, and associations.
- The importance and basis of brand positioning in differentiating a brand and creating demand.
Only cite from the given articleyou have to complete the follo.docx
Only cite from the given article
you have to complete the following two readings:
[1] Lizzie Kardon, The 6 types of cyber attacks to protect against in 2018. In Pagely, June, 2018. Available at: https://pagely.com/blog/ (Links to an external site.)cyber-attacks-in-2018/ (Links to an external site.)
[2] Ted Hebert, The Biggest Cyber Attacks of 2019 and What’s Ahead for 2020. In GlobalSign Blog, November 18, 2019. Available at: https://www.globalsign.com/en/blog/2020-predictions/ (Links to an external site.)
short answers to the following questions (more than 80 words per question):
1.What is a Man-in-the-Middle attack? (reading #1)
2.What is the last phishing email that you have received? (reading #1)
3.Briefly describe the coordinated IoT attack of 2016 (also called "2016 Dyn cyberattack"). (reading #1)
4.Consider one of the predictions in reading #2; express and justify your opinion on whether the chosen prediction will come true or not in 2020. You can search for occurrences of the keyword "#Prediction2020" to find specific predictions by different people being interviewed.
Motivation and Emotion:
Driving Consumer Behavior
Chapter 5
Motivation
Types:
Homeostasis
Maintain yourself in a current acceptable state
Self improvement
Desire to change yourself to a more ideal state
Exercise
Think of something of something you have purchased because you wanted something thing to remain the same (homeostasis)
Think of something you have purchased because you wanted something to change (self improvement)
Other ways to look at motivations
Utilitarian
Desire to acquire products that can be used to accomplish things
Hedonic
Desire to experience something personally gratifying
Exercise
Think of something you have purchased for hedonic motivations
Think of something you have purchased for utilitarian motivations
Exhibit 5.2: Utilitarian and Hedonic Motivations Lead to Consumer Behaviors
http://www.pinterest.com/pin/26458716532571120/
Consumer Involvement
Types:
Product
Shopping
Situational
Enduring
Emotional
Product Involvement
Tied to amount of risk associated with buying it (financial or social)
Shopping Involvement
The more involved with shopping the more likely you are to compare prices, brands, stores, etc.
Ways to influence shopping involvement
Sales
Events
Gifts with purchase
Special discounts
Contests
Free samples
How to facilitate situational involvement
Have personal shoppers
Provide buying guides
Have videos available
Have knowledgeable salespeople
Enduring Involvement
Examples:
Following a sports team or musical group
Collecting things
Buying fashion magazines, watching fashion programs and buying the latest clothes trends
Pursuing a hobby
Playing a sport
Ways to encourage enduring involvement
Owners groups
Harley Davidson, Corvette, Mini Cooper
Rewards programs
Email subscriptions
Members only offers
Sell limited edition items
Offer early access to tickets, VIP p.
Hmt watch
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Chapter 6 Marketing Management
- Brand equity refers to the added value that a brand name gives to a product. It is the incremental utility or value added to a product by its branding.
- There are several models for measuring brand equity, including the Brand Asset Valuator model, BrandZ model, and Brand Resonance model. These models measure factors like brand differentiation, relevance, esteem, knowledge, and the emotional connection customers have with the brand.
- Building strong brand equity provides many advantages for companies like greater customer loyalty, less vulnerability to competition, larger profit margins, and more elastic customer response to pricing changes.
Brand Management Unit 3
This document discusses several key aspects of brand management including brand loyalty, brand equity, the role of the brand manager, and the relationship between various business functions like marketing, finance, and R&D. It provides details on developing brand loyalty through loyalty programs, the importance and advantages of brand loyalty, levels of brand loyalty, and factors that influence loyalty. It also explains the meaning and components of brand equity and how to build equity. The roles and responsibilities of the brand manager are outlined along with best practices. Finally, it covers the purpose and process of conducting a brand audit to assess brand positioning and effectiveness.
Product And Brand Management
A product is anything offered by a company to satisfy customer needs, whether an object, service, or idea. Most new products are improvements on existing ones, and less than 5% are totally new concepts. The success rate of new products is very low. Product development involves stages from idea generation to commercialization. Branding associates a name with benefits for customers, creating brand equity that allows companies to charge premium prices and launch extensions. Packaging and labels are important marketing tools that identify products and influence purchasing decisions.
Mm.09.10
The document discusses branding and marketing strategies at different stages of the product lifecycle. It defines positioning and differentiation strategies. It explains that in the introduction stage, marketing focuses on early adopters through high prices and promotions or low prices and promotions. In the growth stage, sales rapidly increase as more consumers buy the product, competitors enter the market, and prices may fall slightly while promotion is maintained.
Brand advertising
The document discusses brand management and customer-based brand equity. It defines what a brand is and discusses new challenges in branding. It introduces the concept of customer-based brand equity and how building strong customer brand knowledge and associations can provide benefits like greater loyalty and price premiums. The document outlines the strategic brand management process and emphasizes that for branding to be successful, customers must perceive meaningful differences between brands.
kellersbm303-130208015152-phpapp02.pdf
This document discusses brand positioning and brand audits. It defines brand positioning as designing a company's offer and image to occupy a distinct place in customers' minds. An effective positioning determines the target market and competitors, as well as points-of-parity and points-of-difference versus competitors. A brand audit assesses a brand's health, sources of equity, and ways to improve equity from both internal and external perspectives. The document outlines the steps and components of conducting a thorough brand audit.
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A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
DearbornMusic-KatherineJasperFullSailUni
My powerpoint presentation for my Music Retail and Distribution class at Full Sail University
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In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
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Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
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4 Benefits of Partnering with an OnlyFans Agency for Content Creators.pdf
In the competitive world of content creation, standing out and maximising revenue on platforms like OnlyFans can be challenging. This is where partnering with an OnlyFans agency can make a significant difference. Here are five key benefits for content creators considering this option:
Innovation Management Frameworks: Your Guide to Creativity & Innovation
Innovation Management Frameworks: Your Guide to Creativity & InnovationOperational Excellence Consulting
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentationsZodiac Signs and Food Preferences_ What Your Sign Says About Your Taste
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The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
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