Strategic Brand Management Chapter 1
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Incorporating the latest industry thinking and developments, this exploration of brands, brand equity, and strategic brand management combines a comprehensive theoretical foundation with numerous techniques and practical insights for making better day-to-day and long-term brand decisions–and thus improving the long-term profitability of specific brand strategies.
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Strategic Brand Management Chapter 1
- 1. CHAPTER ONE INTRODUCTION TO STRATEGIC BRAND MANAGEMENT Course Title: Strategic Brand Management
- 2. Introduction A name becomes a brand when consumers associate it with a set of tangible and intangible benefits that they obtain from the product or service It is the seller’s promise to deliver the same bundle of benefits/services consistently to buyers (Brand Promise Brand Equity)
- 3. Steps in the Strategic Brand Management Process 1. 2. 3. 4. Identifying and establishing brand positioning Planning and implementing brand marketing Measuring and interpreting brand performance Growing and sustaining brand value
- 4. Definition “A brand is a name, term, sign, symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors”
- 5. Role of Brands Consumer Benefits Identify source/maker Simplifies decision making Reduces risk Marketer Benefits Simplify product handling Protect unique features Create loyalty Establish barriers to entry
- 6. Advantages of Strong Brands Improved perceptions of product performance Greater loyalty Less vulnerability to competitive marketing actions Less vulnerability to crises Larger margins More inelastic consumer response Greater trade cooperation Increased marketing communications effectiveness Possible licensing opportunities
- 9. Brand Element Choice Criteria Memorable Meaningful Likeability Transferable Adaptable Protectible
- 12. BRAND EQUITY Elements and Measurement
- 13. Introduction Brands have financial value because they have created assets in the minds and hearts of customer, distributors, prescribers and opinion leaders. Brand Equity When a commodity becomes a brand, it is said to have equity. The premium a brand can command in the market The difference between the perceived value and the intrinsic value
- 14. Customer-Based Brand Equity It is the differential effect that brand knowledge has on consumer response to the marketing of that brand A positive CBBE means customers might be more accepting to the marketing activities (ie. the marketing mix) for a brand
- 15. Aaker’s Brand Equity Model
- 16. Aaker’s Brand Equity Model
- 17. Brand Equity Framework Brand Equity Brand Awareness Brand Recall Brand Recognition Brand Attributes & Associations Uniqueness Brand Loyalty Favorability Relevance Perceived Quality
- 18. Brand Equity Framework Brand Associations: Uniqueness USP Unique Selling Proposition Product-related Image Related Points of Difference - How brand is unique Points of Parity - How brand is similar to others
- 21. CUSTOMER-BASED BRAND EQUITY PYRAMID 4. RELATIONSHIPS = RESONANCE What about you & me? 3. RESPONSE = JUDGMENTS FEELINGS What about you? 2. MEANING = PERFORMANCE IMAGERY SALIENCE 21 What are you? 1. IDENTITY = Who are you?
- 22. Customer-Based Brand Equity Model INTENSE, ACTIVE LOYALTY ConsumerBrand Resonance Consumer Judgments Brand Performance Consumer Feelings Brand Imagery Brand Salience 22 RATIONAL & EMOTIONAL REACTIONS POINTS-OFPARITY & POINTS-OFDIFFERENCE DEEP, BROAD BRAND AWARENESS
- 23. Customer-Based Brand Equity Pyramid Brand Salience - How brand stands out from the rest (Prominence) Brand Performance - How product meets customers’ functional needs Brand Imagery - Strong, Unique Associations How brand meets psychological or social needs Brand Judgments - Personal opinions & evaluations of brand Brand Feelings - Emotional responses to brand Brand Resonance - Intense loyalty, Active involvement with brand