5: Analytics for Brand Management Flashcards
Why do brands matter: Firm perspective)
- simplify product handling and tracing
- help organising inventory and accounting records
- Offer the firm legal protection for unique features or aspects of the product
- Provide predictabiliity and security of demand
- Provide powerful means to secure competitive advantage
What do Brands signal?
(consumer perspective)
brands signal product chracteristics and attributes
classified:
- search goods
- experience goods
- credence goods (glaubwürdigkeitsgüter)
What are the risk in Product decisions? (6)
Brands reduce risks in product decisions:
- functional
- financial
- physical
- psychological
- social
- time
What are the Marketing Advantages of Strong brands?
- improveed perceptions product peformance
- Greater loyalty
- Less vulnerability to competitivee markt. actions
- less vulnerability to markeitng crises
- Larger margins
- more inelastic consumer respon to price increases
- Possible licensing opportunities
- What is Brand Resonance?
= refers to the relationship that a consumer has with the product and how well he can relate to it
What is the Brand Resonance model?
looks at…
looks at building strong brand requires a series of steps as part of branding ladder
What is Customer based equity?
= is the differential effect that brand knowledge has on consumer response to the marketing of that brand
–>Brand equity can be positive or negative
What is the BAV model?
focuses on understanding and evaluating brand strength and consumer perceptions across various dimensions.
What are the four pillars of the BAV model?
- Differentiation: extent to which brand is seen as different
- Relevance: extent to which consumer find brand relevant
- Esteem: extent to which consumer respect and regard a brand
- knowledge: consumer understand and are familiar with brand
BAV model: Concept of brand strength?
= shos future growth value
–>if brands stands out –>consumers more likely to choose this brand over competitors
BAV model: Brand stature?
= show current operating value
–>the more consumerrs respect the brand the more likely they purchase
What is Brand knowledge?
Brand awareness: consumer ability to identify the brand
Brand image: consumer perception about a brand as reflected by brand associations
–>both are sources of brand equity
What is Brand awareness?
Brand recognition: consumer ability to confirm prior exposure
Brand recall performance consumer ability to retrieve the brand from memory
Approaches to measure brand awareness
- Brand recall brand the first in mind?
- Organic traffic:brand visible on search engines
- social mentions: positively or negatively?
- Visitor loyalty: how recent and frequent
- E-mail engagement: measuring average viewing time
- Content reach: is target audience responding to messagees?
Problems of current applied brand evaluation methods and what is the goal?
must rely on large research firms
Disadvantages:
- Cost intensive
- Potentially outdated
- Survey bias
Goal to develop new approaches of brand value measurements
What is Real time brand reputation tracker? tool that…
tool that monitors and analyzes online conversations, mentions, and sentiment about a brand in real-time
Real time brand reputationt tracker: Social Media text mining methodology steps
- define dictionary
- Collect data
- asess brands (Brand equity, value equity)
Advantages of Real time Brand reputation trackers?
- inexpensive method –>freely available data
- monitor and manage brand continous
- enables timely strategic adaptions
- potential usage of Carryover effects
What is Social listening?
Brand audit through social listening
= process of identifying and assessing what is beeing said about a company, individual, product or bradn across all social media channels
–>information provides real time reasearch used for intelligence
Why should companies use Social listening?
- real time consumer insight
- Industry trends
- competitive intelligence
- Sales leads
- Marketing opportunities
How can Social Listening help?
- Creates lists of social outlets where c communicate
- enables connectedness: locate relevant conversations
- decrease volume of support calls
- Enables conversation
- captures information
What is *social media monitoring?
strategy to monitor and collect mentions of brands
What are the tasks of Social Media monitoring?
- idntify brand mentions
- collect the content
- respond to brand mentions
What is the difference between Social listening and Social Monitoring?
Social listening:
- Macro scale
- Proactive
- Automated
Social Monitoring:
- Micro scale
- Reactive
- Manual
Key Social Media Monitoring Benefits
- Increase operational efficiency
- Generate more qualified leads
- identify and create nnew partnerships
- improve brnad reputation
- improve customer engagement, satisfaction, retention
- shorten sales cyle
Brand resonance model: 6 building blocks?
- Salience
- Performance
-
Imagery
4.Judgements - Feelings
- Resonance
How is Brand value in real-time Brand reputation tracker splitted ?
Value equity: Rational and objective aspects (price, Service and goods quaality)
Brand Equity: Subjective feeliing of the customer (Cool, exicitng)
relationship equity. Brand community and personal connection (friendly, trustworthy)
