Assessing brand equity Flashcards
What is a brand equity measurement system?
- Research procedure
- provide timely and actionable information on brands,
- so marketers can make better decisions.
- connects the sources and outcomes of brand equity.
- increasing need for marketers to demonstrate long term impact of activities on the brand
What is the brand value chain?
- structured process
- to see how value is created through investment in marketing activity
- customer mindset (brand manager level)
- the market performance (marketing director level)
- the shareholder value (CEO level)
What is a brand audit?
an examination of a brands sources of equity
includes the assessment of:
1. brand inventory
2. Brand exploratory
Explain what Brand inventory and brand exploratory is?
Brand inventory: the sources of a company in terms of products and brands.
Rationale: marketing campaigns have strong associations with customer knowledge. assess the consistency and differentiation of marketing activities
Brand exploratory: the customer resources, such as their perception of the brand and knowledge which resides in their minds.
- an assessment of awareness and strength favourability and uniqueness of brand associations.
Rationale: marketing campaigns have a strong association with customer knowledge.
When considering short term tactical considerations, brand tracking is carried out, what is it?
- information collected from consumers over time (quantitative measures)
- to provide marketers with information on how their brands and marketing campaigns performance
involves tracking of:
- product brand tracking - brand knowledge
- corporate or family brand tracking
- global tracking (brand involved in diverse geographic markets)
Who to track? (3) and when and where?
- current and potential customers
- Channel members and other intermediaries
- Employees (internal marketing)
when: depends on nature of purchase frequency, budget brand newness and crises.
Why is it difficult to capture the customer mindset? (3 things)
- Brand equity resides in the mind of customers
- extracting this is difficult tot due abstract concepts which are difficult to measure.
- Consumer heterogeneity
What are some qualitative research techniques for brand equity research? SW-F
- Fee association (what comes to mind when you think of?) + follow up questions
- Strengths (open ended, allows free response, useful when unclear what is being sought)
- Weaknesses (tests only associations, what do they really mean? coding, social desirability)
What are some projective techniques for brand equity research?
- Direct questioning (may not reveal true feelings) (completion of sentence method, and direct questions)
- Indirect form of questioning (encourage to project underlying motivations)
- asked to interpret behaviour of others (which can project their own motivations)
- Completion techniques
- Comparison techniques
What are the five levels of consciousness?
inner level E: subconscious D: repressed C: thoughts/feelings B: Games (defences) A: stereotypes
What is the Zaltman metaphor elicitation technique?
Based on the belief that consumers often have subconscious motives for their purchasing behaviour. (we purchase products for hidden motives)
- capture hidden motives through: storytelling, done in typically very small numbers.
What is brand personality and how would it be measured?
- the human characteristics or traits attributed to a brand (Aaker 1997)
- qualitative open ended approach e.g. if a brand were to come alive as a person, what would it be like?
strengths: open ended, flexible and versatile. - quantitative fixed/Numeric approach:
- Aaker (1997) the big five (sincertiy, excitement, competence, sophistication and ruggedness)
- Geuens et al (2009), shorter scale (responsibility, activity, aggressiveness, simplicity and emotionality)
What are the advantages and disadvantages with projective techniques? (EUW and HERR)
Advantages:
- elicit response that would usually not be willingly given
- useful to reach more personal and sensitive issues
- when motives are operating at subconscious level
Disadvantages:
- highly trained interviewers are needed
- expensive
- risk of interviewer bias
- relatively subjective
What can quantitative techniques specifically be used to measure? (BIBA)
- Awareness (brand recognition, brand recall)
- Image (strength, favourability and uniqueness)
- brand response (judgements, feelings, purchase intention)
- brand relationships ( loyalty, attachment)
= CBBE model?
What are the advantages and disadvantages of using quantitative techniques? (stick, snapshot, tracking, process)
Advantages:
- useful yardstick
- useful aggregated snapshots of consumer minds
- brand tracking and comparison
- provide process to perform brand exploratory
Disadvantages: - meaningfulness of averages - too aggregated - difficulty in measuring psychological concepts . social desirability bias
