brands and brand equity Flashcards
what is a brand?
name/symbol/term/sign or a combination of them (brand elements) intended to identify the goods and services of 1 seller or group and differentiate them from the competition
- broad
- what we think of a brand
what is a BRAND?
that which creates a certain amount of awareness, reputation prominence, or loyalty- including the sensory, emotional, rational, and cultural images that you associate with a company or product
-an apple
product vs brand
anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or a want
- mac and cheese homemade
-brand: the stuff that adds other dimensions to a product that differentiates it in some way from other products designed to satisfy the same need
-kraft mac and cheese
why do brands matter to customers?
- reduces the risk: easy identification, assigns sensibilities, signals the level of quality, and creates a relationship with pdt maker
-reducing risk costs: easy identification of the product (effort we make to find the right product)
-serve as an internal or external symbolic device (a brand that can say something about us to ourselves and other people)
why do brands matter to companies?
- identify products
-legally protects unique features - position products within competitive markets to provide a competitive advantage
-establish long-term relationships with customers
-enjoy greater brand loyalty, usage, and affinity
-increase marketing communication effectiveness
-receive greater trade cooperation and support ‘-yeild licensing opportunities
-support brand extension
-command larger price premiums
-increase financial returns (what we aim)
what is the concept of brand equity?
- Set of asset linked to a brands name that adds to or subtracts the value that product of service
-stressed the importance of the brand in marketing strategies and its integration into all aspects of the organization
market capitalization
for a publically traded company, it is the number of shares outstanding x share price = total value of ownership
customer-based brand equity
- represents the added value endowed on the product as a result of past investments in the marketing of the brand
-provides direction and focus to future marketing activities
-(everything that a marketer has done in the past that have tried to create value)
where does the value of the brand come from?
-response of the customer
there is a perceived or actual difference
customers are aware of brand and difference
customers respond + to brand marketing
what are the determinants of customer-based brand equity?
- the customer is aware and familiar with the brand
- customer holds some strong, favorable, and unique brand associations in memory
what are the components of brand equity?
brand awareness-
perceived quality
brand associations
brand loyalty
other brand assets- like patnets
what is the purpose of the brand resonance pyramid?
try ti understand the relationship and how we built it over time with our customers (both cognitive and emotional)
what are the four layers of the brand resonance pyramid? with brand objectives and stages of brand development at each stage? top to bottom
resonance - relationships, intense active loyalty
-judgment/feelings - response, accessible positive reactions
-performance/imagery - meaning, points of parity and difference
-salience- identity, deep broad brand awareness
what is salience?
- awareness (who are you)
-creating the memory node (now you know the brand) - Brand manager has to make sure that the customer can identify the brand and associate it with a specific class or need
what are the two types of salience?
depth of brand awareness
-ease of recognition
-strength and clarity of category membership
- you consider yourself an expert in that product line (Coca-Cola)
breadth of awareness
-range of purchase consideration and consumption consideration
-broad (amazon)
