Importance of Brands, Brands vs Products, + TB Chapter 1 Flashcards
Brand
Name, term, sign, symbol, or design, or a combination of them, intended to identify and differentiate a brand from competitors
Product
Is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or want
Brand elements
Name, logo, slogan, symbol, packaging design, or other attribute that identifies a product and distinguishes it from all others
5 levels of meaning of a product
Core benefit
Generic product level
Expected product level
Augmented product level
Potential product level
Core benefit (product)
The fundamental need or want that consumers satisfy by consuming the product or service
eg: water bottle bought for holding water
Generic product level
Is a basic version of the product containing only those attributes or characteristics absolutely necessary for its functioning but with no distinguishing features
eg: basic larq water bottle
Expected product level
A set of attributes or characteristics that buyers normally expect and agree to when they purchase a product
eg: expect quality material, sleek design of larq water bottle
Augmented product level
Includes additional product attributes, benefits, or related services that distinguish the product from competitors
eg: larq self-cleaning UVC light
Potential product level
Includes all the augmentations and transformations that a product might ultimately undergo in the future
eg: water tracking feature in water bottle
5 types of products
Physical product
Service
Person
Organization
Idea
Functions brands provide to consumers
Identity of the product
Simplify product decisions
Lower search costs
Set reasonable expectations
Functions brands provide to firms
Simplify product handling and tracing
Help organizing inventory and accounting records
Offer the firm legal protection for unique features or aspects of the product
Provide predictability and security of demand for the firm and creates barriers of entry for competitors
Provide a powerful means to secure competitive advantage
Physical goods
Traditionally associated with brands and include many of the best-known and highly regarded consumer products
eg: Mercedes
Service (Branding)
Branding a service can be an effective way to signal to consumers that a firm has designed a particular service offering that is special and deserving of its name
eg: British Airways
Retailers and distributors as brands
Can generate consumer interest, patronage, and loyalty
Create an image and establish positioning within an industry
Yield higher price margins, increased sales volumes, and greater profit
eg: Kirkland
Digital brands
Harder to create awareness or perception of products or services offered
eg: Amazon
People and organizations as brands
Often well-defined images that are easily understood by consumers
eg: Lady Gaga, Canadian Red Cross
Sport, arts, entertainment
A special case of marketing people and organizations as brands exists in the sports, arts, and entertainment industries
eg: movies will feature the same recurring characters and ongoing stories
Geographic locations (cities, sites, etc)
Increased mobility of both people and businesses and growth in the tourism industry have contributed to the rise of place marketing
eg: visit Newfoundland
Ideas and causes
Numerous ideas and causes have been branded, especially by nonprofit organizations
They may be captured in a phrase or slogan and even be represented by a symbol, such as AIDS ribbons
Strongest brand attributes
Best-known
Most highly regarded
Maintaining brand relevance and differentiation
Winner-takes-all market
A winner-take-all market is likely to permeate other industries and categories outside of sports and entertainment
eg: Amazon
4 steps in strategic brand management process
Identifying and Developing Brand Plans
Designing and Implementing Brand Marketing Programs
Measuring and Interpreting Brand Performance
Growing and Sustaining Brand Equity
Customer-centricity
Customer’s loyalty and satisfaction are the main drivers of business, especially with easier access to personal reviews
Identifying and developing brand plans
The strategic brand management process starts with a clear understanding of what the brand is to represent and how it should be positioned with respect to competitors
Mental maps, PODs, frame of reference, brand mantra
Designing and implementing brand marketing programs
Requires properly positioning the brand in the minds of customers and achieving as much brand resonance as possible
Leveraging secondary associations, mix and match brand elements
Measuring and interpreting brand performance
Successfully design and implement a brand equity measurement system
Brand value chain, audit, tracking, equity management system
Growing and sustaining brand equity
Understanding how branding strategies should reflect corporate concerns and be adjusted, if at all, over time or over geographical boundaries or multiple market segments
Brand architecture, portfolios and hierarchies, expansion strategies, reinforcement and revitalization
