Lecture 1 - Role of Brand, Brand Management & Building Brand Equity Flashcards
What did the Brand Men (1931) do for Brand Management?
Proposed that brand managers should be responsible for the overall performance of the brand & undertake various activities to aid brand growth & success
What are the key stages of the ‘perpetual cycle for effective brand management’?
Diagnosis - study the past & identify the issue
Strategy - develop a plan to address the issue
Tactics - gather resources to carry out the plan
What is a Brand?
“A name, term, symbol or design which is intended to signify goods or services of one seller and to differentiate them from competitors” - Kotler, 2010.
Why is branding important?
“a product can be copied, a brand is unique. A product can become outdated, a brand is timeless (Campbell, 2002, Pg210)
- Brands are sometimes more valuable by physic assets due to the trademarks and consumer value associated.
- products are produced in a factory but the brand is developed in the mind of the consumer
What core 4 values are associated with a brands product? (Brand = Stories, images & associations).
Reputational Value - stories imply perceived quality of product features
Experiential value - stories shape experience of the product
relationship value - stories imply a firm is a long term partner that will attend to customer interests
Symbolic Value - stories imbue the product with value & identities
(Holt, 2003)
What is Brand Identity and its key components (Kapferer, 2015)?
Various values and characteristics which are portrayed to consumers utilising products, people, and places to communicate a brand image to the consumer and increase quality perceptions and individual consumer value.
Physique - logos, colours, symbols
Relationship - the relationship between the brand & customer
Reflection - stereotypical customer
Personality - the person it would be if human
Culture - brand values, principles & behaviours
Self Image - How consumers perceive themselves when using the brand
Why is Brand Identity Important?
- logos on their own can be important without the brand name as they embody what the brand is about
- enables consumers to differentiate your product against competitors
- is a visual representation of the core values and personality of the brand
why are logos important?
- logo recognition reminds the consumer of the brand name therefore the design must be easily recognised
What role do slogans play?
- slogans are communication vehicles that can be descriptive an persuasive
- recall potential & memorability function
- use of sound, vision & words allow slogans to portray brand identity
why are brand important for the consumer?
- brands are trusted for quality and consistency, which usually leads to repeat purchases
- reduce search costs
- brand symbolism
- guarantee
why are brands important for organisations?
-identification
- value
- Brands help command a premium price which enables a greater profit margin
What is brand imitation?
- companies try to leverage from your success through ‘copying’ your product
What does it take to build a strong brand?
Brand awareness and brand associations (what proportion of the target market exist & what is their perception of the band?
What is brand equity?
The added value a product accrues as a result of past investments in the marketing activity for the brand (Keller, 2013)
What are the 3 types of brand equity?
Customer Based Brand Equity
Employee Based Brand Equity
Financial brand equity
