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 A product can become outdated, a brand is timeless (Campbell, 2002, Pg210)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
Customer Based Brand Equity
the power of the brand lies in what resides in the mind of customers
Employee Based Brand Equity
looks at the handling, motivation & retention from an internal perspective ie recruitment, performance & retention
Financial Brand Equity
Difference between the value of the business, if sold, and the value of its tangible assets
