Lecture 2 Flashcards
What is a brand?
MAU
A name, term, sign, symbol, or design,
or a combination of them intended to identify
the goods and services of one seller or group of
sellers and to differentiate them from those of
the competitors.
Monthly active users
Brand equity?
Brand equity refers to a brand’s intangible value in the market. It encompasses consumers’ perceptions, associations, and experiences with a particular brand.
GOOD WILL :Goodwill is an intangible asset that represents the excess of the purchase price of a company over the fair value of its identifiable tangible and intangible assets when acquired in a business combination.
As Brand Equity Increases…
- A higher market share is achieved
- Brand loyalty increases
- Premium prices can be charged
- The brand earns a revenue premium
Overall, these points highlight the tangible benefits that come with building and enhancing brand equity, making it a valuable asset for businesses in competitive markets
Brand recall
It measures the effectiveness of a brand’s marketing and advertising efforts in creating strong associations in consumers’ minds.
For example, if someone asks you to name a fast-food restaurant, the first brand that comes to your mind may indicate your brand recall for that category. Similarly, if you’re shown a logo or a tagline, your ability to identify the associated brand reflects brand recall.
Brand awareness pyramid
/\
/top of mind TOMA\
/ / Brand recall \ \
/ / / Brand recognition\ \ \
/ / / / Unaware of Brand \ \ \ \
TOMA
TOMA stands for “Top of Mind Awareness.” It refers to the brand or product that first comes to a consumer’s mind when they are asked about a particular product category or need. Essentially, TOMA represents the highest level of brand recall or awareness.
For example, if someone asks, “What brand of cola do you prefer?” and you immediately think of “Coca-Cola” without needing any prompts, then Coca-Cola has achieved top-of-mind awareness in your mind for the cola category.
Brand concept
The specific meaning that brand
managers create and communicate to the target
market.
* appeals to functional, symbolic accomplish this,
and experiential needs
Brand concept management
The analysis,
planning, implementation, and control of a brand
concept throughout the life of a brand.
BCM(Brand concept management) elements
Functional needs: (solving problems): products that
attempt to fulfill the consumer’s consumption-
related problems
Symbolic needs: (associating the brand with
symbolic objects): directed at consumers’ desire for
self-enhancement, role position, group
membership, and belongingness
These needs are associated with consumers’ desires for self-enhancement, social status, belongingness, and group membership. When consumers buy products or engage with brands, they often seek to fulfill psychological or symbolic desires rather than just functional needs. For example:
Self-enhancement: Consumers may purchase luxury items or designer brands to enhance their self-image or status.
Role position: Consumers may choose brands that align with their perceived roles or identities, such as athletic brands for fitness enthusiasts or eco-friendly brands for environmentalists.
Group membership: Consumers may buy products associated with specific social groups or communities to feel a sense of belongingness or affiliation.
Experiential needs: (sensory pleasures, personal
experience): products that provide sensory
pleasure, variety, and/or cognitive stimulation.
These needs focus on consumers’ desire for sensory pleasures, personal experiences, and cognitive stimulation. Brands that fulfill experiential needs offer products or services that go beyond mere functionality and provide enjoyable, stimulating, or memorable experiences. For example:
Sensory pleasures: Consumers may seek products that offer pleasurable sensations, such as indulgent foods, luxurious fabrics, or fragrant perfumes.
Personal experience: Consumers may value brands that create unique or personalized experiences, such as customized products, immersive events, or interactive digital platforms.
Deneyimsel ihtiyaçlar
Brand personality
Brand personality, which involves assigning human characteristics or traits to a brand to create a distinct and relatable identity. Just like individuals, brands can be perceived as having personalities that influence consumer perceptions, preferences, and behaviors.
For example, Sincerity, Samimiyet: Brands with a sincerity personality are perceived as genuine, honest, wholesome, and down-to-earth. They often evoke feelings of warmth, kindness, and family. Examples include Disney, known for its family-friendly entertainment and values-driven storytelling that appeals to audiences of all ages.
Excitement (e.g., Hummer)
* Competence (e.g., Toyota)reliable, dependable, and competent. They evoke feelings of trust, credibility, and efficiency. Toyota is a prime example of a brand associated with competence, known for its reputation for quality, durability, and innovation in the automotive industry.
* Sophistication Enteletüllik (e.g., Rolex, Cartier)
* Ruggedness Sağlamlık(e.g., Timberland boots)
Jungian archetypes
Jungian archetypes are universal, recurring symbols or motifs that Carl Jung, a Swiss psychiatrist and psychoanalyst, identified as fundamental elements of the human psyche. According to Jung, these archetypes are inherited structures within the collective unconscious—the deepest layer of the unconscious mind that contains shared psychological patterns and experiences common to all human beings, regardless of culture or time period.
ROMI
return
on marketing investment (ROMI)
ROMI helps marketers and business leaders evaluate the return on their marketing expenditures and assess the efficiency of their marketing strategies in driving business results.
Collecting accurate data and choosing a metric can be challenge to measure it.
product Adoption
The Adoption Process
The introduction and acceptance of new ideas,
including new brands
Essential to long-term market success
Adoption Process
1.Awareness class
2. Trier class
3. Repater class
Logo
Good logo design
Logo
* Is a graphic design element related to a brand name
* Not all brand names are associated with a distinct
logo
Good Logo Designs
* Are natural—neither too simple nor too complex
* Are readily recognized
* Convey same meaning to all target market members
* Evoke positive feelings
* Are suited for periodic updating
shrinkflation
lowering the amount of product while selling at same price
