Mini-Test 2 Flashcards
What is a brand audit?
- consumer focused exercise
- assesses the health of the brand
- uncovers sources of brand equity
- suggests ways to improve and leverage its equity
Why should marketers first conduct a brand audit?
To profile consumer knowledge structures
Definition: brand audit
A comprehensive, systematic independent, and periodic examination of company’s marketing environment, objectives, strategies, and activities with a view of determining problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance
2 steps of a Brand Udit
1) BRAND INVENTORY
•supply side view
•to provide a current, comprehensive profile of how all the products and services sold by a company are marketed and branded
2) BRAND EXPLORATORY
•customer side view
•to provide detailed information about what consumers think of the brand
BRAND AUDITS | brand inventory
1) identify the following for each product/ service sold
•brand elements (names, logos, symbols, slogans, etc.)
•inherent product attributes or characteristics of brand
•marketing programs
2) profile competitive brands to determine POP and POD
OUTCOME
accurate, comprehensive, and up-to-date profile of how all the products/services are branded
•which brand elements are employed and how
•nature of the supporting marketing
BRAND AUDITS | brand exploratory - research
Identify sources of brand equity
INCLUDES
•preliminary activities
•interpreting qualitative research
•interpreting quantitative research
Understanding what consumers think and feel about brand and its product category
BRAND AUDITS | brand exploratory
-Preliminary Activities
1) prior research studies
•may exist and be relevant
•important to dig through archives to uncover reports that may have been buried but that have insights and questions that still need to be posed
2) interview internal personnel
• gain an understanding of their beliefs about consumer perceptions for brand and competitors
•past and current marketing managers may to share wisdom not in prior research
BRAND AUDITS | brand exploratory
-interpreting qualitative and quantitative research
1) brand image
•Marketers should assess all potentially salient associations identified by the qualitative research
•assess according to Strength, Favorability, and Uniqueness
2) brand responses
•should examine specific brand beliefs and overall attitudes and behaviors
•to reveal potential sources and outcomes of brand equity
3) brand awareness
•should assess the breath and depth of brand awareness by employing various cues
4) competitors sources of brand equity
•typically need to do similar research for competitors to better understand their sources of brand equity
•learn how they compare with target brand
2 basic approaches to measuring brand equity (BE)
1) measuring sources of brand equity (SBE)
2) measuring outcomes of brand equity (OBE)
SBE
•identifying and tracking consumers brand knowledge
•all thoughts, feelings, images, perceptions, and beliefs linked to the brand
OBE
•actual impact of brand knowledge on consumer response to different aspects of marketing program
•understand how sources of BE affect outcomes of interest (ie, sales)
Measuring sources of brand equity (SBE)
1) assess potential sources of CBBE by identifying and tracking consumers’ brand knowledge
2) all thoughts, feelings, images, perceptions, Nd beliefs linked to the brand
Measuring outcomes of brand equity (OBE)
1) assess actual impact of. Rand knowledge on consumer response to different aspects of the marketing program
2) understand how sources of BE affect outcomes of interest, such as sales
SBE - sources of brand equity
Measuring SBE requires:
1) FULL UNDERSTANDING of how customers shop for and use products/services
•most importantly, what customers know, think, and feel about various brands
2) measuring aspects of Brand Awareness and Brand Image that can lead to differential customer response making up brand equity
* Arise from consumer mindset
Measuring source of brand equity
QUALITATIVE and QUANTITATIVE research techniques
Qualitative research techniques
•verbal response from customers
1) free associations
2) brand personality and values
Quantitative research techniques •scale questions from which researchers draw numerical representation summaries 1) awareness 2) image 3) brand responses 4) brand relationships
Qualitative Research Techniques:
FREE ASSOCIATIONS
•simplest way to profile brand associations
•what comes to mind when you think if the brand
No cue other than maybe the product category
•form a rough mental map
•identify the range of possible brand associations in consumers minds
Quantitative Research Techniques
can help better assess:
1) the depth and breadth of brand awareness
2) strength, favor ability, and uniqueness of brand associations
3) valence of brand judgements and feelings
4) extent and nature of brand relationships
Quantitative research techniques (4)
1) awareness
- direct and indirect measures of brand recognition
- aided and unaided measures of brand recall
2) image
- scale measures of specific brand attributes and benefits
3) brand responses
- overall judgement and feelings
4) brand relationships
- overall relationship measures
Qualitative research techniques
Brand Awareness: RECOGNITION
-ability of consumers to identify the brand ( and its elements)
Measures
1) I am aware of brand x
2) x is a sushi restaurant I am very familiar with
3) I know what brand x looks like
4) I heard of brand x
5) I can recognize brand x amongst other competing brands of extended stay hotels
Qualitative research techniques
Brand Awareness: RECALL
Ability of consumers to retrieve the actual brand elements from memory
Unaided vs. aided recall
1) when I think of Asian restaurants, Maru is one of the restaurant names that comes to mind (u aided recall)
2) when I think of sushi restaurants, Maru is one of the restaurants that comes to mind (aided recall)
Consideration set
•which brand of sushi restaurant did you consider dining?
