week 11 - managing brands overtime + globally Flashcards
explain brand reinfocement startergies
maintaining brand consistency - in amount and nature of marketing
protecting sources of brand equity
fortifying versus leveraging brand equity
fine tuning the supporting marketing program
explain the brand reinforcment stratergy - maintinaing brand consistency
Brands need continued investments in R&D and Communications
Continued innovation to address changing needs and tastes of consumers
Continued presence in mind – share of voice, reinforcing brand meaning
Market leaders and failures
Consistency and change
Consistent strategic positioning
Retention of marketing elements
Preservation of brand meaning
explain the brand reinforcement stratergy - protecting sources of brand equity
Unless consumer behavior changes, or competition or environmental forces the strategic positioning of the brand to become less powerful:
Little need to deviate from a successful positioning
Top priority is to preserve and defend existing sources of brand equity
Key sources of brand equity are of enduring value
Also look for potentially powerful new sources of brand equity – product related & non-product-related brand associations
Carefully expand the meaning of the brand
explain the brand reinfocement stratergy - fortifying v leveraging brand equity
Marketers can either fortify brand equity or capitalise or leverage on existing brand equity (trade off)
Marketers can design marketing programs that mainly try to capitalise on or maximise brand awareness and image e.g., introduce brand extensions
Leveraging is broadening the product range by introducing e.g., new products under a brand name which is already successful in another category
Fortifying is increasing brand equity and furthering the brand image through continuous marketing and advertising efforts e.g., product placement, sponsorship….keeping the brand alive!
Without its sources of brand equity, the brand itself may not continue to yield valuable benefits
Failure to maintain a brand can effect its Customer based brand equity
define leveraging
Leveraging is broadening the product range by introducing e.g., new products under a brand name which is already successful in another category
define fortifying
is increasing brand equity and furthering the brand image through continuous marketing and advertising efforts e.g., product placement, sponsorship….keeping the brand alive!
explain the brand reinfocrement startergy - fine tuning the supporting marketin program
Product-related performance associations
Innovation is critical e.g., continual evolution of the Sony brand
It is important not to change products too much, especially if the brand meaning for consumers is wrapped up in the product design or makeup.
Non-product-related imagery associations where core associations are primarily non-product-related attributes and symbolic or experiential benefits, relevance in user and usage imagery is especially critical.
Ill-conceived or too-frequent repositioning can blur the image of a brand and confuse or even alienate consumers.
Brand images can be extremely sticky, and once strong associations have formed, they may be difficult to change
explain brand revitalization stratergies broadrdly
increase brand awarness
improve brand image
explain imroving brand revitalization through brand awarness
Increasing usage
Increasing the level or quantity of consumption
Increasing the frequency of consumption e.g., shampoo
Identifying new or additional usage opportunities
Communicate appropriateness of more frequent use in current situations e.g., Oral B tooth brushes
Reminders to use e.g., Banana Boat suncreeen
Identifying new and completely different ways to use the brand e.g., Dettol, Napisan, Vaseline
explain improving brand revitiliaztion via improving brand image
Repositioning the brand (Kellogg’s cereals were repositioned as an evening snack)
Entering new markets (Cosmetic companies entering the male market)
Establish more compelling points of difference
Remind consumers of the virtue of the brand
In some cases, a key point of difference may turn out to be nostalgia and heritage rather than any product-related difference.
Changing brand elements
explain brand migration stratergies
The brand migration strategy helps consumers understand how various brands in the portfolio can satisfy their needs as they change over time, or as the products and brands themselves change over time – consumers are able to switch brands as needs change e.g., Corolla to Camry to Lexus
A corporate or family branding strategy in which brands are ordered in a logical manner could provide the hierarchical structure in consumers’ minds to facilitate brand migration.
adjustments to brand portfolio - aquiring new customers
Acquiring new customers
Greatest challenge – making the brand relevant to numerous customers
Tradeoffs in their marketing efforts between attracting new customers and retaining existing ones
Firms must proactively develop strategies to attract new customers, especially younger ones.
Create a new sub brand or extension for different markets
Distribute products more widely in more outlets
adjustments to brand portfolio - retrying brands
Maybe dried up or damaging and difficult-to-change associations
Can retire fading brand and reduce its number of product types (package sizes or variations)
Reduce marketing support (it might be a cash cow) – known as an orphan brand
Remove the brand altogether
Forces that have encouraged many firms to market their brands internationally:
Forces that have encouraged many firms to market their brands internationally:
advantages og global marketing programs
economies of scale in production and distribution
lower marketing costs
power and scope
consistency in brand image
ability to leverage good ideas quickly and efficiently
uniformity f marketing practices
