week 8 - developing brand equity measuring system + management system Flashcards
explain measuring and interpreting brand peformance
To assess how well a brand is doing, we need to assess:
How to measure brand knowledge structures and customer-mindset – that is, what customers know and feel about brands, and their behaviour with a brand – to identify potential “sources of brand equity”
How to measure “outcomes of brand equity” – that is, effect of brand knowledge structures and customer mindset on market performance of the brand
Virtually every marketing dollar spent today must be justified as both effective and efficient in terms of “return of marketing investment” (ROMI).
explain the brand equity measurement system
The Measurement system must be timely, accurate and actionable information on sources and outcomes of brand equity and how the two interrelate
A set of research procedures
Guide tactical and strategic decisions
Understand sources of brand equity (p. 73 of text)
How they affect outcomes (sales, market share, profits etc.)
How sources and outcomes change over time
The data must be easy, quick, responsive and make decisions based on the data
- The key is to turn basic data into useable knowledge
define brand audit
Brand audit: Comprehensive examination of a brand to discover its sources of brand equity
define marketing aduit
Independent examination of a company’s marketing environment, objectives, strategies, and activities
agreement on objectives, scope, and approach
data collection
report preparation and presentation
explain brand audits
Comprehensive examination of a brand to identify its sources of brand equity, and suggest ways to improve and leverage its equity
Externally, customer-focussed
Understand sources of brand equity from firm’s and consumers’ perspective
What products are being offered and how they are being marketed and branded
What deeply-held perception and beliefs create the true meaning of brand and products
Sets strategic direction for a brand
Are current sources of brand equity satisfactory?
Do certain brand associations need to be added, subtracted, or strengthened?
What brand opportunities exist and what are the potential challenges to brand equity?
Two steps: 1) Brand Inventory 2) Brand exploratory
explain type of brand explatory and image research
Preliminary activities - Prior research studies; Interview internal personnel to understand their beliefs about consumer perceptions for the brand and competitive brands; Reveals internal inconsistencies and misconceptions
Qualitative research - Mental maps and core brand associations; Helps in identifying points-of-parity and difference to establish brand positioning (discussed later)
Quantitative research - More definitive assessment of brand equity; Include all brand elements in assessment of brand equity (discussed later)
Brand exploratory helps reveal existing brand image as well as the desired brand image - Adding new brand associations; Strengthening desirable associations; Subtracting undesirable associations
Ideal brand positioning aims to achieve congruence between:
(john robert’s brand positioning)
What customers currently believe about the brand (owned)
What customers will value in the brand (valued)
What the firm is currently saying about the brand (claimed)
Where the firm would like to take the brand (desired)
Each of the different approaches may suggest or reflect different approaches to positioning
explain assesing the health of the brand
What is important to the organisation – what do they need to report to management and shareholders – specific issues important to the organisations at that point in time
Collect information from consumers on a regular basis – usually look at brand performance on a number of key dimensions – these components often come from the brand value chain (figure 3.5) to better understand how brand value is created, and how well the brand has achieved its positioning
Provides base-line information - helps identify consumer behaviour, category dynamics, competitive behaviours, marketing effectiveness
Product brand tracking – brand awareness, brand image, brand recall, brand association , different levels of the brand, brand equity such as strength, favourability, uniqueness, attitudinal change
Global tracking – when brands are available across developing and developed countries – this has become more important in a global environment
explain measuring brand equity: sources and outcomes
awarness judgements feelings imagery resonance
leads to = brand equity
leads to = addtidude towards brand, purchase intentions. brand recomendation, price premiuim
explain 6 qualitative research techniques
free associations projective tehnique zaltman metaphor tecnhique natural research method brand personality and value ethnographic and experiental methods
explin techniques of free associations
Powerful way to profile brand associations
Help form a rough mental map for the brand
Indicate the relative strength, favourability, and uniqueness of brand associations
Without any specific probe, consumers narrate:
What comes to their mind when they think about the brand or the associated product category
Examples - What comes to mind with you think of Rolex? What does the Rolex name mean to you?
Coding in order of elicitation – rough measure of strength
Positive associations, negative associations (what do you like/dislike about the brand)
Comparing with other brands – rough idea of uniqueness (How is it different from others)
Imagery (who uses the brand, in what type of situations; when and where etc.)
explain protective techniques
e.g. bats
Diagnostic tools to uncover the true opinions and feelings of consumers when:
They are unwilling or unable to express themselves
socially unacceptable or undesirable to express true feelings
Present consumers with ambiguous stimulus and ask them to make sense of it
Rorschach test to elicit subconscious personality
Types of Projective Techniques
Completion and Interpretation Tasks - involving incomplete or ambiguous stimuli to elicit consumer thoughts and feelings.
Comparison Tasks (country, person, animal, car, vegetable, occupation etc.)
Archetypes (fundamental psychological association shared by members of a culture, with a cultural object) – every culture has a ‘cultural unconscious’ that drives the behaviour of its members e.g., why children in Germany need instructions for playing Lego
explain Zaltman Metaphor Elicitation Technique (ZMET)
Uncovers hidden thoughts and feelings which can be expressed using metaphors
Elicits interconnected constructs that influence thought and behaviour
Construct- An abstraction to capture common ideas or themes expressed by customers
Metaphor
Defining one thing in terms of other
Represents thoughts that are tacit, implicit, and unspoken
examples of Zmet uses
Story telling
Sorting task e.g., board games that order what’s important to you and if the organisation does it well
Representative pictures e.g., pictures that associate with different brands
Sensory images
Summary images
Missed images e.g., observe the images which the respondent spend the least amount of time on
Mental Maps
