week 9 - measuring outcomes of brand equity Flashcards
what is quantitive research deisgn: survey
Survey is structured data collection from a sample of a target population to provide facts and estimates relating to customers, offerings, competitors, environmental factors or other phenomena:
to make accurate predictions about relationships between market factors and customer behaviours & characteristics
Understand the relationships and differences
validate existing relationships
if data in survey is collected at a single point in time
cross sectional study
if data from server is collected repeatedly through time
longgitudinal study
the multidimensionality of brand equity and the importance of multiple methods to measure it.
brand awarness e.g. brand peformance brand imagery brand judgements brand feelings brand peformance - loyalty to a certain brand, wom liklihood to recomend
stonrgly agree, agree etc
measures of marekting peformance - brand peformance
market share
brand extension sucess
brand sales revenue per unit
measures of marketing peformance - customer oriented
customer loyalty
customer retention
share of wallet
measures of marketing - financial measures
gross profit net profit margin return on assets customer life-time value customer equity
define comparative methods
use expirements that examnie consumer attitudes toward a brand, to more directly assess the benefits arising from having a high level of awarness and strong, favourable and unique brand associations
3 types of comparative methods
brand based comparative approach
marketing based comparative approaches
conjoint analysis
define brand based comparative approach
expierements in which one group of consumer reposnts to an elements of the marketing program when it is attributed to the brand and another group responds to that same element when it is attributed to a competitive or fictiously named brand
define marekting based comparative approach
expirements in which consumers respond to changes in elemnts of the marekting program for the brand or competitive brand
define conjoint analysis
survey based multivariate technique that enables marketers to profile the consumer buying deicion process with respect to products and brands
explain brand based comparative approaches
Competitive brands used as benchmarks by consumers
Exemplar: Category leader or some other brand that consumers feel is representative of the category, like their most preferred brand
Consumption research for new or existing products
Useful to determine brand equity benefits related to price margins and premiums
advantages + disadvantages of brand based comparative approaches
Advantages
Isolates the value of a brand in a very real sense
Applicable when the marketing activity under consideration represents a change from past marketing of the brand
Achievement of realism
Disadvantage
Simulations and concept statements may distort the results.
explain marketing based comparative approaches
Hold the brand fixed and examine consumer response based on changes in the marketing program
Assessing consumer response to different advertising strategies.
Explore potential brand extensions by collecting consumer evaluations of a range of concept statements.
Advantage
Ease of implementation
Disadvantage
Difficult to discern whether consumer responses are caused by brand knowledge or by more generic product knowledge
advantage and disadvantage of marketing based comparative approaches
Advantage
Ease of implementation
Disadvantage
Difficult to discern whether consumer responses are caused by brand knowledge or by more generic product knowledge
explain conjoint analysis
Used to estimate the relative importance consumers attach to salient attributes, and the utilities they attach to the levels of attributes
The underlying assumption is that brands are evaluated by consumers as a bundle of attributes
Derived from consumers’ evaluation of product profiles composed of attributes and their levels
Consumers are presented with product profiles with different combinations of attribute levels
Consumers evaluate each product profile in terms of its desirability
For each respondent, conjoint procedures assign utility values to each attribute level
Allows identification of the most preferred combination of features
Application of conjoint analysis
Brand image analysis:
The relative contribution of each product attribute can be determined for use in marketing and advertising decisions
Segmentation analysis:
Groups of potential customers who place different levels of importance on the product features can be identified for use as high and low potential market segments
benefits of conjoint analysis
Study different brands and different aspects of the product or marketing program simultaneously.
Ability to provide utility estimates for individual levels of each product attribute
Ability to estimate non-linear relationships among attribute levels
Outcome allows to communicate the most preferred combination of features
limitations of conjoint analysis
Marketing profiles may violate consumers’ expectations
Difficult to specify and interpret brand attribute levels
Consumers may have difficulty making choices or indicating preferences among large numbers of profiles
