Week ONE: Brand Equity Enhancement Flashcards
Brand equity can be built by integrating the promotional and marketing mix. What is brand equity and why is it important?
= the equity (value) that an established brand has built over its history
- Results in consumers willing to pay more for a product, talk positively about it, and buy a newly released product (eg. iphone)
- Is a function of:
- > Brand awareness (recognition and recall)
- > Strong, unique and positive brand associations
What are the components of brand equity?
Brand knowledge (made up of brand awareness -> recall and recognition and brand image -> associations (attributes eg. product and non-product related), uniqueness, favourability (benefits and attitude eg. functional, symbolic, experiential)
What are the components of brand awareness?
Brand recognition
= relatively low level of awareness of a particular brand, where the consumer may be able to identify a brand if given prompts
Brand recall
= relatively high level of awareness of a particular brand, where a brand is so well known that many consumers can recall the brand without prompts
Top of mind awareness
= this pinnacle of brand-name awareness occurs when a company’s brand is the first brand that consumers recall when thinking of a particular product category
Outline, with examples, the types of benefits that comprise brand associations
Functional
- Provides solutions for practical problems
eg. Faster processing power on your laptop, More memory for files
Symbolic
- provides self-image enhancement, identity and belongingness benefits
eg. Having the newest iphone to signal trendiness and wealth, Wearing your footy’s team colours on game day
Experiential
- provides sensory, cognitive and/or affective stimulation
eg. Rollercoasters and skydiving, Watching sad movie
Outline the five ways that IMC helps achieve equity
- Profile the target market
- Determine message/positioning - Use relevant media channels
- Reach target consumer - Achieve communication synergy
- Speak with one voice, build brand equity - Influence target market
- Sales, awareness, loyalty, behaviour - Build customer relationships
- Repeat purchases, positive WoM, community
Briefly outline the IMC Model
Program evaluation (measureing results, provide feedback, take corrective action) => marketing communications program is fundamental decisions (positioning, targeting, set objectives) & Implementation decisions (mixing elements, create messages, select media) => outcomes -> enhance brand equity & affect behaviour
How does traditional media and social media differ in the following:
- market research
- customer interactions
- brand positioning
- targeting
MARKET RESEARCH
TM:
- surveys or focus groups conducted infrequently with limited customers
SM:
- continuous, detailed feedback from customers using online communities
CUSTOMER INTERACTIONS
TM:
- one-way marketing from the company, two way dialogue in stores
SM:
- customers expect brands to listen and engage with them on a regular basis
POSITIONING
TM:
- brand positioning created with agency and dictated to consumers
SM:
- brand positioning created and shared with most engaged, loyal customers
TARGETING
TM:
- TV ad created for the masses, some minimal targeting via program selection
SM:
- digital campaigns reach consumers in an entirely personalised manner