What is a strong Brand? Brand Equity Sources of Brand Equity
Week Overview Week Overview Mon 10 th May Tue 11 th May Wed 12 th May Thur 13 th May 8:30-9:15 9:25-10:10 Introduction of Branding Brand Extensions Integrated Marketing Communic ation Personal Selling and PR 10:30-11:15 11:25-12:10 Brand Positioning Global Brand Discussion1 MarCom Psychology Ethics and Marketing 14:00-14:45 14:55-15:40 Brand Strategy E-MarCom Advertising Other Tools and Discussion2 Discussion 1 Choose two of your favourite fashion brands in China: one locally from China and one from abroad.
Who are their target markets? What are their products? What are their main points of parity and points of difference? Do you agree with their positioning strategy? How might the strategies be improved in your opinion? Discussion 2 Choose two of your favourite fashion brands in China: one locally from China and one from abroad.
What media do they choose to communicate with their target markets? How do they use Internet as a tool? What are the messages they intend to deliver? Does the messages correspond to the brand images? How might the strategies be improved in your opinion? What is a Brand? A brand is a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition. --American Marketing Associations (1992) www.marketingpower.com Brand Elements Basic elements include
Brand Name Logos and Symbols Keller (2008) Chapter 4 Brand Elements Basic elements include
Web address
Characters
www.wellbeing.com www.diy.com Keller (2008) Chapter 4 Brand Elements Basic elements include
Packaging
Music
Slogans Keller (2008) Chapter 4 www.thedieline.com Putting it all together
Brand Identity
The common element sending a single message amid the wide variety of its products, actions and communications
Kapferer (2007) 6 Facets of Brand Identity Personality Culture Self-Image Reflection Relationship Physique Kapferer (2007) I n t e r n a l i s a t i o n
E x t e r n a l i s a t i o n
Sender Receiver What is a strong Brand?
The result of a strong brand is that customers willingness to buy one brand is more than its competitors
Brand Equity Does a brand worth a penny?
Brands have financial value because they have created assets in the minds and hearts of customer, distributors, prescribers and opinion leaders.
It is the differential effect that brand knowledge has on consumer response to the marketing of that brand A positive CBBE means customer might be more accepting to the marketing activities (ie. the marketing mix) for a brand
Keller (2008) & Keller (1993), Conceptualizing, Measuring and Managing Customer-Based Brand Equity, Journal of Marketing, 57(1), pp. 1-29 Sources of Brand Equity CBBE Brand Awareness Brand Association Keller (2008) Chapter 2 Sources of Brand Equity CBBE Brand Awareness Brand Association Brand Recall Brand Recognition Keller (2008) Chapter 2 Sources of Brand Equity Brand Recall
Consumers ability to retrieve the brand from memory when given the product category, the needs fulfilled by the category, or a purchase or usage situation as a cue
Brand Recognition
Consumers ability to confirm prior exposure to the brand when given the brand as a cue Keller (2008) Chapter 2 Sources of Brand Equity How people process information?
When decisions are made at the point of purchase, where brand name, logo, packaging, and so on will be physically present and visible, brand recognition would be important
When decision are made in settings away from the point of purchase, brand recall would be more important Sources of Brand Equity How to increase Brand Awareness?
Repeated exposure to increase familiarity
Strong association with appropriate product category or relevant purchase or consumption cue
Alba and Hutchinson, (1987), Dimensions of Consumer Expertise, Journal of Consumer Research, 13(4), pp. 411-453 Sources of Brand Equity CBBE Brand Awareness Brand Association Strength Favourability Uniqueness Keller (2008) Chapter 2 Sources of Brand Equity Strength
Personal Relevance of the brand and the Consistency with which the brand is presented over time can strengthen the brand association. Sources of Brand Equity Favourability
Favourable association for a brand are those associations that are desirable to consumers, successfully delivered by the product, and conveyed by the supporting marketing program Sources of Brand Equity Uniqueness
The uniqueness of the brand gives consumers a compelling reason why they should prefer this brand than the others Sources of Brand Equity How to create Brand Association ?
Brand positioning strategy which give unique, meaningful points of differences to the brand to provide a competitive advantage and a reason why consumers should buy