Podcast
Questions and Answers
What is the primary condition for effective classical conditioning?
What is the primary condition for effective classical conditioning?
How does repetition influence classical conditioning?
How does repetition influence classical conditioning?
What phenomenon allows a brand to leverage its strong image for new products?
What phenomenon allows a brand to leverage its strong image for new products?
What is the main purpose of exploratory research?
What is the main purpose of exploratory research?
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What is a challenge associated with in-depth interviews?
What is a challenge associated with in-depth interviews?
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What happens in the case of stimulus discrimination?
What happens in the case of stimulus discrimination?
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What is the optimal number of exposures to a marketing communication for maximum effectiveness?
What is the optimal number of exposures to a marketing communication for maximum effectiveness?
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How long do focus groups typically last?
How long do focus groups typically last?
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How does brand personality contribute to brand equity?
How does brand personality contribute to brand equity?
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Why are beliefs easier to change than evaluations?
Why are beliefs easier to change than evaluations?
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What type of research is causal research primarily concerned with?
What type of research is causal research primarily concerned with?
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What is one of the advantages of using projective techniques in research?
What is one of the advantages of using projective techniques in research?
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What is meant by the self-expressive function of a brand?
What is meant by the self-expressive function of a brand?
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What is the effect of a 'wear-out' problem in marketing?
What is the effect of a 'wear-out' problem in marketing?
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What do association techniques in projective methods aim to uncover?
What do association techniques in projective methods aim to uncover?
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Which of the following best describes the role of explicit arguments in persuasion?
Which of the following best describes the role of explicit arguments in persuasion?
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Which of the following is a challenge in creating brand personality in the digital era?
Which of the following is a challenge in creating brand personality in the digital era?
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What is a disadvantage of focus groups?
What is a disadvantage of focus groups?
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What does the self-image congruence model suggest?
What does the self-image congruence model suggest?
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How can a country or region of origin influence brand attributes?
How can a country or region of origin influence brand attributes?
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Which of the following describes descriptive research?
Which of the following describes descriptive research?
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What effect do feelings and emotions associated with a brand's personality have on consumers?
What effect do feelings and emotions associated with a brand's personality have on consumers?
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What is implied by symbolic self-completion theory?
What is implied by symbolic self-completion theory?
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What error in judgment occurs due to the intuition trap?
What error in judgment occurs due to the intuition trap?
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Study Notes
Marketing Mix Reminder
- Product/service/idea management
- Packaging
- Added services & warranties
- Branding
- New product development
- These are mostly strategic
Distribution Channels Management
- Location
- Physical distribution and logistics
- Merchandising
- These are largely strategic
Persona / Price / Promotion
- Pricing rules
- Financial services
- Discounts & rebates
- Price discrimination
- These rules must balance costs, consumer valuation, and competitor actions.
- They can be strategic, tactical, or operational.
- Communication with customers
- Advertising
- Direct marketing
- Sales promotion
- Sales force management
- Public relations (PR)
- These are more tactical, sometimes operational.
Brand Meaning
- Target market's perception of the brand in terms of brand image
- Emotions, beliefs, and intentions associated with the brand, along with purchase and usage behaviors for the brand.
Keller's CBBE Pyramids
- Should explain how target markets perceive a chosen brand.
- Stages of Brand Development
- Identity - Who are you?
- Meaning - What are you?
- Response - What about you?
- Relationships - What about you and me?
Evolution of Marketing
- 1930s - product orientation
- 1960s - consumer orientation
- 2010s - consumer as a driver
- Quicker access to info
- Increased competition
- Targeted & personalization
- Experience takes greater importance over product
- Globalization
Sales vs. Marketing
- Sales: Products → selling & promoting → profits through sales volume
- Marketing: Customer needs → integrated marketing → profits through loyalty & CS
Product vs. Customer Centric
- Product-centric: Deliver the best product/service; new product culture; searching for new technologies; developing new products/services; management of innovation
- Customer-centric: Deliver best solutions for the customer; consumer insights culture; searching for new needs; developing new solutions; management of customer experience
Customer Values
- Efficiency
- Convenience
- Friendly service
- Easy payment
- Knowledgeable service
- Human interaction
- Personalization
What is a Brand, What is Branding?
- Derived from "Brandr," meaning to burn oneself into or stigmatize
- Initially used on conquered people
- An essence, more than just a logo
- Founders, consumers, and employees see themselves represented in brands
- Ancient period: proto brands (origin marks)
- Before 1900s: trademarks (legal protection), literal authenticity
- Before 1950s: STP (Segmentation, Targeting, Positioning)
- After 1950s: Brand management systems
- General (1980+): Understanding the value and power of brands
- Concept Definition: A brand is a distinguishing name & symbol identifying goods/services from competitors
Brand management and influences
- Economics – efficiency
- Law – trademarks
- Psychology – individual behaviors
- Anthropology & sociology – social behaviors
- Business studies – firm brand issues
- Media studies – communication
- Creative practice – identity and experience
Brand Building Blocks
- Salience
- Performance
- Imagery
- Judgments
- Feelings
- Resonance
Strong Brands
- Brand qualities
- Consistent Quality
- Efficient choice/purchase
- Signaling of Novelty
- Engaging and interesting consumption
- Logo/Color Recognition
- Stability
- Brand Phenomenon (ex: Uber)
Brand Meaning
- Relevance in different situations
- Logo/Color recognition
- Brand stability
Who Shapes Brand Meaning?
- Firms
- Users
- Influencers
- Brand meaning is co-created
- Context matters
- Branding is about identity
- Brands are assets
- Co-creating serves latent needs
Brand Equity
- Value added to functional product/service
- Approaches:
- Customer-based Brand Equity (CBBE)
- Company (financial) BE
- Employee BE
- Connectedness to customers via methods and theory and their financial value, along with employee and target customer connections
- The brand is the customer's mind
- "What do I know about it?"
- "What do I feel toward it?"
- "What was it like to use it?"
CBBE
- Buyers know brands from:
- Brand elements (names, symbols, logos, slogans)
- Marketing programs (features, designs, benefits, prices, outlets, communications)
- Secondary elements (company name, country of origin, owner/user characteristics, endorsers)
- Personal consumption experiences
- Associations depend on awareness and memory
- Associations should be strong, favorable, and unique
- Associations from marketing communications and from buyers' direct experiences
Brand Salience
- Top-of-Mind Awareness
- Brand Recall
- Brand Recognition
- Unaware
CBBE Model (4 Steps)
- Brand identity (who it is) - establishing brand awareness
- Brand meaning – associations (“what does it stand for”)
- Brand response – eliciting positive brand responses
- Loyalty – forming sustainable brand relationships
Brand Resonance (Ultimate Goal)
- Behavioral loyalty
- Attitudinal attachment
- Sense of community
- Active engagement
Brand Resonance - Active Engagement
- Consumers willing to invest time, energy, or resources beyond purchase Examples: club memberships, updates, website visits
- Consumers become brand ambassadors
- Requires a strong attitudinal attachment / sense of community
Brand Resonance – Behavioral Loyalty
- Repeat purchases
- How much and how often do consumers buy the product?
- In absolute vs. relative terms (vs competitors)
Brand Resonance – Attitudinal Attachment
- Strong positive attitude toward the brand
- Brand "love"
- Customers can become brand ambassadors
Brand Resonance - Sense of Community
- Identification with a brand community
- Feelings of belonging to other people associated with the brand
Company-based Brand Equity
- Differential effect of the brand on a company's balance sheet
- Brand equity = asset value of the brand (NPV) of cash flows related to the brand
- Calculates the net present value (NPV) of cash flows to determine a brand's worth
Employee Brand
- Rewards & benefits
- Fair payment
- Fair hours
- On-site services & extras
- Employee care
Employee Brand – Culture & Work Environment
- Diversity & inclusion
- Organizational culture
- Feedback for improvements
- Quality physical work environment
Employee Brand – Leadership & Development
- Flexibility
- Tailored career paths
- Performance management
- Quality of leadership
- Talent management
- Teamwork
Brand Equity Summary
- Brand equity measures the brand's value to an audience.
- Strong brand relationships predict higher brand value
- Brand equity is built over time through consistency and relevance
- Firms build brand equity for all their activities
Benefits of Brand Equity
- Greater customer loyalty
- Reduced harm from competitive actions
- Higher profit margins
- More inelastic responses to price increases
- More elastic responses to price decreases
- Increased marketing communication efficiency
- Increased possibility of successful brand extensions
Conclusion on Brand Equity and Business Performance
- Brand equity = company-based and customer-based concept
- Strong brands are exciting, motivating, and garner consumer attention
- Marketing/brand managers build and maintain brand image for brand equity as an asset
Keller's Criteria for Choosing Brand Elements
- Memorable
- Meaningful
- Likeable
- Transferable
- Adaptable
- Protectable
- Brand Names, URLs, Logos, Characters, Symbols, Slogans, Packaging & Signage
Brand Identity Prism
- Brand identification discussed in Europe in 1986
- Outward expression of a brand: name, trademark, communications, and visual appearance
- Differentiates a brand from competitors
Brand Identity vs. Brand Image
- Brand Identity: How a company wants a brand to be recognized and understood by customers
- Brand Image: How customers actually perceive and understand a brand
- Brand Position: The brand's distinct identity & value proposition communicated to a target audience
How To Build a Strong Brand
- State core values/identity
- Choose brand elements wisely (name, logo, character, slogan, jingle, package)
- Implement a strong marketing strategy
- Maintain consistent brand elements & value positions
- Monitor brand progress
- Audit all brands (new and old)
- Ensure brand consistency & synergy
- Leverage strong brands with extensions if core values are reinforced
- Monitor brand health; measuring awareness, value position, loyalty, & associations (over time)
How to Signal Brand Images
- The company is the brand
- A character is the brand
- The product is the brand
- A person is the brand (ex. Elon Musk)
Creating Company/Brand Associations
- Company names should be matched to brand names
- Company image should be developed from society & community orientation
- Concern for customers
- Product/service quality
- Local vs. Global orientation
Example 2: Ben & Jerry's
- donates 7.5% profits to social causes
- markets "Rain Forest Crunch" products
- uses Brazilian nuts to promote environmental awareness
- uses low-income areas and employs homeless workers
Value Positioning
- Price, Quality, or Performance
- Relative quality, performance, or price
More-for-More Positioning
- Highest quality and price
- Example: Four Seasons hotels, Rolex watches, Mercedes-Benz
More-for-the-Same Positioning
- Offering similar quality at a lower price
- Example: Toyota Lexus
The Same-for-Less Positioning
- Offering the same products or services at a lower price
- Example: Walmart, Best Buy, PetSmart
Less-for-Much-Less Positioning
- Products with basic or low-quality features or benefits at a very low price
- Example: Motel 6, Holiday Inn, Ramada hotels
Segmentation and Targeting
- Divide the market into smaller segments
- Choose segments for market entry
- Value creation process for targeted customers
- Differentiating product offerings to create unique customer value
- Positioning products in the minds of target customers
- Market segmentation (geographic, demographic, behavioral, psychographic)
Brand Personality
- Set of human characteristics associated with a brand
- Measures:
- Sincerity
- Excitement
- Competence
- Sophistication
- Ruggedness
Goals of Brand Personality
- Build long-term relationships with consumers via differentiated aspects.
- Brand personality that is difficult to copy.
- Create sustainable brand equity for the brand
Measurement of Brand Personality
- Use emotions and feelings (difficult to measure traditionally)
- Focus groups or scales
Balance Theory
- An attitude comprising 3 elements: a person, their perceptions of an attitude object, and another person using that object
Three Relationships
- User relation (attitude toward a product)
- Unit relation (product-model interaction)
- Sentiment relation (attitude toward another person)
Relations between Elements
- Should be consistent (balanced) for a state of equilibrium
- Unbalanced multiplies 3 signs of negative
- Balanced multiplies 3 signs of positive
Marketing Applications of Balance Theory
- Celebrity endorsements
- Brand associations that influence consumers
Sponsorships
- Brand partnerships for product visibility/recognition
Age and Brand Personality
- Newer brands often have younger personalities
Social Norms
- Informal, shared guides of behavior/attitudes (supported by social rewards)
- Types
- Descriptive: what most people do
- Injunctive: what one should do
- Implications
- Use descriptive norms with thought processes
- Support the idea of "right majority"
- Use injunctive norms without thought processes (e.g., humor)
- WOM communication
- More reliable type of marketing
- Influence of 2/3 of sales
- Powerful in unfamiliar product categories
- Key takeaways:
- Conform without noticing
- Two kinds of social influence (informational and normative)
- Public compliance and private acceptance
- Six principles of influence
Different Ways of Identifying Profiles
- Geographic
- Demographic
- Behavioral
- Psychographic
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