class1_what is brand_slides (1).pdf

CLASS 1-1 ABOUT THIS COURSE d A BIT ABOUT ME § Wooyun Yuna Yang – call me Yuna for short § Ph.D. in Marketing (Consumer Psychology) § Visiting Assistant Professor of Marketing at HKUST (2022 Spring) § Assistant Professor of Marketing at UCD (2022 Autumn – present) § [email protected] d ABOUT T...

CLASS 1-1 ABOUT THIS COURSE d A BIT ABOUT ME § Wooyun Yuna Yang – call me Yuna for short § Ph.D. in Marketing (Consumer Psychology) § Visiting Assistant Professor of Marketing at HKUST (2022 Spring) § Assistant Professor of Marketing at UCD (2022 Autumn – present) § [email protected] d ABOUT THIS COURSE § Class time § Tuesday 9:00 – 10:50 am § Venue § UCD Belfield Campus, QUI005 d COURSE OBJECTIVES (1/2) Q. How do we manage a valuable brand? 01 02 03 04 05 Technology Technology Technology Technology Technology 06 07 08 09 10 Beverage Automobile Automobile Restaurant Media d COURSE OBJECTIVES (2/2) Q. Wait, what does a valuable brand mean? Valuable to whom? d COURSE STRUCTURE (1/3) § Module 1: Understanding and Measuring Brand Equity § Understand the concept of brand equity (=brand value; i.e., consumer perceptions of a brand) § Assess brand equity, both qualitatively and quantitatively § Learn how you can shape these perceptions to achieve ideal positioning through various marketing activities – Lululemon case d COURSE STRUCTURE (2/3) § Module 2: Strategic Management of Brand Equity § How product decisions can advance/erode brand equity – Land Rover North America case § How to manage brand equity using new media – The Hunger Games: Catching Fire case § How to manage brand over geographic boundaries and time, through environmental changes – P&G “Always” Russia case d COURSE STRUCTURE (3/3) § Brand Audit Project § Part I: Historical overview and background § Part II: How is the brand currently positioned § Part III: How do consumers perceive the brand § Part IV: What types of marketing activities are (in)consistent § Part V: Make recommendations on what can be done d INSTRUCTIONAL METHODS § Lectures § Discussion Sessions on 4 Business Cases: for Critical Mindset!! § Special Topic Sessions § The (Not-So-Obvious) Effects of Counterfeits § The Psychology of Luxury Brand Consumption § Brand Audit Project d COURSE MATERIALS § Lecture Notes § Lecture slides will be posted on Brightspace before & after each class. § Business Cases § Business cases will be uploaded on Brightspace with discussion questions. § (Optional Reading) Textbook § Strategic Brand Management: Building, Measuring, and Managing Brand Equity (Fifth Edition, Global Edition), by Kevin Keller and Vanitha Swaminathan d COURSEWORK AND ASSESSMENT Coursework Weight to Final Grade 2 Quizzes (individual component, midterm exam & final exam) 50% (one with better performance 33.3%, the other one 16.6%) 40% (adjusted by peer evaluation) 10% Brand Audit Project (group work, throughout the semester) In-Class Contribution § I will assign you to a group of 6 and post it after class 3 COURSE POLICIES Communication § Your voice shall be heard § This is a safe environment to express your thoughts! § Critical mind can be developed only when you speak out. § Respect others § Respect your teammates’ time and effort. § Respect others’ thoughts, feelings, and opinions. COURSE POLICIES Academic integrity § Zero tolerance for § Copying others’ work or letting others copy yours § Handing in work done for another course § Handing in others’ work as if it is your own § Making up facts or references § Looking at someone else’s answers in a test § Copying contents from the Internet wo/ citation (hell no!) d SYLLABUS § Posted on Brightspace § Read it carefully and let me know if anything is unclear. CLASS 1-2 WHAT IS BRAND agenda # Definition and Examples of “Brand” f # Why Do Brands Matter? d WHAT IS A BRAND? § Norse word “brandr” meaning “to burn” § Other early evidence § Chinese porcelain § Mark on every loaf for tax purpose WHAT IS A BRAND? Modern-day definition of brand (1/2) § According to American Marketing Association (AMA), § A brand is a name, term, sign, symbol, design, or a combination of them, intended for consumers to identify the goods and services of one seller and to differentiate them from those of competition. WHAT IS A BRAND? Modern-day definition of brand (2/2) § Brands are intangible, but they exist in consumers’ minds. § A brand reflects marketing activities that are aimed at building awareness, reputation, associations, and so on, in the marketplace. d BRAND ELEMENTS § Brand names, logos, symbols, etc.: The building blocks of brand knowledge (how brand is perceived in consumer mind) § The key to creating a valuable brand: § Able to choose brand elements that identify a product well § Distinguish it from other products well § Whenever a marketer creates a new name, logo, or symbol for a new product, a brand has been created. BRAND ELEMENTS Irony of unbranding / debranding § Persuasion Knowledge Model (PKM) § How people use their knowledge of persuasion motives and tactics to interpret, evaluate and respond to influence attempts from marketers and others d WHAT CAN BE CONSIDERED A BRAND? § Based on the definition of brand, what can be considered a brand? Name anything that you think can be considered a brand! can anything be branded? Physical goods (1/2) § Traditionally associated with consumer goods: § Mercedes-Benz § Nescafé § Sony can anything be branded? Physical goods (2/2) § Branding has been adopted in a variety of industries: § Industrial business-to-business (B2B) products (ex. Caterpillar) § Technologically intensive “high-tech” products (ex. Alexa) can anything be branded? Services § Brand symbols help make abstract nature of the services more concrete: § Federal Express (FedEx) can anything be branded? Retailers and distributors (1/2) § Retailers can introduce their own brands by: § Using their store name § Creating new names (i.e., private label brand (PB)) can anything be branded? Retailers and distributors (2/2) § Private label brands offer a way for retailers to increase customer loyalty and generate higher margins and profits § In Britain, five or six grocery chains selling their own brands account for roughly half the country’s food and packaged goods sales. can anything be branded? Digital brands § Some of the strongest brands in recent years have been born online: § Amazon § Google § Meta can anything be branded? People and organizations § People and organizations are usually accompanied by welldefined images that are easily understood by consumers § Lady Gaga § University (e.g., UCD) can anything be branded? Sports, arts, and entertainment (1/2) § Sports Marketing (e.g., Chelsea, Arsenal) § Use a creative combination of advertising, promotion, sponsorship, etc. § Marketing activities to increase awareness, image, loyalty, and eventually ticket sales can anything be branded? Sports, arts, and entertainment (2/2) § Movies, Cartoons, Books, their Creators, and Platforms § Marble and DC franchises § Harry Potter series § Duffer brothers § Russo brothers § Netflix § Disney+ can anything be branded? Geographic locations § Cities, states, regions, and countries § Ireland § Dublin § Las Vegas § New Zealand WHY DO BRANDS MATTER? Consumers (1/4) § Brands help our decision making because we are cognitive misers § Dual Processing Model (Kahneman & Tversky) § System 1 thinking (Default): Fast, intuitive, unconscious, emotional, based on heuristics and past experiences § System 2 thinking: Slow, conscious, deliberative, effortful, based on logic and reasoning WHY DO BRANDS MATTER? Consumers (2/4) WHY DO BRANDS MATTER? Consumers (2/4) WHY DO BRANDS MATTER? Consumers (3/4) § Brands help our decision making because we are cognitive misers § Identify the source of the product easily § Simplify product decisions: Lower the search costs for products internally (i.e., in consumers’ minds) and externally (i.e., acquire information) § Help set reasonable expectations about what consumers may not know about the brand (e.g., quality signal) WHY DO BRANDS MATTER? Consumers (4/4) § Brands can reduce risks in product decision § Functional, financial, and time risks § Physical risk § Social risk WHY DO BRANDS MATTER? Firms § Provide a powerful means to secure competitive advantage § Offer legal protection for unique features of the product § Financial benefits § Brands can yield higher price margins (↓ price sensitivity) § Huge sums have been paid for brands in mergers and acquisitions d NEXT CLASS 01 Brand Equity: What constitutes a valuable brand