L8(b)_Managing Brands Over Time (2).pptx

Strategic Brand Management: Building, Measuring, and Managing Brand Equity Fifth Edition, Global Edition Lecture 8 (B) Managing Brands Over Time Copyright © 2020 Pearson Education Ltd...

Strategic Brand Management: Building, Measuring, and Managing Brand Equity Fifth Edition, Global Edition Lecture 8 (B) Managing Brands Over Time Copyright © 2020 Pearson Education Ltd. All Rights Reserved Learning Objectives 14.1 Understand the important considerations in brand reinforcement 14.2 Describe the range of brand revitalization options available to a company 14.3 Outline the various strategies to improve brand awareness and brand image 14.4 Define the key steps in managing a brand crisis Copyright © 2020 Pearson Education Ltd. All Rights Reserved Reinforcing Brands Maintaining Brand Consistency Protecting Sources of Brand Equity Fortifying versus Leveraging Fine-Tuning the Supporting Marketing Program Copyright © 2020 Pearson Education Ltd. All Rights Reserved Maintaining Brand Consistency Maintaining consistency involves two key aspects: – Consistency of marketing support, and – Consistency of brand associations Copyright © 2020 Pearson Education Ltd. All Rights Reserved Protecting Sources of Brand Equity Unless the company makes strategic positioning of the brand less powerful, there is: – Little need to deviate from a successful positioning Brands should always look for potentially powerful new sources of brand equity – Top priority is to preserve and defend those that already exist Key sources of brand equity are of enduring value Copyright © 2020 Pearson Education Ltd. All Rights Reserved Fortifying Versus Leveraging Marketers can design marketing programs that mainly try to capitalize on or maximize brand awareness and image Without its sources of brand equity, the brand itself may not continue to yield valuable benefits Copyright © 2020 Pearson Education Ltd. All Rights Reserved Fine-Tuning the Supporting Marketing Program Product-related performance associations Nonproduct-related imagery associations Copyright © 2020 Pearson Education Ltd. All Rights Reserved Revitalizing Brands In virtually every product category are examples of once prominent and admired brands that have fallen on hard times or even completely disappeared – Brands such as Microsoft, GE, and Old Spice have successfully repositioned their brands Two strategic options: 1. Expand the depth or breadth of brand awareness, or both 2. Improve strength, favorability, and uniqueness of the brand associations Copyright © 2020 Pearson Education Ltd. All Rights Reserved Expanding Brand Awareness Identifying Additional or New Usage Opportunities Identifying New and Completely Different Ways to Use the Brand Copyright © 2020 Pearson Education Ltd. All Rights Reserved Improving Brand Image Identifying the Target Market Repositioning the Brand Changing Brand Elements Copyright © 2020 Pearson Education Ltd. All Rights Reserved Identifying the Target Market Key target market segments as part of the brand revitalization strategy: – Retaining vulnerable customers – Recapturing lost customers – Identifying neglected segments – Attracting new customers Copyright © 2020 Pearson Education Ltd. All Rights Reserved Repositioning the Brand May require more compelling points-of-difference May need to reposition to establish a point-of-parity on some key image dimension Copyright © 2020 Pearson Education Ltd. All Rights Reserved Changing Brand Elements May need to convey new information May need to signal that a brand has taken on new meaning because something in the marketing program has changed Copyright © 2020 Pearson Education Ltd. All Rights Reserved Adjustments to the Brand Portfolio Migration Strategies Acquiring New Customers Retiring Brands Copyright © 2020 Pearson Education Ltd. All Rights Reserved Migration Strategies Brand migration strategy – Helps consumers understand how various brands in the portfolio can satisfy their needs ▪ As they change over time or as products and brands themselves change over time Managing brand transitions is especially important in rapidly changing, technologically intensive markets – Ideally, brands will be organized in consumers’ minds Copyright © 2020 Pearson Education Ltd. All Rights Reserved Acquiring New Customers Trade-offs between attracting new customers and retaining existing ones Firms must proactively develop strategies to attract new customers, especially younger ones Copyright © 2020 Pearson Education Ltd. All Rights Reserved Retiring Brands Some brands are not worth saving – Sources of brand equity may have dried up – Damaging and difficult-to-change new associations may have been created Copyright © 2020 Pearson Education Ltd. All Rights Reserved Obsoleting Existing Products Technological changes and shifting consumer tastes can be challenging for brands – May not have kept up with changes in the marketplace Discontinuing brands (or deliberate obsoleting) may be a bold move – But one which paves the way for introducing innovative, new brands Copyright © 2020 Pearson Education Ltd. All Rights Reserved Figure 14-9: Brand Reinforcement Strategies Copyright © 2020 Pearson Education Ltd. All Rights Reserved Figure 14-10: Brand Revitalization Strategies Copyright © 2020 Pearson Education Ltd. All Rights Reserved