Brand Reviewer.pdf

Brand Reviewer A group of numbers like “555” WHY DO BRANDS EXIST? sardines or “501” jeans 1. Identification enable consumers to BRAND...

Brand Reviewer A group of numbers like “555” WHY DO BRANDS EXIST? sardines or “501” jeans 1. Identification enable consumers to BRAND A group of letters and numbers easily distinguish one product from - An OVERALL mental image in like 7-UP and C2 another. the minds of people. That’s it, not a Color Association like Kodak’s 2. Protection enables the owner of logo, graphics or slogans, not a yellow and Milo’s green the brand name to enjoy the product – it is simply an idea. A symbol such as the golden goodwill associated with the name - It is the sum of impression arches of Mcdonalds or the so as not to be taken advantage by acquired through Touchpoints. Swoosh of Nike others. Touchpoints - a marketing tool like pricing, Unique shape of packaging like 3. Positioning enables the owner to advertising, promotion. Toblerone’s triangle or the Kisses’ communicate the benefits of his tear shape product vis-à-vis competition. 3 Brand Essential A combination of the above. 1. Resonate with consumers A BRAND IS NOT JUST A NAME. “BRANDING is the process of 2. Differentiate from competition When these elements are combined differentiating yourself from the 3. Motivate employees effectively, they represent a powerful competition. The ability of any company to 4. symbol to the consumer. compete and deliver sustainable, profitable HISTORY - This symbols represents both a growth largely depends on the power of its The term derives from the Old Norse rational and emotional relationship brands!” -D. Gomez, JFC word brandr or “to burn,” and refers to the between a product and the PRODUCT is anything we can offer to a practice of branding livestock, which dates consumer. ENTERTAINMENT market for attention, acquisition, use, or back more than 4,000 years to the Indus - The relationship is formed not only consumption that might satisfy a need or Valley, some in Germany. by the way of consumer perception want and may give the company a profit. James Walter Thompson about a brand but also in the BRAND is more than a product, because it - THE BIRTH OF CORPORATE consumer perception of the brand’s can have dimensions that differentiate it in BRANDS attitudes toward them. some way from other products designed to - BULOVA CLOCKS 1941, first TV - The brand-consumer relationship is satisfy the same need. These differences Commercial reaching 4000 TV strengthened by the continuous may be rational and tangible—related to sets ability of a brand to satisfy product performance of the brand—or A brand is a… consumer needs and motivate more symbolic, emotional, and A proprietary name like Natori or consumer wants. intangible—related to what the brand Microsoft - It is equally important to consider represents. A nickname like McDo or Pacman what messages and actions the A group of letters like “HBC” or brand undertakes and how these LEVELS OF PRODUCT “CDO” messages and actions are communicated to consumers.  CORE BENEFIT: The fundamental Promise, bond, or pact with maker of THE BRAND EQUITY CONCEPT level. It is the service or benefit the product (the relationship between a brand Brand equity refers to a value premium customer is really buying. (Basic Product) and a consumer: consumers offer their trust that a company generates from a product BASIC PRODUCT (GENERIC): What and loyalty) with a recognizable name when compared specifically the actual product is. (Basic Symbolic device (emotional and to a generic equivalent. Features) self-expressive capabilities of brands) Companies can create brand equity for EXPECTED PRODUCT: A set of Signal of quality (buyers assume a their products by making them memorable, attributes and conditions buyers normally branded offering is better because the seller easily recognizable, and superior in quality expect when they purchase a product. has invested in telling them that it is) and reliability. (Expected Features) 2. Manufacturers Mass marketing campaigns also help to AUGMENTED PRODUCT: A product Means of identification to simplify create brand equity. that includes features that go beyond handling or tracing (Branding helps When a company has positive brand equity, consumer expectations and differentiate the position a product in terms of price, customers willingly pay a high price for its product from competitors. (Luxury quality, status, etc.) products, even though they could get the Features) Means of legally protecting unique same thing from a competitor for less. POTENTIAL PRODUCT: All the features (Brand protection-intellectual Customers, in effect, pay a price premium impossible augmentations and property) to do business with a firm they know and transformations the product or offering Signal of quality level to satisfied admire. Because the company with brand might undergo in the future. (Unexpected customers (Develop community of equity does not incur a higher expense than Features) customers) its competitors to produce the product and Means of endowing products with unique bring it to market, the difference in price ROLES THAT BRANDS PLAY associations (competitive advantage) goes to margin. 1. Consumers Source of competitive advantage (core The firm's brand equity enables it to Identification of source of product competency) make a bigger profit on each sale. (symbols to remember) Source of financial returns (profitable) Is it the recognition? Assignment of responsibility to product What makes a strong brand? Brand equity is an extension of brand (Consumers remember the good and bad 1. Passion and Why recognition, but more-so than recognition, experiences) 2. Define your clear brand promise brand equity is the added value in a Risk reducer (Consumers buy the product 3. Identify your target market particular name. they know) 4. Create a clear and consistent design Strategic Brand Management Process Search cost reducer (consumer recognize 5. Develop a clear marketing strategy 1. Identifying and Developing Brand the brand and have knowledge about it, Reader’s Digest recognizing the most Plans then they do not have to engage in a lot of trusted brands in the Philippines. 2. Designing and Implementing additional thought or processing of The Index Rankings chart shows the Brand Marketing Programs information to make a purchase decision) brands with the highest average Index 3. Measuring and Interpreting Brand scores for the 12month period Performance  4. Growing and Sustaining Brand Equity Customer-Based Brand Equity (CBBE) - Is used to show how a brand’s success can be directly attributed to customers’ attitudes towards that brand. - The best-known CBBE model is the Keller Model, devised by Professor of Marketing Kevin Lane Keller and published in his mighty Strategic Brand Management. The Keller model is a pyramid shape and shows businesses how to build from a strong foundation of brand identity upwards towards the holy grail of brand equity ‘resonance’: where customers are in a sufficiently positive relationship with a brand to be advocates for it.