RMG 200 Lecture Notes - Lecture 14: Brand Equity, Ion, Gross Margin

• School: Ryerson University
• Department: Retail Management
• Course: RMG 200
• Professor: Ken Wong

Document Summary

How retailers can build brand equity" for their stores and private-label merchandise. Strengths and weaknesses of the different methods for communicating with customers. A brand consists of 3 core elements: brand name, logo and colour. Outside aspects: brand awareness, brand loyalty, brand associations, brand positioning, perceived benefit. Long term- build brand image and create loyalty. Brands: distinguishing name or symbol, such as a logo, that identifies the products or services offered by a seller and differentiates those products/services from those offered by competitors. Heighten brand awareness (top-of-mind awareness) develop favorable association consistent reinforcements create emotional connection. Creating brand awareness: memorable names, symbols, repeat exposure, event sponsorship. Lifestyle or activity (lululemon) price/quality (hold renfrew) specific benefit (7-eleven) Brand extension canadian retailers like to extend stores. (ex. petite store and plus stores, kids store and teen store, the gap and old navy) Pro: develop awareness and image quickly + less costs needed to promote extension.