BUS 345 Lecture Notes - Lecture 9: Frosted Flakes, Brand Equity, Liquid Oxygen
11 Oct 2018
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Lo-1: define and describe the concept of a brand: brand: name,icon, symbol or a combination of these (including its own persona ) that help identify a product and carry statues along with value. They also carry meaning, relationships and be seen as an individual itself. This is assessed using 4 characteristics: differentiation: what makes the brand stand out, relevance: how it meets the customer"s" needs, knowledge: how much consumers know about the brand, esteem: how highly regarded/respected the brand is. Lo-3: list and describe the major strategic and ongoing management decisions marketers must make about brands. Incorporate beliefs and values to appeal to customers: brand sponsorship, new product may be launched as a national brand (or manufacturing) or private brand. Brand extension: nike buying out converse, volcom, steve nash: multi-brand: manufacturer produces many brands (microsoft, new brand: toyota manufacturing scion.
