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Lecture 10

MARK301 Lecture Notes - Lecture 10: Justin Bieber, The Body Shop, Brand Licensing


Department
Marketing
Course Code
MARK301
Professor
Utku Akkoc
Lecture
10

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Branding
video
new approach to marketing - from what the product did to what the product meant
the super brands were doing this - Nike, Starbucks, The Body Shop
engaged pseudo-spiritual marketing
brand managers job now is to create identity and meaning, relation to they world
purpose of the brands is to create a whole meaning system
being able to use your brand to show other people how they see the world and what they mean
in the world
What is a Brand?
a name, term, sign, symbol, design or combination that identifies the products of a firm while
differentiating it from the competition’s
brand = meaning, personal and social identity
brands exist in the minds of consumers
Brands Help Companies….
identify product - reduces risk and search-cost
promise, bond, or pact with maker - guarantee, trust
symbolic device - represent self, culture, relationships
important part of company’s value
legal protection for unique features
endow products with associations
segment markets - different brands help segment the market and target each market
protection from competition - consumers are willing to pay more for brands of their choice
e.g. Coke drinkers are willing to pay 50% more for a Coke than drink Pepsi
can raise prices because people have strong associations with brands and aren’t willing to
substitute
bargaining power with retailers - because of demand for their product, a brand can use this as
bargaining power with retailers for better placement, larger inventory, etc.
Brand Equity
dollar amount attributed to the value of the brand, based on all the intangible qualities that
create that value
recognition - when people recognize your brand they know what to expect and are able to
recognize easily among other brands
quality - people know what they are getting and of what quality it is
loyalty - keep coming back
powerful brands have lots of equity
Top Brand Icons
icons - don’t have to worry about bad publicity when it comes to icons
icons creates a personality for the brand
only have to change the icon to market changes
e.g. Tony the Tiger - used to be kind of just cute and whatever, but now as society values more
exercise and healthy lifestyle he looks stronger

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Why are Icons Better than Real People?
don’t age
no bad PR - complete control
don’t come with pre-existing associations
When do Real People Work?
when they are familiar and likeable
when they are similar to the market you are trying to appeal to
e.g. using Justin Bieber to appeal to teen market
Branding Strategy
decisions about branding strategy stretch over four areas
1. brand positioning - attributes, benefits, beliefs, and values
2. brand naming - selection, protection
3. brand sponsorship - manufacturer’s brand, private brand, licensing, co-branding
4. brand development - line extensions, brand extensions, multi-brands, new brands
Brand Positioning
attributes - e.g. Crest tastes great!
problem with attribute-based positioning? its subjective. don’t want to say it tastes better, or
is better than other brands because it might not actually and consumers don’t actually
believe it tastes better than another
benefits - e.g. Crest cleans your teeth!
values/ beliefs - Crest gives you a healthy, beautiful smile for life!
Brand Naming
brand names should…
be easy to learn and remember
be sufficiently different to attract attention
evoke interest e.g. rhyme, pun, humour
elicit a mental picture
be meaningful
have some emotion
be simple
Selecting a Brand Name
identify a set of associations to the product and find ways of combining them
combining into phrases - e.g. Video Express
generate parts of words and combine - e.g. Rentivideo
use symbols
use humour
use words that describe object
animals - Cougar, Greyhound
person type - Covergirl, Craftsman
people - Dell, Ford, Hewlett Packard
adjectives - Quicken, Mr. Clean
use words with no prior associations - Kodak
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