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Lecture 9

MARK301 Lecture Notes - Lecture 9: Brand Equity, Chocolate Chip, Frozen Yogurt

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Utku Akkoc

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Marketing 301 Notes
Chapter 9
-image which stands behind the name
-identifies the marker or marketer of a product
-not a logo, corporate identity, or a tangible product
-important for positioning and differentiation
-creating and maintaining a meaning
Benefits of Branding
-Identification and discrimination (distinguishing from other brands)
-Communicating product quality and benefits (ex. Buying a Lexus you know it’s a quality car)
-Legal protection for marketers
-ex. Toyota different buyer preferences, backgrounds
-decided to target specific segments with Toyota, Scion and Lexus
-brand stretching/line stretching introduced different brands to target different customer
-cannibalization Scion failed because it had to compete with Toyota
Brands as Love Marks
-more than names or symbols
-represent consumer’s feelings about a product
-create emotional responses
-brands must produce
-relationships and be loved: develop a relationship with consumers
-lovemarks: tell a memorable story about the brand’s heritage
Brand Advocates
-people who
-voluntarily promote brands
-trust brands and the companies behind them
-love the brands they advocate
Brand Equity and Personality
-Brand equity
-a financial value attributed to the brand based largely on intangible qualities
-degree to which a brand holds strong, favorable and unique associations in the minds of
-Brand personality
-human attributes and the emotions they inspire toward customers (ex. Mac vs. PC)
-Brand Elements
-name (ex. Volvo = safety)
-logo or icon (trademarked shape, colors)
-Brand Relationships
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