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Chapter 8 Developing a Brand Equity Measurement and Management System.docx

3 Pages
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Department
Marketing
Course Code
MKT 510
Professor
Ida Berger

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MKT510 Innovations In Marketing CHAPTER 8 Developing a Brand Equity Measurement and Management System  Two basic approaches to measuring brand equity 1. Indirect approach: assess potential sources of customer-based equity by identifying and tracking customers’ brand knowledge – all thoughts, feelings, images, perceptions, and beliefs linked to brand 2. Direct approach: assess actual impact of brand knowledge on consumer response to different aspects of marketing program  Brand equity measurement system: set of research procedures designed to provide marketers with timely, accurate, and actionable information about brands so they can make the best possible tactical decisions in the short run and strategic decisions in the long run o Goal is to achieve full understanding of sources and outcomes of brand equity and relate the two as much as possible THE NEW ACCOUNTABILITY  Return of marketing investment (ROMI): every marketing dollar spent just be justified o Up to 70% (or more) of marketing expenditure may be devoted to programs and activities that improve brand equity but cannot be linked to short-term incremental profits CONDUCTING BRAND AUDITS  Brand audit: comprehensive examination of brand to discover its sources of brand equity o External, consumer-focused exercise to set strategic direction for brand, and management should conduct one whenever important shifts in strategic direction are likely o Consists of two steps: 1. Brand inventory 2. Brand exploration  Marketing audit: comprehensive, systematic, independent, and periodic examination of company’s – or business unit’s – marketing environment, objectives, strategies, and activities with a view of determining problem areas and opportunities and recommending plan of action to improve company’s marketing performance o Internally, company-focused exercise to make sure marketing operations efficient and effective o Three-step procedure: 1. Agreement on objectives, scope, and approach 2. Data collection 3. Report preparation and presentation Brand Inventory  Brand inventory: provide current, comprehensive profile of how all products and services sold by company are marketed and branded o Requires catalogue visual and written form for each product or service sold; inherent product attributes or characteristics of brand; other relevant marketing activity related to brand  Supplies useful analysis and insights into how brand equity may be better managed and can reveal lack of perceived differences among different products sharing brand name Brand Exploratory  Brand exploratory: provides detailed information about what consumers actually thing about brand by means  Employs qualitative research techniques as first step o Three criteria to classify and judge any qualitative research techniques: direction, depth, and diversity  Projective research technique varies in terms of nature of stimulus information, extent to which response are superficial and concrete as opposed to deeper and more abstract, and the way information relates to information gathered by other projective techniques  Mental map: accurately portrays in detail all salient brand associations and responses for particular target market  Core brand associations: abstract associations (attributes and benefits) that characterize 5-10 most important aspects or dimensions of a brand o Serves as basis of brand positioning in terms of how they create POPs and PODs MKT510 Innovations In Marketing  Brand concept maps (BCM) elicits brand association networks (brand maps) from consumers and aggregates individual maps into consensus map o Mapping stage is structured and respondents provide set of brand associations to build an individual brand map that shows how brand associations are linked to each other and to brand, as well as how strong linkages are  Qualitative research is suggestive, but more definitive assessment of depth and breadth of brand awareness and strength, favourability, and uniqueness of brand association often requires quantitative phase of research Brand Position and the Supporting Marketing Program  Brand exploratory should uncover current knowledge structures for core brand and its competitors and determine desired brand awareness and image and POP and POD
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