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Chapter 9

COMM 223 Chapter 9: COMM 223 Chapter 9

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COMM 223
Bonnie Feigenbaum

Comm 223 chapter 9 notes Brand strategy and management What is a brand? The most distinctive skill of professional marketers is their ability to build and manage brands. Brand: a name, symbol, icon, design, or a combination of these, that identifies the maker or marketer of a product A brand is not a logo, not a corporate identity system and not a product; it identifies a company, one of its products or a product line. If used for the firm as a hole, the preferred term is trade name Brands are much more than just a trade name:  brands are powerful  Provide legal protection  Have status and value  Stand for something  Have personality and so involve our  Know and connect with audience emotions as consumers and as  Expectations/consistent human beings  Signify quality  Branding helps the marketer segment markets But a brand is not real, can’t be touched or pointed at. A brand is nothing more than an idea. Brand meaning Trademarks: can be names, symbols, characters, and even shapes. Trademark names have monetary value, and therefore must be protected, and distinguished from regular or generic words with similar meaning. Trademarked names are indicated with a superscript TM, and after a company has gone through a lengthy legal process of registering its trademark, it indicates it with ® symbol. The key to communicating brand meaning is to get consumers to associate your brand with just one word, so that your brand owns that word in terms of brand positioning (Volvo = safety) Brand relationships Brands are a key element in the company’s relationships with consumers. Brands represent consumers’ perceptions and feelings about a product and its performance. Products are created in the factory, but brands are created in the mind. A key factor in consumers’ relationship with brands is what they believe about them. People as brands People become brands, just as with products, their name takes on meaning that transcends the person. A true brand has a life beyond its original product, and in the case of people as brands, the brand must have life and meaning outside the person. Comm 223 chapter 9 notes Celebrities and politicians aim to achieve brand power in their name. But personal brands (like corporate brands) can be damaged as quickly as they were created Brand characteristics Logos Are designs that represent the brand, and that may or may not incorporate the brand name. Sometimes, managers feel that their logo needs an update (royal bank changes every 10 years) Brand personality Brand personality: the sum total of all the attributes of a brand, and the emotions it inspires in the minds of consumers Brand managers describe their brand by using the same kinds of adjectives we might use to describe people, and they use those attributes to establish the brand’s positioning. Status of a brand’s personality: brands occupy a level of social regard with respect to one another. Brand equity Brand equity: the dollar amount attributed to the value of the brand, based on all the intangible qualities that create that value (difficult to calculate) - The extent to which consumers are willing to pay more for the brand - A measure of the brand’s ability to consumer preference and loyalty It is the positive differential effect that knowing the brand name has on customer response to the product or service 1. Differentiation: what makes the brand stand out 2. Relevance: how consumers feel it meets their needs 3. Knowledge: how much consumers know about the brand 4. Esteem: how highly consumers regard and respect the brand Customer equity: the value of the customer relationships that the brand creates (the fundamental asset underlying brand equity) Brand valuation: The process of estimating the total financial value of a brand High brand equity provides a company with many competitive advantages Brand strength can be measured through: 1. Differentiation 2. Relevance 3. Knowledge and esteem 4. Customer equity Comm 223 chapter 9 notes Branding strategy and management Brand represents the consumer’s perceptions and feelings about a product and its performance. It is the company’s promise to deliver a specific set of features, benefits, services, and experiences consistently to the buyers Brand name selection - memorable - suggest something about the company Distinctive Pronounceable - easy to pronounce - distinctive Great Brand Product Names - extendable related - registration and protection as trademark Legally Extendable clear Brand positioning Positioning is even more important for brands because they are intangible - brands can be positioned based on product attributes: the least desirable quality for brand positioning because competitors can easily copy them - they can also be positioned based on benefit - but the best positioning is strong beliefs and values, because they engage consumers on a deep, emotional level Brand sponsorship Marketers might use a licensing as a method of branding a new product, or they may partner with another firm to co-brand a product Natio
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