Textbook Notes (368,013)
Canada (161,562)
Commerce (596)
COMM 131 (63)
Chapter

Week 8
Premium

5 Pages
56 Views
Unlock Document

Department
Commerce
Course
COMM 131
Professor
Ethan Pancer
Semester
Winter

Description
Week 8 Notes Chapter 10 Notes 1. What is aBrand?  Brand: name, term, sign, symbol, or design, or combination, that identifies the products or services of one seller or a group of sellers and differentiates them from those of competitors  Trade name: brand used for firm as a whole  Brands help consumers identify products, form expectations for quality, provide legal protection, and differentiates  Brands delve into consumer emotion, creating real relationships  Make brands into lovemarks by telling a story  Brand Advocacy: customers, employees, and others who willingly and voluntarily promote their favourite brands o Begins with trust: nurture recommendations of products o Starts close to home: gain passionate support of customers and employees o Make customers and employees part of the brand story o Deliver an experience that gets them talking: persistence and effort, loyalty in consumers is not enough; they must be active o Outperform where they care the most  People are becoming brands, marketing themselves 2. Brand Characteristics  Logos are becoming more approachable and energetic, colourful over corporate  Brand Personality: sum total of all the attributes of a brand, and emotions it inspires in the minds of consumers  Status is a level of social regard a brand has with respect to one another  Brand Equity: dollar amount attributed to the value of the brand, based on all the intangible qualities that create that value  Brand strength is measured by differentiation, relevance (meeting needs), knowledge, and esteem (regard and respect)  High brand equity provides leverage, more probability of extension success, and some protection against fierce price competition  Customer equity is the underlying principle of brand equity 3. Branding Strategy Brand Name Selection  Should convey some related meaning  Easy to pronounce  Distinctive, extendable  Pronounceable across languages  Must be protected once chosen, if it becomes identified with a product category, could become a generic term (Kleenex) Brand Positioning  Product attributes: lowest level, easily copied  Benefit: what the attributes do for you  Beliefs and Values: emotional associations o Must have a simple and honest offering Brand Sponsorship  National Brand (Manufacturer’s Brand): brand created and owned by manufacturer of the product  Private Brand (Store Brand): created and owned by a reseller of a product or a service  Licensing: selling the rights to apply a brand name, logo, or image to another manufacturer  Co-Branding: using the established brand names of two different companies on the same product 4. Brand Management Brand Development  Line Extension: extending an existing brand name to new forms, colours, sizes, ingredients, or flavours of an existing product category o Low-cost, low-risk way to introduce new products o May cannibalize sales of other products  Brand Extensions: extending existing brand name to new product categories o Instant recognition, saves on developing new brand o Must make sure new category fits well with established brand (Cheetos lip balm does not)  Multibranding: the same manufacturer produces several different brands in the same product category o May in total capture large market share o Could end up with many low-profit brands and overextend resources  New Brand: creation of an entirely separate brand o Megabrand strategy: eliminating weaker brands and focusing only on most successful, leaders in market share Brand Communication  Advertising is just one way of communicating, consumers come to know a brand through multiple touchpoints (points of contact a consumer has with a brand including work of mouth, company websites, points of purchase, and advertising)  Branded Entertainment: entertainment (usually video) created with the co-operation or financial support of a marketer  Brands must be properly managed: which ones need more support, which should be cut, which should be repositioned  Must be consistently maintained through all aspects and touchpoints Chapter 11 Notes 1. Marketing Channels andtheSupply Chain  Value Delivery Network: network mad eup of the company, suppliers, distributors, and customers who “partner” with each other to improve the whole delivery process The Nature and Importance of Channels  Marketing/Distribution Channel: interdependent organizations that help make a product or service available for use or consumption  Channels directly affect al other marketing decisions  Distribution represents along-term commitment How Channel Members Add Value  Intermediaries take some control away, but are more efficient in making goods available (specialization)  Reduces number of necessary contacts and work for producers and consumer, and matches supply and demand  Channel members perform key functions: o Information: research and intelligence used to plan exchanges o Promotion: persuasive communication o Contact: finding and communicating with prospective buyers o Matching: shaping and fitting the offer to the buyer’s needs (manufacturing, grading, assembling, packaging) o Negotiation: reaching price agreement o Physical Distribution o Financing: acquiring and using funds to cover cost of channel work o Risk Taking  These are all essential functions, the question is who will perform them Channel Levels  Channel Level: layer of intermediaries that perform same work in the distribution process  Direct Marketing Channel: channel with no intermediaries  Indirect Marketing Channel: channel including one or more intermediaries  Institutions in channels are connected by flows: physical, flow of ownership, payment, information, and promotion 2. Channel Behaviour andOrganization  To be successful, all channel members should cooperate and assume the roles they’re best at  Channel Conflict: disagreement among channel members on goals, roles, and rewards – who should do what and for what rewards  Conventional Distribution Channel: consists of one or more producers, wholesales, and retailers, each seeking to maximize their own profits, even at the expense of the system as a whole  Vertical Marketing System (VMS): a channel with structure in which producers, wholesales, and retailers act as a unified system. One channel member owns the others, has contracts with them, or has so much power that they all cooperate  Corporate VMS: combines successive stages of production and distribution under single ownership – channel leadership is through common ownership  Contractual VMS: vertical marketing system in which independent firms at different levels of production and distribution join together through contracts to obtain more economies of scale  Franchise Organization: contractual marketing system in which a channel member, (franchisor) links several stages in the production-distribution process o Manufacturer-sponsored retailer franchise system o Manufacturer-sponsored wholesaler franchise system o Service-firm sponsored retailer franchise system  Administered VMS: coordinates successive stages of production and distribution, not through common ownership or contractual ties, but through the size and power of one of the parties  Horizontal Marketing System: companies on the same level join together to follow a new marketing opportunity  Multichannel Distribution Systems (Hybrid Marketing Channel): a single firm sets up 2 or more marketing channels to
More Less

Related notes for COMM 131

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit