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Chapter 9

Comm131 - Chapter 9 Notes.docx

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Department
Commerce
Course
COMM 131
Professor
Jacob Brower
Semester
Winter

Description
Marketing Chapter 9: Brand Strategy and Management February 26, 2013 What is a Brand? - Brand: a name, term, symbol, or design that identifies the products of one seller or group of sellers and differentiates them from their competitors - Brands have status and value (more value than a company’s assets) - Help consumers identify products that will benefit them - Brands speak about a product’s quality and consistency Brand Meaning - Trademarks reassure consumers that the product they were getting had the attributes they want and expect - Trademark: name, symbol, shape, etc. that represent a brand - ie. Coca-Cola bottle Brand Relationships - Brands are a key element in the company’s relationship with its customers - Brands represent consumers’ perceptions and feelings about a product - Marketers strive to turn their brands into lovemarks Brand Advocacy - Brand Advocates: customers, employees, and others who willingly and voluntarily promote their favourite brands  Advocacy Begins With Trust - Build trust with potential advocates by nurturing their recommendations and opinions  Advocacy Starts Close to Home - Brands start by creating advocates in the world around them - Gain support of customers and employees  Make Customers and Employees Part of the Brand Story - Transforming customers and employees into advocates put them at the heart of the brand  Deliver an Experience That Gets Them Talking - Creating brand advocates requires persistence and effort (loyalty is not enough)  Outperform Where They Care the Most - Understanding and solving problems is one of the most effective ways to create brand advocates People as Brands - Marketing can turn a person’s name into a powerhouse brand - ie. Martha Stewart, Donald Trump, Oprah, etc. Brand Characteristics Brand Representations - Logos support the brand’s position and add personality - Brand Personality: the sum total of all the attributes of a brand, and the emotions it inspires in the minds of consumers - Brand Status: brands occupy a level of social regard with respect to one another - Status should not be confused with popularity or value (Canadian Tire is a lower status brand with high popularity) Brand Equity - Brand Equity: the dollar amount attributed to the value of the brand, based on all the intangible qualities that create that value - The extent to which people are willing to pay more for the brand - Measures brand strength along four consumer perception dimensions:  Differentiation: what makes the brand stand out  Relevance: how consumers feel it meets their needs  Knowledge: how much consumers know about the brand  Esteem: how highly consumers regard and respect the brand - Brands with strong brand equity rate highly on all of these dimensions - Powerful brands enjoy a high level of consumer brand awareness, loyalty, and offer the company some defense against competition - Customer Equity: the value of the customer relationships that the brand creates Branding Strategy Brand Name Selection - Should suggest something about the type of product it will brand (ie. Craftsman) - Should be easy to pronounce, recognize, and remember (ie. Crest) - Should be distinctive (ie. Google) - Should be extendable, not tied too closely to one product (ie. Nike) - Should be pronounceable in many languages (ie. Kodak) - Should be capable of registration and protection as a trademark (ie. Yahoo!) Brand Positioning - Positioned at three levels  Product Attributes - Least desirable level for brand positioning - Customers are not interested in attributes; they are interested in what the attributes will do for them  Desirable Benefits - Safety, quality, performance, etc.  Beliefs and Values - Create surprise, passion, and excitement surrounding a brand - Engage customers on a deep, emotional level Brand Sponsorship 
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