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Chapter 9

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School
Queen's University
Department
Commerce
Course
COMM 131
Professor
Ethan Pancer
Semester
Winter

Description
Chapter 9: Brand Strategy and Development What is a Brand?  A name, term, sign, symbol, or design (or combo) that identifies the maker/seller of a p/s o Important part of a product as branding it can add value to it  A brand may identify one item, a family of items, or all the items of a seller  If used for a firm as a whole, the preferred name is trade name  Brands are powerful, hold status, have value & a personality but no more than an idea  Brand names help buyers to identify products that might benefit them and it also tell consumer about the product quality and consistency Brand Meaning  Consumers trust trademarks because they reassure them that the product consumers were getting had the attributes they wanted and expected from that maker  Trademarks and logos often represent brands, but brands mean much more than just that Brand Relationships  Brands are a key element in the company’s relationship with customers  Brands represent consumers’ perceptions and feelings about a product & its performance  Lovemarks: A brand that inspires the kind of loyalty we exhibit toward those we love o Marketers want their brand to be something consumers love, not just like o To this, marketers must try to develop relationships with customers, strive to be loved by consumers, tell a memorable and compelling story Brand Advocacy  Brand Advocates are customers, employees, and others who willingly and voluntarily promote their favourite brands  Advocacy begins with Trust: Word of mouth always influences perceptions of brands – build trust with potential advocates by nurturing their recommendations and opinions  Advocacy starts at home: Brands must start by creating advocates in the world around them – if you gain support from them, their enthusiasm will spill into their actions  Make customers and employees part of the story: Transforming customers and employees into advocates put them at the heart of the brand  Deliver an experience that gets them talking: Creating advocates requires persistence and effort – loyalty is not enough as loyalists can be quiet and passive  Outperform where they care most: Outperform brand participants when they most need it – this is one of the most effective ways to create brand advocates People as Brands  Marketing can turn a person’s name into a brand  Athletes, for example, are brands in and of themselves and are able to exert more control over how, when, and where their image is marketed Brand Characteristics  Most brands are represented by a powerful name, logo, or icon  However, brands also have personality, status, and value (brand equity) Brand Representations  Logos can support the brand’s positioning and add personality to the brand  Brand Personality is the sum total of all the attributes of a brand, and the emotions it inspires in the minds of consumers  Brands also have status – they occupy a level of social regard with respect to one another o Bentley is a higher status car compared to Toyota Brand Equity  Brand Equity: the dollar amount attributed to the value of the brand, based on intangibles  Four customer 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)  High brand equity provides companies with many competitive advantages o Will have a high level of consumer awareness and loyalty o The company has more bargaining power over resellers o The company can more easily launch line and brand extensions  A fundamental asset underlying brand equity is Customer Equity – the value of customer relationships that the brand creates Branding Strategy Brand Name Selection  A good name can greatly add to a product’s success but it is difficult to do  Some things to consider when coming up with brand names o It should suggest something about the types of products it will brand o It should be easy to pronounce, recognize, and remember – and distinctive o It should be extendible – not tied closely to one product o Capable of registration and protection as a trademark Brand Positioning  Marketers need to position their brands clearly in the minds of their target customers  They can position their brand at any of three levels o Positioned based on Product Attributes (easily copied), a desirable benefit (safety, performance), or on beliefs and values (engage customers on deep, emotional lvl)  When positioning, the marketer should establish a mission for the brand and a vision of what the brand must be and do – a brand is a promise to deliver consistently  Positioning will not fully take hold unless everyone in the company lives the brand Brand Sponsorship National Brands vs. Private Brands  National Brand: A brand created and owned by the manu
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