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Chapter 4

Chapter 4 Choosing Brand Elements to Build Brand Equity.docx

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Department
Marketing
Course
MKT 510
Professor
Ida Berger
Semester
Fall

Description
MKT510 Innovations In Marketing CHAPTER 4 Choosing Brand Elements to Build Brand Equity  Brand element: called brand identities that are trademarkable devices that serve to identify and differentiate the brand CRITERIA FOR CHOOSING BRAND ELEMENTS  Six criteria for brand element (first three criteria are offensive strategy and build brand equity; last three are defensive strategy and maintain brand equity) Memorability  Achieves high level of brand awareness  Inherently memorable and attention-getting and therefore facilitate recall or recognition in purchase or consumption settings Meaningfulness  Brand elements may take on all kinds of meanings, with either descriptive or persuasive content  Two important criteria are how well brand element conveys (first dimension important determinant of brand awareness; second dimension of brand image and positioning) 1. General information about function of product or service 2. Specific information about particular attributes and benefits of the brand Likability  Brand element rich in imagery and inherently fund and interesting, even if not directly related to the product  Memorable, meaningful, and likable set of brand elements offers advantages because consumers do not examine much information in making product decisions Transferability  Extent to which brand element adds to brand equity for new products or in new markets for the brand  Less specific names are more easily transferred across categories  Geographic boundaries and market segments depend on cultural content and linguistic qualities of brand element Adaptability  Because of changing customer value and opinions, or simply because of need to remain contemporary, most brand elements must be updated Protectability  Choose brand element that can be legally protected internationally, formally register them with appropriate legal bodies, and vigorously defend trademarks from unauthorized competitive infringement OPTIONS AND TACTICS FOR BRAND ELEMENTS Brand Names  Brand name captures central theme or key associations of product in a very compact and economical fashion  Brand names should be chosen with six general criteria in mind  Simple and easy to pronounce or selling, familiar and meaningful, and different, distinctive, and unusual can improve brand awareness o Simplicity reduces effort customers have to comprehend and process the brand name o Familiar and meaningful so that it can tap into existing knowledge structures and easily forms link to increase memorability o Distinctive brand names make it easier for consumers to learn intrinsic product information  Morpheme: smallest linguistic unit having meaning o By combining carefully chosen morphemes, marketers can construct brand names that actually have relatively easily inferred or implicit meanings o Plosive: words beginning with phonmic elements, like letters b, c, d, g, k, p, and t o Sibilant: sounds like s and c URLs  URLs (uniform resource locators): specify locations of pages on web and are commonly referred to as domain names MKT510 Innovations In Marketing  Issue facing companies with URLs is protecting brands from unauthorized use in other domain names
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