Textbook Notes (368,501)
Canada (161,931)
Marketing (884)
MKT 510 (65)
Chapter 1

Chapter 1
Premium

5 Pages
39 Views
Unlock Document

Department
Marketing
Course
MKT 510
Professor
Marla Spergel
Semester
Fall

Description
th Thursday September 6 , 2012 Chapter 1: Brands & Brand Management What is a brand? Vs product? -word brand is derived from the word “brandr” which means “to burn” -according to American Marketing Association (AMA) brand is a “name, symbol, term, sign, symbol, design or combination of them which is intended to identify the goods and services” -when a marker has created a new name, logo, symbol for a new product they have created a “brand” -brand creates “awareness, reputation, prominence” and so on -AMA’s definition is different than the industry; AMA believes the key to create a brand is to choose a name, logo, symbol, package design etc (these component’s are actually brand elements) • Example: companies like GE and Samsung use their name for essentially all their products whereas some manufacturers assign new products different brand names, for instance Procter & Gamble has Tide, Pampers, Pantene etc -brands are based on people (Estee Lauder cosmetics) -brands are named on places (British Airways) -brands are named on animals (Mustang, Dove soap) -brands also have an “others category” which has Apple computers, Shell gasoline, Carnation milk -some brand names use words to inherent the product meaning (DieHard batteries, Beautyrest mattresses) -some brand names are made up which include prefix/suffixes to make it sound scientific (Intel, Lexus automobiles) -brand elements such as logos, symbols can also be based on people, place, things etc which gives the brand and marketer many choices -product is anything that can be offered to market for “attention, acquisition, use, consumption” which will stratify need or want -product can be “physical” (cereal, tennis racquet, car) -product can be a “service” (airline, bank, insurance company) -product can be a “retail outlet” (department store, specialty store, supermarket) -product can be a “person” (political figure, entertainer, athlete) -product can be “organization” (non profit, trade organization) -product can be a “place” (city, state, country) -product can be an “idea” (political or social cause) Five Levels of Meaning for a Product: (1) The core benefit level is the fundamental need or want that th Thursday September 6 , 2012 consumers satisfy by consuming the product or service (2) The generic product level is a basic version of the product containing only those attributes or characteristics absolutely necessary for its functioning but with no distinguishing features. This is basically a stripped-down, no-frills version of the product that adequately performs the product function. (3) The expected product level is a set of attributes or characteristics that buyers normally expect and agree to when they purchase a product. (4) The augmented product level includes additional product attributes, benefits, or related services that distinguish the product from competitors. (5) The potential product level includes all the augmentations and transformations that a product might ultimately undergo in the future. -brand is more than a product because it has dimensions that differentiate it in some ways from more than a product which is designed to satisfy the same need • differences can be rational & tangible; can be related to product performance of brand • can be symbolic, emotional & intangible; related to what brand represents -some brands create competitive advantage with product performance • Example: Gillette has been a leader in their product category for decades due to continual innovation -some brands create competitive advantage through non-product- related means • Example: Coca-Cola has been the leader in their product category for decades by understanding consumer motivations and desires and creating relevant/appealing images for their product 4 Steps in the Strategic Brand Management Process: -involves the design and implementation of marketing programs and activities to build, measure and manage brand equity -consists of 4 parts: (1) Identifying and establishing brand positioning: -starts with a clear understanding of what brand is and how it should be positioned with respect to competitors -potential benefit to the firm is maximized th Thursday September 6 , 2012 -convince consumers of the advantages or point of difference a brand has over competitors (establishing points of parity) -positioning also specifics the appropriate brand association and brand mantra (statement that is frequently repeated) -“mental map” is a visual depiction of the different types of associations liked to athe brand in the minds of consumers -“core band associations” are the subsets of associations (attributes and benefits) that best characterize the brand -“brand mantra” is a short 3-5 word expression of the most important aspects of a brand and its core brand association -heart and soul of the brand include are core brand associations, points of parity, points of difference, and brand mantra (2) Planning and Implementing Brand Marketing Programs: -building brand equity requires creating a brand that consumers are aware of which has
More Less

Related notes for MKT 510

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