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Chapter 1

Chapter 1

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MKT 510
Marla Spergel

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
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