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Chapter 3

MCS 3620 Chapter Notes - Chapter 3: Brand Equity, Marketing Communications, Product Differentiation


Department
Marketing and Consumer Studies
Course Code
MCS 3620
Professor
Bharat Sud
Chapter
3

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Chapter 3 Marketing Communications
Branding Strategy
Defining the Brand
A brand is a name/term/symbol/design etc. that identifies one seller’s good or serve as distinct from those
of other sellers
The legal term for brand is trademark
Marketing communications in any form have an impact on how customers perceive a brand
Consumer perceptions of brands are largely based on the brand name and what it stands for
The design of a product (colour scheme, package etc.) plays an important role in creating brand image
Brand Name: The part of a brand that can be spoken
Brand Logo: A symbol that plays a key role in branding and creating an image
If marketing communications are effective a consumer should be able to identify a logo and associate It
with a brand
Trademark: A brand mark or other brand element that is granted legal protection so that only the owner can use it
Brands are more than a tangible product
Brand Loyalty is measured in 3 distinct stages
1. Brand Recognition: Customer awareness of the brand name and package
2. Brand Preference: The situation where a brand is perceive as an acceptable alternative by the customer
and will be purchased if available
3. Brand Insistence: A situation where the consumer searches the market for a specific brand
No alternatives are acceptable
These people will become advocates of the brand and give possible word of mouth
Brand Equity
Brand Equity: The value (monetary or otherwise) of a brand to its owners; influenced by brand name and
awareness, degree of consumer loyalty and perceived quality etc.
Can also be expressed in monetary terms
The Benefits of Branding
Over time, the brand name suggests a certain level of quality. Consumers know what to expect; they trust
and have confidence in the brand
Can be psychological rewards for possessing certain brands
Brands distinguish competitive offerings allowing consumers to make informed decisions based on what
the brand stands for
A good brand name communicates the point of difference & highlights the distinctive value added
Unique selling point (USP): The primary benefit of a product or service that distinguishes it from
its competitor
Branding allows for creation & development of an image
Satisfied customers will make repeat purchases and hopefully stay loyal to the brand
Building the Brand
Building a brand is the responsibility of the brand manager
Brand Manager: An individual assigned responsibility for the development and implementation of marketing
programs for specific product or group of products
The process of building a rand involves 4 essential steps…
1. Identify and establish brand values and positioning strategy
2. Plan and implement brand marketing programs
3. Measure & interpret brand performance
4. Grow& sustain brand equity (managing its brand through its life cycle)
Establishing core values and brand positioning
Core Values: The primary attributes and benefits a brand delivers to the customer
Attribute: A descriptive feature of the product
Benefit: The value a customer attaches to a brand attribute
Brand Positioning Strategy
Each brand wants to differentiate itself from competitive offerings
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