Textbook Notes (368,013)
Canada (161,562)
MCS 3620 (29)
Bharat Sud (21)
Chapter 3

Chapter 3 Marketing Communications

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Marketing and Consumer Studies
MCS 3620
Bharat Sud

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  Positioning involves designing & marketing a product to meet the needs of a target market and creating the appropriate appeals to make product stand out in minds of target market  The strategy statement provides a reason why potential customers shou
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