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Canada (161,435)
MCS 3620 (29)
Bharat Sud (21)
Chapter 3

Chapter 3

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Marketing and Consumer Studies
MCS 3620
Bharat Sud

October 1, 2013 Marketing Communications - Chapter 3 Defining the Brand  An identifying mark, symbol, word or words, or combination of mark and words that separates one product from another product; can also be defined as the sum of all tangible and intangible characteristics that make a unique offer to customers  Brand name: That part of a brand that can be spoken ◦ Example: Nike, Gatorade, Tide, Google  Brand mark or logo: Asymbol that plays a key role in branding and creating an image  Design of product or package  Trademark: Abrand mark or other brand element that is granted legal protection so that only the owner can use it ◦ “TM” designates trademark claims and “r” shows claimed and registered trademarks Anything Can Be Branded  Aphysical good  Service  Store  Person  Place, Organization Brand Characteristics  Personality  Need to offer something unique  QualityAssurance  Express a set of values Consumer Benefits of Branding  Suggests certain level of quality  Psychological rewards  Distinguishes competitive offerings Marketing Benefits of Branding  Unique Selling Point (USP): The primary benefit of a product or service that distinguishes it from its competitors  Creation and development of image  Repeat purchases and loyalty Brand Image and Reputation  Choosing between alternatives, brands play a role in the decision-making process  Brand Loyalty: The degree of attachment to a particular brand expressed by a consumer. There are three stages of brand loyalty: brand recognition, brand preference, and brand insistence  Brand Recognition: Customer awareness of the brand name and package October 1, 2013  Brand Preference: The situation where a brand is perceived as an acceptable alternative by a customer and will be purchased if it is available ◦ Such a position is good because consumers only retain a select group of brand names in their minds for any product category  Brand Insistence: Asituation where the consumer searches the market for the specific brand ◦ No alternatives are acceptable ◦ Consumers buy one brand only. If brand is not available, the purchase is postponed Brand Equity: The value of a brand to its owners as a corporate asset; influenced by brand name awareness, degree of customer loyalty, perceived quality, etc  Influenced by: ◦ Awareness ◦ Degree of customer loyalty ◦ Perceived quality ◦ Association with a certain attribute Building the Brand  Brand Manager: An individual assigned responsibility for the development and implementation of marketing programs for a specific product or group of products  The Brand-Building Process: October 1, 2013 Establishing Core Values and Brand Positioning  Core Values: The primary attributes and benefits a brand delivers to the customer  Attributes: Adescriptive feature of a product  Benefit: The value a customer attaches to a brand attribute Brand Positioning Concepts  Brand Positio
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