BU470 Chapter Notes - Chapter 5: Brand Equity, Brand Management, Marketing Mix
Document Summary
Defining when a brand is new depends on understanding the difference between reputation and brand management. The eight steps of brand building: broad eight-step process for building a brand. Steps 1 3: building internal support for branding. If the firm is entirely new to branding then, regardless of size and age, it is critical: the third step is to build a team. You will want people with influence and internal heroes. People of influence can help you cross functional boundaries internally. Internal heroes are staff who have the ability to communicate the benefits of branding in ways that make sense within functional areas. Step 1 helps identify whether brand equity is possible and how much value might flow from it. Step 2 partly builds on this and helps frame branding as a return on investment issue rather than one of pure cost. The third step ensures internal buy-in and ongoing support for the brand program.
