Prof Cloudya Esther - Marketing Management
Prof Cloudya Esthermarketing Management 6805fiu Msmthe Marketing
Prof Cloudya Esthermarketing Management 6805fiu Msmthe Marketing
Prof. Cloudya Esther Marketing Management 6805 FIU - MSM The Marketing Plan Part 2B - Buyer & Brand COMING UP This lecture, will cover the underlined sections of how to build a Marketing Plan: Executive Summary Mission | Vision | Objectives | Value Proposition Strategy Segmentation | Mix | Budget | Timeline Market Research Buyer | Brand | SWOT | Industry Execution Create | Test | Launch 5 Analytics Evaluation | Monitoring WHAT IS A BRAND? A brand is a name, term, design, symbol or any other feature that identifies one seller's good or service as distinct from those of other sellers. A brand refers to an asset or set of assets companies create and use to make themselves and their products meaningful (Calder and Reagan 2001).
BRAND EQUITY Brand equity refers to a value premium that a company generates from a product with a recognizable name when compared to a generic equivalent. How do companies create brand equity for their products? 1) by making them memorable, 2) easily recognizable 3) superior in quality 4) offering reliability & consistency POSITIVE BRAND EQUITY HAS VALUE: A) Companies can charge more for a product with a great deal of brand equity B) That equity can be transferred to line extensions – products related to the band that include the brand name C) It can help boost a company’s stock price. APPLE WHOLE FOODS Amazon Positive Brand Equity If people think highly of a brand, it has positive brand equity.
Negative Brand Equity When a brand consistently under-delivers and disappoints to the point where people recommend that others avoid it, it has negative brand equity. OIL SPILL (2010) Economic Crisis (2008) Elements of Brand Equity Brand Awareness It's the degree of consumer recognition of a product by its name. Brand awareness is important because: 1- it drives consumers' decisions when differentiating between competitors 2 - It encourages repeat purchases 3 - Leads to an increase in market share and incremental sales. Which detergent brand do you think has more customer awareness? Brand Image A unique bundle of associations within the minds of target customers.
Can you associate these images with a Brand? Is when company traits are rooted in customers' minds. The goal of brand association is to have a brand linked with positive attributes. Brand Association Think of a words that describe each Brand below, are they positive? Brand identity is the visible elements of a brand, such as color, design, and logo, that identify and distinguish the brand in consumers' minds.
Brand Identity Brand Colors Logo Classic Taste Brand Identity The way consumers select, organize and interpret both information and stimuli related to a brand, which, in turn, determines what they think and how they feel about them. Customer Perception Packaging plays an important role in consumer perception. The nicer the product is presented, the higher price consumers would associate with their value. Brand loyalty is the positive feelings towards a brand and the action of purchasing the same product or service repeatedly, regardless of a competitor's actions or changes in the environment. Brand Loyalty Why do Brands Need to Develop their Client's Loyalty?
Loyal customers are profitable customers: repeat customers are cheaper to market to, spend more, and make more frequent purchases. Benefits of Brand Equity •Increased brand loyalty •Increased positive perception of performance •Greater customer loyalty •Greater B2B loyalty •Less susceptibility to competitive marketing actions •Less susceptibility to marketing crises •Higher potential for brand forgiveness •Lower margins •More desirable price change (in)elasticities •Improved marketing communication effectiveness •Possibility for more/better licensing opportunities •More brand extension opportunities •Improved employee recruiting, hiring, and retention •Greater financial returns BRAND ELEMENTS NEED TO BE: •Memorable •Meaningful •Likable •Transferable •Adaptable •Protectable 3 - TONE 2 - LOGO 4 - JINGLE 5 - PACKAGING 6 - CHARACTERS 7 - URL 1 - NAME 8 - SLOGAN - RECALL - RECOGNITION - Brands Purchased - Purchase Frequency & Amount - Total Spending - Future Purchase Intent - Brand Change Likelihood - Customer Satisfaction & Loyalty - Brand Attributes - Brand Benefits - Brand Attitudes - Strength - Favorability - Uniqueness Measuring Brand Equity Brand Awareness Brand Experience & Usage Brand Image WHAT IS A BRAND AUDIT?
A detailed analysis that examines the overall health of a brand, uncovers sources of brand equity, and uncovers opportunities to maximize long-term brand equity. The purpose of a brand audit is to gain an understanding of where the brand stands. BRAND AUDIT ELEMENTS Examine external branding elements Such as company logos and other brand assets, the company’s website(s), advertising, search and other digital efforts, social media strategies, sponsorship, in-store and event displays, news and PR, and content marketing Some brand audits also review company infrastructure, such as customer service, HR policies, and sales processes. Examine internal branding elements Such as company positioning, voice, brand values, culture, unique selling proposition (USP), and the product(s) Brand Audit Sample Questions: Does this piece clearly communicate the brand’s features, benefits, and USP?
Does the look and feel (i.e. colors, logos, fonts, tonality) of this piece fit with the other brand elements? Are the brand messages in this piece consistent with the other brand elements? Are there any opportunities to improve this piece so that it better fits with the rest of the brand elements? If so, what? How?
WHAT IS BRAND HIERARCHY? A brand hierarchy is the systematic branching structure of a brand’s distinctive elements for it’s sub-products. When companies begin to diversify their products, with new products and different positioning schemes, they graph a brand hierarchy to help with the identification of their products and services. A brand hierarchy helps inculcate the vital brand elements and modifications within the products. BRAND HIERARCHY LEVELS Let's use Mercedes-Benz example to see how companies structure their brand hierarchy.
Brand Hierarchy Levels Corporate Brand The highest level of the brand hierarchy is the corporate brand. This is the main company/corporate brand. Individual Brand Individual brands are linked only to a single product category. This doesn’t mean it has only one product. It can have multiple product versions, models, colours, etc.
Family Brand It is also known as the ‘range brand’ or the ‘umbrella brand’. It is called the ‘family’ brand because it may have a range of products under it, but it is not the corporate brand. Product Modifier And Descriptor The product modifier and descriptor is the smallest and lowest part of the brand hierarchy. It helps customers identify the various products under the individual brand. IMPORTANCE OF BRAND HIERARCHY With a brand hierarchy, every new brand can build its own elements, associations, and style guide.
Prevents Customer Confusion Through a brand hierarchy, consumers can understand what brand sells exactly what products. When your brands are segregated through a hierarchy you can build a specific brand strategy for each product. Helps Future Business Planning Attracts Focused Attention Brand hierarchy helps in having all your specilised brands and products at one glance. Provides A Clear Overview RECAP After this lesson, you should be able to complete the following parts of your Marketing Plan: Executive Summary Mission | Vision | Objectives | Value Proposition Strategy Segmentation | Mix | Budget | Timeline Market Research Buyer | Brand | SWOT | Industry Execution Create | Test | Launch Analytics Evaluation | Monitoring