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What is a brand?
A product is anything we can offer to a market for attention, acquisition, use, or consumption that might satisfy a need or want.
is a basic version of the product containing only those attributes or characteristics absolutely necessary for its functioning
is a set of attributes or characteristics that buyers normally expect and agree to when they purchase a product.
includes all the augmentations and transformations that a product might ultimately undergo in the future.
Importance of Brands to Consumers Identification of the source of the product Assignment of responsibility to product maker Risk reducer Search cost reducer Promise, bond, or pact with product maker Symbolic device Signal of quality
Reducing the Risks in Product Decisions Functional riskThe product does not perform up to expectations.
Physical riskThe product poses a threat to the physical well-being or health of the user or others.
Financial riskThe product is not worth the price paid. Social riskThe product results in embarrassment from others.
Importance of Brands to Firms Identification to simplify handling or tracing Legally protecting unique features Signal of quality level Endowing products with unique associations Source of competitive advantage Source of financial returns
Increased costs
Greater accountability
Differential effect
Brand knowledge
Steps
Key Concepts
Mental maps Competitive frame of reference Points-of-parity and points-of-difference Core brand values Brand mantra
Mixing and matching of brand elements Integrating brand marketing activities Leveraging of secondary associations
Brand-product matrix Brand portfolios and hierarchies Brand expansion strategies Brand reinforcement and revitalization
1. Identify and establish brand positioning and values Mental maps: Visual depiction of different type of associations linked to the brand in the mind of customer Competitive frame of reference: Creating brand superiority in the mind of customer. Points-of-parity and points-ofdifference: POD ..is not available in other brand, POP.is similar to other brand Core brand values: Attributes and benefits of brand. Brand mantra: Core brand promise.
Mixing and matching of brand elements: Name.logos symbols characters,packaging and slogans.
Integrating brand marketing activities: Marketing programs can create strong,favorable and unique brand association.
Leveraging of secondary associations: Brand may be linked to *Company *Character *Spokepeople *Country *Sonsorship *Awards
3.Measure & interpret brand performance Brand value chain: Value creation Process Brand Audit: A comprehensive examination of a brand to discover its sources of brand equity.
Managing Brand Equity Over Geographic Boundaries, Cultures, and Market Segments.