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All about creating differences Differences often related to attributes or benefits of product itself, or By understanding consumer motivations & desires & creating relevant & appealing images round their products Branding can be applied virtually anywhere a consumer has a choice
Brand equity is the added value endowed to products & services Marketers & researchers use various perspectives to study brand equity
Customer-based brand equity can be defined as the differential effect that brand knowledge has on consumer response to marketing of that brand
A. Aakers model
DAVID AAKER VIEWS BRAND EQUITY AS A SET OF 5 CATEGORIES OF ASSETS & LIABILITIES LINKED TO BRAND THAT ADD OR SUBTRACT FROM THE VALUE PROVIDED BY THE PRODUCT OR SERIVICE TO FIRM AND/OR TO THE FIRMS CUSTOMERS: These categories of brand assets are: 1. Brand loyalty 2. Brand awareness 3. Perceived quality 4. Brand association 5. Other proprietary assets (patents, trademarks, channel relationships)
BRAND IDENTITY
BRAND IDENTITY IS A UNIQUE SET OF BRAND ASSOCIATIONS THAT THE BRAND STRATEGIST ASPIRES TO CREATE OR MAINTAIN THESE ASSOCIATIONS REPRESENT WHAT THE BRAND STANDS FOR & IMPLY A PROMISE TO CUSTOMERS FROM THE ORGANIZATION MEMBERS
As a product: product scope, product attributes, quality/value, uses, user, country of origin As an organization: organizational attributes, local vs. global As a person: brand personality, brand-customer relationships As a symbol: visual imagery/metaphors, heritage CORE & EXTENDED IDENTITY: Core identity: central timeless essence of the brand remains constant as brand travels to new markets/products Extended identity: includes various brand identity elements, organised into cohesive & meaningful groups
Customer analysis Trends Motivation Unmet needs Segmentation BRAND IDENTITY SYSTEMS
STRATEGIC BRAND ANALYSIS Competitor analysis Brand image/identity Strengths, strategies Vulnerabilities
Self-analysis Existing brand image Brand heritage Strengths, capabilities Organization values
BRAND IDENTITY Extended Core Brand as Brand as Product organization 1.Product scope 7.Organization attributes 2.Product attributes 8.Local vs. global 3.Quality/value 4.Uses 5.Users 6.Country of origin Brand as person 9.Personality 10.Brandcustomer relationships Brand as symbol 11.Visual imagery & metaphors 12.Brand heritage
BRAND-CUSTOMER RELATIONSHIPS BRAND IDENTITY IMPLEMENTATION BRAND POSITION *Subset of the brand identity& value proposition *To be actively communicated *At a target audience *Providing competitive advantage EXECUTION *Symbols & metaphors
*Generate alternatives
*Testing