Chapter 09 Creating Brand Equity

Front 1

What is Brand?

Back 1

"a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.

Front 2

What is Brand Equity?

Back 2

Brand equity is the added value endowed to products and services. This value may be reflected in how consumers think, feel, and act with respect to the brand, as well as the prices, market share, and profitability that the brand commands for the firm. Brand equity is an important intangible asset that has psychological and financial value to the firm.

Front 3

10 Attributes for a great brand

Back 3

The world's strongest brands share 10 attributes:
1. The brand excels at delivering the benefits consumers truly desire.
2. The brand stays relevant.
3. The pricing strategy is based on consumer perceptions of value.
4. The brand is properly positioned
5. The brand is consistent.
6. The brand portfolio and hierarchy makes sense.
7. The brand makes use of and coordinates a full repertoire of marketing activities to build equity.
8. The brand's managers understand what the brand means to consumers.
9. The brand is given proper, sustained support.
10. The company monitors sources of brand equity.

Front 4

what is Branding?

Back 4

Branding is endowing products and services with the power of a brand. Branding is all about creating differences.

Front 5

What is marketing advantage of strong brand?

Back 5

1. Improved Perceptions of Product Performance
2. Greater Loyalty
3. Less Vulnerability to Competitive Marketing Actions
4. Less Vulnerability to Marketing Crises
5. Larger Margins
6. More Inelastic Consumer Response to Price Increases
7. More Elastic Consumer Response to Price Decreases
8. Greater Trade Cooperation and Support
9. Increased Marketing Communications Effectiveness
10. Possible Licensing Opportunities
11. Additional Brand Extension Opportunities

Front 6

What is BAV?

Back 6

Brand Asset Valuator (BAV). Based on research with almost 200,000 consumers in 40 countries, BAV provides comparative measures of the brand equity of thousands of brands across hundreds of different categories. There are four key components—or pillars— of brand equity, according to BAV:
r Differentiation measures the degree to which a brand is seen as different from others, s Relevance measures the breadth of a brand's appeal.

Front 7

What is brand Equity Models?

Back 7

1:Brand asset valuator
2:AAKER Model
3:BRANDZ
4:Brand Resonance

Front 8

What is the key elements in Building brand equity?

Back 8

Three main drivers:
1. The initial choices for the brand elements or identities making up the brand (e.g., brand names, URLs, logos, symbols, characters, spokespeople, slogans, jingles, packages, and signage).
2. The product and service and all accompanying marketing activities and supporting marketing programs.
3. Other associations indirectly transferred to the brand by linking it to some other entity (e.g., a person, place, or thing).

Front 9

What is brand element?

Back 9

Brand elements are those trademarkable devices that serve to identify and differentiate the brand. Most strong brands employ multiple brand elements.

Front 10

What is criteria of brand element?

Back 10

Memorable.
Meaningful.
Likeability
Transferable
Adaptable
Proleclible

Front 11

What is brand contact?

Back 11

A brand contact can be defined as any information-bearing experience a customer or prospect has with the brand, the product category, or the market that relates to the marketer's product or service.2

Front 12

What is Holistic Marketing Activities?

Back 12

Personalization
Integration
Internalization

Front 13

What is brand worth?

Back 13

According to top brand valuation firm Interbrand, brand valuation is based on an assessment of what the value is today of the earnings or cash flow the brand can be expected to generate in the future. To estimate brand value, it is necessary to: (1) identify the true earnings that can be attributed strictly to the brand and (2) capitalize the earnings by applying a multiple to historic earnings as a discount rate to future cash flow.

Front 14

What is brand extension?

Back 14

When a firm uses an established brand to introduce a new product, it is called a brand extension.

Front 15

What is brand portfolio?

Back 15

The brand portfolio is the set of all brands and brand lines a particular firm offers for sale to buyers in a particular category. Different brands may be designed and marketed to appeal to different market segments.

Front 16

What is 'Brand equity measurements?'

Back 16

Brand audits are in-depth examinations of the health of a brand and can be used to set strategic direction for the brand. Tracking studies involve information collected from consumers on a routine basis over time and provide valuable tactical insights into the short-term effectiveness of marketing programs and activities. Brand audits measure "where the brand has been," and tracking studies measure "where the brand is now" and whether marketing programs are having the intended effects.