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22 Cards in this Set
- Front
- Back
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conjoint analysis - what is + disadv L11 |
-amt of value the consumer puts on certain features, used to determine how much a customer will be willing to pay -conjoint method allows simultaneously study of brand as well as MKTG programs -this method also employs statistical calculations making it possible to study many attributes/ assocs at one time *too much experimentation may increase consumer expectation w respect to the brand ie. Honda City v. Mazda 2 sedan (near identical, but diff features) |
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holistic methods L11 |
-is used to determine financial value or definite utility value of the brand -looks to measure consumer brand prefs over consumer brand response -attempt to place an overall value on the brand in either abstract utility terms/concrete fin'al terms thus attempt to 'net out' various considerations to determine the unique contribution of the brand |
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holistic methods - 2 approaches L11 |
*residual: examines the brand equity (value) of the brand by subtracting out from overall brand prefs consumers' prefs for the brand based on physical product attributed alone *valuation: places a financial value on the brand for a/c'ing purposes, mergers & acquisitions, or other such reasons. Looks to measure brand equity in fin'al term which is important during valuation of whole firm in activities of merger/acquisitions, fund raising etc ie. billabong |
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guidelines for creating & measuring ROI from brand MKTG activities (4) L11 |
-spend wisely (focus & be creative) -look for benchmarks (examine competitive spending lvls & historical company norms) -be strategic (apply brand equity models) -be observant (track both formally & informally) |
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branding strategy (also called brand architecture strategy) L12 |
the branding strat. for a firm reflects the # & nature of common/distinctive brand elements applied to the diff products sold by the firm. Which brand elements can be applied to which products & the nature of new & existing brand elements to be applied to new products -brand hierarchy/structure/strategy |
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developing a brand architecture strategy (3 steps) L12 |
1. defining brand potential (3 important characteristics (the brand: vision, boundaries (constrained for T2), positioning) 2. identifying brand extension opps (line & category) 3. branding new products & services (sub-brands) |
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levels of a brand hierarchy L12 |
-company brand lvl -family brand lvl -individual brand lvl -modifier lvl -product descriptor |
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category attractiveness L12 |
aggregate mkt factors: mkt size, mkt growth, stage in product life cycle, sales cyclicity, seasonality, profits category factors: threat of new entrants, bargaining power of buyers & suppliers, current category rivalry, pressures from substitutes, category capacity enviro'al factors: technological, political, economic, regulatory, social |
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designing the brand hierarchy (9 principles) L12 |
simplicity: employ as few lvls as possible clarity: logic & relationship of all brand elements employed must be obvious & transparent relevance: create global assocs that are relevant across as many individual items as possible differentiation: differentiate individ. items & brands growth:investments in mkt penetration/ expansion vs product develop. should be made according to ROI opps survival: brand ext must achieve brand equity in their cat.s synergy:brand ext should enhance the equity in their cat.s prominence: the relative prominence of brand elements affects perceptions of product distance & the type of image created for new products (iPhone, McNuggets) commonality: the more common elements shared by products, the stranger the linkages |
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managing brand portfolios L12 |
-multiple brands are often employed in a category for mkt coverage - target diff mkt segs -basic principle of brand portfolios: max. coverage of mkts & segs; min. overlap in a mkts/ seg. -basic economics guideline: a portfolio is too big if profits can be increased by dropping brands; a portfolio is not big enough if profits can be increased by adding brands |
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9 possible special roles of brands in the brand portfolio L12 |
1. to attract a particular mkt seg. not currently being covered by other brands of the firm 2. to serve as a flanker & protect flagship brands 3. to serve as a cash cow & be milked for profits 4. to serve as a low-end entry-lvl product to attract new customers to the brand franchise 5. to serve as a high-end prestige product to add prestige & credibility to the entire brand port. 6. to increase shelf presence & retailer dependence in the store 7. to attract consumers seeking variety who may otherwise have switched to another brand 8. to increase internal comp w/in the firm 9. to yield economies of scale in advertising, sales, merchandising & physical distrib. |
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corporate values L12 |
values of the company & the philosophy & actions of the company w respect to org'al, social, political or economic issues (socially responsible; enviro'ly concerned) |
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company credibility & company expertise & company trustworthiness & company likability - what are they? L12 |
*is the extent to which consumers believe that a company is willing & able to deliver products & services that satisfy customer needs & wants * extent to which a company is seen as able to competently make & sell their products or conduct their services *extent to which the company is seen as motivated to be honest, dependable, & sensitive to customer needs *extent to which the company is seen as prestigious, interesting, friendly, etc (maccas is friendly) |
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brand architecture guidelines L12 |
-adopt a strong customer focus -create broad, robust brand platforms -avoid overbranding & having too many brands -selectively employ sub-brands -selectively extent brands |
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reinforcing brands L12 |
-maintaining brand consistency (& change) -protecting sources of brand equity (positioning) -fortifying vs leveraging (ty to capitalize on or max. brand awareness & image) -fine-tuning the supporting MKTG programs (product-related perf assocs & non-product imagery assocs) |
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expanding brand awareness (2) L12 |
-identifying additional or new usage opps. -identifying new & completely diff ways to use the brand |
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improving brand image (2) L12 |
-identifying the TM -repositioning the brand -changing brand elements |
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advantages of global MKTG programs (6) L12 |
-economies of scale in production & distribution -lower MKTG costs -power & scope -consistency in brand image -ability to leverage good ideas quickly & efficiently -uniformity of MKTG practices |
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disadvantages of global MKTG programs (7) L12 |
*diffs in consumer, needs, wants & usage patterns for products *diffs in consumer responses to branding elements *diffs in consumer responses to MKTG mix elements *diffs in brand & product development & the competitive enviro *diffs in the legal enviro *diffs in MKTG institutions *diffs in administrative procedures |
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10 commandments of global branding L12 |
1.understand similarities & diffs in the gloal branding landscape 2.don't take shortcuts in brand building 3.establish MKTG infrastructure 4. embrace integrated MKTG comms. 5. cultivate brand partnerships 6.balance standardization & customization 7. balance global & local control 8. establish operable guidelines 9. implement a global brand equity measurement system 10. leverage brand elements |
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rational for going international |
-perceptions of slow growth & increased comp in domestic mkts -belief in enhanced overseas growth & profit opps -desire to reduce costs from economies of scale -need to diversify risk -recognition of global mobility of customers |
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7 deadly sins of brand mngmnt L13 |
1. failure to fully understand the meaning of the brand 2. failure to live up to the brand promise 3. failure to adequately support the brand 4. failure to be patient w the brand 5. failure to adequately control the brand 6. failure to properly balance consistency & change w the brand 7. failure to understand the complexity of brand equity meas,mnt. & mngmnt |
