Strategic Brand Management 1

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marketing

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organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

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marketing segmentation

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the process of dividing a potential market into distinct subsets of consumers and selecting one or more segments as a target market to be reached with a distinct marketing mix

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target market

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a company's most desired or principal customers, focused approach

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consumer behavior

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field of study that focuses on consumer activities, activities people undertake when obtaining, consuming and disposing of products and services

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four things that affect consumer behavior

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psychological core, process of making decisions, consumer's culture, consumer behavior outcomes

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psychological core

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having motivation, ability, and opportunity; exposure, attention, and perception; categorizing and comprehending information; forming and changing attitudes; forming and retrieving memories

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process of making decisions

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public recognition and search for information; making judgments and decisions; making post-decision evaluations

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consumer's culture

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external processes - regional and ethnic influences; age, gender, and household influences - reference groups

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consumer behavior outcomes

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can symbolize who we are, can diffuse throughout a market

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primary data

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data originating from a researcher and collected to provide information relevant to a specific research project

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secondary data

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data collected for some other purpose by others; i.e. the government, syndicated data services

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surveys

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open-ended or rating, in person, via mail, phone, or web, relatively cheap way of collecting data

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focus groups

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group of 6-12 consumers led by a trained moderator, group dynamics - group members' views become known as the discussion unfolds, provide qualitative insights into thoughts and feelings, in person, phone, or computer-based

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interviews

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involve one on one contact with consumer, more appropriate when topic is sensitive, requires trained interviewer

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experiments

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only way to find a cause and effect relationship, consumers randomly assigned to receive different treatments, control all other variables

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field experiments

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conducting experiments in the real world

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market test

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studies the effectiveness of one or more elements of the marketing mix by evaluating sale of the product in an actual market

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brand

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name, term, sign, symbol, or design or a combination of them, intended to identify the goods and services of one seller or a group of sellers and to differentiate them from those of the competition + creation of awareness reputation and prominence

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generic product

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item characterized by plain label, with no advertising and no brand name

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manufacturer's brand

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brand name owned by a manufacturer or other producer

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private brands

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brand name placed on products marketed by wholesalers and retailers

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captive brands

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national brands that are sold exclusively by a retail chain

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family brand

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brand name that identifies several related products

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individual brand

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unique brand name that identifies a specific offering within a firm's product line and that is not grouped under a family brand

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product

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anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or a want

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brand equity

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added value endowed to the product by the brand

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customer based brand equity

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the differential effect that brand knowledge has on consumer response to the marketing of that brand, ultimately depends on what resides in the minds of the consumers

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brand awareness

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strength of the brand node or trace in memory as reflected by consumers' ability to identify the brand under different conditions

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brand image

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consumer perceptions of a brand as reflected by the brand associations held in consumers' memory

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brand recognition

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ability to confirm prior exposure

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brand recall

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ability to retrieve the brand when given the product category

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depth

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how far the brand is in the consumers mind

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breadth

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the various uses of the brand

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brand image

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associations

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types of benefits

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functional, experiential, attitudes

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brand positioning

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who is your target customer? who are the main competitors? how is the brand similar to these competitors? how is the brand different from these competitors?

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points of difference

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strong favorable and unique brand associations, unique selling point, sustainable competitive advantage

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points of parity association

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category and competitive

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core brand values

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set of abstract associations (attributes and benefits) that characterize the 5 to 10 most important aspects or dimensions of a brand

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brand mantra

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an articulation of the heart and soul of the brand, purpose: to ensure all employees within the organization and all external marketing partners understand what the brand most fundamentally represents so that they can adjust actions accordingly

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brand salience

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brand awareness, product category structure, strategic implications

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brand performance

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describes how well the brand meets consumers' more functional needs, rate on objective assessments of quality, satisfies utilitarian, aesthetic, and economic customer needs and wants in the product or service category

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brand imagery

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user profile, purchase and usage situations, brand personality and values, brand history, heritage,a nd experiences

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brand personality

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set of human characteristics associated with a brand, animism

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brand personality dimensions

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sincerity, excitement, competence, sophistication, ruggedness

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brand judgments

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quality, credibility, consideration, superiority

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brand feelings

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customers' emotional responses and reactions to the brand, relate to the social currency evoked by the brand, feelings can be experiential and immediate, increasing in level of intensity, private and enduring, increasing in level of gravity

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brand resonance

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behavioral loyalty, attitudinal attachment, sense of community, active engagement

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brand elements criteria

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memorability, meaningfulness, likability, transferability, adaptability, protectability

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memorability

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easily recognized, easily recalled

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meaningfulness

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descriptive for product category, descriptive for brand, rich visual and verbal imagery

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likability

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fun and interesting, regards the element and the brand

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transferability

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within and across product categories, across geographical boundaries and cultures

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adaptability

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flexible and updateable

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protectibility

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legally and competitively

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brand names

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captures the central theme or key associations of a product in a very compact and economical fashion, most difficult element for marketers to change

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cyber squatting

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registering, trafficking in, or using a domain name with bad-faith to profit from the goodwill of a trademark belonging to someone else

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relationship marketing

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gaining in importance to create stronger consumer ties and provide a more holistic, personalized brand experience - mass customization, after-marketing, CRM and loyalty programs

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experiential marketing

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connecting the brand with unique and interesting experiences - sense, feel, think act, relate

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one-to-one marketing

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focus is on individual concepts, customization of products and services, treats different consumers differently because of different needs of consumers and value to the firm

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permission marketing

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encourages consumers to participate in a long-term interactive campaigns - where consumers are rewarded for attention engagement with relevant messages, breaks out of clutter and builds customer loyalty

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product strategy

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perceived quality and value, relationship marketing in formulating product strategy and offerings

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perceived quality

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customers' perception of the overall or superiority of a product or service relative to relevant alternatives and with respect to its intended purpose

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pricing strategy

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the policies that guides decisions for prices and price promotions and discounts over time; economic costs, quality signal

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value-based pricing

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sell the product at the right price; in between penetration pricing and skimming pricing

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marketing channels

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sets of interdependent organizations involved in the process of making a product or service available for use of consumption

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channel strategy

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the design and management of intermediaries such as wholesalers, distributors, brokers and retailers

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direct channels

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company owned stores, other means

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channel design

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combination of direct and indirect channels

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marketing communications

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means by which firms attempt to inform, persuade, and remind consumers, directly or indirectly, about the brands that they sell

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persuasion

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exposure, attention, comprehension, yielding, intentions

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6 ways to match communication options

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coverage, contribution, commonality, complementarity, versatility, cost

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coverage

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the proportion of the audience reach by each communication option, as well as the amount of overlap that exists among communication options

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contribution

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the ability of a marketing communication to create the desired response and communication effects from consumers in absence of exposure to any other communication option

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commonality

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the extent to which common information conveyed by different communication options shares meaning across communication options

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complementary

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the extent to which different associations and linkages are emphasized across communication options

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versatility

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the extent to which a marketing communication option is robust and effective for different groups of consumers

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co-branding

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two or more existing brands are combined into a product and/or marketed together in some fashion

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licensing

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contractual arrangements whereby firms can use names, logos, characters, and other facets of other brands to market their own brands for some fixes

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cause-related marketing

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enhance brand image, evoke feelings of social approval/esteem, brand attitudes such as trustworthy and likeable

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five dimensions of brand personality

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competence, excitement, sincerity, ruggedness, sophistication