BRAND MANAGEMENT H S MUKERJEE

SYLLABUS Unit 1: Brands versus products, what can and cannot be branded, branding challenges and opportunities; Customer based brand equity, sources of brand equity, Aakers model of measuring brand equity, building a strong brand. Unit 2: Identifying and establishing brand positioning, guidelines, internal branding and brand audits Unit 3: Building brand identity-The Kapferer’s identity prism, Choosing brand elements, options for brand elements, designing marketing programmes to build brand equity Unit 4: Designing & Sustaining Branding Strategies: Brand hierarchy, Branding strategy, Brand extensions. Unit 5: Marketing communication to build brand equity, developing communication programmes, building an online brand

UNIT 1 Brands versus products, what can and cannot be branded, branding challenges and opportunities; Customer based brand equity, sources of brand equity, Aakers model of measuring brand equity, building a strong brand.

So, what is common between them?

What are these?

What is a brand? It is a name, term, symbol, sign, design or a combination intended to identify and differentiate goods and services of one against another. What this means is therefore whenever marketer creates a new name, logo or symbol for a new product or service a brand is created. ‘Is the above statement correct?’

What is a Brand? http://www.youtube.com/watch?v=JKIAOZZritk

Therefore there is a difference and practioners say that brands are more than that and it is about awareness, reputation, prominence and so on. Brands therefore is to differentiate and distinguish using ‘brand elements’.

Brand Names Could be a: People: Tata motors Place: British Airways Animals: Dove Others: Shell, General Electrics and so on. Brand names could be based on product meanings like, ‘surf’, ‘active fresh’, ‘sleep well mattress’.

Brands versus products Product is anything that we offer to a market for attention, acquisition, use or consumption that might satisfy a need or a want. Automobile, banking service, insurance company, a retail store and so on.

Brand versus products http://www.youtube.com/watch?v=29rSxDu6qz0

5 levels of meaning for a product Core benefit Fundamental need or want that consumers satisfy by consuming the product or service. Level 2 Generic product level Basic version of the product containing only those attributes necessary for its functioning but with no distinguishing features. Stripped down no frills version. Level 3 Expected product level Set of attributes or characteristics that buyers expect and agree when they purchase Level 4 Augmented product level Additional product benefits, attributes, and related services Level 5 Potential product level Augmentations and transformations that a product might go in future.

Air conditioner Cooling and comfort Sufficient cooling capacity, energy efficiency, adequate air intake Consumers expect two cooling speeds, removable air filters and one year warranty Optional features like touch panel, display panel, thermostat, a toll free number and so on. Silently running, completely balanced and self sufficient.

Exercise Choose a product and present the five levels of meaning for a product

10 most valuable brands http://www.youtube.com/watch?v=iN8Vb8sh_1g

“ The struggle between companies is not on the products they sell, but something else.” “A brand therefore is more than a product, because it can have dimensions that differentiate it in some way from others designed to satisfy the same need.”

A brand therefore can be a: Physical good: Kellogg's cornflakes Service: Jet Airways Retail Store: Big Bazaar Person: Amitabh Bachhan Country/State: Kerala Online Store: Flip kart Social Cause: Being Human

Brands create competitive advantage: Because of performance. (Benz, Gillette) Because of innovation. (GE, Apple) Because of non product related means, like image (Coca-Cola)

Why do brands matter to consumers? Identification of source of product Assignment of responsibility to product maker Risk reducer Functional risk: Risk of non performance Physical risk: Threat to physical health Financial risk: Not worth the money Social risk: The product results in embarrassment from others Psychological risk: Affects the mental well being of the user. Time risk: The failure leads to the opportunity cost of searching another product. Search cost reducer Promise, bond or pact Symbolic device Signal of quality

Search goods: Grocery Experience goods: Cars, tyres Credence goods: Insurance; here consumers may rarely learn product attributes.

Why do brands matter to firms? Means to identify and handle or trace Legally protecting unique features Quality level to satisfied customers Endowing product with unique associations Competitive advantage Financial returns

What can be branded? Physical goods High technology products Services Retailers and distributors Online products and services People and organisation Sports, arts and entertainment Geographic locations Ideas and causes

Destination branding http://www.youtube.com/watch?v=rNWeBVBqo2c

What can and cannot be branded? Present on one of the categories in the previous slide. (PREFERABLY INDIAN BRANDS) History Uniqueness Financial returns for the brand Consumer expectations from the brands

Branding challenges Savvy customers Brand proliferation: No single brands available. Media Fragmentation (Cost, clutter, fragmentation and technology) Increased competition: Globalization, low price, brand extensions and de-regulation. Increased costs Greater accountability: Time taken to build brands are not available; short term profits

Failures in brands http://www.youtube.com/watch?v=UlgbwGHF8GQ