BRAND MANAGEMENT
BRAND Name, term, sign, design symbol, or the combination of them that identify a product/service of a company
BRAND IS IMPORTANT. WHY ? ? ? It makes emotion agreement consistent and stable It can penetrate each culture and market It can create the interaction communication toward the consumer Influential in forming customer behavior It ease buying decision process by customer The ability to grow as the biggest asset of company
Framework for Brand Management Market Analysis Consumer Analysis Company Analysis Market Truth Consumer Truth Product Truth Market Niches Brand Ideas Brand Platform Brand Architecture Communication (Marketing Mix ) Brand Equity
BRAND EQUITY Definition : A set of asset and liabilities linked to a brand, its name, symbol, that add to or subtract from the value provided by a product or service to a firm and/or to that firm’s customers.
Other propriety brand asses BRAND EQUITY CONCEPT Perceived quality Brand awareness Brand association Brand equity (Name, Symbol) Other propriety brand asses Brand loyalty value to customer value to company
☻COMPETITIVE ADVANTAGE VALUE TO CUSTOMER ☻INTERPRETATION / PROCESSING OF INFORMATION ☻CONFIDENCE IN THE PURCHASE DECISION ☻USE SATISFACTION VALUE TO COMPANY : ☻EFFICIENCY AND EFFECTIVENESS OF MARKETING PROGRAMS ☻BRAND LOYALTY ☻PRICES / MARGINS ☻BRAND EXTENSIONS ☻TRADE LEVERAGE ☻COMPETITIVE ADVANTAGE
BRAND AWARENESS
The Awareness Pyramid Brand Awareness : The ability of potential buyer to recognize or recall that brand is a member of a certain product category
HOW BRAND AWARENESS WORKS TO HELP BRAND ? Anchor to which other association can be attached Familiarity - Liking Substance / Commitment Brand to be considered
Involve a slogan or jingle Symbol exposure Publicity Event sponsorship Be different & memorable Involve a slogan or jingle Symbol exposure Publicity Event sponsorship Consider brand extensions Using cues Recall requires repetition The recall bonus HOW TO ACHIEVE AWARENESS ???
ANYTHING “LINKED” IN MEMORY TO A BRAND ASSOCIATION ANYTHING “LINKED” IN MEMORY TO A BRAND
WHAT IS THE VALUE OF BRAND ASSOCIATION ? HELP PROCESS/RETRIEVE INFORMATION DIFFERENTIATED REASON TO BUY WHAT IS THE VALUE OF BRAND ASSOCIATION ? CREATE POSITIVE ATTITUDE / FEELINGS BASIS FOR EXTENSIONS
ASSOCIATION THAT CONNECTED TO BRAND INTANGIBLES ATTRIBUTES CUSTOMER BENEFITS PRODUCT ATTRIBUTES RELATIVE PRICE ASSOCIATION THAT CONNECTED TO BRAND COUNTRY/ GEOGRAPHIC AREA USE/ APPLICATION USER / CUSTOMER COMPETITORS CELEBRITY/ PERSON PRODUCT CLASS LIFE STYLE / PERSONALITY
ASPECTS OF BRAND ASSOCIATION CUSTOMER’S CONFIDENCE TOWARD BRAND BRAND ABSTRACTNESS CUSTOMER’S FAVORABLE TOWARD BRAND
PERCEIVED QUALITY
PERCEIVED QUALITY CUSTOMER PERCEPTION OF THE OVERALL QUALITY OR SUPERIORITY PRODUCT OF A PRODUCT OR SERVICE WITH RESPECT TO ITS INTENDED PURPOSE, RELATIVE TO ALTERNATIVES
PERCEIVED QUALITY DIMENSION PRODUCT PERFORMANCE FEATURES CONFORMANCE RELIABILITY DURABILITY SERVICEABILITY FIT & FINISH SERVICE TANGIBLES RELIABILITY COMPETENCE RESPONSIVENESS EMPATHY
VALUE OF PERCEIVED QUALITY REASON TO BUY CHANNEL MEMBER INTEREST VALUE OF PERCEIVED QUALITY DIFFERENTIATION BRAND EXTENSIONS PREMIUM PRICE
BRAND LOYALTY
BRAND LOYALTY A measure that could give description about the possibility whether the consumer will switch to another brand, mainly when the brand is changing (the price or other attributes).
PROVIDE TIME TO RESPOND TO COMPETITIVE THREATS TRADE LEVERAGE VALUE OF BRAND LOYALTY ATTRACTING NEW CUSTOMER REDUCED MARKETING COSTS PROVIDE TIME TO RESPOND TO COMPETITIVE THREATS
BRAND LOYALTY PIRAMID
CREATING & MAINTAINING BRAND LOYALTY TREAT THE CUSTOMER RIGHT STAY CLOSE TO THE CUSTOMER MEASURE/MANAGE CUSTOMER SATISFACTION CREATE SWITCHING COSTS PROVIDE EXTRAS BRAND LOYALTY