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Branding TARGET DAY 3 START
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BRANDING What is a Brand?
A name, term, symbol, or any other unique element that identifies one firm’s product and sets it apart from the competition. -- Many textbooks The set of expectations, experiences, and relationships that, taken together, account for a consumer’s decision to choose one product or service over another. Relationship oriented Emotional Valued A promise
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Why Brand? To Buyers, brands:
Enable the consumer to interpret and process product information more easily Provide greater confidence in the purchase decision Reduce purchase risk Increase customer satisfaction Provide a form of self-expression
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Why Brand? To Sellers, brands
Identify and differentiate a firm’s products Increase the efficiency and effectiveness of marketing programs Provide the foundation for higher prices and margins Help facilitate the introduction of new products Provide trade leverage Support sustainable competitive advantages Enable the development of brand loyalty
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Building Brands “Alive” – take on a personality
Consumers buy brands like themselves Coke: all-American, real Dr. Pepper: nonconforming, unique Serious assets that are carefully built over time Consistently create strong and favorable consumer experiences and associations Brand Equity: the tangible and intangible value that brand adds to a product or service Enables certain brands to charge premium prices vs. similar competitors
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Brand Promise Flows directly from positioning statement
Ties to Key Message in promotions Captures essence of what the brand stands for; what it will deliver to customers Who you are and what you do for customers Connects brand’s benefits to customer’s purpose What brand will do for customer and why they care Reflects desired and/or perceived personality Based on quantitative and qualitative insights into customers, competitors and the firm itself
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Naming Strategies Company brand (most common, esp. in B2B)
Brand just your company name (e.g. Target) Family brand (Multi-product) strategy Emphasize and use one family name (surname) for all products. Family name is almost always used in brand name Kellogg’s Frosted Flakes, Kellogg’s Raisin Bran, etc. Multi-brand strategy Each product has its own distinctive name. Firm name usually not used as part of brand name Cheerios, Trix, Luck Charms
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Most Valuable Global Brands
2014 Rankings Apple $119B Google $107B Coca-Cola $82B IBM $72B Microsoft $61B GE $45B Samsung $45B Toyota $42B McDonalds $42B Mercedes-Benz $34B 2011 Rankings Coca-Cola $72B IBM $70B Microsoft $59B Google $55B GE $43B McDonald’s $36B Intel $35B Apple $33B Disney $29B HP $28B
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Define That Brand Apple Microsoft Bud Miller
Microsoft Bud Miller
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Types of Brands Manufacturer Private Distributor (Private or Store)
Brands initiated by producers Individual or Line Private Distributor (Private or Store) Brands initiated and owned by resellers Generic © Used By Permission.
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Match the Retailer with the Private Brand Name
Private Brand Test Match the Retailer with the Private Brand Name Retailer Brand Bloomingdale’s Arizona Jeans Costco Ol’ Roy J.C. Penney Michael Graves Sears Joseph & Lyman Wal-Mart Kenmore Target Kirkland Macy’s Alfani
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Private Brand Test Answers Retailer Bloomingdale’s Costco J.C. Penney
Sears Wal-Mart Target Macy’s Brand Joseph & Lyman Kirkland Arizona Jeans Kenmore Ol’ Roy Michael Graves Alfani
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