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What is a brand?
For the American Marketing Association (AMA), ..a brand is a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition.
Brands vs. Products A product is anything we can offer to a market for attention, acquisition, use, or consumption that might satisfy a need or want.
is a basic version of the product containing only those attributes or characteristics absolutely necessary for its functioning
is a set of attributes or characteristics that buyers normally expect and agree to when they purchase a product.
includes all the augmentations and transformations that a product might ultimately undergo in the future.
Symbolic device
Signal of quality
Reducing the Risks in Product Decisions Functional riskThe product does not perform up to expectations.
Physical riskThe product poses a threat to the physical well-being or health of the user or others. Financial riskThe product is not worth the price paid. Social riskThe product results in embarrassment from others. Psychological riskThe product affects the mental well-being of the user.
Services
Retailers and distributors Online products and services People and organizations Sports, arts, and entertainment Geographic locations
Top Ten Global Brands Brand 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Coca-Cola Microsoft IBM GE Intel Nokia Toyota Disney McDonalds Mercedes-Benz 2006 ($Billion) 67.00 56.93 56.20 48.91 32.32 30.13 27.94 27.85 27.50 21.80 2005 ($ Billion) 67.53 59.94 53.38 47.00 35.59 26.45 24.84 26.44 26.01 20.00
Brand proliferation
Media fragmentation
Increased competition
Increased costs Greater accountability
Differential effect
Brand knowledge
Mixing and matching of brand elements Integrating brand marketing activities Leveraging of secondary associations
Brand-product matrix Brand portfolios and hierarchies Brand expansion strategies Brand reinforcement and revitalization
1. Identify and establish brand positioning and values Mental maps: Visual depiction of different type of associations linked to the brand in the mind of customer Competitive frame of reference: Creating brand superiority in the mind of customer. Points-of-parity and points-of-difference: POD ..is not available in other brand, POP.is similar to other brand Core brand values: Attributes and benefits of brand. Brand mantra: Core brand promise.
2.Plan and implement brand marketing programs Mixing and matching of brand elements: Name.logos symbols characters,packaging and slogans.
Integrating brand marketing activities: Marketing programs can create strong,favorable and unique brand association.
Leveraging of secondary associations: Brand may be linked to *Company *Character *Spokepeople *Country *Sonsorship *Awards
Brand equity management system: *Brand equity charter *Brand equity report *Brand equity responsibility
Managing Brand Equity Over Geographic Boundaries, Cultures, and Market Segments.