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Learning objectives
Importance of brands Branding challenges and opportunities Brand Equity Strategic brand management
What is a brand?
For the American Marketing Association (AMA), a brand is a name, 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. competition These different components of a brand that identify and differentiate it are brand elements.
What is a brand?
Many practicing managers refer to a brand as more than that as something that has actually created a certain that amount of awareness, reputation, prominence, and so on in the marketplace. We can make a distinction between the AMA definition f of f a brand with a small b and the industrys concept of a Brand Brand with a capital b.
A brand is therefore more than a product, as it can have dimensions that differentiate it in some way from other products d i designed dt to satisfy ti f th the same need. d Some brands create competitive p advantages with product performance; other brands create competitive advantages through non-product-related means. means
What is branded?
Physical goods Services Retailers and distributors Online prod products cts and ser services ices People p and organizations g Sports, arts, and entertainment G Geographic hi l locations ti Ideas and causes
BRAND EQUITY
A brand's power derived from the goodwill and name recognition g that it has earned over time, which translates into higher sales volume and higher profit margins against competing brands.
Key Concepts
Mental maps Competitive frame of reference P i t f Points-of-parity it and d points-of-difference i t f diff Core brand values Brand mantra Mixing and matching of brand elements Integrating brand marketing activities Leveraging of secondary associations Brand value chain Brand audits Brand tracking Brand equity management system Brand-product matrix B Brand d portfolios tf li and d hierarchies hi hi Brand expansion strategies Brand reinforcement and revitalization
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