What is a brand?
A brand is a name, term, sign, symbol or design, or a combination of them, intended to identify the products and services of one seller/group of sellers and differentiate them from competitors.

> Name, Term, Sign, Symbol or Design
> Or a combo
> Identify the products and services of one seller/group of sellers
> Differentiate from competitors

Brands attach feeling to differentiate them which can not easily be substituted - source of Sustainable Competitive Advantage

What is the role of a brand?
Brands have different roles for consumers and businesses
For Consumers:
Brands set and fulfil expectations
Reduce Risk
Simplify decision making
Take on personal meaning
Become a part of their identity

For Companies:
Simplify product handling
Organise inventory and accounting
Offer legal protection
Create brand loyalty
Secure competitive advantages

Defining Brand Equity

Customer Based Brand Equity
The differential effect brand knowledge has on consumer response to the marketing of the brand
[ The commercial value that derives from consumer perception of the brand name of a particular product, rather than the product itself ]
> Perceptions, preferences and behaviour all effect brand equity

Brand Promise
The marketers vision of what the brand must be and do for the customers/consumers

Brand Equity Models

1. Brand Asset Valuator
2. Brand Resonance Pyramid

Brand Asset Valuator
Looks at four different elements
- Energised differentiation
- Relevance
- Esteem
- Knowledge

Energised Differentiation - The brand's point of difference; relates to margins and cultural currency

Relevance - How appropriate is the brand to target market; relates to consideration and trial

Esteem - How the brand is regarded/perceived; relates to perceptions of quality and loyalty

Knowledge - How well does the customer know/understand the brand; relates to awareness and consumer experience

Together differentiation and relevance create Brand Strength - a leading indicator and future growth value
Esteem and Knowledge create Brand Stature - a current indicator, current operating value

Score Brand Strength and Brand stature and then plot them on the Universe of Brand Performance Matrix
this matrix gives an indication of the brand's status and overall performance in the current environment compared to competitors
if you have enough and correct data

Categories in the matrix:

New/Unfocused
Niche/Momentum
Leadership
Eroding/Declining

Can track the progress of your brand and see how you compare to competing brands

	Erstellt von Alex Millar vor mehr als 10 Jahre

Second Year Marketing (Term 2) Notiz am Branding Strategy, erstellt von Alex Millar am 13/06/2016.