MKT10007 Week 10 BRANDING Origin of branding - Identify work Branding is the action of endowing products and services with the power of the brand What is Brand? Brand name Brand Mark Brand (definition) Brand is promise of consistency, a promise of: - Quality - Performance - Future expectations Effective brand name - Easy to remember - Describe product, use benefits - Easy to pronounce - Unique, short, distinctive - Positive connotation - Reinforces product image Benefits of branding - Value - Brand equity 3 roles branding Repeat sales Product identification New product sales Differences may be - Functional, rational, tangible - Symbolic, emotional Offering - Product and service - Brand supports product or service Strong brands command trust and premium prices
Brands · Consumers accumulate knowledge - Brands simplify decision making and reduce risk Role of brand - Identify maker - Signal quality and trustworthiness - Create barriers to entry - Legal protection Brand elemets - Name - Slogan - Characters - Logos Memorable How easily do consumers recall and recognize the brand element, and when - at purchase and consumption? Meaningful Is the brand element credible? Does it suggest the corresponding category and a product ingredient or the type of person who might use the brand? Likeable How aesthetically appealing is the brand element? Transferable Adaptable Can the brand element introduce new products in the same or different categories? How adaptable and updatable is the brand element? Protectable How legally protectable is the brand element? How competitively protectable? Brand inion - Positioning statements brought to life - Essense > manifested outwards Positioning is act of designing a companys offering and image to occupy a place in target market Competitive farme of reference - Who we compete again - Focus of analysis Points of difference - Attributes benefits from attributes - Strongly associated with brand - Desireability, deliverability, differentiability Points of parity - Establish credenitals
Building brand equity - Create brand knowledge - Associate brand iwht other things so value of other things transferred Link brand to other information in memeory that conveys meaning to consumers Leveraging other brands through alliances - Co branding is when established brand names of different companies used on same product Brand relationships - Consumer based brand equity - Knowledge of brand - Reflected in perceptions, preferences and behaviour Resonance 4. Relationships What About You and Me? Judgments Feelings Performance Imagery Salience 3. Response What About You? 2. Meaning What Are You? 1. Identity Who Are You? Brand personality - Empahaise personality - Human characteristics - Sincerity, excitmenet, competence, sophistication Consumer brand relationships - Brands humanised facilitates interactions and relaitonshios with them - Ongoing relaitonships - Repeat customers