Published on March 9, 2014
Brand Management Session 2: Brand Equity and Brand Manager Zeeshan Kingshuk Huq Guest Faculty email@example.com
We read about the the relationship in last class § Brand is a promise § Product is the system of delivering this promise § Advertisement proposes and makes you believe this delivery of promise 2 3/10/14/ZKH
BRAND EQUITY 3 3/10/14/ZKH
But what is a good brand made of? § Brand Equity is the difference between the value offered by a product / service by the company the value perceived by the consumers ! Is Mercedes expensive? 4 3/10/14/ZKH
Brand Equity consists of … Brand Loyalty Reduced marketing cost Brand Awareness Perceived Quality Anchor to which Reason to buy other Differentiation / associations Trade Leverage Position can be attached Attracting new Price Familiarity-liking customers ChannelSignal of Time to respond member interest substance to competitive Extension Consideration threats Brand Association Easy interpretation Reason to buy Create positive image Extension 5 3/10/14/ZKH
Can we measure Brand Equity? § Yes, and there are various models § Details of different approaches to conceptualize brand equity differ § However, all of them share a common core à typically rely on brand knowledge structures in the minds of consumers § Consumers – individuals or organizations – are the single source or foundation of brand equity 6 3/10/14/ZKH
Generic Model in Measuring Brand Equity § Considerations ! Brand Awareness - Breadth - Depth ! Brand Image - Characteristics, price, durability, quality, effective - Personification (user versus brand) - Values, history, heritage - Feelings § Measurements ! Brand Awareness - Brand Recognition - Unaided Recall - Aided Recall ! Brand Image - Free Association - Means-Ends Chain Analysis - Projective Techniques - Ethnography / Observation - Aaker Scale 7 3/10/14/ZKH
Other models § IPSOS Brand Health Model ! Consumer Perception à Equity ! Category Involvement à Sensitivity ! Price Perception à Value § Research International Equity Engine ! Affinity ! Identification ! Approval ! Performance § Young & Rubicam BrandAsset® Valuator ! Differentiation ! Relevance ! Strength / Knowledge ! Stature § Milward Brown BrandDynamicsTM ! Presence ! Relevance ! Performance ! Advantage ! Bonding § Neilsen Winning Brands ! 4/5 stages 8 3/10/14/ZKH
How long does it take to build a brand? 9 3/10/14/ZKH
BRAND MANAGER 10 3/10/14/ZKH
What are the expertise / role of a Brand Person? § S/he is the parent of the brand, agency is the mentor that grooms the brand § Skill-set needed: ! Creativity ! A natural observer – gathers insights ! Networking, resourcefulness ! People-savvy ! Rational, analytical ability ! Capability to write succinctly ! Attention to details § S/he is the sole responsible person for the growth of the brand – there’s nothing s/he can escape from. Rest of marketing department supports her/him. 12 3/10/14/ZKH
Brand Person provides a brief § A good brief is a reflection of how well the brand person understands and owns his/her brand § Brief means brief ! Concise – no more than 2 pages ! Simple and Clear – for anyone, free from jargons ! Positive and truthful – inspiring, driving excellence § Outline § Should be presented in person to the agency, including the creative team, preferably with product demo 13 3/10/14/ZKH
Brief to Agency § Why do we want new advertising? § Who are we talking to? § What effect should the advertising have on the consumer? What does s/he think now? What would we like her to think/do? § The story – what is the single most persuasive benefit we can offer? § Why should the believe it? § What are the executional considerations? § What are the practical considerations, e.g. timing, advertising properties, competitive reaction, regulatory aspects, etc § Authority § Budget strength 14 3/10/14/ZKH
1. Would you want to be a brand manager? If yes, why? If not, why not? QUIZ 15 3/10/14/ZKH
QUESTIONS AND ANSWERS 16 3/10/14/ZKH
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