Lecture fundamentals of marketing - Lecture 14: Brand, branding and building customer value. After studying this chapter you will be able to understand: Brand, branding, branding strategy: building strong brands. | Brand, Branding And Building Customer Value LECTURE-14 1 Brand Branding Branding Strategy: Building Strong Brands Topic Outline After examining customer-driven marketing strategy, we now take a deeper look at the marketing mix: the tactical tools that marketers use to implement their strategies and deliver superior customer value. The product and brand are usually the first and most basic marketing consideration. We start with a seemingly simple question: What is a product? In this and the next chapter, we study how companies develop and manage products and brands. 2 What is a Brand? A brand is a name, term, sign, symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. 3 The Role of Brands Identify the maker Simplify product handling Organize accounting Offer legal protection Signify quality Create barriers to entry Serve as a competitive advantage Secure price premium 4 What is Branding? Branding is endowing products and services with the power of the brand. 5 Advantages of Strong Brands Improved perceptions of product performance Greater loyalty Less vulnerability to competitive marketing actions Less vulnerability to crises Larger margins More inelastic consumer response Greater trade cooperation Increased marketing communications effectiveness Possible licensing opportunities 6 What is a Brand Promise? A brand promise is the marketer’s vision of what the brand must be and do for consumers. 7 Drivers of Brand Equity Brand elements These are those trademarkable devices that identify & differentiate the brand. Marketing activities Meaning transference 8 Brand Elements Brand names Slogans Characters Symbols Logos URLs 9 Brand Logo Brand Characters Brand Symbol Brand Element Choice Criteria Memorable Meaningful Likeability Transferable Adaptable Protectable 13 Slogans Like a good neighbor, State Farm is there Just do it Nothing runs like a . | Brand, Branding And Building Customer Value LECTURE-14 1 Brand Branding Branding Strategy: Building Strong Brands Topic Outline After examining customer-driven marketing strategy, we now take a deeper look at the marketing mix: the tactical tools that marketers use to implement their strategies and deliver superior customer value. The product and brand are usually the first and most basic marketing consideration. We start with a seemingly simple question: What is a product? In this and the next chapter, we study how companies develop and manage products and brands. 2 What is a Brand? A brand is a name, term, sign, symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. 3 The Role of Brands Identify the maker Simplify product handling Organize accounting Offer legal protection Signify quality Create barriers to entry Serve as a competitive advantage Secure .
