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Lecture fundamentals of marketing - Lecture 14: Brand, branding and building customer value

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. | LECTURE 14 Brand Branding And Building Customer Value Copyright 2012 Pearson Education Inc. Publishing as Prentice Hall 1- 1- 11 Topic Outline Brand Branding Branding Strategy Building Strong Brands Copyright 2012 Pearson Education Inc. 1- 2 Publishing as Prentice Hall 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. Copyright 2012 Pearson Education Inc. 1- 3 Publishing as Prentice Hall 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 Copyright Secure price premium 2012 Pearson Education Inc. Publishing as Prentice Hall 1- 4 What is Branding Branding is endowing products and services with the power of the brand. Copyright 2012 Pearson Education Inc. 1- 5 Publishing as Prentice Hall Advantages of Strong Brands Improved Larger margins perceptions of More inelastic product consumer response performance Greater trade Greater loyalty cooperation Less vulnerability to Increased marketing competitive communications marketing actions effectiveness Less vulnerability to Possible licensing crises opportunities Copyright 2012 Pearson Education Inc. 1- 6 Publishing as Prentice Hall What is a Brand Promise A brand promise is the marketer s vision of what the brand must be and do for consumers. Copyright 2012 Pearson Education Inc. 1- 7 Publishing as Prentice Hall Drivers of Brand Equity Brand elements These are those trademarkable devices that identify amp differentiate the brand. Marketing activities Meaning transference Copyright 2012 Pearson Education Inc. 1- 8 Publishing as Prentice Hall S y Brand Elements m b Brand names o l Slogans s Characters L o g o s U Copyright 2012 Pearson Education Inc. 1- 9 Publishing as Prentice Hall Brand Logo Copyright 2012 Pearson Education Inc. 1-