Chapter 9 - Creating brand equity. In this chapter, we will address the following questions: How do consumer characteristics influence buying behavior? What major psychological processes influence consumer responses to the marketing program? How do consumers make purchasing decisions? In what ways do consumers stray from a deliberative, rational decision process? | Kotler • Keller Phillip Kevin Lane Marketing Management • 14e Creating Brand Equity Chapter 9 Discussion Questions How do consumer characteristics influence buying behavior? What major psychological processes influence consumer responses to the marketing program? How do consumers make purchasing decisions? In what ways do consumers stray from a deliberative, rational decision process? Strategic Brand Management Identify Plan Measure/ Interpret Grow Successful marketers must excel in strategic brand management. The strategic brand management process has four steps: Identifying and establishing brand positioning Planning and implementing brand marketing Measuring and interpreting brand performance Growing and sustaining brand value deals with brand positioning. “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.” Brand The . | Kotler • Keller Phillip Kevin Lane Marketing Management • 14e Creating Brand Equity Chapter 9 Discussion Questions How do consumer characteristics influence buying behavior? What major psychological processes influence consumer responses to the marketing program? How do consumers make purchasing decisions? In what ways do consumers stray from a deliberative, rational decision process? Strategic Brand Management Identify Plan Measure/ Interpret Grow Successful marketers must excel in strategic brand management. The strategic brand management process has four steps: Identifying and establishing brand positioning Planning and implementing brand marketing Measuring and interpreting brand performance Growing and sustaining brand value deals with brand positioning. “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.” Brand The American Marketing Association defines a brand as “a name from those of competitors.” A brand is thus a product or service whose dimensions differentiate it in some way from other products or services designed to satisfy the same need. These differences may be functional, rational, or tangible—related to product performance of the brand. They may also be more symbolic, emotional, or intangible—related to what the brand represents or means in a more abstract sense. Medieval guilds require that craftspeople put trademarks on their products to protect themselves and their customers against inferior quality. In the fine arts, artists sign their works. Role of Brands Consumer Benefits Brands: Identify source/maker Simplifies decision making Reduces risk By being able to identify a product to a manufacturer, consumers can determine the products relative performance. The ability to evaluate a product based on its functional merits, the use of branding allows the consumer to build connections .
