MKT Branding, Innovation and Design Exam Revision

Transcription

1 MKT Branding, Innovation and Design Exam Revision WEEK 1: CUSTOMER BRAND RELATIONSHIPS Difference b/w Product + Brand: Product: anything that satisfy needs + wants à physical goods/services Brand: name, term, sign, design to ID the goods/services à differ from comp. Why Brand important? - Impact on how feel/act - Brands impact on aspects of our lives à how we live, drive, clothes, etc. - Brands impact on how we perceive + want to be perceived - Impact on consumer behaviour/decision making process/consider/choice Branding Models (to build brand identity) 1. Mind Share Branding: Mind share relates generally to the development of consumer awareness or popularity à When people think of examples of a product type or category à The aim of mind share is to establish a brand as being one of the best kinds of a given product or service Eg. Dove (soap), Oral B (dental care), Ikea (flat pack furniture) 1. Identifies distinctive benefits from one another 2. Differentiates from comp. 3. Compulsively reiterates unique benefit across ALL marketing à Brand onion model (brand core identity/essence remains unchanged while the extended identity/outer layer can be updated) 2. Emotional Branding: Mind share but acknowledges that consumers have power Emotional appeals into branding à spur emotionally charged r/ships Decisions made emotionally Eg. Dove (self esteem) Typology; arranged marriages (adopt via husband s preferences), casual friends (cleaning brands), committed (cooking, cleaning brands), best friends (running shoes, diet coke), Kinships (tea inherited from mum), Rebound, Childhood friendships, dependencies, flings, etc. 3. Viral Branding: Ensuring that consumers have something to talk about + channels to do so Consumers influence creation of brand Given meaning via trendsetters + influencers à spread interest Eg. Lululemon, GoPro, Dove

2 4. Cultural Branding: Goal à build into cultural icon Brand used as symbolic resources for construction + maintenance of identity Brand true to what stand for à followers Eg. Nike, Carona Brand Maturity: Mind-share à Emotional (focus on building brand elements + foundations) à Viral à Cultural (Focus on managing brand meaning)

3 WEEK 2: BRAND EQUITY + BRAND POSITIONING Strong brands have EQUITY à the value a brand as vs. competing brands à includes set of assets à stimulate higher price premiums OR extensions into other categories à power of brand = in mind of consumer à drives equity Customer-based brand equity: Brand knowledge on customer response Such as brand name, other elements Can stimulate POSITIVE or NEGATIVE customer based brand equity Brand Knowledge Created through BRAND AWARENESS (recognition/recall) + BRAND IMAGE (brand associations) Customer based brand equity (CBBE) à when consumer high level of awareness + holds strong, favourable and unique brand associations in memory à establish brand awareness thru increase familiarity w/repeated exposure à create links in memory to cues, product categories RECOGNITION- confirm prior exposure w/cues (logo/symbol) RECALL- retrieve from memory when given cue what brands do you like? Brand Image Perceptions + associations w/brand held by customer May be DIRECT (exposure via purchase/website) or INDIRECT (word of mouth/review) +IVE Imageà STRONG, FAVOURABLE, UNIQUE ASSOCATIONS 3 ASSOCIATIONS TO BRAND IMAGE: 1. Attributes Descriptive features that characterize prod/service 2 types: Ø Product related Ø Non-product related (price, packaging, user imagery/who uses, usage imagery/when being consumed) 2. Benefits Personal value consumers attach to prod/service attributes 3 Types: Ø Functional (Gillette- close shave, Lean Cuisine- ready, low carbs) Ø Experimental (Sensory exp/what is gained by consumption à Magnum- indulgent exp./treat) Ø Symbolic (underlying values à Rolex- symb. Benefits of wealth + sense of accomplishment) 3. Attitudes

4 Consumers overall evaluation of brand Generally favourable/ +ive or ive judgement towards brand Formed as RESULT of attributes AND/OR benefits of brand When dealing w/brand image à marketers should consider 3 Q s: 1. Strength how firmly are such associates held in memory? 2. Favourability associates desirable to consumers? 3. Uniqueness Do associations effectively distinguish one brand from comp. offerings? Brand image (audience focused + created by perceptions of consumer) NOT identity (company focused + created by managerial activities) Brand positioning Designing brands OFFERING + IMAGE so occupies distinct + valued place in target consumers mind à clarifies what brand about + what s unique about brand giving REASON to purchase 3 Q s when designing POSITIONING STRATEGY: 1. Have we established frame? (target market + competitors + prod. category) 2. Are we leveraging our points of parity (POP s) à similar across brands EG bank- ATMS, loan facilities, etc 3. Are the points of difference (POD s) compelling? à unique to brand à Desirability + Deliverability criteria NB Updating positioning overtime (evolving) à extension of positioning = brand mantras (3-5 word phrases à heart and soul and usually internally to motivate and stay true to essence 3 components - Emotional modifier (benefits) EG Nike advanced athletic performance - Descriptive modifier (nature) EG McDonalds Fun fast/family food - Brand function EG Betty Crocker homemade made easy

5 WEEK 3: BRAND RESONANCE KELLER 4 steps to brand development 1. Brand Identity Who are you? Ensure ID of brand w/customers + association of brand in consumers mind w/in prod. category 2. Brand Meaning What are you? Establish brand meaning in minds à link to specific associations w/brand to consumers know what brand stands for 3. Brand Response What about you? What do I think I feel about you? Elicit proper response to brand ID + meaning à manage thoughts + feelings about brand 4. Brand Relationships what about you and me? What kind of associations would I like to have w/you? Convert brand response to create intense, active, loyal r/ship w/consumer + brand à to apply these steps 6 FUNDAMENTAL BUILDING BLOCKS the goal to reach pinnacle + achieve brand resonance Stages of Brand Development (L) à RATIONAL THINKING/COGNITIVE APPROACH (salience, performance, judgements, resonance) Branding Objectives (R) à EMOTIONAL APPROACH (salience, imagery, feelings, resonance)

6 Ø Salience Probability that brand will be recalled early in consideration (top-mind awareness) Key dimensions à depth of brand awareness (ease of which brand can be recalled/recognised) à breadth of brand awareness (range of purchase + consumption situations in w/brand comes to mind) the brand must not only be TOP OF MIND + have sufficient MIND SHARE, but do so at right time and places Ø Performance Way product/service attempts to meet functional needs Critical à impacts customer exp. + what they hear about brand Performance dimensions: - Primary characteristics + supplementary features - Product reliability, durability, serviceability - Service effectiveness, efficiency, empathy - Style + design - Price à strength in any of these = point of difference EG. VW (park assist), Dyson (vac design) - Imagery Extrinsic properties of product/service influencing ways brand attempts to meet psychological + social needs Core dimensions of imagery: - User profiles (include demographic- age, gender, race, etc.) - Purchase + usage situations (eg. Seasonal implications) - Personality and values - History and heritage EG. Nikon à brand story TEARS combines history + heritage w/different usage situations - Brand Personality Set of human characteristics associated w/brand à 5 CORE DIMENSIONS 1. SINCERITY (down to earth, honest, cheerful) eg. DOVE 2. EXCITEMENT (daring, spirited, imaginative, up to date) eg. REDBULL 3. COMPETENCE (reliable, intelligent, successful) eg. DHL EXPRESS 4. SOPHISTICATION (upper class, charming) eg. MERCEDES BENZ 5. RUGGEDNESS (outdoorsy, tough) eg. EVERLAST

7 - Judgements + Feelings Deal w/how customers RESPOND to brand JUDGEMENTS: responses arise from HEAD 4 Types: 1. Quality (content + materials) 2. Credibility (expertise, trustworthiness, likeability?) 3. Consideration (willing to consider?) 4. Superiority (better than comp?) FEELINGS: responses arise from HEART 6 Types: 1. Warmth 2. Fun eg. Disney 3. Excitement eg. Redbull 4. Security eg. Volvo 5. Social Approval eg. Mercedes made it 6. Self-respect eg. Body Shop feel good about self - Resonance Nature of r/ship customers have w/brand Goal = good, long lasting so personally identify w/brand 4 key ways customers resonate w/brand: 1. Behavioural Loyalty (repeat purchases, fav brand) 2. Attitudinal Loyalty (personal attachment) 3. Sense of Community (feel kinship/affiliation eg. Apple) 4. Active Engagement (willing to invest resources beyond purchase) EXAMPLES:

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