Understanding Brand Management and Equity Concepts

AMA brand definition

A name, term, sign, symbol, or design, or a combination of them, intended to identify the goods/services of one seller and to differentiate them from those of competition.

Concept Brand

Something that has actually created a certain amount of awareness, reputation, prominence etc. in the marketplace.

Intangible and psychological

Resides in mind of consumers.

Product

Anything offered to a market for attention, acquisition, use or consumption that may satisfy a need or want.

Brand equity

Differential effect that brand knowledge has on consumer response to marketing activity.

Risk in product decisions

Functional risk, Physical risk, Financial risk, Social risk, Psychological risk, Time risk (opportunity cost).

Challenges and opportunities

Unparalleled access to information and new technologies, Ubiquitous connectivity and the consumer backlash, Downward pressure on prices, Sharing information and goods, Unexpected sources of competition, Disintermediation and reintermediation, Alternative sources of info about product quality, Winner takes all markets, Media transformation, Importance of customer centricity.

Strategic brand management process

Identifying and developing brand plans, Designing and implementing brand marketing programs, Measuring and interpreting brand performance, Growing and sustaining brand equity.

Customer-Based Brand Equity

Approaches brand equity from the perspective of the consumer.

Brand knowledge model

Associative network memory model with nodes (stored information or concept) and links (strength of associations between nodes).

Positioning

Designing companies offering and image to occupy distinctive place in mind of target market.

Mantra

Articulation of heart/soul of brand, short 3-5 word phrases including brand functions, descriptive modifier, and emotional modifier.

CBBE

Five dimensions: Salience, Performance, Imagery, Judgements, Feelings, Resonance.

Brand value chain

Assess sources and outcomes of brand equity and how marketing activities create brand value.

Brand elements

Enhance brand awareness or facilitate the formation of strong, favourable and unique brand associations.

Qualitative measurement techniques

Free association and projective techniques.

Free association

What comes to mind when think of brand.

Projective techniques

Give ambiguous stimulus and ask them to make sense of it.

Aided recall

A method of measuring brand awareness.

Unaided recall

A method of measuring brand awareness.

Differential responses

Come from consumers' knowledge of brand.

Points of difference

Desirability, Deliverability, Differentiation.

Points of parity

Category, Competitive, Correlational.

Identity

How a company aims to identify or position itself.

Image

How public perceives company/products.

Salience

Depth and breadth of brand awareness.

Performance

How well product/service meets functional needs.

Imagery

User profiles, purchase and usage situations, personality/values.

Judgements

Quality, Credibility, Consideration, Superiority.

Feelings

Warmth, Fun, Excitement, Security, Social approval, Self-respect.

Resonance

Behavioural loyalty, Attitudinal attachment, Sense of community, Active engagement.

Zaltman metaphor elicitation

Technique to uncover hidden consumer knowledge.

Neural research

Study of brain responses to marketing stimuli.

Ethnographic methods

Direct observation of consumer behaviors in context.

Focus groups

Group discussions to gather consumer opinions.

New marketing perspectives

Adaptations to changes in marketing environments.

Customer empowerment

Consumers gain more control over purchasing decisions.

Mass customization

allows a customer to design certain made-to-order features of a product while still keeping costs closer to that of mass-produced products

Permission marketing

Marketing based on consumer consent to receive messages.

Value pricing

Pricing based on perceived product value.

Integrated marketing communications

Coordinated messaging across various marketing channels.

Decision making process

Stages consumers go through before purchasing.

Digital personalization

Customizing messages for individual consumers.

Brand amplifiers

Strategies to enhance consumer engagement and awareness.

Content marketing

Creating valuable content to attract target audiences.

Brand architecture

Structure of brand elements across products.

House of brands

Portfolio of distinct brands under one company.

Brand extensions

Using an existing brand to launch new products.

Vertical brand extensions

Extending a brand into premium or budget segments.

Negative brand engagement

Consumer backlash against brands through boycotts.

Secondary associations

Linking brand characteristics to external entities.

Mobile marketing

Promoting products via mobile devices and apps.

Promotion

Short-term incentives to boost product usage.

Advertising

Paid promotion of products by identified sponsors.

Digital communication channels

Methods for brands to communicate online.

Ansoff matrix

Strategic tool for assessing growth opportunities.

Brand management

Strategies for maintaining and enhancing brand value.

Revitalizing brands

Strategies to improve brand image and awareness.