MKTG 300 Exam 2 (Ch 6 - Brand Management)

brand

material signs that allow a product, business or organization to differentiate its offer from that of the competition.

A combination of a name, a term, a design element, a symbol, a logo, a number, a color or a sound.

Generic brand vs private label

- Generic brand = Plain, cheap, and not tied to a specific store.
- Private label = A store's own brand, often good quality at a lower price.

brand association

Linking a brand to a term that you think of, stronger association are closer

Brand Equity - 6 Factors

◦ Added value that a brand gives a product = what customers will pay for the same product but different brands
◦ Brand awareness = how much customers know about it
◦ Brand image = what customers think
◦ Customer-based brand equity (CBBE) = customer behavior and reactions, how much its sold for
◦ Price-based brand equity = measure by price
◦ Revenue(income)-based brand equity = measure by how much sales/revenue

Elements of Brand Equity

- Brand awareness
- Brand Association = Favorability, Uniqueness
- Brand loyalty

Strategic Brand Decisions: Umbrella Brand

A flagship brand's name and sign appear on all sub-brands. The brands stand for the same values across the category or range of products and have the same emotional link.

EX: Amazon has a bunch of sub-brands (Amazon prime, amazon music, amazon echo, etc)

Strategic Brand Decisions:House of Brand

Home to numerous brands, each independent of one another, and each with its own audience, marketing, look and feel. Some brands compete with each other.

New Brand Creation

a new product category, introduced under a new brand name

Ex: Oreo introduces macaroons

Line Extensions

an existing product category, introduced under an existing brand name

Ex: Oreo introduces new Oreo flavors

Brand Extensions

a new product category, introduced under an existing brand name

Ex: Oreo introduces Oreo ice cream or Oreo Pie Crust

Multi-brand approach

an existing product category, introduced under a new brand name

Ex: Oreo introduces a different type of cookie all together

Brand Alliances

Combination of 2 brands/collaboration

Co-Branding
Brand licenses

Perceptual Map

- A good tool to ensure you are standing out from competitors
-Select two dimensions that represent two attributes of the product or service
-Plot different brands or products based on consumers' perception

Perceptual Map: Advantages

◦ Helps spot gaps in the market
◦ Useful for analyzing competitors
◦ Useful to set up brand positioning strategy

Perceptual Map: Disadvantages

◦ There is a "gap" does not mean there is a demand, Need research for market segmentation
◦ The reliability of marketing research
◦ The results are relative and perceptual