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Strategic Brand Management

Strategic Brand Management

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Strategic Brand Management

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  1. Strategic Brand Management WELCOME! Class #7 Soni Simpson

  2. Strategic Brand Management Refresher…relating to Brand Metrics

  3. Measuring Brand Equity Objective: • To guarantee assets/liabilities are nurtured and managed (loyalty, awareness, perceived quality, propriety brand assets) • Develop Focused Master Plan • Create Long term Strategic Orientation

  4. Measure Brand Equity Financial Health Market & Competitive Trends Business Analysis Consumer Insights Annual Plan & Execution Marketing Mix Analysis & Long Term Strategy Marketing Plan Execution SWOTs Physical Product Market Research Package Functional Objectives & Strategies And Tactical Plan Pricing Consumer & Retailer Promo Strategic Implications & Strategy Development Core Competencies, External Opportunities Brand Vision Brand Strategy Strategic Role Three Year and ANNUAL Objectives What do I want to Accomplish Objectives Should be S.M.A.R.T ANNUAL STRATEGIES How will the objectives be achieved? Establish Positioning Concept Advertising Public Relations Media Brand Marketing Process

  5. Measure Brand Equity Financial Health Market & Competitive Trends Business Analysis Consumer Insights Marketing Mix Analysis & Long Term Strategy SWOTs Strategic Implications & Strategy Development Core Competencies, External Opportunities Brand Vision Brand Strategy Strategic Role Establish Positioning Concept Brand Marketing Process Analysis & Long Term Strategy

  6. Marketing Plan Execution Physical Product Market Research Package Functional Objectives & Strategies And Tactical Plan Pricing Consumer & Retailer Promo ANNUAL STRATEGIES How will the objectives be achieved? Three Year and ANNUAL Objectives What do I want to Accomplish Objectives Should be S.M.A.R.T Establish Positioning Concept Advertising Public Relations Media Brand Marketing Process Annual Plan & Execution

  7. Measure Brand Equity Financial Health Market & Competitive Trends Business Analysis Consumer Insights Annual Plan & Execution Marketing Mix Analysis & Long Term Strategy Marketing Plan Execution SWOTs Physical Product Market Research Package Functional Objectives & Strategies And Tactical Plan Pricing Consumer & Retailer Promo Strategic Implications & Strategy Development Core Competencies, External Opportunities Brand Vision Brand Strategy Strategic Role Three Year and ANNUAL Objectives What do I want to Accomplish Objectives Should be S.M.A.R.T ANNUAL STRATEGIES How will the objectives be achieved? Establish Positioning Concept Advertising Public Relations Media Brand Marketing Process

  8. Market Conditions • Household Pentration • Seasonality • Regionality (CDI/BDI) • Retail Conditions • Channels of Distribution • Product Sourcing/availability • Importance of the category to the retailer • Retailer focus on private label • Retailer influence over category marketing activity • Consumer Conditions • Substitute products • Changes in tastes/attitudes/needs • Government • Conditions • Regulations & Reqs. • Legislative issues Measuring Brand Equity Market Trends Checklist • Volume & Share • Industry definition & served market • Category Size & growth rates • Category Segmentation, trends, importance to category • Share of market by brand & by segment

  9. Measuring Brand Equity • Competitor • Identification • Key direct competitors • Competitive Scope: • Regional/National/Global • Assessing Competitive Trends • Competitor Focus • Importance in portfolio • Level of product activity • Level of marketing focus • Financial resources • Competitive Financials • P&L analysis • Cost Structure • Spending • Profitability Advantage • Competitive Strategy • Overall mission/priorities • Target Audience • Brand Turf/Positioning • Class of Trade (COT) importance

  10. THIS is Where the Insight Lives Consumer-Based Brand Equity Pyramid 4 Intense, Active Loyalty Consumer- Brand Resonance Consumer Acceptance Cycle 3 Positive Accessible Reactions Consumer Judgements Consumer Feelings Brand Performance Brand Imagery 2 Points of Difference Brand Salience 1 Deep Broad Brand Awareness

  11. INTERNAL to the brand Caused by the inherent nature of the Brand or our management of it Measuring Brand Equity SWOT • Purpose: to guide thinking and help distill the key issues and opportunities facing the Brand AND the category • Can be done in competitive analysis STRENGTH Inherent source of competitive advantage within the Brand (of genuine relevance to the consumer) WEAKNESS Inherent cause of competitive disadvantage within the Brand (of genuine importance to consumer)

  12. EXTERNAL to the brand Markets, competitors, retail, social trends etc Measuring Brand Equity SWOT • Purpose: to guide thinking and help distill the key issues and opportunities facing the Brand AND the category • Can be done in competitive analysis OPPORTUNITY Unsatisfied or poorly satisfied need in the marketplace which our company can perform profitability THREAT Potential problem from external source which could undermine our Brand’s competitive position if not addressed.

  13. Strategic Brand Management Let’s Begin…Brand Metrics

  14. Measure Brand Equity Financial Health Market & Competitive Trends Business Analysis Consumer Insights Marketing Mix Analysis & Long Term Strategy SWOTs Strategic Implications & Strategy Development Core Competencies, External Opportunities Brand Vision Brand Strategy Strategic Role Establish Positioning Concept Brand Marketing Process Analysis & Long Term Strategy

  15. THIS is Where the Insight Lives Consumer-Based Brand Equity Pyramid 4 Intense, Active Loyalty Consumer- Brand Resonance Consumer Acceptance Cycle 3 Positive Accessible Reactions Consumer Judgements Consumer Feelings Brand Performance Brand Imagery 2 Points of Difference Brand Salience 1 Deep Broad Brand Awareness

  16. Measuring Brand Equity Information Sources: • Syndicated Data: Nielsen/IRI • Panel Data • Internal Financial Data • Customer/Retailer Data • Media Buying Data (LNA, MRI, etc) • Trends Reports • Customized Research (qualitative & quantitative)

  17. Insight to Marketing Depth • Methods for understanding consumer insight • ZMET (Zaltman Metaphor Elicitation Technique) • Consumers have subconscious motives • Accesses hidden knowledge through “guided conversations” …similar to Brandscape • Key themes, constructs are identified and consensus mapped. • Quant analysis applied for imagery, positioning, advertising/promotion and line extension direction

  18. Insight to Marketing Depth • Methods for understanding consumer insight • Harvard’s Susan Fournier • Reframed brand personality in relationship terms • Brands can and DO serve as viable relationship partners • Daily mix decisions triggers inferences regarding contract relationship • Provides more actionable guidance • Measured in BRQ (Brand Relationship Quality) • Interdependence • Self concept connection • Commitment • Love/passion • Intimacy • Brand Partner Quality

  19. Brand Strength Brand Stature Insight to Marketing Depth • Methods for understanding consumer insight • Y&R’s Brand Asset Valuator (BAV) • Differentiation • Relevance • Esteem • Knowledge Read and Understand In Chapter 10

  20. Measure Brand Equity Financial Health Market & Competitive Trends Business Analysis Consumer Insights Marketing Mix SWOTs Strategic Implications & Strategy Development Core Competencies, External Opportunities Brand Vision Brand Strategy Strategic Role Brand Marketing Process Analysis & Long Term Strategy

  21. We’ll incorporate in brand portfolio & expansion Measuring Brand Equity Evaluate Marketing Mix Elements • Product • Pricing • Packaging • Advertising • Media • Public Relations • Consumer Promotion • Trade Promotion

  22. Measuring Brand Equity Evaluate Marketing Mix Elements • Advertising: • Clear focused brief/creative strategy “Give me the freedom of a tight brief” - Ogilvy

  23. Measuring Brand Equity Evaluate Marketing Mix Elements • Advertising: • Clear focused brief/creative strategy • Copy on strategy? • Has Advertising achieved objectives and how do we measure? • Tracking, awareness, recall & communication, brand equity enhancement, volume growth, level of trial, changes to market share, competitive changes • Are creative qualities as strong as need to be • Correct media mix and pool rotation?

  24. Aided Awareness: Consumers’ ability to confirm prior exposure to the brand when given the brand as a cue (visual or verbal) Un-Aided Awareness/Familiarity: Consumers’ ability to retrieve the brand from memory when given the product category, the needs fulfilled by the category, or a purchase or usage situation as a cue Customer-Based Brand Equity (CBBE) Model Brand Awareness: Brand Recognition Brand Recall

  25. Measuring Brand Equity Evaluate Marketing Mix Elements • Media: • Objectives for SOV (Share of Voice) vs SOM (Share of Market) • Competitive SOV/SOM • Current media trends: type, usage, spending • Media cost inflation • Media scheduling relative to category/brand seasonality • New media alternatives

  26. Measuring Brand Equity Evaluate Marketing Mix Elements • Public Relations: • How is it utilized? • How to incorporate? • Measurements and value of output

  27. Measuring Brand Equity Evaluate Marketing Mix Elements • Consumer Promotion: • Purpose • Market share changes (pre/during/post) • Level of activity • How is the category shopped (% of volume) • Planned purchase (brand) • Planned purchase (category not brand) • Unplanned purchased (in-store) • Profile of target (loyal, competitive, occassional, price sensitive, new user, new distribution channel user) • Cost of incremental product movement • Profitability analysis • Brand Equity linkage and communication • Retailer tie-in/support • Other Peoples Money and equity

  28. Measuring Brand Equity Evaluate Marketing Mix Elements • Trade Promotion: • Purpose • Class of trade emphasis • Robertson Patman Act vs account specific • COT trends • Retailer emphasis (strategies, goals, private label, specific category or audience) • Retailer profitability analysis (allocation, merchandising, velocity hurdles, Out of stocks) • Trade spending effectiveness

  29. Measuring Brand Equity Evaluate Marketing Mix Elements • Summary of Basic Promotion tests Advertising Testing Persuasiveness, Recall, Purchase Intent Customized, Key message relevance Controlled Store test Total volume/store Incremental vol/store Test Markets Distribution, Scanner, Factory Share, Velocity, Growth model National Programs Volume, Share, Distribution, Awareness, Equity changes

  30. Measuring Brand Equity Evaluate Marketing Mix Elements • Next Week: • ROI: Return on Investment • Break Even Analysis • Payout Analysis • Estimating the Promotion Gap • Redemption Analysis

  31. Measure Brand Equity Financial Health Market & Competitive Trends Business Analysis Consumer Insights Marketing Mix SWOTs Strategic Implications & Strategy Development Core Competencies, External Opportunities Brand Vision Brand Strategy Strategic Role Brand Marketing Process Analysis & Long Term Strategy

  32. Measuring Brand Equity Evaluate Financial Health • Review P&L Handout • Review Brand Health Card

  33. Measuring Brand Equity Objective: • To guarantee assets/liabilities are nurtured and managed (loyalty, awareness, perceived quality, propriety brand assets) • Develop Focused Master Plan • Create Long term Strategic Orientation

  34. Measuring Brand Equity Brand Equity Tracking • Business Assessment is an in-depth analysis of the current state of a brand’s health • Used to determine the brand’s long-term strategic focus • Provides historical reference document

  35. Measuring Brand Equity Brand Equity Tracking PURPOSE • Identify the primary factors that drive the category and our brand performance • Determine key issues that will influence • category evolution • Your ability to compete • Drive Long Term strategy and influence Brand’s strategic Role Designation

  36. Measuring Brand Equity To Measure “Added Value” we look at both market and perception measurements: • Market measures • Easiest to track • Gauge consumer behavior, not just attitudes • Subject to Push/Pull of market place & own promotional activity

  37. Measuring Brand Equity To Measure “Added Value” we look at both market and perception measurements: • Market measures • Share of Market • Share of Households (penetration) • Consumer Loyalty • Distribution • Price Premium over competition

  38. Measuring Brand Equity To Measure “Added Value” we look at both market and perception measurements: • Perceptual • Not influenced by short term promotion • Factors most directly affected by marketing communications • Brand Strength Inside consumer’s heads (mindset)

  39. Measuring Brand Equity To Measure “Added Value” we look at both market and perception measurements: • Perceptual • Perceived Quality • Awareness • Key Product Point of Difference • Brand Association & Symbols

  40. Marketing Program Investment Customer Mindset Market Performance Brand Value Chain & Testing • Use The Brand Value Chain to determine Measurement Tactics and Resulting Marketing Strategies Shareholder Value Value Stages • -Product • Communication • Trade • Employee • Other • -Awareness • Associations • Attitudes • Attachment • Activity -Price Premiums -Price Elasticities -Market Share -Expansion Success -Cost Structures -Profitability -Stock Price -P/E Ratio -Market Capitalization

  41. Program Quality Marketplace Conditions Investor Sentiment Brand Value Chain & Testing • Use The Brand Value Chain to determine Measurement Tactics and Resulting Marketing Strategies Marketing Program Investment Customer Mindset Market Performance Shareholder Value Value Stages Multipliers -Clarity -Relevance -Distinctiveness -Consistency -Market Dynamics -Growth Panel -Risk Profile -Brand Contributions -Competitive reactions -Channel Support -Customer size & Profile

  42. Brand Value Chain & Testing • Brand Value Chain = Big Picture Perspective • how brand equity or value can be created. • BVC + CBBE = Positioning & Marketing Plan Guidance • Tracking Studies (sample Fig 2-11 & Brief 8-1, Fig 8-6 and Chapter 9 )

  43. Brand Value Chain & Testing • Evaluating the Mayo Clinic • 600k + in- and out-patients/yr • Founded in 1800 by Dr William Woral Mayo & two sons. • Pioneered “group practice” = Two heads are better than one • Two “extension” facilities in 1980s (Scottsdale,Jacksonville) • Mayo Graduate School of Medicine – one of largest graduate education centers

  44. Brand Value Chain & Testing • Evaluating the Mayo Clinic • Worldwide leader in patient care, research and education • Renowned for world class specialty care • Earned a reputation as world class specialty care • Most medical staff participate in research • 1950 Nobel Prize winners, Drs Kendall and Hench discovered Cortisone

  45. Brand Value Chain & Testing • Use The Brand Value Chain to determine Measurement Tactics and Resulting Marketing Strategies Marketing Program Investment Customer Mindset Market Performance Shareholder Value Value Stages • -Product • Communication • Trade • Employee • Other • -Awareness • Associations • Attitudes • Attachment • Activity -Price Premiums -Price Elasticities -Market Share -Expansion Success -Cost Structures -Profitability -Stock Price -P/E Ratio -Market Capitalization

  46. Brand Value Chain & Testing • Evaluating the Mayo Clinic ‘96 Brand Equity Study • Awareness 84.3%, 90+% among 45+ • Specialty ranking Top ranked at 15.4% (next at 5.3%) “..go anywhere in US for serious condition which required highly specialized care..” • Strongest Brand Associations 1) Scientific Research, 2) Cancer Treatment, 3) Cardiac Care

  47. Brand Value Chain & Testing • Evaluating the Mayo Clinic ‘96 Brand Equity Study • Associations (Thoughts & Feelings) • Integrity (longevity, heritage, wisdom of staff, trust in institution), • Leadership (modernity, premium quality, international prestige) • Professionalism (staff held high standards, were intellectually sophisticated and efficient) • Commitment to health & healing (reputation for medical discoveries, preventative medicine, tangible results) • Exclusivity • No Negative Associations

  48. Brand Value Chain & Testing • Evaluating the Mayo Clinic ‘96 Brand Equity Study • Product Perception ISSUE • Outside Midwest perception of “only for rich/famous” • Known for Tertiary Care (Not primary family care) • Thus, “not like me”

  49. Program Quality Marketplace Conditions Investor Sentiment Brand Value Chain & Testing • Use The Brand Value Chain to determine Measurement Tactics and Resulting Marketing Strategies Marketing Program Investment Customer Mindset Market Performance Shareholder Value Value Stages Multipliers -Clarity -Relevance -Distinctiveness -Consistency -Market Dynamics -Growth Panel -Risk Profile -Brand Contributions -Competitive reactions -Channel Support -Customer size & Profile

  50. Brand Value Chain & Testing • Use The Brand Value Chain to determine Measurement Tactics and Resulting Marketing Strategies Marketing Program Investment Customer Mindset Market Performance Shareholder Value Value Stages • -Product • Communication • Trade • Employee • Other • -Awareness • Associations • Attitudes • Attachment • Activity -Price Premiums -Price Elasticities -Market Share -Expansion Success -Cost Structures -Profitability -Stock Price -P/E Ratio -Market Capitalization