Branding Professor On Amir
Definition • A brand is: “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.”
Scope of branding • The brand resides in the mind of consumers • A perceptual entity, building on facts • Branding is about creating differences • Creating mental structures (IKEA, TraderJoes) • Helping consumers organize information (Microsoft Office, Amazon.com) • Differences may be either in value or in appeal (CocaCola, Coors)
Brand equity • Customer level equity • Firm level equity • Models: • Differentiation, relevance, esteem, knowledge • Product, organization, person, symbol • Presence, relevance, performance, advantage, bonding
Brand resonance Relationship = What about you and me? Response = What about you? Meaning = What are you? Identity = Who are you?
Brand elements • The trademarkable devices that serve to identify and differentiate the brand • Memorable (Nike, Tide, Crest) • Meaningful (Lean cuisine, Mastercard) • Likeability (Firebird, Hot wheels) • Transferable (Touareg) • Adaptable • Protectible (Kleenex, Scotch tape, Xerox)
Brand associations • Concepts, feelings, and events are stored in “nodes.” • Associative links (of varying strengths) connect the nodes. • When one node is activated, this activation spreads along associative links toward related concepts.
Measuring Brands • Awareness / reach • Knowledge • Attitude • Relationship • More complicated management tools: Leadership (25%), Stability (15%), Market (10%), Geographic spread (25%), Trend (10%), Support (10%), Protection (5%) -- Interbrand
Brand strategy • A brand should be consistent with the value proposition and enhance its execution • To brand or not to brand? • Brand extensions / Umbrella branding
A strong brand • The brand excels at delivering the benefits consumers truly desire • The brand stays relevant • The pricing strategy is based on consumer perceptions of value • The brand is properly positioned • The brand is consistent • The brand portfolio and hierarchy makes sense • The brand makes use of and coordinates a full repertoire of marketing activities to build equity • The brand managers understand its meaning • The brand is given proper, sustained support • The company monitors sources of brand equity