* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download Brands have become a major player on modern markets and
Product placement wikipedia , lookup
Market segmentation wikipedia , lookup
Target audience wikipedia , lookup
Neuromarketing wikipedia , lookup
Guerrilla marketing wikipedia , lookup
Street marketing wikipedia , lookup
Green marketing wikipedia , lookup
Viral marketing wikipedia , lookup
Food marketing wikipedia , lookup
Marketing strategy wikipedia , lookup
Multicultural marketing wikipedia , lookup
Marketing channel wikipedia , lookup
Market penetration wikipedia , lookup
Consumer behaviour wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Digital marketing wikipedia , lookup
Marketing communications wikipedia , lookup
Customer engagement wikipedia , lookup
Product planning wikipedia , lookup
Visual merchandising wikipedia , lookup
Advertising campaign wikipedia , lookup
Celebrity branding wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Youth marketing wikipedia , lookup
WWE brand extension wikipedia , lookup
Global marketing wikipedia , lookup
Brand awareness wikipedia , lookup
Brand loyalty wikipedia , lookup
Personal branding wikipedia , lookup
Brand equity wikipedia , lookup
Brands have become a major player on modern markets and consequently since the 90s they have become a real buzzword of marketing. That is why they are analyzed in many possible ways and considered from a range of perspectives: economics, sociology, psychology, anthropology and even semiotics and philosophy. Curiously, this variety of researches, publications and finally resources spent on building and measuring brand equity, creates many disagreements, undefined approaches and conflicting theories. This work focuses on the marketing perspective of branding to digest all brand equity puzzles and also on how Polish managers deal with this dynamic brand environment to create strong, well know names able to successfully compete on global markets. A. Brand strategies come first. Chapter 1 introduces some basic notions about brands and the role they have played and are playing in marketing strategies. Shows why brand are so important, why they are most valuable assets in company portfolio. 1. 2. Sign of time that top five world brands are worth more than 300 bilion usd. Coca cola, microsoft, GE, IBM. Only one european and one japanies. Focuses on buying decision process. Why we as consuments are willing to overpay, spend our valuable time for searching for our brand if is not available in local supermarket. Why we buy more than we really need. Why we try to find and promote the advanatges of our brand over the competitive one. 3. From the other side only 32% of the enterpreneurs show brand as crutial factor of market success and 88% customers says that price is as most important buying trigger during the day to day shopping. Inter has had 80% market share where introduced firs add. Apple has superb brand and communication and stays niche brand. No ADD for price sensitive market segments. 4. It describes possible branding strategic options, including manufacturer’s, reseller’s, generic and mixed branding approaches as well as product range policy connected with individual, family and umbrella branding. 5. It also includes the essentials of brand extension and explains basic relations between brands in a company’s portfolio. Last but not least is competition between dealers and manufacturer brands called “the battle of the brands” and multiple brands market approach. Chapter 2 describes a variety of brand equity definitions, more formally examines the brand equity concept and shows how it stresses the importance of the role of brand marketing strategies. 1. Simple but powerful. Brand equity can be defined as the ability to retain existing customers and attract new ones” (Scott White) Brand equity is a set of product assotiations in the customer mind. (Auton) And behaviors of marekting channel member which allow generating higier marging and revenues on the brands 2. Aaker’s “"Brand equity is a set of assets (and liabilities) linked to a brand's name and symbol that adds to (or subtracts from) the value provided by a product or service to a firm and/or that firm's customers. The major asset categories are: Brand name awareness, Brand loyalty, Perceived quality, Brand associations" 3. This part of the work includes a short description of brand equity elements: brand awareness, brand identity, brand image, brand associations, brand familiarity, brand attitude, brand preference, brand loyalty, brand position. 4. Describes the relation between brand equity importance and the sector a company operates in. 6. Brand Functions (customer): limits risk, shorten decision making process, ensure product quality, identyfieing products and its benefits, let customers feel modern, trendy up to date. Chapter 3 describes a disciplined process to create and implement an affective brand equity for the biggest possible benefits for the company, the brand owner. It provides information about all stages of the brand equity creation process: 1. system of visual identification creation – brand identity building up – brand image – brand strength – brand equity and shows the limitations and pitfalls of its planning, analyzing implementation and control. brand marks, brand names, trade names, house marks, trade characters, brand icons. Mnemotechnic value, communicate brand atributes and benefits, distinguish, typical for product category, available, not offensive, persuasive, modern, easy to use in promotion. Types: initials and numbers, Dictionary words, geographical and historical names, combined words, not existing word, joiners 2. It also emphasizes the cost effectiveness side of the brand equity creation process and typical mistakes, like overbranding (Thermos, Yoyo, Monopoly, Walkman and the others) or brand equity disaster and recovery policies and programs. 3. Common mistakes made in huge international companies incorporating world leading brand consultants (Pajero, Nova, Marea, Punto). 4. During the communication process, brand identity is transformed into the brand image – a set of associations created in the consumer’s mind. It is called positioning – a brand is taking a position in customer perception. Both positioning policies and tools are presented with special attention paid to perceptual mapping and its contribution to the development of successful brand launching and sustaining. 5. The next step is translation of the positive brand image into brand strength, defined by several market dimensions, such as stability, market share, market position, revenues and sales trend, place in company's brand portfolio, quality of communication and share of voice. The last part of the chapter shows the influence of different marketing tools and marketing policies (One to One marketing, CRM) for brand equity management. 6. The second part of the chapter concentrates more on the concept of brand identity building as a second phase of brand equity creation. The work presents two leading models of brand identity: J.N. Kapferer’s PRIZM construct (personality, relationship, reflected consumer, physical facet, consumer mentalisation, values) and a slightly less confusing Interbrand model (a leading brand consulting agency) consisting of such element as: vision, mission, functional values and attributes, brand area, brand signals). Chapter 4 is devoted to brand equity measurement. It aims to present a bundle of most recognizable methods and techniques and is divided into two parts. The first presents marketing tools used for measuring separate brand equity elements (brand image, brand loyalty, brand strength) and gives examples of self-made measurements based on Spearman’s correlation ranking and Thurstone scaling. It is accomplished by more complex techniques checking all dimensions of brand equity models in the same time (Brand Assets Valuator, Brand Dynamics, Brand Balance Sheet, Brand Builder). The second presents the financial side of brand equity – brand valuation and shows three group of techniques used for calculating the monetary value of the brand – market methods, cash flow techniques and cost techniques. Chapter 5 presents the results of the empirical part of the dissertation. The main goal of the research is to check the level of development of Polish companies in the field of brand equity management. The project utilized CATI (computer assisted telephone interviewing) technique and was based on a 500 sample (quote according to number of employees and sector of operation) / quasi-random sampling). The questionnaire contains 15 questions with one checking (one non-existing technique of complex brand equity measurement) and one filtrating among them. The list was compiled from internet resources and enriched by additional information like turnover, capital, office space capacity, type of organization, IT infrastructure type to have potential for checking correlation between those dimensions and substantive questions. The respondents were recruited from senior marketing or sales staff – Marketing Director, Sales and Marketing Director or Senior Brand Managers. The main research topics include: determinants of brand equity, the correlation between brand equity and brand strength, the perception of the quality, consistency and transparency of brand strategy in Polish companies, relations between functional departments in the company and brand equity building process, knowledge and utilization of brand equity measurement and brand valuation tools, as well as usage of advance brand management tool, such as Brand Contact Map and the quality of internal communication of brand strategy. The main findings showed relative advancement in brand management both in organizational both market areas of branding. These processes are perceived as important for sustaining the competitiveness of the company and thus well managed to get synergy from branding and other company activities. On the other side, Polish company suffer a lack of cheap tools and services supporting brand management from third party vendors like advertising agencies and market research companies. Organizations, even relatively strong brand owner rely on well known reseach products like FGIs, in-depth interviews and usage and attitudes databases like “Link”. The outcomes shows that Polish companies have utilized other than brands tools to build and sustain market position. Branding is perceive it as a crucial competitive strategy of the future.