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Lecture 1 Brand Equity and Brand Elements Dr. Lucy Ting [email protected] Agenda • Week Overview – Monday + Tuesday: Branding – Wednesday + Thursday : Marketing Communication – Coursework • What is a Brand? – Brand Concept – Brand Elements • What is a strong Brand? – Brand Equity – Sources of Brand Equity Week Overview Week Overview Mon 10th May 8:30-9:15 9:25-10:10 Tue 11th May Wed 12th May Thur 13th May Introduction Brand of Branding Extensions Integrated Marketing Communic ation Personal Selling and PR Global 10:30-11:15 Brand 11:25-12:10 Positioning Brand MarCom Ethics and Psychology Marketing 14:00-14:45 Brand 14:55-15:40 Strategy Other Tools E-MarCom and Advertising Discussion2 Discussion1 Discussion 1 • Choose two of your favourite fashion brands in China: one locally from China and one from abroad. – Who are their target markets? – What are their products? – What are their main points of parity and points of difference? – Do you agree with their positioning strategy? – How might the strategies be improved in your opinion? Discussion 2 • Choose two of your favourite fashion brands in China: one locally from China and one from abroad. – What media do they choose to communicate with their target markets? – How do they use Internet as a tool? – What are the messages they intend to deliver? – Does the messages correspond to the brand images? – How might the strategies be improved in your opinion? What is a Brand? A brand is a “name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition. --American Marketing Associations (1992) www.marketingpower.com Brand Elements • Basic elements include… – Brand Name – Logos and Symbols Keller (2008) Chapter 4 Brand Elements • Basic elements include… – Web address www.wellbeing.com www.diy.com – Characters Keller (2008) Chapter 4 Brand Elements • Basic elements include… www.thedieline.com – Packaging – Music – Slogans Keller (2008) Chapter 4 Putting it all together… • Brand Identity The common element sending a single message amid the wide variety of its products, actions and communications Kapferer (2007) 6 Facets of Brand Identity Sender Externalisation Relationship Culture Reflection Internalisation Personality Physique Self-Image Receiver Kapferer (2007) What is a strong Brand? The result of a strong brand is that customers’ willingness to buy one brand is more than its competitors Brand Equity • Does a brand worth a penny? – Brands have financial value because they have created assets in the minds and hearts of customer, distributors, prescribers and opinion leaders. Kapferer (2007) Brand Equity • Customer-Based Brand Equity (CBBE) – It is the differential effect that brand knowledge has on consumer response to the marketing of that brand – A positive CBBE means customer might be more accepting to the marketing activities (ie. the marketing mix) for a brand Keller (2008) & Keller (1993), “Conceptualizing, Measuring and Managing Customer-Based Brand Equity,” Journal of Marketing, 57(1), pp. 1-29 Sources of Brand Equity CBBE Brand Awareness Brand Association Keller (2008) Chapter 2 Sources of Brand Equity CBBE Brand Awareness Brand Recall Brand Association Brand Recognition Keller (2008) Chapter 2 Sources of Brand Equity • Brand Recall – 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 • Brand Recognition – Consumers’ ability to confirm prior exposure to the brand when given the brand as a cue Keller (2008) Chapter 2 Sources of Brand Equity • How people process information? – When decisions are made at the point of purchase, where brand name, logo, packaging, and so on will be physically present and visible, brand recognition would be important – When decision are made in settings away from the point of purchase, brand recall would be more important Sources of Brand Equity • How to increase Brand Awareness? – Repeated exposure to increase familiarity – Strong association with appropriate product category or relevant purchase or consumption cue Alba and Hutchinson, (1987), “Dimensions of Consumer Expertise,” Journal of Consumer Research, 13(4), pp. 411-453 Sources of Brand Equity CBBE Brand Awareness Brand Association Strength Favourability Uniqueness Keller (2008) Chapter 2 Sources of Brand Equity • Strength – Personal Relevance of the brand and the Consistency with which the brand is presented over time can strengthen the brand association. Sources of Brand Equity • Favourability – Favourable association for a brand are those associations that are desirable to consumers, successfully delivered by the product, and conveyed by the supporting marketing program Sources of Brand Equity • Uniqueness – The uniqueness of the brand gives consumers a compelling reason why they should prefer this brand than the others Sources of Brand Equity • How to create Brand Association ? – Brand positioning strategy which give unique, meaningful points of differences to the brand to provide a competitive advantage and a reason why consumers should buy