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Summary Brand Management Keller
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This is a useful summary of the Keller Brand Management Book, which helped me get an 8 score in my exam. I hope it will help you!
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Brand management summaryChau Tran
,1/ Brands and Brand management
I. What is a brand?
1. Definition
- A brand: a name, term, sign,
symbol, or design, or a
combination of them, identify
the goods and services of
sellers and to differentiate
them from those of
competition.
- Brand creates images in the
mind of observers by
communication a combination
Figure 1 - The logo and slogan of Nike
of verbal, visual and emotional
cues that encourages target audience to identify the brand.
➔ TIPS: Branding isn't about the logo. Branding is more than visual identity as its also
includes verbal and other types of expressive delivery through device, experience
offered, etc.
2. Product’s levels of meaning
- Product: anything we can offer to a market for attention, acquisition, use, of
consumption that might satisfy a need or warm.
- 5 levels of meaning:
(1) The core benefit level: the fundamental need or want that consumers satisfy
(2) The generic product level: a basic version of the product containing only those
attributes/characteristics necessary for its functioning but with no distinguishing
features
(3) The expected product level: a set of attributes or characteristics that buyers
expect and agree to when they purchase.
(4) The augmented product level: include additional product attributes, benefits, or
related services that distinguish the product from competitors.
(5) The potential product level: all the augmentations and transformations that a
product might ultimately undergo in the future.
➔ Notes: Competition is focused on the brand performance
,➔ TIPS: Strong brands carry a number of different types of associations and marketers
must account for all of them in making marketing decisions. Marketers create value
that can translate to financial profits for the firm.
3. Why do brands matter?
3.1. To consumers
- Identifying source or market of product
- Assign responsibility to a particular distributor
- Shows which brands satisfy their need and which do not
- Lower search costs both internal and external.
- There are 3 categories of products and their associated attributes or benefits:
(1) Search goods
(2) Experience goods
(3) Credence goods
- 6 types of risks:
(1) Functional risk: the product does not perform up to expectation
(2) Physical risk a threat to the physical well-being or health
(3) Financial risk: the product not worth the price paid
(4) Social risk: the product affects the mental well-being
(5) Time risk: spending more time to find another product
(6) Psychological risk: affects the mental well-being
3.2. To Firms:
- Brands serve an identification purpose, to simplify product handling.
- Help organize inventory and accounting records.
- Offer legal protection
, - How to protect brands?
o The brand name → registered trademarks
o The manufacturing processes → patents
o The packaging → copyrights and designs
II. Can anything be branded?
1. How to brand a product?
- To brand a product, you need to:
o Label the product: who and how can you identify it
o Provide meaning: what it can do for you, why it’s special and different
➔ TIPS: The key to branding is consumers perceive differences among brands in a
product category.
- Physical goods: what are traditionally associated with brands
o B2B products creates a positive image and reputation for the company as a
whole.
o Retailers and distributors: brands can generate consumer interest and
loyalty in a store as consumers learn to expect certain brands and
products.
o Online product and services: it is critical to create unique aspects of the
brands that is important to consumers (convenience, price, variety, etc.). By
offering these, brands are able to avoid extensive advertising or lavish
marketing campaigns, relying more on WOM and publicity.
o People and organizations: branding evolves around public approval and
acceptance
➔ TIPS: One key for a successful branding career is co-workers, superiors, know who
you are and recognize your skills, talents, attitude. By building up a reputation in a
business context, you are essentially creating your own brand.
o Sports, arts, and entertainment
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