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Branding Strategy Building Strong Brands With Complete Solutions Latest Update
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Branding Strategy Building Strong Brands WithComplete Solutions Latest Update
Brands represent-ANalysis consumers' perceptions and feelings about a product and its
performance-everything that the product or service means to consumers. In the final
analysis, brands exist in the heads of consumers. As one well-respected marketer once
said, 'Products are created in the factory, but brands are created in the mind'.
Brand equity-ANSWER A powerful brand has high brand equity. Brand equity is the
differential effect that knowing the brand name has on customer response to the
product and its marketing. It is a measure of the brand's ability to capture consumer
preference and loyalty.
A brand has positive brand equity when - ANSWER consumers react more favourably to
it than to a generic or unbranded version of the same product.
It has negative brand equity if - ANSWER consumers react less favourable than to an
unbranded version.
why do brand succeed? - ANSWER Because they forge deep connections with
consumers
measures brand strength along four consumer perception dimensions: - ANSWER
differentiation (what makes the brand stand out), relevance (how consumers feel it
meets their needs), knowledge (how much consumers know about the brand) and
esteem (how highly consumers regard and respect the brand
brand fanatics - ANSWER marketers have called people with intensely strong emotions
about their favourite brands
brand valuation ANSWER Brand valuation refers to an estimated sum of the total
, financial value of a brand. Measuring such value is difficult. However, according to one
estimate, the brand value of Apple is an astonishing US$98 billion, with Google at US$93
billion and Coca-Cola at US$79 billion. Other brands rating among the world's most
valuable include Microsoft, McDonald's, BMW, IKEA, GE, Amazon and Louis Vuitton.35
Table 7.2 shows Australia's most valuable brands in 2013.
adavanatges of high brand equity - ANSWER high level of consumer brand awareness
and loyalty.
MORE BARGAINING POWERBecause consumers expect stores to carry the brand, the
company has more leverage in bargaining with resellers
EASIER TO AUNCH EXTENSIONS Because the brand name carries high credibility, the
company can more easily launch line and brand extensions
SURIVE AGAINST COMETITITOSA powerful brand offers the company some defence
against fierce price competition
A strong brand forms the basis on which a long-term and lucrative customer
relationship could be developed - ANSWER.
Customer equity is the fundamental asset underlying brand equity - ANSWER - the value
of the customer relationships that a brand creates. A powerful brand is important, but
what it really represents is a profitable set of loyal customers. The proper focus of
marketing is building customer equity, with brand management serving as a major
marketing tool. Firms should be thought of not as portfolios of products but as portfolios
of customers.
Building strong brand 4 steps - ANSWER the major brand strategy decisions involve
brand positioning, brand name selection, brand sponsorship and brand development.
Brand positioning 3 levels -lowest level - ANSWER position the brand on product
attributes.
For example, P&G invented the disposable nappy category with its Pampers brand.
Early Pampers marketing focused on attributes such as fluid absorption, fit and
disposability. In general,
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