Hi, I'm Santi. A Graduate from the University of Groningen in MSc Marketing of the 2016/17 class, which I graduated cum laude. This was partly due to my ambition and partly due to these scripts that I wrote. They have allowed me to memorize the important concepts effectively and helped out friends ...
Hi, I'm Santi. A Graduate from the University of Groningen in
MSc Marketing of the 2016/17 class, which I graduated cum laude (all grades 8).
This was partly due to my ambition and partly due to these scripts that I wrote.
They have allowed me to memorize the important concepts effectively and
helped out friends and fellow students to obtain high grades.
To become successful even in their resits.
I hope this script will help you too!
Disclaimer:
This script has been concluded from the material available on Nestor,
Academic papers, and the book by Kevin Lane Keller.
The indicated lecture slides may deviate from yours.
The script claims no guarantee for completion or success.
You are responsible to study those concepts that you don’t understand.
Author:
Santi Helps
,List of abbreviations
BA Brand awareness
BI Brand image
BEMS Brand equity measurement system
b/c because
CS Consumer / Customer
L Lecture
Ppl People
POP Points-of-parity
POD Points-of-difference
PP Price premium
SM Social media
USP Unique selling point
WTP Willingness-to-pay
YT Youtube
Remember in this class!
We do not talk about the “consumer”. We are talking about “the target market”.
,Lecture 1
A brand is “mental” marketing vs. physical marketing
Anchoring & adjustment: from own knowledge try to infer on other ppl’s measures
It is essential to do research to find out how CS perceive your brand position / product
Associations are the strong part of branding
Ppl’s preferences change based upon labeling (Coca Cola packaging vs. taste)
Def. Brand:
Name, term, sign, symbol, or design or a combination of them, intended to identify the goods and
services of one seller or a group of sellers and to differentiate them from those of the competition.
Def. Branding:
Creating a mental mind position in the minds of target market CS so that they identify the brand
under the right circumstances and perceive it to be different from key competitors, giving them a
reason to purchase this brand instead of the competition.
The ultimate objective is to create customer-based brand equity - creating brand knowledge
(brand awareness, brand image) that has a differential impact on CS responses to the marketing of
that brand. This may translate into the benefits given below.
Why do brands matter?
- Identification of source of product
- Promise, bond, or pact with the maker of product
- Assignment of responsibility to product maker
- Search cost reducer
- Risk reducer
- Signal of quality
- Symbolic device
Benefits of branding:
- Greater loyalty
- Less vulnerability to competitive marketing actions
- Larger margins
- More inelastic response to price increases
- Mo elastic response to price decreases
- Greater trade cooperation and support
- Increased marketing communication effectiveness
- Additional brand extension opportunities (additional products can hurt or boost parent company)
Main takeaway:
- branding takes place in the minds of consumers
- brand is the mind position
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,Lecture 2
Brand equity Is the added value endowed by the brand to the product.
Customer-based brand equity is the differential effect that brand knowledge has on customer
response to the marketing of that brand.
Brand equity ultimately depends on what resides in the mind of customers. (ex. grandma cookies)
-> Built brand knowledge base in minds of targets and they will become susceptible to your ads
Brand awareness (BA) is the strength of the brand node or trace in memory as reflected by
consumers' ability to identify the brand under different conditions.
Consists of:
Brand recognition is the ability to confirm prior exposure.
Brand recall is the ability to retrieve the brand given the product category.
Breadth of BA measures how likely it is for a brand element to come to mind and its ease.
Depth of BA measures the range of purchase & usage situations in which element comes to mind
Consequences of brand awareness:
- Effect on formation and strength of brand associations (awareness is necessary condition)
- Perceived quality
- Liking (mere exposure)
- Inclusion of brand in consideration set
- Decision Heuristic - awareness affects choice (especially in low involvement products)
Brand Image CS perceptions of brand as reflected by the brand associations held in CS’ memory.
Associations should be: (Important: should be repeated and consistent!)
1. Favorable
- Desirability (satisfying needs and wants)
- Deliverability (product performance, sustainability over time)
-> cannot make ppl buy product they DO NOT want (99/100 products fail in market)
2. Strong (amount, quantity, quality of information processing)
3. Unique (to create differential response)
•1.Three ways of building brand beliefs about benefits:
Direct experience (ex. food sample)
2. Communication about brand (marketing about brand)
3. Inferences made from other brand-related information (i.e. price as quality signal)
•- Strength of new associations increases with:
level of attention (quality & quantity of processing)
- repeated exposure (wear-out effect)
- content, organization & strength of existing associations (will be faster, stronger, better if there)
•- Recall probability depends on:
strength of association
- presence of other product information
- time since last exposure
- number of external retrieval cues
Uniqueness of brand associations: (why your brand and not competition?)
The get a successful brand position, the brand needs a sustainable competitive advantage (unique
selling point = USP) to give CS enough reasons to buy that specific brand.
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, Lecture 3
Brand positioning is the act of designing the company’s offer and image so that it occupies a
distinct and valued place in the target customers’ minds.
Brand mantra: an articulation of the “heart and soul” of the brand
Step plan for building brands
Steps 1-3: Identifying and establishing brand position
Steps 4-5: Brand positioning & supporting marketing program
Ultimate goal: to build brand resonance
1. Define core brand values & brand mantra
- gives all ppl involved w/ brand (intern & external) idea what can and cannot be done w/ it
2. Define competitive frame of reference
- who is target customer?
- who are the main competitors?
3. Define POP & POD (similarity and differences from competitors)
- Category POP associations necessary to being a legitimate & credible product offering
- Competitive POP associations negate competitors’ POD
- Correlational POP associations negate any disadvantages that might arise from POD
4. Build a strong brand (Consistency and repetition are key!)
- Build brand awareness
- Build brand image
5. Maintain Brand (L07)
Once steps 1-4 in the brand building plan are successfully done, start managing the brand!
- do this by being consistent and adapting to change => be flexible!
=> If mindless product (ex. toilet paper) -> useless to spend money on branding b/c ppl don’t care!
Brand resonance model
Brand salience = Brand awareness
Brand performance - describes how well the
product or service meets CS functional
needs.
Brand image - (reflected by associations)
Associations may be either:
Attributes
(descriptive features that characterize a
product)
Benefits
(personal value and meaning that CS
attach to the product / service attributes)
Brand judgments are CS personal opinions
about evaluations of the brand (from
perform. & image)
Brand feelings are CS emotional responses
and reactions to the brand.
Brand resonance is the extent to which CS
feel in “sync” with the brand.
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