Samenvatting
Complete summary brand management - 2023/2024
- Vak
- Brand Management
- Instelling
- Tilburg University (UVT)
Complete summary of the brand management course at Tilburg University 2023/2024, including notes.
[Meer zien]Voorbeeld 4 van de 65 pagina's
Voorbeeld 4 van de 65 pagina's
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Voorbeeld van de inhoud
Brand ManagementTopic 1: Brand Management
Young consumers are clearly feeling perfection fatigue and crave more authentic content -->
opens up new areas of marketing.
Private labels are on the rise, causing national brands to boost their ad spendings.
The past
Commodities were:
- Undifferentiable by seller/manufacturer.
- Often sold loose.
- Quality highly variable (one craftsman might be better than another).
- In competitive markets there are many manufacturers and sellers for the same
commodity.
How do I get a buyer to prefer and buy my commodity?
- Differentiate it from competition and make it more attractive by branding your
commodity.
- By introducing brands.
- Build an associative network with that brand in the mind of the customer.
- Give meaning to the name of the brand, causing people to be willing to spend more
money on that brands product.
- Make yourself (your brand) known.
- You have to be unique and stand out.
In the past the understanding of a brand was from the perspective of the company, while in
the present it is more about the perspective of the customers.
Brand = “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.” --> past de nition of a brand.
> In practice, a brand creates a certain amount of meaning, reputation, preference, and
so on… in the eyes of the customer.
The present
In the present, it is about letting the customer in. it is no longer 100% what the companies tell
you about the brand, but it’s really about word of mouth, ratings, and reviews. A brand used
to be what you said it was, and you as a company were able to communicate that very
ef ciently. Today, brands are the sum total of what other say you are.
4 levels (by Levitt)
- Core product (e.g., shoes).
- Tangible product --> core product + everything you can
see and experience. Colour, size, attributes of product
(e.g., shoe comes in blue, black, and white).
1
, - Augmented product --> core product + tangible product + warranties, compatibility
with other products. Intangible, but still under the control of the company (e.g., you
get a 8 year warranty for your car).
- Total product --> core product + tangible product + augmented product + added
value in the eyes of the consumer. Where the transition is made from the company to
the consumer. Covers everything that the organization/company wants the consumer
to know, but also includes how that product is perceived in the marketplace among
customers.
Changing perspectives:
- From the organizations’ point of view.
o Physical product. (core product, tangible product, and augmented product)
- To the customers’ point of view.
o Psychological product. (includes total product, where the consumer comes in)
Customer-based brand equity - why are customers willing to spend more on a product
because it has a certain brand’s name on it?
Diet Coke vs Diet Pepsi in blind taste test:
- 51% prefers Pepsi, 44% prefers Coke, 5% has no preference.
Diet Coke vs Diet Pepsi in identi ed taste test:
- 23% prefers Pepsi, 65% prefers Coke, 12% has no preference.
Pepsi vs Coke case proves: there’s more than just the properties of the product/the decisions
made by the company itself. Brand value of Coke is much higher than the brand value of
Pepsi. Even though they prefer Pepsi, they still choose Coca Cola.
Brands are more and more intangibles that have become the key source of corporate value.
Product = anything that can be offered to a market for attention, acquisition, use, or
consumption.
Branded product = a product that has been given a name for identi cation purposes.
Brand = a product, but one that adds other dimensions that differentiate it in some way from
other products designed to satisfy (the same) needs.
These valued differences can be:
2
, - Rational and tangible (company can say their product is premium cotton, premium
prices etc.), but are often:
- Intangible, emotional, and symbolic (status, comfortable (both physically and in a state
of mind, e.g., Patagonia makes you feel more environmentally aware), stylish products.
Product (--> branded product) versus (branded product -->) Brand
Tangible: can be touched by customer Intangible: lives in customer’s mind
Can be copied Unique
Can be outdated Potentially timeless (evolve over the
years and can offer different products
than before.
Involve transactions Forms basis of connections with people.
Physical product perspective Psychological product perspective
Product versus brand
Differentiation Relevance
Attributes Personality: people buy brands not
because they have certain attributes, but
because the brand stands for something.
Promise
Relationship
Static
Dynamic
Mass
Individual
Awareness
Meaningfulness: what does the brand
stand for?
Brands – from identi cation to identity. E.g., before, Starbucks was just coffee, now the brand
becomes your identity. You decide what the brand is and what brands suit you.
Why are brand important for consumers?
- Identi cation and source: where does this product come from?
- Assignment of responsibility to product maker: if consumers know a brand, they have
con dence in that brand. (but there should be some kind of relationship and/or t
between the different products within a brand)
- Risk reducer: if you buy a product with an established brand name, you can be almost
certain that the product will be of high quality.
- Search cost reducer (e.g., heuristic)
- Bond/pact with maker of the product.
- Symbolic device. E.g., showing off.
- Signal of quality.
3
, Why are brand important for producers (e.g., Uber, Facebook, Amazon)?
- Means of identi cation to simplify handling or tracing.
- Means of legally protecting unique features.
- Signal of quality level (e.g., made by…).
- Means of endowing products with unique associations (e.g., in an extension, the
associations with your brand are transferred to the new category).
- Brands can be used as a sign of endorsement to buy it. if it made or designed by a
certain brand consumers will be more likely to buy / trust it.
- High quality brand would never put their name on a low-quality item.
- Source of competitive advantage
- Source of nancial returns: you can ask for more money if it is a well-established
brand with the right associations.
Brands can generate signi cant price premiums.
Customer based brand equity (CBBE) = extra value people are willing to spend on a
product because the product has a certain name on it.
CBBE = (1) differential effect (the extra value; how they respond differently compared to other
brands) that (2) brand knowledge has on (3) consumer response to the marketing of the
brand.
A brand has a positive CBBE when customers react more favourably to a product and the
way it is marketed when the brand is identi ed than when it is not (e.g., when it is attributed to
a ctitiously named or unnamed version of the product).
Example: what are people willing to spend on the exact same Apple laptop without the logo
and without knowing it is an Apple product --> CBBE
Brands can charge premium prices due to CBBE.
Brand equity stresses the importance of the role of the brand in marketing strategies.
- Differences in outcomes arise from “added value” as a result of past marketing
activities for the brand. This value can be created in many different ways.
- Brand equity provides a common denominator for interpreting marketing strategies
and assessing the value of a brand.
- Value can be manifested in different ways. E.g., greater proceeds/gains a/o lower
costs/pains.
Brand Management Goals:
> Consumer-based brand equity (CBBE) is about building, sustaining, and leveraging
positive, strong, active, unique meaning of the brand.
> To enable the brand to earn more in the short and long run, nancial-based brand
equity (FBBE).
How can we manage CBBE so it will have an effect on FBBE?
The key to branding is that consumers perceive differences among brands in a product
category and that the brand resides in the minds of consumers, so:
- Give a label (to identify the brand).
- Provide meaning (what is does for you).
4
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