Creating
Brand Equity
Marketing Management, 13th ed
9
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Brand Equity: Building and Managing Strong Brands, Assignments of Marketing
Describes the nature of businesses and core marketing principles. The document is a great read for new entrepreneur students.
Typology: Assignments
2019/2020
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Creating
Brand Equity
Marketing Management, 13 th ed
Chapter Questions
- (^) What is a brand and how does branding work?
- (^) What is brand equity?
- (^) How is brand equity built, measured, and managed?
- (^) What are the important decisions in developing a branding strategy?
Steps in
Strategic Brand Management
- (^) Identifying and establishing brand positioning
- (^) Planning and implementing brand marketing
- (^) Measuring and interpreting brand performance
- (^) Growing and sustaining brand value
What is a Brand?
A brand is a name, term, sign, symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.
The Role of Brands
Signify quality Signify quality Create barriers to entry Create barriers to entry Serve as a competitive advantage Serve as a competitive advantage Secure price premium Secure price premium
What is Branding?
Branding is endowing products and services with the power of the brand.
Brand Knowledge
Knowledge Thoughts Experiences Beliefs Images Feelings
Advantages of Strong Brands
- (^) Improved perceptions of product performance
- (^) Greater loyalty
- (^) Less vulnerability to competitive marketing actions
- (^) Less vulnerability to crises - (^) Larger margins - (^) More inelastic consumer response - (^) Greater trade cooperation - (^) Increased marketing communications effectiveness - (^) Possible licensing opportunities
What is a Brand Promise?
A brand promise is the marketer’s vision of what the brand must be and do for consumers.
Burger King Builds Its Brand with Social Connectivity
BAV Key Components
Differentiation Energy Relevance Esteem Knowledge
Figure 9.3 Brand Dynamics Pyramid Presence Relevance Performance Advantage Bonding Strong Relationship Weak Relationship
Figure 9.4 Brand Resonance Pyramid
Drivers of Brand Equity
Brand Elements Marketing Activities Meaning Transference