Demuth - Brand Managment Flashcards
What types of Symbolic Brand Strategies are there?
- based on personal meaning
- based on social differentiation
- based on social integration
What is consumer-based brand equity?
The added value with which a given brand provides a product. A product is something that offers functional benefits.
It can be measured from a financial or consumer perspective.
What kind of personal relationships with a brand are there because of attached personal meanings?
- Brand-as-a-person > We attach personality traits because of the Brand Wheel or the people representing the brand. These traits are partly constructed socially/culturally and partly are based on own perceptions and experiences
- Brand-as-a-friend > central idea is the possibility of forming a relationship with the brand (<>brand loyalty). Depends on personality traits associated with the brand but also the attachment style of people.
What is the Brand Wheel?
> Individual components that a brand is constructed of
Brand managers assign to Name, Logo, Design, Textualisation, Slogan-Jingle emotions and associations supported by pictures, music and language
Helps in the semiotics analysis (science of signs)
How can an advertisement be really effective?
Ads have to connect with consumers´ everyday experiences so that they can co-construct a self- and group identity
> Ads can only initiate a certain idea/ concept, but the meaning of the brand is actually a continuous process of co-creation, on individual and social level
What personal meaning strategies are there?
- Brand-as-a-person > taking up traits such as sincerity, excitement and sophistication in advertisements, either by depicting symbolic animals or using real people
- Brand-as-a-friend > focus on creating the same sense of familiarity and security as the customers would feel with friends. ( Ads with typical freinds-activities)
- Brands and romance > brands placed in romantic context, especially as part of relationships
- Nostalgia> when selling to an “older” consumer group, focus on memories of their teenage years
- Instant heritage > achieved part of acquisition, when it hooks on an older established entity
- Experience brand > personal meaning created through shared experiences
What social differentiation strategies are there?
- Fashionization > focus on becoming a lifestyle accessory
- Cool and cultural capital > brand is identified as being cool (either for a specific target group or in setting future trends)
- Luxury > portraiting the brand as exclusive and desirable (also to those who cannot afford it)
- Strategic cannibalization > making parts of its own products obsolete by offering new versions or designs in short periods and rushing consumers into buying more, out of FOMO (fast fashion)
- Gender identity > strategies target different genders
What social integration strategies are there?
- Brand community > organizing events for loyal consumers and “novices.” (often used by outdoor equipment companies)
- Neo-tribes > feeding information to tribes and letting them do the marketing (Qanon)
- Sub-cultures > Understand codes and values of a sub-culture (ethnicity or LGBTQ+) and reflect this in the marketing communication, usually through social media
- Brand mythologies > building a brand that is attached to an idea that gives people orientation in a complex world (e.g. Tesla convinced people that luxury cars are part of the solution for climate change)
What brand strategies are there for low-involvement brands?
> create brand salience !!
evoke “mild” emotions, sufficient enough to create a warm feeling towards the brand (the brand is usually chosen on a subconscious level)
positive stimuli through associations with animals or people, certain colors, sounds, shapes or by using irrelevant attributes as quasi-differentiators (e.g. Vitamin C and orange juice)
as consumers tend to buy from a brand repertoire, you can either try to increase the number of consumers that include your brand in their brand repertoire (penetration) or increase the purchase frequency of your brand within the repertoire
What is brand salience?
The top-of-mind awareness or the percentage of people that would buy the brand.
> most important attribute for creating low-involvement brands
> created by linking the category need with the brand at the time and point when a purchasing decision is made (recall)
What types of buying behavior are there? (5)
- Loyals
- Deal selectives (purchase of brand leaders on offer)
- Rotators (heavy users with large brand repertoire)
- Price driven (purchase of cheap brand or anything on offer)
- Light users
What approaches are there to manipulate consumers into buying more?
- Managing choice situations > diversifying places where the product is sold, changing packaging, changing the quantities sold for the same price etc.
- Increasing usage quantities > Increase purchased quantities (buy one get one free)
- Building brand loyalty > rewards schemes such as loyalty or membership programs
Explain the background behind consumer-based-equity.
positive associations and memories behind the brand > consumer loyalty > easier consumer decisions > reduced risk
Brand awareness, brand attitude and brand loyalty are important attributes for that
Explain brand awareness
- 1st step towards building brand equity
- fuelled by a sense of familiarity associated with a sense of knowing that goes beyond having information about the specifics of a product
Describe the process leading to brand loyalty
Brand awareness > (Learning occurs) > Brand salience > (Associations build) > Brand attitude > (Preference forms) > Brand loyalty
