Stuff Flashcards
(43 cards)
How is customer value created?
The perceived benefits of the product, vs. the perceived sacrifice of the product (money, time, energy)
Branding
A name, symbol, design, etc. that is used to identify the owning of products and services, and differentiate it from competitors
Examples of brand elements
Names, logotypes, packaging…
The five levels of a product
Core Benefit - Needs satisfied (Transportation from point A to B)
Generic Product - A stripped down version of the product (A car with four wheels)
Expected Product - A set of attributes that buyers expect when buying a product (Safety, reliability, comfort)
Augmented Product - Additional product attributes and benefits that distinguish the product from competitors (GPS, sunroof)
Potential Product - What the product might undergo in the future, what the customer might not even know about yet (customers not realizing cars can have sunroofs)
Brand equity
The value premium that a company generates from a product with a recognizable name, when compared to a generic equivalent.
E.g. What happens when we market a branded product vs. an unbranded product?
The goal of branding is to maximize brand equity
Example of brand equity: A second hand shirt owned by a celebrity is worth much more than the same shirt previously owned by a random person
“The added value of the brand to the brand owner (monetary)”
Strategic Brand Managment
Strategic brand management is based on choosing a suitable strategy for the brand’s growth and the frequent updating of the strategy. Form a strategy, measure and examine, and expand over time.
Customer-based Brand Equity
Understanding what the customer wants, and creating products that fulfill this need. Recognizing that customers own the brand. Used to show how a brand’s success can be directly attributed to customers’ attitudes towards that brand.
Differentiation, knowledge of the brand, customers reactions to marketing
See the triangle!
Resonance Judgements - Feelings Performance - Imagery
Salience
Brand Awareness
Related to the size/strength of the brand, and how possible it is for the customer to identify the brand under different circumstances.
“the degree to which consumers recognize a product by its name.”
Brand Knowledge
= Brand awareness + brand image
A consumer’s understanding and recall of a brand and its products. Brand knowledge is typically concerned with the consumer’s ability to remember, say, or associate a brand with the correct: Brand story. Brand values, etc.
Brand Image
The customers perception of the brand, reflected by the associations in the customers brain. What do I think about when I hear ‘Apple’? Can be anything, it is up to the customer and their experiences and thoughts and feelings
“the general impression, perception, and associations any given customer has about a brand.”
Brand recognition
(Part of brand awareness) The customers ability to REMEMBER the brand when given a hint of it. Recognize what brand stands for
Brand recall
(Part of brand awareness) The customer’s ability to on its own remember the brand when given clues like category or user situation. “Do you think of this brand when,,,”
Brand associations should be…
Strong, Favorable, Unique
(How does it make the customer feel?, Relevant to the customers needs, good positioning against competitors with strong PODs)
PODs
Points of Difference
Attributes/benefits that one associate strongly to a brand, that are seen as positive, and don’t think one can get from any other brand. Can be functional or more abstract.
E.g. A luxury product offering high quality or a unique design that no other brand makes
E.g. IKEA - Swedish design, lots of retailers, guides and blogs
POPs
Points of Parity
It’s the qualities that all businesses have in order to be competitive and on par with one another. In other words, points of parity are industry-specific similarities that are shared among many businesses.
E.g. IKEA and MUJI POPs would be things like “sustainable, furniture, low price with high quality”
What a POD needs to work
it needs to be
Desirable, deliverable, differentiable
Brand salience
(part of brand resonance triangle)
Deep, broad, brand awareness
Brand Performance
(part of brand resonance triangle)
How well a product fulfills the customers expectations purely functionally. Objective quality.
Brand Judgements
(part of brand resonance triangle)
Customers personal opinions about a brand that you get by collecting all associations. How is the quality? Is it credible? Is it relevant for me? Is it better/more unique than others?
Brand Feelings
(part of brand resonance triangle)
How a customer reacts emotionally
Brand Resonance
(part of brand resonance triangle)
The last step, reaching loyalty with customer. Want customer to buy more products, or re-purchase. Attachment to brand wanted. Creating a sense of community, an active customer-base. BUT they also need to be active, and actually buy things, not only like the brand
“I buy this as often as I can! I love this brand!
The Brand Value Chain
Marketing campaign investment - (Multiplier: campaign quality) - Customer mindset - (Multiplier: marketplace conditions) - Market performance - (multiplier: investor sentiment) - Shareholder value
Examples of brand elements
Names, URL:s, logos, symbols, characters, slogans, jingles, packaging
Private Label
Products that are produced by a third party, but sold under its own brand name
