Week 4-7 - Developing Strategy and Building Brands (Product/ Service) Flashcards
Define brand
is the name, term, sign or design or a combination of these, that identifies the maker or seller of a product or service
What is brand equity?
refers to the marketing effects that are uniquely attributable to a brand
- what the brand is in the mind of the consumer
- uniquely attributable
- branded vs non branded
Brand equity occurs when the consumer has a
High level of awareness and familiarity with the brand
AND
3 features: strong, favourable and unique brand associations in memory” (Keller).
What framework: How to build built brand equity AND state the 4 steps
- Identity = salience
- Meaning = performance/ imagery” POD & POP
- Response = judgement/feelings
- Relationship = resonance - brand loyalty and relationship building
Define brand management
All about: Analysis - Brand Strategy (Objectives, targeting and positioning)- Tactics/implementation - Monitoring
Define brand strategy
Common functions of brand strategy:
- Positioning (incl target market selection)
- Brand portfolio strategy
- Brand architecture
- visual/ brand identity
Define brand positioning and the 3 elements and what case study is used to support it?
refers to what we want the brand to stand for in the minds of our
consumers. If effective should be:
1. Emotionally resonant
2. Distinctive
3. Simple
4. Sustainabl3
Case study = Dove
What is the difference between brand postioning and value propostion?
We have in mind how we want our brand to be seen (the value proposition) and the consumers have in their mind how they see our brand (positioning) and we want the two to be aligned/equilibrium.
Brand positioning tools
Perceptual map
What is archetype? and name some?
is a recurring pattern of human behaviour.
- creator
- ruler
- lover
- Sage (wisdom)
Discuss Dove Case Study
First beauty bar launched in 1957. Positioned itself based on its functional claim of 1/4 cleansing cream so doesn’t dry your skin. In 2000s Dove repositioned itself and extend to other personal care categories. To do this you have to have strong brand equity. In 2004 Dove real beauty campaign launched (2004) “real women campaign”
What is brand architecture
describes the role of the brand in marketing products, and the relationship between all the brands, sub brands and varinats in the portfolio.
What is brand portfolio?
having multiple brands in a category but making sure that each brand occupies its own space as each brand is talking to different target market.
1. Ansoff
2. BGC matrix (market growth) - corporate level
3. Product lifecycle
What is visual/ brand identity? And the selection criteria (Keller)
refers to those trademarkable devices that serve to identify and
differentiate the brand. Should bring the positioning to life, primarily visually, but other senses are
also used.
- Protectable
- Likeable
- Adaptable
- Memorable
- Meaningful
- Transferable
What are Typical brand tracking measures?
- Awareness
- Associations
- Consideration
- Preference
- Attitudes
- Familiarity
- Usage
- NPS
State the conversion funnel and ways it is shows.
AIDA
- awareness (web visits, reach)
- interest (click through rate, time on page)
- desire (repeat visits, bounce rates
- action (sales, sign ups, donations)
note: desire and action = go-to market
Innovation: state the two ways
- product mix: entire range by firm
- product line: group of related products
Most firms will have multiple product lines. But the decision to start a new product line is a major, strategic one
What are the overall product design goals?
- Meet a need/solve a problem (customer)
- Differentiate (competitor)
- Be profitable (cost v price = corporation
Name 3 reasons why firms develop new products
- Adapt to the changing market environment
- Replace outdated products in their mix
- Help expand into new market
How was media and marketing changed over the past 20 years?
- Brand building & building managing didn’t really exist
- Brand itself was seen as an area of marketing that was quite seperate - idea of brand has developed overtime mainly because consumers really care about the organisations and feel aligned to that organisation.
- In an organisation there was a sales area which was very important, where marketing at a secondary role to sales
- What changed was when organisation become to offer a better service in area of i.e. publishing
what strategy can they use for universities?
open days
Why was amazon successful as a service?
provide the service that a bookshop had never done before, delivering straight to consumer. Meant all other book shops had to fins their niche
What the marketing role according to Yolanda?
- Voice of customer - we need to understand them the best
- make the loyal users - analyse needs and wants
- stay relevant
- create experience so they don’t leave
What are the three bubbles for ecosystem design Note: Customer driven section)
- where to optimise and focus (ie.e brand health or touchpoint analysis)
- where to play and how to win (segment priorities or competitor mapping)
- customer voice always on - spot problems before they become issues (i.e. social listening, cultural intelligence
