Marketing Lecture Notes Summary
Branding and Brand Management
(defining what a brand is and how organisations come up with a brand name)
Brand
A brand represents what a customer thinks of a product and what the product means to them. It includes the name, logo, design etc. of a company/product. Brands can be very powerful and can be worth more than a company’s assets.
Brand Equity
Brand equity is the differential effect that knowing the brand name has on customer response to the product and its marketing. It is a measure of the brands ability to capture customer preference and loyalty. Brand Valuation is the measure of the value of the brand in terms of customer loyalty and preference. Brand equity offers the company some defense against fierce price competition.
Brand Positioning
Brands can be positioned at three levels; product attributes, benefit or beliefs and values. Product attributes are the aspects of the product and it’s functions. Customers are interested in what the attributes can do for them. The benefits of a product can include health benefits etc. The beliefs and values aspect is used by some company’s to create surprise, passion and excitement in the customer/user.
Brand Name Selection
Desirable qualities for a brand name are: 1. it should suggest something about the products benefits and qualities 2. easy to pronounce, recognize and remember 3. it should be distinctive 4. it should be extendable 5. it should be translatable
Brand Sponsorship
There are four options for sponsorship; national brand, private brand, licensed brands and co-brand.
Brand Development
A company has four choices when it comes to developing brands; line extensions, brand extensions, multi-brands and new brands. Line extensions occur when a company extends existing brand names to forms colour, sizes, ingredients or flavours. A brand extension extends a current brand name to new or modified products in a new category. Companies often market many different
(defining what a brand is and how organisations come up with a brand name)
Brand
A brand represents what a customer thinks of a product and what the product means to them. It includes the name, logo, design etc. of a company/product. Brands can be very powerful and can be worth more than a company’s assets.
Brand Equity
Brand equity is the differential effect that knowing the brand name has on customer response to the product and its marketing. It is a measure of the brands ability to capture customer preference and loyalty. Brand Valuation is the measure of the value of the brand in terms of customer loyalty and preference. Brand equity offers the company some defense against fierce price competition.
Brand Positioning
Brands can be positioned at three levels; product attributes, benefit or beliefs and values. Product attributes are the aspects of the product and it’s functions. Customers are interested in what the attributes can do for them. The benefits of a product can include health benefits etc. The beliefs and values aspect is used by some company’s to create surprise, passion and excitement in the customer/user.
Brand Name Selection
Desirable qualities for a brand name are: 1. it should suggest something about the products benefits and qualities 2. easy to pronounce, recognize and remember 3. it should be distinctive 4. it should be extendable 5. it should be translatable
Brand Sponsorship
There are four options for sponsorship; national brand, private brand, licensed brands and co-brand.
Brand Development
A company has four choices when it comes to developing brands; line extensions, brand extensions, multi-brands and new brands. Line extensions occur when a company extends existing brand names to forms colour, sizes, ingredients or flavours. A brand extension extends a current brand name to new or modified products in a new category. Companies often market many different