Upload
swaraj-purohit
View
217
Download
0
Embed Size (px)
Citation preview
8/13/2019 Closing Observation ( Group 6 )
1/22
CLOSING
OBSERVATIONS
resented bySatyajeet Kumar
Saurabh Chaudhary
Sudhanshu Sethi
Swaraj Purohit
Tarun Sharma
Vikram Kumar
Vinay Kamal
Viren Dutta
8/13/2019 Closing Observation ( Group 6 )
2/22
BRAND KNOWLEDGE STRUCTURE
Brand awareness, depth, and breadth
Brand associations
8/13/2019 Closing Observation ( Group 6 )
3/22
SUMMARY OF CUSTOMER-BASED BRAND
EQUITY FRAMEWORK
Sources of brand equity Strength Favorability Uniqueness
Outcomes of brand equity
Greater loyalty Less vulnerability to competitive marketing actions Less vulnerability to marketing crises Larger margins More inelastic consumer response to price increases More elastic consumer response to price decreases
Greater trade cooperation and support Increased marketing communication effectiveness Possible licensing opportunities Additional brand extension opportunities
8/13/2019 Closing Observation ( Group 6 )
4/22
TACTICAL GUIDELINES
Building brand equity
1. Through the initial choice of the brand elements
making up the brand
2. Through marketing activities and the design ofthe marketing program
3. Through the leverage of secondary
associations that link the brand to other entities
8/13/2019 Closing Observation ( Group 6 )
5/22
GUIDELINES FOR BUILDING BRAND EQUITY
Mix and match brand elements Create a rich brand image and high
perceived quality
Adopt value-based pricing strategy
Consider a range of distribution options
Mix marketing communication options
Leverage secondary associations
8/13/2019 Closing Observation ( Group 6 )
6/22
IMPORTANCE OF COMPLEMENTARITY AND
CONSISTENCY
Complementaritymeans choosing different brand
elements and supporting marketing activities so
that the potential contribution to brand equity ofone compensates for the shortcomings of others.
A high degree of consistencyacross these
elements helps to create the highest level of
awareness and the strongest and most favorable
associations possible.
8/13/2019 Closing Observation ( Group 6 )
7/22
GUIDELINES FOR MEASURING BRAND EQUITY
Formalize the firms view of brand equity Conduct brand inventories
Conduct consumer tracking studies
Assemble results of outcome measures Establish a department to oversee the
implementation
8/13/2019 Closing Observation ( Group 6 )
8/22
GUIDELINES FOR MANAGING BRAND EQUITY
Define brand hierarchy Create global associations
Introduce brand extensions
Clearly establish the roles of brands in theportfolio
Reinforce brand equity over time
Enhance brand equity over time
Identify differences in consumer behavior indifferent market segments
8/13/2019 Closing Observation ( Group 6 )
9/22
CHARACTERISTICS OF STRONG BRANDS
MANAGERS Understand brand meaning and market appropriate products
in an appropriate manner Properly position the brand Provide superior delivery of desired benefits Employ a full range of complementary brand elements and
supporting marketing activities
Embrace integrated marketing communications andcommunicate with a consistent voice Measure consumer perceptions of value and develop a
pricing strategy accordingly Establish credibility and appropriate brand personality and
imagery Maintain innovation and relevance for the brand Strategically design and implement a brand hierarchy and
brand portfolio Implement a brand equity management system to ensure
that marketing actions properly reflect the brand equity
concept
8/13/2019 Closing Observation ( Group 6 )
10/22
SEVEN DEADLY SINS OF BRAND
MANAGEMENT
1. Failure to understand the full meaning ofthe brand
2. Failure to live up to the brand promise
3. Failure to adequately support the brand4. Failure to be patient with the brand
5. Failure to adequately control the brand
6. Failure to properly balance consistencyand change with the brand
7. Failure to understand complexity of brandequity measurement and management
8/13/2019 Closing Observation ( Group 6 )
11/22
INDUSTRIAL AND B2B BRANDING
Adopt a corporate or family brandingstrategy
Link non-product-related imagery
associations Employ full range of marketing
communication options
Leverage equity of other companies thatare customers
Segment markets carefully and develop
tailored branding and marketing programs
8/13/2019 Closing Observation ( Group 6 )
12/22
GUIDELINES FOR HIGH-TECH BRANDING
Establish brand awareness and rich brandimage
Create corporate credibility associations
Leverage secondary associations of qualityAvoid overbranding products
Selectively introduce new products as new
brands and clearly identify the nature ofbrand extensions
8/13/2019 Closing Observation ( Group 6 )
13/22
GUIDELINES FOR SERVICE BRANDING
Maximize service quality Employ a full range of brand elements to
enhance brand recall Create and communicate strong organizational
associations
Design corporate communication programs thataugment consumers service encounters andexperiences
Establish a brand hierarchy using distinct familyor individual brands as well as meaningfulingredient brands
8/13/2019 Closing Observation ( Group 6 )
14/22
GUIDELINES FOR BRANDING RETAILERS
Create a brand hierarchy consisting of thestore as a whole as well as individual
departments
Enhance the manufacturers brand equityby communicating PODs
Establish brand equity at all levels of the
brand hierarchy Create multichannel shopping experience
Avoid overbranding
8/13/2019 Closing Observation ( Group 6 )
15/22
GUIDELINES FOR SMALL BUSINESS
BRANDING
Emphasize building one or two strong brands Focus the marketing program on one or two
key associations
Employ a well-integrated set of brandelements that enhances both brand
awareness and image
Design creative brand-building pushcampaigns
Leverage as many secondary associations
as possible
8/13/2019 Closing Observation ( Group 6 )
16/22
GUIDELINES FOR ONLINE BRANDING
Dont forget the brand building basics Create strong brand identity
Generate strong consumer pull
Selectively choose brand partnerships Maximize relationship marketing
8/13/2019 Closing Observation ( Group 6 )
17/22
FUTURE BRAND PRIORITIES
How will branding change in the coming
years? What are the biggest branding
challenges? What will make a successful
twenty-first-century brand?
8/13/2019 Closing Observation ( Group 6 )
18/22
BUILDING BRAND EQUITY
Brand elements
In a cluttered, competitive marketplace, thebrand elements that make up the brand will have
to do more and more of the selling job. Marketing programs
Strong brands in the twenty-first century also willrise above others by better understanding the
needs, wants, and desires of consumers andcreating marketing programs that fulfill and evensurpass consumer expectations.
8/13/2019 Closing Observation ( Group 6 )
19/22
MEASURING BRAND EQUITY
Marketers of successful twenty-first-century
brands will create formalized measurement
approaches and processes that ensure they
continually monitor their sources of brandequity and those of competitors.
8/13/2019 Closing Observation ( Group 6 )
20/22
MANAGING BRAND EQUITY
It will be essential in building strong twenty-first-century brands to align internal and external brandmanagement. Internal brand management ensures that
employees and marketing partners appreciateand understand basic branding notions and howthey can affect the equity of brands.
External brand managementrequiresunderstanding the needs, wants, and desires ofconsumers and creating brand marketing
programs that fulfill and even surpass consumerexpectations.
Companies must also align bottom-up and top-down marketing management .
8/13/2019 Closing Observation ( Group 6 )
21/22
ACHIEVING MARKETING BALANCE
The most fundamental challenge ofmarketing and brand management isreconciling the many potential trade-offs inmarketing decisions
There are three means or levels of achievingmarketing balance, in increasing order ofpotential effectiveness:Alternate
Divide
Finesse
6 D b 2013
8/13/2019 Closing Observation ( Group 6 )
22/22
6 December 2013
22