Brand and Brand Management

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Brand and Brand Management. Lecturer – Md Shahedur Rahman. What is brand?. American Marketing Association(AMA ), a brand is a name, term, sign, symbol, or design, or a combination of them. These different components of a brand that identify and differentiate it are brand elements. - PowerPoint PPT Presentation

Transcript of Brand and Brand Management

Brand and Brand Management

Brand and Brand ManagementLecturer Md Shahedur Rahman

What is brand?American Marketing Association(AMA), a brand is a name, term, sign, symbol, or design, or a combination of them.

These different components of a brand that identify and differentiate it are brand elements.

What is Brand?Many practicing managers refer to a brand as more than that- as something that has actually created a certain amount of awareness, reputation, prominence, and so on in the marketplace.

Brands vs. ProductsA product is anything

We can offer to a market for attention, acquisition.

Use, or consumption that might satisfy a need or want.

Five Levels of Meaning for a ProductCore benefit level:Fundamental need or want that consumers satisfy by consuming the product or service.(Musical entertainment on the move)

Generic product levelBasic attributes or characteristics absolutely necessary for its functioning but with no distinguishing features.

(Ability to play music downloaded from the WEB or ripped from CD collections)

Five Levels of Meaning for a ProductExpected product levelSet of attributes or characteristics that buyers normally expect and agree to when they purchase a product.

(Consumer expect a solid device with no moving parts and a certain amount of memory, option to add more memory in future)

Augmented product levelAdditional product attributes, benefits, or related services that distinguish the product from competitors.

(Color LCD screen, equalizer, including different types of files, including text image and video files)

Five Levels of Meaning for a ProductPotential product levelTransformations that a product might ultimately undergo in the future.

( Voice controlled programming, infinite batteries life)

Some brands create competitive advantages with product performance;

Other brands create competitive advantages through non-product-related means.Why do brands matter?What functions do brands perform that make them so valuable to marketers?

Yes, it is matter to both Manufacturer and ConsumersImportance of Brands to ConsumersIdentification of the source of the productAssignment of responsibility to product makerRisk ReducerSearch cost reducerPromise, bond, or pact with product makerSymbolic deviceSignal of quality

Reducing the Risks in Product Decisions Functional riskThe product does not perform up to expectations.Physical riskThe product poses a threat to the physical well-being or health of the user or others.Financial riskThe product is not worth the price paid.

Reducing the Risks in Product Decisions Social risk The product results in embarrassment from others.Psychological riskThe product affects the mental well-being of the user.Time riskYou have to spend time again to search another one.

Importance of brands to FirmsIdentificationSimplify product handling and tracing Organize InventoryLegal proceduresCreates credibility which can act as a barrier to entry for other firmsIts a valuable intangible assetSource of financial return

An Example of Branding a commodityDe beers group added the phrase A Diamond Is ForeverThree stone ringsRight Hand rings with multiple diamonds Ad promoting We vs Me

What is branded? Physical goodsServicesRetailers and distributors (Walmart)Online products and services ( Google, Walmart )People and organizations ( Richard Bronson, National Geographic )Sports, arts, and entertainment ( Manchester united, Star Wars )Geographic locations ( Malaysia Truly Asia )Ideas and causes

Importance of brand management The bottom line is that any brand- no matter how strong at one point in time-is vulnerable, and susceptible to poor brand management.

What are the strongest brands?

Top Ten Global BrandsBrand2006 ($Billion)2005 ($ Billion)Coca-ColaMicrosoftIBMGEIntelNokiaToyotaDisneyMcDonaldsMercedes-Benz67.0056.9356.2048.9132.3230.1327.9427.8527.5021.8067.5359.9453.3847.0035.5926.4524.8426.4426.0120.00Branding Challenges and opportunities Savvy customers ( knowledge and demanding )Brand proliferation ( Nivea )Media fragmentation Increased competitionIncreased costsGreater accountability ( Short term profit ) The Brand Equity concept No common viewpoint on how it should be conceptualized and measured It stresses the importance of brand role in marketing strategies Brand equity is defined in terms of the marketing effects uniquely attributable to the brand.Brand equity relates to the fact that different outcomes result in the marketing of a product or service because of its brand name, as compared to if the same product or service did not have that name Strategic Brand management It is important that you BuildMeasure, and Manage brand equity

Strategic brand managementThe strategic brand management process is defined as involving four main steps:Identifying and establishing brand positioning and values Planning and implementing brand marketing programsMeasuring and interpreting brand performanceGrowing and sustaining brand equity 1.23Strategic Brand Management ProcessMental mapsCompetitive frame of referencePoints-of-parity and points-of-differenceCore brand valuesBrand mantraMixing and matching of brand elementsIntegrating brand marketing activitiesLeveraging of secondary associations

Brand value chainBrand auditsBrand trackingBrand equity management systemBrand-product matrixBrand portfolios and hierarchiesBrand expansion strategiesBrand reinforcement and revitalizationKey ConceptsStepsGrow and sustainbrand equityIdentify and establishbrand positioning and valuesPlan and implement brand marketing programsMeasure and interpretbrand performance1Can everything be branded? Ultimately a brand is something that resides in the minds of consumers.