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BUILDING, MEASURING, AND MANAGING BRAND EQUITY Chapter 1 Brands & Brand Management
Kevin Lane Keller Amos Tuck School of Business Dartmouth College
Slides re-arranged by Polboon N.
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Product VS Brand
A product is anything that can be offered to the market for attention , acquisition, use, or consumption that might satisfy a need or want. Thus, a product can be a physical good, service, organization, place or ideas. A brand is a product but adds other dimensions that differentiate it in some way from other products designed to satisfy the same need.
What is a Brand?
A brand is a name, term, sign, symbol, or design which is intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.
Brand Elements
A variety of brand elements can be chosen that inherently enhance brand awareness or facilitate the formation of strong, favorable, and unique brand associations:
Knowledgeable consumers. Brand Proliferation Media Fragmentation Increased competition Increased costs of introducing new product or supporting existing product. Greater accountability
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Meaningful
Credible & Suggestive Rich Visual & Verbal Imagery
Appealing
Fun & Interesting Aesthetics
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Protectable
Legally Competitively
Transferable
Within & Across Product Categories Across Geographical Boundaries & Cultures
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Physical goods Services Retailers OnOn -line product OnOn -line service People Organization Sports, Arts, Entertainment Geographic location Ideas
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Brand Value
Examples of brand value 2001 ( Million US$)
Coca-cola CocaMicrosoft IBM GE Nokia Intel Disney McDonald Sony Honda BMW 69 65 52 42 35 34 32 25 15 14 13
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1. Identifying brand vision, core brand values and brand positioning. 2. Planning and implementing brand marketing programs 3. Measuring brand performance 4. Growing and sustaining brand equity
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Brand Value Chain Brand audits Brand tracking Brand equity management system Brand-product matrix BrandBrand portfolios and hierarchies Brand expansion strategies Brand reinforcement and revitalization
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Brand Vision Core brand value & Positioning Brand vision What the brand should stand for in the future. Core brand values set of abstract associations that characterize a brand. A brand mantra is a short 3-5 words expression of the most important aspect of a brand and its core brand values.
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Brand Equity
Brand Awareness Brand Image / Brand salience Awareness Brand Experiences / Brand Users Brand loyalty
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Resonance
Judgment
Brand Meaning (what are you?) Brand Identity (Who are you?)
Brand Performance
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Brand Meaning (what are you?) Brand Identity (Who are you?)
Category identification
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Beverage
Water
Others
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For branding strategies to be successful, consumers must be convinced that there are meaningful differences among brands in the product or service category. Consumer must not think that all brands in the category are the same. PERCEPTION = VALUE
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Topics of discussion
Assignment: Students bring a product or a brochure of product or service to discuss in class. class. What product / service ? What brand? What product category? What market? Who are in the market? What do you know about the category? What could be the consumer expectation from this category? What do you know about the chosen product/service? What you should know about the product/service if you are a brand / product manager? 8. What is the product benefit? 9. What is the consumer benefit of the product? 10.How 10. How does this brand different from others? 11.What 11. What it the brand mantra? Slogan? Is it convincing?
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1. 2. 3. 4. 5. 6. 7.
Next Class Session 3: 17 November 2550 What do Brand Manager Actually do?
Guest lecturer Khun Anan Teerawichakul Brand Manager : Vitamilk
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Individual Assignment
Choose 1 of the following topics, do some study from books, internet, market survey, talking to consumers, talking to sellers, etc. and write a short report, 4 to 5 pages. Please do not copy each other. TOPICS Product X: Initial Market & Product Information Consumers Information and the consumer insights Product Category X
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Individual Assignment
Type of product / service Size of market and potential ( if information is available) Key Players in the market Leading Brand Market Segmentation Distribution structure Market influencers
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Individual Assignment
Type of product / service The endend-consumers or endend-users The purchasers & the influencers The endend-consumer's needs, desires, preferences. The general product expectation. The potential addedadded-value related to the product Use and usage behavior What else should we know about the consumers of the studied products.
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