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Chapter 8 - Creating Brand Equity What is a brand?

Key points: A brand is a name, logo, package design, symbols that differentiate them from those of competitors The different components of the brand brand names

The key in branding is that consumers perceieve differences among brands in a product category Brand equity should be defined in terms of marketing effects uniquelly attributable to a brand

Building brand equity: The initial choices for the brand elements or identifies making up the brand The way the brand is integrated into the supporting marketing programs The associations indirectly transferred to the brand by linking the brand to some other entity (the company, country of origin, channel of distribution or another brand)

Brand equity needs to be measured in order to be managed

Tracking brand equity: Information collected from consumers on a routine basis over the time provide valuable tactical insights into the short-term effectiveness of marketing programs and activities

Brand may expand coverage, provide protection, extend image

At the heart of the successful brand is a great product or service, backed by creatively designed and executed marketing. Chapter 8 Brand equity depends on 3 factors: The initial choices of brand elements The way the brand is integrated

Tracking studes involve brand equity analysis where is the brand and where it should be 4 main steps: Identifying and establishing brand positioning Planning and implementing brand marketing

What is brand equity: name, term, symbol, sigh, design or combination of all intended to identify goods and services and differentiate from those of competitors The brand is a product or service that adds dimensions that differentiate it in some other way from other products or services designed to satisfy the same need These differences maybe functional, rational or tangible related to tge product performance of the brand. They may also be more symbolic, emotional or intangible related to what the brand represents

The role of brands: Brands identify the source or maker of product and allow consumers to assign responsibility to a particular manufacturer or distributor Consumers learn about brands through experiences with the product and its marketing program Brands perform valuable functions for the firm Brands can signal a certain level of quality so that satisfied buyers can easily choose the product again Branding is endowing products and services with the power of a brand - its all about creating in the mind of the consumer difference, teach customer who what and why consumer should care Branding involves creating mental structures and helping consumers organize their knowledge about products and services

The key to branding is that consumers must not think that all brands in the category are the same McDs hamburger is the best

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