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1、CREATING BRAND EQUITY9 C H A P T E R LEARNING OBJECTIVESAfter reading this chapter, students should:q Know what a is brand and how branding worksq Know what is brand equityq Know how brand equity is built, measured, and managedq Know the important decisions in developing a branding strategyCHAPTER S
2、UMMARY A brand is a name, term, sign, symbol, or design, or some combination of these elements, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competitors. The different components of a brandbrand names, logos, symbols, package d
3、esigns, etc.are brand elements. Brands offer a number of benefits to customers and the firms. Brands are valuable intangible assets that need to be managed carefully. The key to branding is that consumers perceive differences among brands in a product category. Brand equity should be defined in term
4、s of marketing effects uniquely attributable to a brand. That is, brand equity relates to the fact that different outcomes result in the marketing of a product or service because of its brand, as compared to the results if that same product or service was not identified by that brand. Building brand
5、 equity depends on three main factors: (1) The initial choices for the brand elements or identities making up the brand; (2) The way the brand is integrated into the supporting marketing programs; (3) The associations indirectly transferred to the brand by linking the brand to some other entity (e.g
6、., the company, country of origin, channel of distribution, or another brand). Brand equity needs to be measured in order to be managed well. Brand audits are in-depth examinations of the health of a brand and can be used to set strategic direction for the brand. Tracking studies involve information
7、 collected from consumers on a routine basis over time and provide valuable tactical insights into the short-term effectiveness of marketing programs and activities. Brand audits measure “where the brand has been,” and tracking studies measure “where the brand is at now,” and whether marketing progr
8、ams are having the intended effects. A branding strategy for a firm identifies which brand elements a firm chooses to apply across the various products it sells. In a brand extension, a firm uses an established brand name to introduce a new product. Potential extensions must be judged by how effecti
9、vely they leverage existing brand equity to a new product, as well as how effectively the extension, in turn, contributes to the equity of the existing parent brand. Brands can play a number of different roles within the brand portfolio. Brands may expand coverage, provide protection, extend an imag
10、e, or fulfill a variety of other roles for the firm. Each brand name product must have a well-defined positioning. In that way, brands can maximize coverage and minimize overlap thus optimize the portfolio. OPENING THOUGHT This chapter will present some challenges to students new to marketing. The c
11、oncept of a “brand” is discussed in depth in the chapter and because that concept is much more than a product, some students will have difficulty in understanding the total concept of a “brand.” The instructor is urged to use a number of concrete examples gleamed from the students personal experienc
12、es of what is a “brand.” The instructor is urged to spend a considerable amount of time trying to differentiate between the symbol or package, and the total “brand.” The instructor is cautioned to ensure that the concept of a “brand” has been satisfactorily understood by the students before proceedi
13、ng further with the chapter material. The second challenge presented in the chapter is the fact that “brands” represent financial assets to a company and that they are valuable intangible assets that need to be managed and represents perceived differences in product performances. The instructor can
14、use and is encouraged to use numerous examples of competing products in a category to demonstrate to the students the differences and the perceptual differences among and between like products. An in-class exercise could include asking students to mention products or services that they are loyal to
15、and the instructor could elicit their reasons for this loyalty, compare and contrast these opinions to other students in the class to demonstrate brand loyalty and brand switching. This chapter also contains a number of definitions that the instructor is urged to define and differentiate clearly so
16、that the students understand their definitions TEACHING STRATEGY AND CLASS ORGANIZATIONPROJECTS1. At this point in the semester, students are to have their “branding” strategy developed for their project. Questions to have been completed include the brand name, its equity position, and the decisions
17、 in developing the brand strategy. 2. In small groups (five students suggested as the maximum), have them list their favorite branded product or service (Google, Nike, or others). Based upon the information contained in this chapter, the students are to collect information, via on-campus research, o
18、n the brands brand equity based upon the Brand Asset Valuator, developed by Young and Rubicam. 3. Sonic PDA Marketing Plan Decisions about branding are critical for any marketing plan. During the planning process, marketers must consider issues related to brand strategies and brand equity. Sonics PD
19、A is a new brand name entering the market. Sonic begins with zero brand equity. A brand is a complex symbol that can convey up to six levels of meaning: attributes benefits, values, culture, personality, and user. Sonic begins with no meaning. Jane Melody has asked you to: Suggest what Sonic 1000 wi
20、th its distinctive yellow thunderbolt might mean for attributes and benefits levels of meaning. Determine what strategies and action programs should be used to build brand equity for Sonic 1000.Summarize your ideas in a written marketing plan or type them into the Marketing Mix section of Marketing
21、Plan Pro. Also indicate in the Marketing Research section what studies you will need to support decisions about managing the brand equity for Sonic 1000.ASSIGNMENTSSmall Group Assignment1. In small groups, ask the students to conduct a small research project with students on campus regarding the stu
22、dents brand knowledge of a particular brand (again, the students can select their “brand” for this exercise). In their research, the students are to delineate the brands: unique brand association, the thoughts, feelings, images, experiences, and beliefs elicited by the brand. This exercise builds on
23、 the concepts of marketing research covered in Chapter 4 of this text. Important information for the students to postulate is why in their research some of the respondents held such beliefs about the brand and why others did not2. Table 9.2 displays the worlds most valuable brands in 2003 according
24、to Business Week, August 4, 2003, pp. 6978. Students are to take these brands and in a research project, find financial, stock, and other information about these companies. Does the financial valuation metrics account for all of the “brand valuation”? On the other hand, does the presence of a strong
25、 brand provide incremental “value” to the company beyond tangible assets of the firm? Why or why not? Individual Assignments1. Figure 9.3 illustrates secondary sources of brand knowledge. Selecting the brand of their choice, students should attempt to illustrate the secondary sources of their brand
26、knowledge by using Figure 9.3 as a guide. Specifically, students should delineate all of these elements and show how these secondary sources affect/effect/impact their brand perceptions. 2. In Seth Godins book, Permission Marketing: Turning Strangers into Friends, and Friends into Customers, New Yor
27、k: Simon & Schuster, 1999, he lists five steps in developing effective permission marketing. After reading, Mr. Godins book, comment on whether or not you believe that “permission marketing” will work for all products and services in the future. Specifically, explore whether or not the proliferation
28、 of “permission marketing” will wear out its effectiveness, similar to the experiences of spam, “pop-ups,” and other forms of customer specific marketing techniques. Think-Pair-Share1. From a reading of Scott Bedburys book, A New Brand World, Viking Press, 2002, students are to comment on the approp
29、riateness of his eight branding principles to the future of marketing. Specifically, is Mr. Bedbury principles “on target,” applicable to all brands, or just too emerging brands? If you were asked to implement Mr. Bedburys principles to the “branding” of an existing product (say your school or unive
30、rsity), how and what would you change in order to follow these principles? 2. The Web site lists a number of articles and books about branding products today. Assign students the objective of reading four articles from the Web site and commenting in class about the information contained in the artic
31、les and what new information about branding they learned. MARKETING TODAYCLASS DISCUSSION TOPICSRetailer Kmart is in the process of revitalizing itself after coming out of bankruptcy. Kmart sells a number of “exclusive” brands that the firm is using/has used to create brand equity by linking their b
32、rand (Kmart) to other brand features. Comment on whether or not this strategy is working, has worked to rebuild the “brand” Kmart, or is working at all. How would you rate the brand Kmart in terms of the brand valuation criteria presented in this chapter? END-OF-CHAPTER SUPPORT MARKETING DEBATEAre L
33、ine Extensions Good or Bad? Some critics vigorously denounce the practice of brand extensions, as they feel that too often companies lose focus and consumer become confused. Other experts maintain that brand extensions are a critical growth strategy and source of revenue for the firm. Take a positio
34、n: Line extensions can endanger brands versus line extensions are an important brand growth strategy. Pro: In todays crowded world of products and services, the choices available to consumers can sometimes be overwhelming. Marketers with strong brand identities and positions can help consumers narro
35、w their choices by the use of brand extensions. Brand extensions help marketers quickly gain retailer acceptance of their new products and provide the consumer with the “confidence and familiarity” of the parent brand. From the production, distribution, manufacturing, and marketing communications si
36、de of the equations, brand extensions allow the marketer to maximize economies of scale in these areas. Additionally, brand extensions can benefit the parent brand by catering to new markets, new users, or previous users that had “dropped” using the product for various reasonscreating incremental sa
37、les to the parent brand. Finally, the cost of developing a new brand from scratch, in terms of dollar and time, has become so high that it is virtually impossible for many firms to consider such an option. Con: The proliferation of brand extensions can cause the parent brand to lose its identity and
38、 individuality with the consumer thus eroding brand equity for the parent brand over the long haul. When brand extensions fail, the failures of the extensions could impact the parent brand simply by association. Cannibalization of the parent brand for the extension if not pre-emptive could erode pro
39、fits as consumers switch to a less profitable line extension. Finally, a marketer loses the opportunity to build a new brand with a new image and equity by the use of brand extensions. The cost of time and money needed to develop a new brand can, if done correctly, pays off in the end for both the c
40、onsumer and the firm. MARKETING DISCUSSIONDescriptive versus Behavioral Market Segmentation SchemesHow can you relate the different models of brand equity presented in the chapter? How are they similar? How are they different? Can you construct a brand equity model that incorporates the best aspects
41、 of each model? Suggested Response:Brand equity depends on three main factors: the initial choice for the brand elements or identities 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 bran
42、d to some other entity. Brand equity needs to be measured and managed well. Branding strategy identifies which brand elements a firm chooses to apply across the various products it sells. Brands play a number of roles within a brand portfolio: expand coverage, provide protection, extend an image, or
43、 fulfill a variety of other roles as dictated by the firms strategy. Their similarity rests in their execution and the overall strategic direction of the firm. Their differences lie in the “role” designated for each brand. As long as the firm identifies and maintains a consistent “role” for each of
44、its brands, the brand portfolio will and can maximize coverage and minimize brand interactions and overlaps. If the firm does not maintain a consistent “role” for each brand it runs the risk of destroying brand integrity. A brand equity model that incorporates the best aspects of each model becomes
45、the challenge and the “art” of marketing. In such a model, each brand contains its own identity, has an integrated marketing program designed around such identity, and has the associations consistent with its identity. Additionally, the brand has a strategy that defines its positioning within the ma
46、rket and the firm, has a strategy that has defined its “role” within the corporate structure with a well-defined positioning statement, and maximizes coverage with minimal brand interference and cannibalization of other corporate brands. MARKETING SPOTLIGHTProcter & GambleDiscussion Questions:1) Wha
47、t have been the key success factors for Procter & Gamble? a. The key success factors for P&G have been in the areas of: customer knowledge, long-term outlook, product innovations, quality strategy, line-extension strategy, brand-extension strategy, multibrand strategy, heavy advertising and media pi
48、oneer, aggressive sales force, effective sales promotions, competitive toughness, manufacturing efficiency and cost cutting, and the brand-management system. 2) Where is Procter & Gamble vulnerable?a. Continuing to excel at and in all of these areas simultaneously and competitive threats from new em
49、erging markets and/companies3) What should they watch out for?a. Rapid changes to their target markets (demographic changes, psychological changes, etc.) The rapidly emerging customer buying changes and the degradation of their brands4) What recommendations would you make to Procter & Gambles senior marketing executives going forward? a. Do not
