Marketing (Fach) / Branding and Brand Management (Lektion)
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Brand Management and Marketing
Diese Lektion wurde von hanhe erstellt.
- How to create new Brand Asscociations Creating new brand associations is about making a connection between a brand and another entity so that consumers form mental associations from the entity for the brand. Brands can be linked in 8 main ...
- 8 Ways to Leverage Secondary Associations (8 entities) ... 1. companies: through branding strategies 2. countries or geographic areas: through identification of product origins 3. Channels of distribution: through channel strategy 4. Other brands: through co-branding ...
- Why creating new brand associations/ secondary associations? ... 1. existing brand associations or reponses are deficient 2. consumers lack either motivation or ability to judge product-related concerns themselves
- Effects of secondary associations on the existing ... Prerequesite: What is true for the new association must be true for the brand (cognitive consistency) Factors predicting the extent of leverage: - Awareness and knowledge of the entity - Meaningfulness ...
- Guidelines to leverage secondary brand associations ... 1. Take into account consumer's awareness of the entity 2. Choose entities for which consumers have similiar associations 3. Design a commonality leveraging strategy 4. Practice complementary branding ...
- Company: Levaraging secondary associations through ... - existing brands can be related to corporate brands or family brands - corporate or family brand can be a source of brand equity There are three main branding options: 1. create a new brand 2. adopt ...
- Country of Origin or Geographic Location (as a means ... - Country or Geographic Location can be linked to a brand to generate secondary associations - that can create strong points-of-difference Consumers choose brands originating in different countries based ...
- Channels of distribution (as a means of levaraging ... - Retail stores can affect brand equity through an "Image Transfer" process - customer base can be expanded by tapping into new channels of distribution - retailers have their own brand images in customers' ...
- Co-Branding (as a means of leveraging secondary brand ... - two or more brands are combined into a joint product or are marketed together - to create a strong co-brand, both brands should have: - adequate brand awareness - strong, favorable and unique ...
- Ingredient Branding (as a special way of Co-Branding) ... - creates brand equity for materials, components or parts that are contained within a brand - branded ingedrients are often a signal of quality - can reduce risks and reassure consumers example: "Intel ...
- Advantages and Disadvantages of Ingredient Branding ... Advantages: - firm can generate greater sales at higher margin - from the standpoint of the manufacturer of the host product: benefit lies in leveraging the equity from the ingredient brand to enhance ...
- Guidelines for a successfull ingredient branding 1. Consumers must perceive that the ingredient brand matters for the performance 2. consumers must be convinced that the ingredient is superior 3. a distinctive symbol or logo must be designed to cleary ...
- Licensing (as a means of leveraging secondary brand ... - contractual arrangements whereby firms use names, logos and characters of another brand to market their own products - can provide legal protection for trademarks - risk: trademark can become overexposed ...
- Corporate Trademark Licensing (special means of licensing) ... - licensing of company names, logos or brands for use on various other products - Reasons for corporate trademark licensing: - generate extra revenue and profits - protect their trademarks - ...
- Celebrity Endorsement (as a means of leveraging secondary ... Rationale: a famous person can - draw attention to a brand - shape brand perceptions by virtue of the consumers' perception of the famous person Celebrities should have: - high level of visibility - rich ...
- Advertising Risks of using celebrities - celebrity may overshadow the product - celebrity may be overexposed (reducing his credibility) - target audience may not be receiptive to the celebrity - celebrity's behavior may pose a risk to the ...
- What is the Q-Score? - star power that determines the popularity of a celebrity - percent of those who say "one of my favorites" divided by the percent of those who have heard of him or her - average sports personality has ...
- Sporting or Cultural Events (as a means of leveraging ... - have their own set of brand associations that may become linked to a sponsoring brand - Contribute to Brand Equity by: - improving brand awareness - adding new associations to the brand - improving ...
- Third Party Sources (as a means of levaraging secondary ... - linking the brand to various third party sources - for example: - company that makes the product - where the product is made - where the product is purchased - related people, places or ...
- Identity-Based Payoffs derived from their own actions ... - people behave in ways that would be considered maladpative or even self-destructive by people with other identities Examples: - Self-mutilation: people mutilate their own body to express their identity ...
- Identity-based payoff derived from others' actions ... - Identity underlies a new type of externality - one person's actions can have meaning for and evoke responses in others Examples: - Gender and occupation: woman working in a man's job may make male colleagues ...
- 4 ways in which identity affects economic behavior ... 1. identity-based payoffs derived from own actions 2. identity-based payoffs derived from others' actions 3. third parties can generate persistent change in these payoffs 4. some people can chose identity, ...
- Identity-based payoffs derived from own actions People behave in ways that may seem maladaptive or self-destructive to people who have another identity for example: self-mutilation: people mutilate their body to show their identity (tattoos, piercings, ...
- identity-based payoffs derived from others actions Identity underlies a new type of externality: one person's action can have a meaning for others example: a woman working in a man's job may make the male colleagues feel less like men
- Third parties can generate a persistent change in ... Identity is formed within society: some in the society may have incentives to manipulate identity example: advertising or graduate schools (try to mold students' behavior through a change in identity)
- Some may chose their identity, but choice is proscribed ... Identity is an fundamental to behavior; which makes the choice of identity one of the most important economic decisions people make people chose more or less consciously who they want to be Example: a ...
- Utility Function with Identity A person's identity or self-image depends on his own actions, on others' actions, on his or her assigned category, on own given characteristics and how they match those of the assigned category. An individual ...
- Brand value creation is dependent on finding the right ... - Who are we? - What do we stand for? - What do we want to become?
- Theoretical Framework of the identity approach (Brand ... Elements: - Organizational Identity: culture and organizational behavior - Corporate Identity: corporate vision (given by the top management) - Image: stakeholders' perception - Reputation: long-term ...
- Background and Assumptions about Brand Identity - Consumers' and stakeholders' perception of a brand is based on their overall experience with the company - a company has multiple identities that all affect the final brand identity (= how consumers ...
- Two Key Theoretical Frameworks to manage and align ... 1. Corporate Brand Toolkit by Hatch and Schultz - Strategic Vision: central idea behind what the company does (expresses future management aspirations) - Organizational Culture: internal values and beliefs ...
- What are strategies to create a brand identity? 1. base all brand communication around one core brand idea 2. create a consistent and coherent message 3. align multiple ideas 4. communicate the same brand essence to all stakeholders 5. brand should ...
- Weaknesse/ Risks of the brand identity approach - lacks focus on consumers - difficult and expensive to implement - risk of blinding narcissism - not possible to isolate bad PR to one product brand
- The Brand Image Approach - brand image is a multidimensional, holistically perceived system of attitudes - it is focused on the consumers' perceptions of brand-induced signals - the approach focuses on the receiver side of the ...
- Difference between Brand Identity, Brand Image and ... Brand Image: how the brand is perceived now Brand Identity: how strategists want the brand to be perceived Brand Position: that part of the brand identity that is actively communicated to a target audience ...
- What does the identity-based Brand Equity Approach ... - Brand Identity is the basis for brand image (because it precedes it) - the interaction between brand identity and brand image forms the basis for the development of brand equity - brand strength results ...
- What is the signaling-based Brand Equity Approach? - Consumers view brands as informational sources in the marketplace - That affects brand management and consumers' brand preferences - a brand can influence the consumer perception about the product position ...
- Brand Identity and Position can create value in 5 ... 1. They can provide extension options: tapping into new product categories 2. They can improve brand memorability: e.g. "I google something" 3. They can guide and enhance brand strategy 4. They can provide ...
- Why is the brand name important for creating brand ... - brand name is the foundation for marketing communication efforts - the assocications consumers have with a brand name create value - a carefully chosen brand name can provide inherent and immediate ...
- Two differenty types of brand names 1. Meaningful brand names: convey relevant information about the product the brand sells, or establishes a connection between the brand and the product category ("CleanAll" cleaning solutions) 2. Non-meaningful ...
- What does the Juliet Principle say? What does the ... Juliet principle: - words have no intrinsic meaning - words acquire their meaning only through the associations that we make with them Joyce principle: - choosing a brand name with desirable phonetc symbolism ...
- Brand Name: Managerial Implicatios // When to use ... - limited budget: chose meaningful brand name --> budget is too limited to build and support a brand name over extended periods of time - fit into local market: meaningful brand name --> it is not possible ...
- Why is it hard to build brands? 1. Pressure to compete on price 2. Proliferation of competitors 3. Fragmenting media and markets 4. Complex brand strategies 5. Bias towards changing strategies 6. Bias against information 7. Pressure ...
- 2 different ways to obtain social statues 1. "Status Group" = social status is obtained by affiliation with a group 2. "Individual Status" = social status is obtained through individual attributes or actions
- Social Status and Consumption 1. Conspicious consumption: - individuals may use consumption choices to signal social status - individuals often consume highly attention-getting goods and services in order to signal their wealth and ...
- Conspicious consumption as a costly signal of status: ... - apparently wasteful behavior is a reliable signal for desirable individual qualities - the costs involve in producing the signal guarantee its reliability --> luxury consumption enhances status and ...
- Status Consumption vs. Role-Relaxed Consumption 1. Status seeking consumers: Are concerned with what relevant groups consider the best choices - tend to conform to group norms - maintain a need for uniqueness - susceptible to normative but not necessarily ...
- The consumer decision-making framework: Purpose and ... - can be used to distinguish the stages that are required for brand preference formation over time Stages are: 1. Representation and Attention 2. Predicted Value 3. Experienced Value 4. Remembered Value ...
- Representation & Attention (Consumer decision-making ... Step 1: forming the representation of choice alternatives by processing the incoming information and integrating the information on internal and external stakes --> key question after consumers have been ...
- Representation and Attention (consumer decision-making ... - automatically select the most important information available - based on visual input: colors, size, movement (low-level features)