assignment
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Chapter9-BrandingandProductDecisions.pptxBranding and Product Decisions
What’s this chapter about?
Importance of brand and branding
Key influencers of product decision making
Brand
A brand is a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service and differentiates them from those of competitors
Adds value to a product
Communicates product quality, consistency, etc.
Prevents from being copied by competitors
Individual vs. Family Brands
Individual
Creating distinct brand names for the individual products created by a company
Focused brand strategy for each product
Family
A number of products in a line or mix share same brand name worldwide
Marketing multiple products under the same brand name
Why Brands Matter?
Strong brands build emotional connections with customers
Brand Equity refers to a brand’s value to its organization over and above the value of the generic version of the product
Brand equity provides competitive advantage
Brand equity results in brand loyal consumers and attachment
Brands and Self
Extended Self
People define themselves through their possessions, brands
Possessions can be integrated within self-concept
Which brands are within your extended self?
A good brand name is …
Easy to say, spell, read and remember
Fits the target market
Fits the customers’ culture
Is in line with legal requirements
Useful Branding Terms
Brand Awareness
Results from marketing efforts that place the brand in a consumer’s mind
Brand Image
The perceptions consumers have of the brand
Brand Loyalty
A stage in which consumers seek out a specific name and often are willing to pay a higher price for the product, less likely to switch
Brand Extensions
Brand extensions arise from a firm leveraging brand equity to sell new products using the same brand name
Co-Branding
Co-branding occurs when two brands agree to work together to market a new product.
Do brands have personality?
Brand Personality …
is set of human characteristics associated with a brand
allows consumers to connect with the brand
usually is associated with demographics (age, gender, etc.)
Five Major Dimensions of Brand Personality
Reference: Aaker 1997
Brand Personality
Sincerity
Excitement
Competence
Sophistication
Ruggedness
Brand Anthropomorphism
Humanization of brands i.e., making brands “human like”
Why do companies do this? Can you think of examples?
Brand Anthropomorphism (Volkswagen)
URL: https://www.youtube.com/watch?v=LB_4VkE2mns
Best Global Brands 2019
According to Interbrand, the top ten global brands in 2019 were:
#1 – Apple
#2 – Google
#3 – Amazon
#4 – Microsoft
#5 – Coca-Cola
#6 – Samsung
#7 – Toyota
#8 – Mercedes
#9 – McDonald’s
#10 – Disney
URL: https://www.interbrand.com/best-brands/best-global-brands/2019/ranking/
How can brands set themselves apart?
URL: https://www.youtube.com/watch?v=buH_vs7LFzw
On Monday (following Spring Recess)
Exam Review Day
