ch 7 mktg 3325

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Importance of Brand
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Terms in this set (18)
Importance of Brand
Brands signify intent
Branding goes past the transaction
Branding helps you outdo competition
Branding builds trust
Branding harnesses the power of emotion
Characteristics of a Good Brand
Effectively communicates your distinctive value
Is relevant to the customer
Resonates with the customer
Reinforces the intended position in the marketplace
Is consistent and unifying
Serves as an umbrella for current/future brands
Allows for building of strong brand equity
Enables you to command premium pricing
Is easily understood by your customers and employees
Can be sustained over time
Branding Process
Conduct a brand analysis
Determine brand position
Select brand name-identity
Select a branding strategy
Build a Communication strategy
Branding Continuum
Branded
House
Branded House
Branded House
used to describe a company, that applies its brand name to multiple offerings in often unrelated fields

Google
Google Play
Google Maps
Google Ads
Google Plus
Gmail
Advantages of a Branded House
Maximizes brand clarity (i.e., customer knows exactly what is being offered)

Easier for customers to understand and recall versus a dozen individual brands

Participation in one market creates associations and visibility that can help in another
Disadvantages of a Branded House
All brands tied to one reputation, which can be risky

If parent brand is weak or underperforming, affects all brands

Can cause confusion over what your brand actually does (i.e., computer company?, phone company?, etc.)
House of Brands
the corporate brands and its well-known sub brands

Proctor & Gamble
Pampers
Tide
Olay
Pantene
Advantages of a House of Brands
Ability to define unique target audiences

Can take risks with companies knowing other strong brands are a safety net

Bad press only affects one brand and not all brands
Disadvantages of a House of Brands
Managing multiple marketing strategies across different brands can be difficult and costly

Parent company cannot be relied upon to bolster reputation of individual brands

Confusion over parent company possible (i.e., do they represent brands or do the brands represent the company?)
Hybrid BrandingMicrosoft Windows Xbox Microsoft Surface ProAdvantages/DisadvantagesSame advantages and disadvantages that come with Branded House and House of Brand strategies Careful brand management will be crucialBrand Equity DefinedThe value added by the brand to the product The positive differential effect of brand awareness and brand meaning by customers The added value a brand provides to a product beyond its functional benefitsCreating Brand EquityIdentity Meaning Response RelationshipIdentityBuild brand awarenessMeaningCommunicate brand meansResponseShape customer thoughts and feelingsRelationshipBuild deep bond with customers