(defining what a brand is and how organisations come up with a brand name)
A brand represents what a customer thinks of a product and what the product means to them. It includes the name, logo, design etc. of a company/product. Brands can be very powerful and can be worth more than a company’s assets.
Brand equity is the differential effect that knowing the brand name has on customer response to the product and its marketing. It is a measure of the brands ability to capture customer preference and loyalty. Brand Valuation is the measure of the value of the brand in terms of customer loyalty and preference. Brand equity offers the company some defense against fierce price competition.
Brands can be positioned at three levels; product attributes, benefit or beliefs and values. Product attributes are the aspects of the product and it’s functions. Customers are interested in what the attributes can do for them. The benefits of a product can include health benefits etc. The beliefs and values aspect is used by some company’s to create surprise, passion and excitement in the customer/user.
Brand Name Selection
Desirable qualities for a brand name are:
1. it should suggest something about the products benefits and qualities 2. easy to pronounce, recognize and remember
3. it should be distinctive
4. it should be extendable
5. it should be translatable
There are four options for sponsorship; national brand, private brand, licensed brands and co-brand.
A company has four choices when it comes to developing brands; line extensions, brand extensions, multi-brands and new brands. Line extensions occur when a company extends existing brand names to forms colour, sizes, ingredients or flavours. A brand extension extends a current brand name to new or modified products in a new category. Companies often market many different brands in a given product category. A company might believe that the power of its existing brand name is waning a new brand name is needed.
A brand personality is the human traits of a brand; people tend to choose a brand with a personality similar to their own. A brand personality provides a source of differentiation and it should be managed so that customers don’t create a negative personality of the brand.
Consumers are like tribes, they believe in a product like they do in religion. A brand personality allows customers to become passionate about a product or company.
The Apple Brand Personality
Apple has a branding strategy that focuses on the emotions. The Apple brand personality is about lifestyle; imagination; liberty regained; innovation; passion; hopes, dreams and aspirations; and power-to-the-people through technology. The Apple brand personality is also about simplicity and the removal of complexity from people's lives; people-driven product design; and about being a really humanistic company with a heartfelt connection with its customers.
Strategic Marketing Planning
(focus on process)
Strategic Planning is the process of developing and maintaining a strategic fit between the organisation’s goals and capabilities in the light of changing marketing opportunities. It relies on developing a clear: * Company mission
* Sound business portfolio
* Coordinated functional strategies
Strategic Planning Hierarchy
* Corporate Level Planning
* Strategic Business Unit (SBU) Planning
* Functional Level Planning
Must have consistency between plans.
The marketing plan has its focus on customer acquisition, retention and the resources required. It includes the resources needed to implement specific marketing functions (such as selling, advertising, sales promotion and market research).
Most marketing plans cover one year, but...