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ISU MKT 230 - Brand

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MKT 230 1st Edition Lecture 17 Outline of Last Lecture I. Line Extension VideoII. Product Deletion ProcessIII. Organizing to Develop and Manage ProductsIV. ServiceOutline of Current Lecture – Chapter 14I. Brand II. BrandingIII. Types of brandsIV. Protecting brandsV. Branding StrategiesCurrent Lecture – Monday, March 30, 2015I. Brand- Quote: “What’s a brand? A singular idea or concept that you own inside the mind ofa prospect.”- Brand – name, term, design, symbol, etc. that identifies a marketers product as distinct from those of other marketers- Brand name – part of a brand that can be spoken, including letters, words, and numberso Example: BMW, AT&T- Brand mark – part of a brand that is not made of words like a symbol or design- Trademark – legal designation of exclusive use of a brand- Trade name – full legal name of an organizationo Branding is important to buyers because: if they know the brand it is easier to trust them, brands can signify statuso Branding is important to sellers because: consumer identification- Value of branding to buyers:o Helps evaluate qualityo Form of self expression- Value of branding to sellers:o Identify firms productso Repeat purchasingo Assists in new product introductionThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.o Brand loyaltyo Assists promotional effortso Increases profitabilityII. Branding- Cultural dimensions:o Are subjective in that individuals confer social meaning onto brandso Based on symbolic meanings- Cultural brandingo Image or feeling that accompanies brand - Brand loyalty – customers favorable attitudes towards a specific brand- Brand recognition – buyer is aware that the brand exists and consider it as a potential alternative if preferred brand is not available- Brand Preference – buyer prefers the product and will purchase it if available- Brand Insistence – product strongly preferred; buyer will accept no substituteo Example: baby’s pacifiers and cigaretteso This is where you want to be as a marketer- Brand equity – market and financial value associated with a brands strength in the marketo What the brand is wortho 4 elements underlie brand equity:1. Brand-name awareness2. Brand loyalty3. Perceived quality 4. Brand associationsIII. Types of Brands:- Manufacturer Brands – initiated by producers to ensure that producers are identified with their products at point of purchaseo Example: Corona beer - Private Distributor Brand – (Private Brand, Store Brand) initiated and owned by the reseller; manufacturers are not identifiedo Example: Duff beer- Generics – indicate only product category and do not include manufacturero Example: can of beer labeled Beer- When selecting a brand name, the name should:1. Be easy for customers to say, spell, recall, etc.2. Indicate the product’s major benefits and suggest the product’s use3. Be distinctive4. Be designed to sell- Brand names for a service have additional characteristics:o Usually the same as the company nameo Flexible enough to encompass a variety of serviceso Symbols are often used with a brand name to make the brand distinctiveIV. Protecting a brando Should be designed to be protected through registrationo Some brands are more easily infringed upon because of designo A US trademark will protect a brand for 10 years- The company must make sure the brand doesn’t infringe upon existing brands- Generic names are not protected so the company can take steps to ensure its brands do not become generic termso Example: Ordering Coke vs. Pepsi at a restaurant- Brand counterfeitso Counterfeiting can be a problem internationally because foreign countries don’t have the same protections as the USo Estimated $250-350 billion in losses per yearo Many industries are impacted by counterfeitingV. Branding Strategies – how do we maximize the value of the brand we have- Individual branding – each product is given a different name- Family branding – all firms products are branded with same name or part of the same name- Brand extension – organization used one of its existing brands to brand a new product in a different product category- Co-Branding – using 2 or more brands on 1 producto Brands can be owned by the same or different companieso Capitalizes on brand equity of multiple brandso Brands must represent complementary fit in buyers mindso Can help an organization differentiate its products form competitors1. Example: Reese’s and Breyer’s Ice cream or Taco Bell and Cinnabon- Brand Licensing – agreement where company lets someone use their brand name for licensing feeo Example: Fore F150 Harley Davidson


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