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Chapter 7 Con’t Product, Services, and Branding Strategies  Con’t
Branding Decisions <ul><li>A brand is a name, term, symbol, or any other unique element of a product that identifies one f...
Branding Strategy: Building Strong Brands <ul><li>Brands may be the major enduring asset of a company, outlasting the comp...
Brand Equity <ul><li>Brand Equity:  the positive differential effect that knowing the brand name has on customer response ...
Branding Strategy <ul><ul><ul><li>Both Tiger Woods  and Nike can be considered brands </li></ul></ul></ul>
Brand Strategy <ul><li>Brand Positioning </li></ul><ul><li>Brand Name Selection  </li></ul><ul><li>Brand Sponsorship </li>...
Brand Positioning <ul><li>Brand Positioning:  marketers need to position their brands clearly in target customers’ minds <...
Branding Strategy
Product Positioned  on Emotions <ul><li>MasterCard positions its credit card based on consumer emotions </li></ul>
Brand Strategy <ul><li>Brand Positioning </li></ul><ul><li>Brand Name Selection   </li></ul><ul><li>Brand Sponsorship </li...
Brand Name Selection <ul><li>Desirable qualities for a brand name include: </li></ul><ul><ul><li>It should be easy to pron...
Boudreaux’s Butt Paste is a real product that is used in the treatment of diaper rash. Evaluate this brand name against th...
Brand Strategy <ul><li>Brand Positioning </li></ul><ul><li>Brand Name Selection  </li></ul><ul><li>Brand Sponsorship </li>...
Brand Sponsorship <ul><li>Brand Sponsorship:  four sponsorship options </li></ul><ul><ul><li>Private Brands:  store brand ...
Brand Strategy <ul><li>Brand Positioning </li></ul><ul><li>Brand Name Selection  </li></ul><ul><li>Brand Sponsorship </li>...
Brand Development <ul><li>Brand Development-   4  choices for brand development: </li></ul><ul><li>Line Extensions </li></...
Figure7-4:   Brand Development Strategies
Brand Strategy <ul><li>Flavors </li></ul><ul><li>Colors </li></ul><ul><li>Forms </li></ul><ul><li>Ingredients </li></ul>Li...
Managing Brands <ul><li>First, the brand’s positioning must be continuously communicated to consumers </li></ul><ul><li>Br...
Services Marketing <ul><li>Services </li></ul><ul><ul><li>Account for 74% of U.S. gross domestic product. </li></ul></ul><...
The Nature and Characteristics of a Service <ul><li>A company must consider four special service characteristics when desi...
Marketing Strategies for Service Firms <ul><li>In a service business, the customer and the front-line employee interact to...
Marketing Strategies for Service Firms <ul><li>Service-Profit Chain:  links service firm profits with employee and custome...
Marketing Strategies for Service Firms <ul><li>Internal Marketing:  the service firm must effectively train and motivate i...
Coke – Pepsi Taste Test
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Chapter7 branding con't

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Chapter7 branding con't

  1. 1. Chapter 7 Con’t Product, Services, and Branding Strategies Con’t
  2. 2. Branding Decisions <ul><li>A brand is a name, term, symbol, or any other unique element of a product that identifies one firm’s product(s) and sets it apart from competition </li></ul><ul><li>Brands should </li></ul><ul><ul><li>be memorable </li></ul></ul><ul><ul><li>have a positive connotation </li></ul></ul><ul><ul><li>convey a certain image </li></ul></ul>
  3. 3. Branding Strategy: Building Strong Brands <ul><li>Brands may be the major enduring asset of a company, outlasting the company’s specific products and facilities </li></ul><ul><li>Brands are powerful assets that must be carefully developed and managed </li></ul><ul><li>Brands represent consumers’ perceptions and feelings about a product and its performance—everything that the product or service means to consumers </li></ul>
  4. 4. Brand Equity <ul><li>Brand Equity: the positive differential effect that knowing the brand name has on customer response to the product or service </li></ul><ul><ul><li>A measure of a brand’s equity is the extent to which customers are willing to pay more for the brand </li></ul></ul><ul><li>Brand Valuation: the process of estimating the total financial value of a brand (Coca Cola $69 Billion, Microsoft $65 billion, and IBM $53 billion) </li></ul><ul><ul><li>A powerful brand enjoys a high level of consumer brand awareness and loyalty </li></ul></ul><ul><ul><li>It provides a company with more leverage in bargaining with resellers </li></ul></ul><ul><ul><li>A company can more easily launch line and brand extensions </li></ul></ul><ul><ul><li>Offers a company some defense against fierce price competition </li></ul></ul><ul><li>Customer equity: the value of the customer relationships the brand creates—the fundamental asset underlying brand equity </li></ul>
  5. 5. Branding Strategy <ul><ul><ul><li>Both Tiger Woods and Nike can be considered brands </li></ul></ul></ul>
  6. 6. Brand Strategy <ul><li>Brand Positioning </li></ul><ul><li>Brand Name Selection </li></ul><ul><li>Brand Sponsorship </li></ul><ul><li>Brand Development </li></ul><ul><li>Three levels of positioning: </li></ul><ul><ul><li>Product attributes </li></ul></ul><ul><ul><ul><li>Least effective </li></ul></ul></ul><ul><ul><li>Benefits </li></ul></ul><ul><ul><li>Beliefs and values </li></ul></ul><ul><ul><ul><li>Taps into emotions </li></ul></ul></ul>Key Decisions
  7. 7. Brand Positioning <ul><li>Brand Positioning: marketers need to position their brands clearly in target customers’ minds </li></ul><ul><li>Can position under product attributes </li></ul><ul><ul><li>The least desirable level for brand positioning because competitors can easily copy attributes </li></ul></ul><ul><ul><li>Customers are not necessarily interested in attributes but what those attributes will do for them </li></ul></ul><ul><li>Can position by associating its name with a desirable benefit </li></ul><ul><li>The strongest brands are positioned on strong beliefs and values </li></ul><ul><li>When positioning a brand, the marketer should establish a mission for the brand and a vision of what the brand must be and do </li></ul>
  8. 8. Branding Strategy
  9. 9. Product Positioned on Emotions <ul><li>MasterCard positions its credit card based on consumer emotions </li></ul>
  10. 10. Brand Strategy <ul><li>Brand Positioning </li></ul><ul><li>Brand Name Selection </li></ul><ul><li>Brand Sponsorship </li></ul><ul><li>Brand Development </li></ul><ul><li>Good Brand Names: </li></ul><ul><ul><li>Suggest something about the product or its benefits </li></ul></ul><ul><ul><li>Are easy to say, recognize and remember </li></ul></ul><ul><ul><li>Are distinctive </li></ul></ul><ul><ul><li>Are extendable </li></ul></ul><ul><ul><li>Translate well into other languages </li></ul></ul><ul><ul><li>Can be registered and legally protected </li></ul></ul>Key Decisions
  11. 11. Brand Name Selection <ul><li>Desirable qualities for a brand name include: </li></ul><ul><ul><li>It should be easy to pronounce, recognize, and remember. </li></ul></ul><ul><ul><li>It should be distinctive. </li></ul></ul><ul><ul><li>It should suggest product’s benefits and qualities. </li></ul></ul><ul><ul><li>It should be extendable. </li></ul></ul><ul><ul><li>It should translate easily into foreign languages. </li></ul></ul><ul><ul><li>It should be capable of registration and legal protection. </li></ul></ul>
  12. 12. Boudreaux’s Butt Paste is a real product that is used in the treatment of diaper rash. Evaluate this brand name against the criteria for a good brand name that were previously discussed. How does it fare? Explain.
  13. 13. Brand Strategy <ul><li>Brand Positioning </li></ul><ul><li>Brand Name Selection </li></ul><ul><li>Brand Sponsorship </li></ul><ul><li>Brand Development </li></ul><ul><li>Manufacturer brands </li></ul><ul><li>Private (store) brands </li></ul><ul><ul><li>Costly to establish and promote </li></ul></ul><ul><ul><li>Higher profit margins </li></ul></ul><ul><li>Licensed brands </li></ul><ul><ul><li>Name and character licensing has grown </li></ul></ul><ul><li>Co-branding </li></ul><ul><ul><li>Advantages / disadvantages </li></ul></ul>Key Decisions
  14. 14. Brand Sponsorship <ul><li>Brand Sponsorship: four sponsorship options </li></ul><ul><ul><li>Private Brands: store brand or distributor brand </li></ul></ul><ul><ul><li>Manufacturer’s Brand: or national brand </li></ul></ul><ul><ul><li>Licensed Brands: the brand name is licensed to other products </li></ul></ul><ul><ul><li>Co-Branding: when two established brand names of different companies are used on the same product </li></ul></ul>
  15. 15. Brand Strategy <ul><li>Brand Positioning </li></ul><ul><li>Brand Name Selection </li></ul><ul><li>Brand Sponsorship </li></ul><ul><li>Brand Development </li></ul><ul><li>Line extensions </li></ul><ul><ul><li>Minor changes to existing products </li></ul></ul><ul><li>Brand extensions </li></ul><ul><ul><li>Successful brand names help introduce new products </li></ul></ul><ul><li>Multibrands </li></ul><ul><ul><li>Multiple product entries in a product category </li></ul></ul><ul><li>New brands </li></ul><ul><ul><li>New product category </li></ul></ul>Key Decisions
  16. 16. Brand Development <ul><li>Brand Development- 4 choices for brand development: </li></ul><ul><li>Line Extensions </li></ul><ul><ul><li>Occur when a company introduces additional items in a given product category under the same brand name, such as new flavors, forms, colors, ingredients, or package sizes </li></ul></ul><ul><li>Brand Extension </li></ul><ul><ul><li>Involves the use of a successful brand name to launch new or modified products in a new category—gives a new product instant recognition and faster acceptance </li></ul></ul><ul><li>Multibrands </li></ul><ul><ul><li>Offers a way to establish different features and appeal to different buying motives—additional brands in the same category—a drawback is that each brand might only obtain a small portion of market share and none may be very profitable </li></ul></ul><ul><li>New Brands </li></ul><ul><ul><li>A company may create a new brand name when it enters a new product category for which none of the company’s current brand names is appropriate </li></ul></ul>
  17. 17. Figure7-4: Brand Development Strategies
  18. 18. Brand Strategy <ul><li>Flavors </li></ul><ul><li>Colors </li></ul><ul><li>Forms </li></ul><ul><li>Ingredients </li></ul>Line Extensions May Feature Different: <ul><li>Package Sizes </li></ul>
  19. 19. Managing Brands <ul><li>First, the brand’s positioning must be continuously communicated to consumers </li></ul><ul><li>Brands are maintained by Brand Experience— </li></ul><ul><ul><li>Customers come to know a brand through a wide range of contacts and touch points such as advertising, personal experience, word of mouth, personal interactions, websites, etc. </li></ul></ul><ul><li>The company needs to train its people to be customer-centered </li></ul><ul><li>Finally, companies need to periodically audit their brands’ strengths and weaknesses </li></ul>
  20. 20. Services Marketing <ul><li>Services </li></ul><ul><ul><li>Account for 74% of U.S. gross domestic product. </li></ul></ul><ul><ul><li>Service industries include business organizations, government, and private not-for-profit organizations. </li></ul></ul>
  21. 21. The Nature and Characteristics of a Service <ul><li>A company must consider four special service characteristics when designing marketing programs: intangibility, inseparability, variability, and perishability </li></ul><ul><li>Service Intangibility </li></ul><ul><ul><li>Services cannot be seen, tasted, felt, heard, or smelled before they are purchased—people undergoing cosmetic surgery cannot see the result before the purchase—to reduce uncertainty, buyers look for “signals” of service quality </li></ul></ul><ul><li>Service Inseparability </li></ul><ul><ul><li>The services cannot be separated from their providers, whether the providers are people or machines—both the provider and the customer affect the service outcome </li></ul></ul><ul><li>Service Variability </li></ul><ul><ul><li>The quality of services depends on who provides them as well as when, where, and how they are provided </li></ul></ul><ul><li>Service Perishability </li></ul><ul><ul><li>Services cannot be stored for later sale or use </li></ul></ul>
  22. 22. Marketing Strategies for Service Firms <ul><li>In a service business, the customer and the front-line employee interact to create the service </li></ul><ul><ul><li>The service provider must then interact effectively with customers to create superior value during service encounters </li></ul></ul><ul><li>Successful service company companies focus their attention on both their customers and their employees. </li></ul>
  23. 23. Marketing Strategies for Service Firms <ul><li>Service-Profit Chain: links service firm profits with employee and customer satisfaction—consists of five links </li></ul><ul><ul><li>Internal Service Quality </li></ul></ul><ul><ul><li>Satisfied and Productive Service Employees </li></ul></ul><ul><ul><li>Greater Service Value </li></ul></ul><ul><ul><li>Satisfied and Loyal Customers </li></ul></ul><ul><ul><li>Healthy Service Profits and Growth </li></ul></ul><ul><li>It all begins with taking care of those who take care of the customers </li></ul>
  24. 24. Marketing Strategies for Service Firms <ul><li>Internal Marketing: the service firm must effectively train and motivate its customer-contact employees and supporting service people to work as a team to provide customer satisfaction </li></ul><ul><li>Interactive Marketing: service quality depends heavily on the quality of the buyer-seller interaction during the service encounter </li></ul><ul><li>Service companies face three major marketing tasks: the increase of competitive differentiation, service quality, and productivity </li></ul><ul><ul><li>The service company must develop a differentiated offer, delivery, and image </li></ul></ul><ul><ul><li>It can consistently deliver higher quality than its competitors </li></ul></ul><ul><ul><li>They can increase their service productivity </li></ul></ul>
  25. 25. Coke – Pepsi Taste Test

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