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Brand Management and Marketing

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How to create new Brand Asscociations Creating new brand associations is about making a connection between a brand and another entity so that consumers form mental associations from the entity for the brand. Brands can be linked in 8 main ways/ to 8 different entities.
8 Ways to Leverage Secondary Associations (8 entities) 1. companies: through branding strategies 2. countries or geographic areas: through identification of product origins 3. Channels of distribution: through channel strategy 4. Other brands: through co-branding 5. Characters: through licensing 6. Spokespersons: through endorsements 7. Events: through sponsorship 8. Other third-party sources: through awards or reviews
Why creating new brand associations/ secondary associations? 1. existing brand associations or reponses are deficient 2. consumers lack either motivation or ability to judge product-related concerns themselves
Effects of secondary associations on the existing brand knowledge + factors predicting the extent of leverage Prerequesite: What is true for the new association must be true for the brand (cognitive consistency) Factors predicting the extent of leverage: - Awareness and knowledge of the entity - Meaningfulness of knowledge of the entity - transferability of knowledge of the entity
Guidelines to leverage secondary brand associations 1. Take into account consumer's awareness of the entity 2. Choose entities for which consumers have similiar associations 3. Design a commonality leveraging strategy 4. Practice complementary branding strategies (help deliver desired brand position)
Company: Levaraging secondary associations through Companies - existing brands can be related to corporate brands or family brands - corporate or family brand can be a source of brand equity There are three main branding options: 1. create a new brand 2. adopt or modify an existing brand 3. combine an existing and a new brand
Country of Origin or Geographic Location (as a means of Levaraging secondary brand associtionas) - Country or Geographic Location can be linked to a brand to generate secondary associations - that can create strong points-of-difference Consumers choose brands originating in different countries based on: - Their beliefs about the quality (e.g.: German Engineering and Efficiency) - The image that these brands or products communicate
Channels of distribution (as a means of levaraging secondary brand associations) - Retail stores can affect brand equity through an "Image Transfer" process - customer base can be expanded by tapping into new channels of distribution - retailers have their own brand images in customers' minds due to these associations: - product assortment - pricing - credit policy - quality of service
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Co-Branding (as a means of leveraging secondary brand associations) - two or more brands are combined into a joint product or are marketed together - to create a strong co-brand, both brands should have: - adequate brand awareness - strong, favorable and unique associations - positive consumer judgements and feelings - logical fit between the brands
Ingredient Branding (as a special way of Co-Branding) - creates brand equity for materials, components or parts that are contained within a brand - branded ingedrients are often a signal of quality - can reduce risks and reassure consumers example: "Intel Inside"
Advantages and Disadvantages of Ingredient Branding Advantages: - firm can generate greater sales at higher margin - from the standpoint of the manufacturer of the host product: benefit lies in leveraging the equity from the ingredient brand to enhance its own brand equity Disadvantages: - high costs of supporting marketing programs - loss of control (because marketing programs may have different objectives) - uncertain sustainability of the competitive advantage
Guidelines for a successfull ingredient branding 1. Consumers must perceive that the ingredient brand matters for the performance 2. consumers must be convinced that the ingredient is superior 3. a distinctive symbol or logo must be designed to cleary signal that the ingredient is contained 4. a coordinated program so that consumers understand the importance
Licensing (as a means of leveraging secondary brand associations) - contractual arrangements whereby firms use names, logos and characters of another brand to market their own products - can provide legal protection for trademarks - risk: trademark can become overexposed if marketers adopt a saturation policy
Corporate Trademark Licensing (special means of licensing) - licensing of company names, logos or brands for use on various other products - Reasons for corporate trademark licensing: - generate extra revenue and profits - protect their trademarks - increase their brand exposure - enhance their image
Celebrity Endorsement (as a means of leveraging secondary brand associations) Rationale: a famous person can - draw attention to a brand - shape brand perceptions by virtue of the consumers' perception of the famous person Celebrities should have: - high level of visibility - rich set of potentially useful associations, judgements and feelings
Advertising Risks of using celebrities - celebrity may overshadow the product - celebrity may be overexposed (reducing his credibility) - target audience may not be receiptive to the celebrity - celebrity's behavior may pose a risk to the company
What is the Q-Score? - star power that determines the popularity of a celebrity - percent of those who say "one of my favorites" divided by the percent of those who have heard of him or her - average sports personality has Q-Score of 15 (positive) and a negative score of 24
Sporting or Cultural Events (as a means of leveraging secondary associations) - have their own set of brand associations that may become linked to a sponsoring brand - Contribute to Brand Equity by: - improving brand awareness - adding new associations to the brand - improving strength and favorability of existing associations
Third Party Sources (as a means of levaraging secondary brand associations) - linking the brand to various third party sources - for example: - company that makes the product - where the product is made - where the product is purchased - related people, places or things - the extent to which an entity can be used to for levaraging purpose depends on the consumers' knowledge of that entity and on how easily the associations can be transferred
Identity-Based Payoffs derived from their own actions (effect of identity on economic behavior) - What does it mean? - people behave in ways that would be considered maladpative or even self-destructive by people with other identities Examples: - Self-mutilation: people mutilate their own body to express their identity (tattoo, piercing, plastic surgery) - Gender and occupations: male nurse, woman soldier
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Identity-based payoff derived from others' actions (Effect of Identity on Economic Behavior) - Identity underlies a new type of externality - one person's actions can have meaning for and evoke responses in others Examples: - Gender and occupation: woman working in a man's job may make male colleagues feel less like "man" - manhood and insult: for some men, an action may be viewed as an insult, which, when left unanswered, impugns their masculinity --> insults affect identity
4 ways in which identity affects economic behavior and outcomes 1. identity-based payoffs derived from own actions 2. identity-based payoffs derived from others' actions 3. third parties can generate persistent change in these payoffs 4. some people can chose identity, but choice may be proscribed for others
Identity-based payoffs derived from own actions People behave in ways that may seem maladaptive or self-destructive to people who have another identity for example: self-mutilation: people mutilate their body to show their identity (tattoos, piercings, plastic surgery)
identity-based payoffs derived from others actions Identity underlies a new type of externality: one person's action can have a meaning for others example: a woman working in a man's job may make the male colleagues feel less like men
Third parties can generate a persistent change in these payoffs Identity is formed within society: some in the society may have incentives to manipulate identity example: advertising or graduate schools (try to mold students' behavior through a change in identity)
Some may chose their identity, but choice is proscribed for others Identity is an fundamental to behavior; which makes the choice of identity one of the most important economic decisions people make people chose more or less consciously who they want to be Example: a woman can chose to be a mother or to have a career
Utility Function with Identity A person's identity or self-image depends on his own actions, on others' actions, on his or her assigned category, on own given characteristics and how they match those of the assigned category. An individual can chose actions to maximize his or her utility, because others' actions, own given characteristics and social category are given. In some cases, individuals can chose the social category
Brand value creation is dependent on finding the right answers to which questions? - Who are we? - What do we stand for? - What do we want to become?
Theoretical Framework of the identity approach (Brand Identity): What are the main elements and categories? Elements: - Organizational Identity: culture and organizational behavior - Corporate Identity: corporate vision (given by the top management) - Image: stakeholders' perception - Reputation: long-term image of the compange Two main categories: - internal: internal creation, research and maintenance of brand identity - external: external building, management and research of corporate brand identity
Background and Assumptions about Brand Identity - Consumers' and stakeholders' perception of a brand is based on their overall experience with the company - a company has multiple identities that all affect the final brand identity (= how consumers perceive the brand) - all stakeholders are relevant brand receivers
Two Key Theoretical Frameworks to manage and align the elements influencing brand identity 1. Corporate Brand Toolkit by Hatch and Schultz - Strategic Vision: central idea behind what the company does (expresses future management aspirations) - Organizational Culture: internal values and beliefs + basic assumptions that embody the heritage of the company - Stakeholders Image: how external stakeholders perceive the company (overall impression of the company) 2. AC2ID framework (Balmer and Greyser) - Actual: the actual identity, organizational behavior and everyday reality - Communcated: the brand identity expressed through all sources of communication - Conceived: the image/ reputation of the corporation (how it is received by stakeholders) - Ideal: the optimum positioning of the company - Desired: lives in the hearts and minds of corporate leaders (equivalent to strategic vision)
What are strategies to create a brand identity? 1. base all brand communication around one core brand idea 2. create a consistent and coherent message 3. align multiple ideas 4. communicate the same brand essence to all stakeholders 5. brand should be reflected in company behavior and organizational processes 6. brand identiy is embedded in all apsects of the organization
Weaknesse/ Risks of the brand identity approach - lacks focus on consumers - difficult and expensive to implement - risk of blinding narcissism - not possible to isolate bad PR to one product brand
The Brand Image Approach - brand image is a multidimensional, holistically perceived system of attitudes - it is focused on the consumers' perceptions of brand-induced signals - the approach focuses on the receiver side of the brand and analyzes how external stakeholders perceive the brand
Difference between Brand Identity, Brand Image and Brand Position Brand Image: how the brand is perceived now Brand Identity: how strategists want the brand to be perceived Brand Position: that part of the brand identity that is actively communicated to a target audience
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What does the identity-based Brand Equity Approach say? - Brand Identity is the basis for brand image (because it precedes it) - the interaction between brand identity and brand image forms the basis for the development of brand equity - brand strength results in the internal behavioral significance (for internal stakeholders) and external behavioral significance (for external stakeholder)
What is the signaling-based Brand Equity Approach? - Consumers view brands as informational sources in the marketplace - That affects brand management and consumers' brand preferences - a brand can influence the consumer perception about the product position by the content, credibility and clarity of the signal they send out - that reduces uncertainty which lowers the information costs and the risk perceived by the consumer thus leading to an increased expected utility
Brand Identity and Position can create value in 5 different ways: 1. They can provide extension options: tapping into new product categories 2. They can improve brand memorability: e.g. "I google something" 3. They can guide and enhance brand strategy 4. They can provide meaning and focus to the organization 5. All in all they provide a value proposition, credibility to other brands and the basis for relationships
Why is the brand name important for creating brand identity? - brand name is the foundation for marketing communication efforts - the assocications consumers have with a brand name create value - a carefully chosen brand name can provide inherent and immediate strength to the brand
Two differenty types of brand names 1. Meaningful brand names: convey relevant information about the product the brand sells, or establishes a connection between the brand and the product category ("CleanAll" cleaning solutions) 2. Non-meaningful brand names: The brand name does evidence any direction or purpose PRO's and CON's - meaningful brand names are limited to the products and categories for which they have meaning, but makes it easier to memorize the brand for the certain category - non-meaningful brand names can potentially be extended to any product or product category
What does the Juliet Principle say? What does the Joyce principle say? Juliet principle: - words have no intrinsic meaning - words acquire their meaning only through the associations that we make with them Joyce principle: - choosing a brand name with desirable phonetc symbolism - and meaningful, positive connotations (e.g. Slim Fast diet drink)
Brand Name: Managerial Implicatios // When to use meaningful brand names and when to use non-meaningful brand names - limited budget: chose meaningful brand name --> budget is too limited to build and support a brand name over extended periods of time - fit into local market: meaningful brand name --> it is not possible to create a standardized, global brand name that is meaningful --> meaningful brand names only fit local markets, because that's where they can coney the intended meaning - larger promotional budgets and longer time horizons: non-meaningful brand name --> non-meaningful brand names are often more flexible because they allow to build any desired image for the brand and also change the image over time
Why is it hard to build brands? 1. Pressure to compete on price 2. Proliferation of competitors 3. Fragmenting media and markets 4. Complex brand strategies 5. Bias towards changing strategies 6. Bias against information 7. Pressure to invest elswhere 8. Short-term pressure
2 different ways to obtain social statues 1. "Status Group" = social status is obtained by affiliation with a group 2. "Individual Status" = social status is obtained through individual attributes or actions
Social Status and Consumption 1. Conspicious consumption: - individuals may use consumption choices to signal social status - individuals often consume highly attention-getting goods and services in order to signal their wealth and receive higher social status 2. Veblen Effect - extreme form of conspicious consumption: individually are wiling to pay higher prices for functionally equivalent goods Motives: - Individual comparison: when an individual from a higher class consumes conspiciously to differentiate himself from a lower-class individual - Pecuniary Emulation: when an individual from a lower class consumes conspiciously to immitate an individual from a higher class
Conspicious consumption as a costly signal of status: the Costly Signaling Theory - apparently wasteful behavior is a reliable signal for desirable individual qualities - the costs involve in producing the signal guarantee its reliability --> luxury consumption enhances status and produces benefits in social interaction
Status Consumption vs. Role-Relaxed Consumption 1. Status seeking consumers: Are concerned with what relevant groups consider the best choices - tend to conform to group norms - maintain a need for uniqueness - susceptible to normative but not necessarily to informational interpersonal influence - can be opinion leaders but not necessarily opinion seekers 2. Role-Relax consumers: make purchase decisions based on what they feel to be the salient characterstics of the product - do not generally conform to group norms - to not pay attention to social comparison information - not susceptible to neither informational nor normative interpersonal influence - neither opinion leaders nor opinion seekers
The consumer decision-making framework: Purpose and Stages - can be used to distinguish the stages that are required for brand preference formation over time Stages are: 1. Representation and Attention 2. Predicted Value 3. Experienced Value 4. Remembered Value and Learning
Representation & Attention (Consumer decision-making framework) Stage 1 Step 1: forming the representation of choice alternatives by processing the incoming information and integrating the information on internal and external stakes --> key question after consumers have been exposed to choice alternatives: What are they paying attention to? Step 2:Attention: selecting the information that gains preferential status over the other Fundamental conceptual components to selection: - bottom-up filters - top-down control - visual selection
Representation and Attention (consumer decision-making framework): Bottom-up filters - automatically select the most important information available - based on visual input: colors, size, movement (low-level features)