brands & branding management presentation & discussion[1]
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8/7/2019 Brands & Branding Management Presentation & Discussion[1]
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Brands and Brand
Management
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Th e Issue of Branding
j Branding simplifies t h e complexity of th e offering via brand elements suc h as:
Brand names Logos
Symbols Package designsBranding h elps in t h e t h oug h t processes of
consumers w h en t h ey are consideringpurc h asing or purc h asing an offering.
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Th e Issue of Branding contd.
j Branding h elps in reducing risk associated wit h an offering.
j Used as a differentiating criteria betweenofferings.j Th e genesis/basis of brand management
is consumer perceptions t h e need tosatisfy consumers perceived differencesbetween offerings.
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So, w h at exactly is a brand?j In its simplest definition,
it is a name, term,symbol, feature or any
combination of th
ese. Itis used/employed toidentify t h edistinctiveness (special)of an offering (i.e.,
product, service, brand)from t h ose of competitors.
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A brand name must be:
j Uniquej Distinctive
j Easy to rememberj Easy to pronouncej Relevant to t h e offeringj Positive about t h e offering
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Brands
j Virtually anyt h ing can be and h as beenbranded
j Similarly, anyt h ing can be positioned A ny brand no matter h ow strong at anyone point in time is vulnerable and issusceptible to poor brand management.
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F ive F actors Leading to Brand
Leadersh
ip1. Vision of t h e mass market2. Managerial persistence
3.F
inancial commitment4. Relentless innovation5. A sset leverage
The underlying issue about the above is theconcept of added value
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W h at is added value?
j t h is is t h e case/situation w h ereby t h efinis h ed offering can command a h igh er priceth an t h e cost of its component parts or t h e rawmaterial used in producing it
in ot h er words...
j Th e finis h ed offering is more valuable to t h econsumer t h an t h e pile of raw material fromwh ich it was made.
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Brand/added values contd.
j Brand values h elp create a uniqueness aboutth e offering w h ere none may exist functionally.
j Th ey are t h e means by w h ich offerings arepositioned in t h e market place.
j Brand values create a total image andpersonality for t h e brand/offering.
j T o t h e consumer t h e brand provides aguarantee of quality, value for money, t h e bestch oice.
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Brand Equityj fundamentally, branding is about endowing products
and services with the power of brand equity .. (Keller,2002, pp.42).
j Brand equity refers to brand/added value t h at h as been
associated wit h th e offering over time.j Brand equity = t h e value of t h e brand.
j Several ways in w h ich th e value of a brand can bemanifested or exploited to benefit t h e firm:
j (a) greater profits,j (b) market s h are,j lower production costsj (d) clear and long-lasting position in t h e market place.
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H ow to ac h ieve brand equity
j Skillful design and implementation of marketing programs
jTh
e capitalization on a well th
ough
t-outpositioningj Strong brand leaders h ip position in t h e
market place