Marketing Recap Chap 6

A brand is...

• name & symbol

• term & sign

• design

• customer

You are at the supermarket and go to the beauty section to get your usual toothpaste. You spot it and put it in your shopping cart.  

What function will the brand have had for you in this situation?

• The brand will have allowed me to attribute a responsibility to the producing company

• The brand will have allowed me to save money

• The brand will have allowed me to use it for its symbolic value

• The brand will have reduced my search costs

Brand importance and uses for consumers are:

• Identify, organize & manage their offerings

• Source of competitive advantage

• Functional & Symbolic meaning

• Positioning & Communication tool

Advantages of a brand extension...

• Facilitate the acceptance of new products

• Revitalise the “parent” brand and attract new customers 

• Confuse the consumer

• Damage the image of the original brand

Brand equity from the customers' point of view expresses:

• The difference in price that brand-loyal consumers are willing to pay compared to an unbranded product

• The difference in consumers’ response to a product due to the meaning of the brand associated with it compared to the same unbranded product

• The difference in consumers’ response to a product due to the visual identity of the brand associated with it compared to the same unbranded product 

• The additional value that the brand will be able to distribute to shareholders thanks to its strength 

You need to create a new brand for your start-up. You proceed in the following order:

• Once you have chosen the name and logo, your main objective is to retain customers: you will, therefore, insist on the elements of the marketing mix that can help you in this sense and seek to use social media to engage your customers

• Choose a name and a visual identity, then imagine a brief for a communication agency in order to obtain a positive brand image

• Define the values at the core of your brand, then choose the brand elements and marketing mix to position it and get a good slogan that could also help you achieve your main objective: brand awareness

• Your first objective will be to achieve good brand awareness: therefore, you will choose a name that is easy to remember and a well-known slogan.  Inexpensive but well-followed media will help you develop your initial popularity.