Introduction to Brand Management. Session 3-4
- 1. Session 3 and 4 FARHAN SHEIKH BRAND MANAGEMENT GBBM 555
- 2. ClassAssignment 1 Look up about BrandValues (they are not monetary value), bring a document in class for discussion with at least 3 examples of brands and their brand values. Look around you, your room, your home and think which is the best brand that you consume: Write the brand’s name Write at least 3 reasons why you consume it List the 17 SDGs and explain which SDG(s) is important in your opinion.
- 4. Strategic Brand Management Strategic brand management involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity. The strategic brand management process is defined as involving four main steps: Identifying and establishing brand positioning and values Planning and implementing brand marketing programs Measuring and interpreting brand performance Growing and sustaining brand equity SBM Process – the famous 4 steps
- 5. SBM Process – the famous 4 steps
- 6. Work out what your brand values are Base decisions on them Align everything behind the brand You cannot develop a strong brand without knowing what your brand stands for. Live and breath your brand values, no short cuts, no deviations
- 7. Communicate your brand values Make sure your staff know your brand values They should truly represent them and not their own personalised diluted version?They can make or break your brand You must consistently communicate your brand values to the public. It is not always about spelling them out literally but simply by conveying them in the way you conduct your business. We all valueVALUES and are fans of positivity and good.To induce re-purchase, good word of mouth, reputation and loyalty, brands should have appealing values
- 8. BRAND POSITIONING Brand positioning refers to how you want your brand to be remembered and recalled.What should come to your consumers’ mind when they think about your brand. Where do you stand in a category? How the consumers associate themselves to your brand?
- 9. •The brand`s positioning is the place in the consumers mind that you want your brand to own. It is the benefit you want your consumer to perceive when they think of your brand. •A strong brand position means that the brand has a unique, credible and sustainable position in the mind of the consumer. •It stands for that one benefit that your product provides apart from your competition. • It also gives you the direction required to focus the organization and focus on the strategic efforts.
- 10. Some very basic examples of positioning Based on size Based on shape Based on toughness and endurance
- 11. Some very basic exmaples of positioning Based on low price Based on high price Based on quality
- 12. Some very basic exmaples of positioning Based on time of the day Based on substitution concept Based on consumer gender
- 13. Some very basic exmaples of positioning Based on age demographic Based on Athletic approach
- 14. Defining Associations Points-of-difference (PODs) • Attributes or benefits consumers strongly associate with a brand, positively evaluate, and believe they could not find to the same extent with a competitive brand Points-of-parity (POPs) • Associations that are not necessarily unique to the brand but may be shared with other brands
- 15. Examples of Negatively Correlated Attributes and Benefits Low-price vs. High quality Taste vs. Low calories Nutritious vs. Good tasting Powerful vs. Safe Universal vs. Exclusive Varied vs. Simple
- 16. Assignment 2 Think hard for these and bring on a piece of paper: Your choice of gift (should be of a brand) to give to your friend, mom, dad, spouse or GF/BF, your mom’s friend whom you don’t know, sister’s friend whom you know of and for yourself What gift would you expect from these people? What are the factors which you put forward before deciding on this brand? Consider yourself a brand. Write your brand values What positioning would you want for yourself How would you increase your brand recall
- 17. QUIZ
- 18. Differentiation Strategies Product Price Distribution Channel Personnel Image
- 19. Differentiation Strategies Product Price Distribution Channel Personnel Image
- 20. Product Differentiation Product form Features Performance Conformance Durability Reliability Reparability Style Design Ordering ease Delivery Installation Customer training Customer consulting Maintenance
- 21. Price Differentiation Price Discrimination Different prices for different countries, areas and targets Having different variants for same product with same quantity but with different price Regular, Super, High Octane XLI, GLI, Grande Levi’s and Denizen /Armani andA/X Signature Series, Premium Series etc Also launch price and regular price The idea is to charge premium or cater to a wider audience
- 22. Pricing Decisions Psychological Aspects Reference Prices In terms of: ‘Fair’ price Experience (frequently charged or last paid) Price of similar products Expected future price Discounts Relationship b/w price and perceived quality At odds with the‘demand supply price’ eco theory Luxury brands Also think about perfumes, legal services or life insurance Odd ending effect
- 23. Pricing Decisions To top it all, it is all relevant to: Product’s Life Cycle Porters 5 forces & unused capacity Other tactics Bundles Complementary Pricing Bait and hitch mechanism Razor, Printers, Game consoles,Telcos, airlines Fixed and variable elements in price Club fees, landlines, electricity connections EDLP Hidden Price Increases Price Discrimination
- 24. Distribution Channel Differentiation Coverage Expertise Performance
- 25. Personnel Differentiation Better-trained staff Competent (skill and knowledge) Trustworthy Friendly and respectful Reliable (perform consistently & accurately) Responsive Good communicators (understand customer and communicate clearly)
- 26. Image Differentiation Establish character and value proposition Convey in a distinctive way Deliver emotional power, trust or cool factors The concept of‘Positioning’ RealValueVs. PerceivedValue What do you think is your‘image’?