Brand Management – Intro/Brand Equity

Brand Element:
Name, logo, physical properties (any attribute that distinguishes a brand from other brands)
Benefits of branding to the consumer (5):
Accountability, Faster decision making, Memories/nostalgia, Familiarity, Identity
Benefits of branding to the firm (8):
Easier to introduce new category and line extensions, Stability, Adds differentiation, Attracts (and keeps) talent, Attracts shareholders, Loyalty, Internal alignment, Higher margins
The job of a brand manager is to (4):
Appreciate the brand, Understand brand equity, Build (manage) the brand, Measure brand equity
Brand Equity:
Added value of the product when there is a name versus when there is not
Two underlying drivers of brand equity:
Image, Awareness
Two forms of awareness:
Recognition, Recall
Associative Network Memory Model
Views memory as consisting of a network of nodes and connecting links where nodes represent stored information or concepts and links represent the strength of associations between this information or concepts
_________ __________ is related to the strength of the brand node or trace in memory, as reflected by the consumers’ ability to identify the brand under different conditions
Brand Awareness
Brand Recognition:
Ability of consumers to confirm prior exposure to brand
Brand Recall:
Ability of consumers to retrieve the brand when given a cue
Positive image associations (4):
Strong, Unique, Relevant, Favorable
SURF
Strong, Unique, Relevant, Favorable
SURF should communicate (3):
Attributes, Benefits, Attitudes
________ and ________ of brand associations are important determinants of the information that can be recalled about the brand to influence consumer response and brand-related decisions
Breadth, Depth
Depth (of brand associations):
Likelihood that the brand can be recognized or recalled
Breadth (of brand associations):
The variety of purchase and consumption decisions in which the brand comes to mind
Internal Alignment is when:
Brand values and positioning are communicated internally