what are the 3 main types of marketing communication options?
(1) advertising and promotion, (2) interactive marketing, and (3) events and experiences
what are the 2 key implications from chapter 6?
- all possible communication options should be evaluated regarding their ability to affect brand equity
- the marketing communications program should be put together in a way such that the whole is greater than the sum of the parts
what are the Keller Bs (8)?
- be ANALYTICAL: use frameworks of consumer behaviour and managerial decision making to develop well-reasoned communication programs
- be CURIOUS: better understand customers through research + always be thinking about how you can add value
- be SINGLE-MINDED: focus your message on well-defined target markets (less is more)
- be INTEGRATIVE: reinforce message across all communication communication options
- be CREATIVE: state message in a unique fashion (SURF)
- be OBSERVANT: keep track of competition, customer, employees, etc.
- be PATIENT: take a long-term view
- be REALISTIC: understand there are complexities
how does digital personalization work?
retargeting consumers—that is, by targeting consumers with ads for products that they previously browsed but did not buy
what are the three organizational prerequisites for digital personalization to be successful?
(1) Organizations must invest in a customer data warehouse that provides continuous monitoring and feedback
(2) Organizations must deploy cross-functional teams to understand the customer’s decision journey
(3) Organizations must employ an repetitive process of testing and learning
what are the 8 different ways to leverage secondary associations to build brand equity?
(1) the company making the product
(2) the country or some other geographic location in which the product originates
(3) retailers or other channel members that sell the product
(4) other brands, including ingredient brands
(5) licensed characters
(6) famous spokespeople or endorsers
(7) events
(8) third-party sources
what are four general guidelines for creating and measuring ROI from brand marketing activities?
(1) spend wisely - focus and be creative
(2) Look for benchmarks—examine competitive spending levels and historical company norms
(3) Be strategic—apply brand equity models
(4) Be observant—track both formally and informally
the customer-based brand equity framework emphasizes:
employing a range of research measures and methods to fully capture the multiple potential sources and outcomes of brand equity
what is the equalization price?
the price that equates the utility of a brand to the utilities that could be attributed to a brand in the category where no brand differentiation occurred
difference between attribute-perception based component and nonattribute preference component of brand equity
- attribute-perception based: the difference between subjectively perceived attribute values and objectively measured attribute values
- nonattribute preference: difference between subjectively perceived attribute values and overall preference
what are tangible and intangible assets?
- Tangible assets: property, plant, and equipment; current assets (inventories, marketable securities, and cash)
- Intangible: augment the earning power of a firm’s physical assets (patents, trademarks, and licensing agreements)
what are the critiques of the residual approach?
- only appropriate for brands with a lot of product-related attribute associations
- static view of brand equity
The ability to put a specific price tag on a brand’s value is useful for a number of reasons:
- mergers and acquisitions
- brand licensing
- fundraising
- brand portfolio decisions
- understanding ROI
what is the function of a brand-product matrix?
- The rows represent brand–product relationships and capture the firm’s brand EXTENSION strategy
- The columns of the matrix represent product–brand relationships and capture the brand PORTFOLIO strategy in terms of the number and nature of brands to be marketed in each category
how do we organize a brand architecture strategy in terms of its depth and breadth?
We characterize a brand architecture strategy according to its breadth in terms of brand–product relationships and brand extension strategy, and its depth in terms of product–brand relationships and the brand portfolio or mix
what is a common strategy to brand a new product?
make a sub-brand
brand visibility and prominence depend on:
factors such as the order, size, color, and other aspects of the brand’s physical appearance
In terms of building brand equity, we should link associations at any one level based on principles of:
relevance and differentiation
