brand equity and brand competition

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brand equity and brand competition- advantages and disadvantages to crafting a brand position

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Brand Equity and Brand Competition- Advantages and Disadvantages in Crafting Brand Position:

Brand Equity and Brand Competition- Advantages and Disadvantages in Crafting Brand Position Presented to: Ma’am Sana Khan Presented by: Group 4

Topics Presented By:

Topics Presented By Brand and Types of Brand Names Haleema (32) Brand Equity Sabeeha (34) Brand Competition Sidra (10) Brand Positioning Tahira (08) Advantages till Conclusion Fatima (09)

What is Brand?:

What is Brand? A name, term, sign, symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.

Attributes of a Strong Brand:

Attributes of a Strong Brand Strong brand must have the following attributes to prove it: Excels at delivering desired benefits Stays relevant Priced to meet perceptions of value Positioned properly Communicates consistent brand messages Uses multiple marketing activities Understands consumer-brand relationship Supported by organization Monitors sources of brand equity

Types of brand names :

Types of brand names Acronym: a name made of initials such as UPS or IBM Descriptive: names that describe a product benefit or function like Whole Foods or Airbus Alliteration or rhyme: names that are fun to say and stick in the mind like Dunkin’ Donuts Evocative: names that evoke a relevant vivid image like Amazon or Crest Neologisms: completely made-up words like Wii or Kodak

Types of brand names…:

Types of brand names… Foreign word: adaptation of a word from another language like Volvo or Samsung Founder’s names: using the names of real people like Hewlett- Packard or Disney Geography: many brands are named for regions and landmarks like Cisco or Fuji film Personification: many brands take their names from myth like Nike or from the minds of ad excess like Betty Crocker

Brand equity:

Brand equity The set of associations that permits the brand to earn greater volume than it would without the brand name. Examples of Brand Equity: The additional money that consumers are willing to spend to buy Coca Cola rather than the store brand of soda is an example of brand equity.

3 Goals for Customer based Brand Equity Model:

3 Goals for Customer based Brand Equity Model First- model had to be logical, well integrated and grounded. Second- model had to be versatile and applicable to all possible kinds of brands and industry settings. Third- model had to be comprehensive with enough breadth to cover important branding topics as well as enough depth to provide useful insights and guidelines.

Brand Equity Models:

Brand Equity Models Three models of brand equity: Brand Asset Valuator Model (BAV) Aaker Model Brand Resonance Model

Brand Asset Valuator Model (BAV):

Brand Asset Valuator Model (BAV) Differentiation Degree to which a brand is seen different Energy Brand’s Sense of Momentum Relevance Breadth of brand’s appeal Esteem How well the brand is respected Knowledge How familiar and intimate consumers are Brand Strength Brand Stature

Aaker Model :

Aaker Model Brand Identity Extended Identity Elements Brand Essence Core Identity Elements

Brand Resonance Model:

Brand Resonance Model

Brand Competition:

Brand Competition “Brand competition is competing brands of products which can satisfy a consumer's wants almost equally as well as each other.”

Inter-Brand Competition:

Inter-Brand Competition Firms marketing differentiated products frequently develop and compete on the basis of brands or labels. Titan Vs. Rado Ben & Jerry’s Vs. Walls Gucci Vs. Chanel

Intra-Brand Competition:

Intra-Brand Competition Intra-brand competition is competition among retailers or distributors of the same brand. Intra-brand competition may be on price or non-price terms. Example- A pair of Levi jeans may be sold at a lower price in a discount or specialty store as compared to a department store but without the amenities in services that a department store provides. The amenities in services constitute intra-brand non-price competition.

What is positioning? :

What is positioning? Positioning is the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market. Result is the creation of a customer-focused value proposition . Example: Domino’s Pizza- A good hot pizza, delivered to your door within 30 minutes of ordering, at a moderate price.

Defining Associations- POPs and PODs :

Defining Associations- POPs and PODs Points-of-parity (POPs) Associations that are not necessarily unique to the brand but may be shared with other brands. 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.

Steps of Brand Positioning Process:

Steps of Brand Positioning Process STEP 1: Define Your Business Framework STEP 2: Define Your Target Market STEP 3: Define Your Value Proposition STEP 4: Understand Your Product STEP 5: Create Your Brand Graphics and Message STEP 6: Develop an Integrated Marketing Plan

Advantages of Branding:

Advantages of Branding Loyal Relationship- The brand identity helps to create and to anchor a loyal relationship between the brand’s company and customer. Familiarity- Branding has a big effect on non-customers too. Psychologists have shown that familiarity induces liking. Greater Profit- High brand equity puts you in a better position to achieve high price points in the marketplace while maintaining or growing demand. Expansion Opportunities- By high brand equity you can expand your brand into new markets, extend your brand with new store concepts or products and increase your revenue streams. Lower Marketing Expenses- Although you must invest money to create a brand, once it's created you can maintain it without having to tell the whole story about the brand every time you market it.

Disadvantages of Branding:

Disadvantages of Branding Costly- For designing, advertising, marketing and for long term PR, a huge cost is required. Impersonal- Poorly designed branding could give customers, the impression that your business is losing its personal touch and its personal image. Fixed Image- Every brand has a certain image to potential customers, and part of that image is about what products or services you sell. If your brand is focused too strongly on one product, it can limit your ability to sell other products. Timescale- The process of creating a brand will usually take a long period of time.

Conclusion:

Conclusion “if competition is a race than brand equity is driving skills…” Branding the product around the globe is the best technique to get recognition of your brand. Adopting a strong position is not a passive act; rather it is deliberate attempt to influence events. It requires ignoring certain business targets in favor of others, and if successful, will yield growth in sales and profits and a consumer franchise who believe that your brand has no adequate substitute, even it costs more. Neither innovation nor quality is, by themselves, sufficient to guarantee that a brand will achieve all that it is capable of in the market place.

Any Question!:

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