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BRANDS
It is a name or symbol or a mark that helps in identifying a product or a producer or both.
Names and
U R Ls
Characters
CHOICE CRITERIA
Brand element basically consist of : a. Brand Name b. Logo c. Slogan d. Quality e. Symbols f. Package etc.
Brand elements also capture intangible characteristics like, LIC of INDIA uses the symbol of a lit lamp enveloped by two folded hands in the traditional Indian NAMASTEY, symbolizing protection
MRF brand of tires uses the symbol of muscular hands holding a tire, symbolizing a tire with muscles. Slogans are efficient means to build brand equity. They can function as useful hooks.
BRAND EQUITY
It is the added value endowed on products and services. Reflected in way consumers think, feel and act w.r.t the brand, prices etc. Consumer Based brand equity :I. Positive CBBE. II. Negative CBBE.
In this approach, we design controlled marketing experiments to study what conditions actually influence consumer attitudes. For instance, consider the questions below. 1. To what extent does having a high degree of brand recall influence positive attitudes? 2. To what extent does having a strong, positive and unique image lead to a positive perception of the brand's marketing activities such as its advertising?
Cont To perform a useful strategic function and guide marketing decisions marketers need to fully understand : 1. The sources of brand equity and how they affect outcomes of interest? 2. How these sources and outcome changes? These questions can be answered by two techniques : Brand audit. Brand-tracking studies.
BRAND REINFORCEMENT
Reinforce brand equity by marketing actions that consistently convey the meaning of the brand to consumers in terms of brand awareness and brand image. E.g. :- Nivea
Brand Revitalization
A strategy to re capture lost sources of brand equity and identify and establish new sources of brand equity. This may include product modification or brand repositioning.
Some factors effecting brand revitalization: Changes in consumer taste. Emergence of new competitors. Development of new technology. New development in the marketing environment. E.g. :- Mountain dew, bournvita
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