Sources Of Brand Equity
Download as PPT, PDF23 likes35,412 views
This document discusses various qualitative and quantitative techniques for measuring brand equity, including awareness, image, responses, and relationships. It also covers brand personality, values, extensions, and managing brands over time through consistency, change, protection, and revitalization. Key techniques include free association, projective techniques, experiential methods, and multidimensional scaling. The document emphasizes capturing consumer mindsets to understand true opinions and feelings towards brands.
Sources Of Brand Equity
- 1. Measuring sources of brand equity: Capturing mindset
- 2. Techniques Quantitative Qualitative Free Association Projective Techniques Brand Personality and Values Experiential Methods
- 3. Techniques Quantitative Qualitative Awareness Image Brand Responses Brand Relationships
- 4. Qualitative Research Techniques Free Association Projective Techniques Brand Personality and Values Experiential Methods
- 5. Free Association Identify the range of possible brand associations in consumers’ minds in terms of - Relative strength Favorability Uniqueness of brand associations
- 6. Projective Techniques Diagnostic tools to uncover true opinions & feelings of consumers when they are unwilling/ unable to express themselves Completion and Interpretation Tasks: “ Fill in the Bubble” approach for analysis. Comparison Tasks: Consumers convey their impressions by comparing brands to people, countries,animals, activities etc.
- 7. Brand Personality and Values Solicit open-ended responses to questions linking the brand to persons, animals & objects. A research project conducted in the U.S. reflected the following “Big 5” factors of brand personality Sincerity Excitement Competence Sophistication Ruggedness
- 8. Quantitative Research Techniques Awareness Image Brand Responses Brand Relationships
- 9. Awareness Strength of the brand in memory & consumers’ ability to identify various brand elements. Recognition: consumers’ ability to identify the brand under different circumstances Recall ‘ Unaided recall’ -identification with minimal cues. ‘ Aided recall’ uses various cues to assist recall.
- 10. Image Lower Level Consumer perceptions of specific performance and imagery attributes. Scaling Considerations Absolute or comparative Spatial or numerical More complex methods Multidimensional scaling (MDS) Conjoint Analysis Perceptual Mapping
- 11. Brand Responses Higher level considerations -judgments and feelings & combination with lower-level considerations Purchase Intentions: Action - Buying for own use or as gift Target - Specific product or brand Context - Type of store based on prices Time - Within week/month/year
- 12. Brand Relationships Behavioral Loyalty Brand Substitutability: Higher the repeat purchases, greater the brand equity, and lesser the level of brand substitutability.
- 13. Brand Extensions Develop a new brand, individually chosen for the new product Use a combination of a new brand with an existing brand.
- 14. Brand extension When a firm uses an established brand name to introduce a new product. 1. Line Extension : The parent brand is used to brand a new product that targets a new market segment within a product category currently served by the parent brand. 2. Category Extension : The parent brand is used to enter a different product category from that currently served by the parent brand.
- 15. Advantages of Extensions Facilitate new product acceptance Provide feedback benefits to the parent brand and company.
- 16. Advantages Facilitate New product acceptance Improve brand Image Reduce perceived risk of customers Improved distribution and trial Increase efficiency of promotional expenditures Reduce costs of introductory and follow-up marketing programs Avoid cost of developing a new brand Allow for packaging and labeling efficiencies Permit consumer variety-seeking
- 17. Advantages Provide Feedback benefits to the Parent Brand and Company Clarify brand meaning Enhance parent brand image Increase market coverage Revitalize the brand Permit subsequent extensions
- 18. Disadvantage s Confuse or frustrate consumers Encounter retailer resistance Hurt parent brand image in case of failure Cannibalize sales of parent brand Dilute brand meaning
- 19. Brand Extension - Conclusions Parent brand has favorable associations Perception fit between the parent brand and the extension product. High-quality brands stretch farther than average-quality brands Brand that is seen as prototypical of a product category can be difficult to extend outside the category Emphasizes information about the extension, rather than reminders about the parent brand.
- 20. Managing brands over time Long term effects of marketing actions on Brand Equity Consumer response to PAST marketing activity Brand Awareness & Brand Image Consumer response to CURRENT marketing activity CHANGED Brand Awareness & Brand Image Consumer response to FUTURE marketing activity
- 21. Managing brands over time Reinforcing brands Maintaining Brand Consistency Market Leaders and Failures Consistency and Change Protecting Sources of Brand Equity Fortifying versus Leveraging Fine-tuning Supporting Marketing Program Product-Related Performance Associations Non Product-Related Imagery Associations
- 22. Managing brands over time Revitalizing brands Expanding Brand Awareness Identifying Additional or New Usage Opportunities Identifying New and Completely Different Ways to Use the Brand Improving Brand Image Repositioning the Brand Changing Brand Elements Entering New Markets