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Summary Strategic Brand Management

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The summary of the book Strategic Brand Management. Building, Measuring, and Managing Brand Equity. The fourth Edition by Kevin Lane Keller.

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  • 28 november 2017
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  • 2017/2018
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Voorbeeld van de inhoud

Kevin Lane Keller - Strategic Brand Management

Inhoud
Chapter 1: Brands and Brand management............................................................................2
Chapter 2: Customer-Based Brand Equity and Brand positioning.........................................11
Chapter 3: Brand resonance and the Brand Value Chain......................................................23
Chapter 4: Choosing Brand Elements to Build Brand Equity.................................................43
Chapter 6: Integrating Marketing Communications to Build Brand Equity.............................54
Chapter 9: Measuring sources of brand equity: Capturing customer mind-set......................69




1

,Chapter 1: Brands and Brand management
Preview (p.30)

Brand names associated with their products or services. This text will help you reach a
deeper understanding of how to achieve those branding goals. Its basic objectives are:

1. To explore the important issues in planning, implementing, and evaluating brand
strategies.
2. To provide appropriate concepts, theories, models, and other tools to make better
branding decisions.

What is a brand? (p.30)
Branding is a means to distinguish the goods of one producer from those of another.

According to the American Marketing Association (AMA), a brand is a “name, term, sign,
symbol, or design, or a combination of them, intended to identify the goods and services of
one seller or group of sellers and to differentiate them from those of competition”.

Brand elements (p.30)
The key to creating a brand, according to the AMA definition, is to be able to choose a name,
logo, symbol, package design, or other characteristic that identifies a product and
distinguishes it from others. These different components of a brand that identify and
differentiate it are brand elements.

Some brand names use words:

- Inherent product meaning
- Important attributes or benefits
- Made up names and include: prefixes and suffixes that sound scientific, natural or
prestigious.

Logo’s can also be bases on:

- People
- Places
- Things
- Abstract images.




2

,Brand versus product (p.31)
A product is anything we can offer to a market for attention, acquisition, use, or consumption
that might satisfy a need or want.

We can define five levels of meaning for a product:

1. The core benefit level : the fundamental need or want that consumers satisfy by
consuming the product or service.
2. The generic product level: a basic version of the product containing only those
attributes or characteristics absolutely necessary for its functioning but with no
distinguishing features.
3. The expected product level: a set of attributes or characteristics that buyers normally
expect and agree to when they purchase a product.
4. The augmented product level: includes additional product attributes, benefits, or
related services that distinguish the product from competitors.
5. The potential product level: includes all the augmentations and transformations that a
product might ultimately undergo in the future.

A brand is more than a product, because it can have dimensions that differentiate it in some
way from other products designed to satisfy the same need. The psychological response to a
brand can be as important as the physiological response to the product.

By creating perceived differences among products through branding and by developing a
loyal consumer franchise, marketers create value that can translate to financial profits for the
firm. The reality is that the most valuable assets many firms have may not be tangible ones,
such as plants, equipment, and real estate, but intangible assets such as management skills,
marketing, financial and operations expertise, and, most important, the brands themselves.

Why do brands matter? (p.34)
Consumer

Brands identify the source or maker of a product and allow consumers to assign
responsibility to a particular manufacturer or distributor. Most important, brands take on
special meaning to consumers. Consumers find out which brands satisfy their needs and
which ones do not, means of simplification for their product decisions.

Based on what they already know about the brand—its quality, product characteristics, and
so forth—consumers can make assumptions and form reasonable expectations about what
they may not know about the brand.

Brands can also play a significant role in signalling certain product characteristics to
consumers. Researchers have classified products and their associated attributes or benefits
into three major categories: search goods, experience goods, and credence goods.

- Search goods like grocery produce, consumers can evaluate product attributes like
sturdiness, size, colour, style, design, weight, and ingredient composition by visual
inspection.




3

, - Experience goods like automobile tires, consumers cannot assess product attributes
like durability, service quality, safety, and ease of handling or use so easily by
inspection, and actual product trial and experience is necessary.
- Credence goods like insurance coverage, consumers may rarely learn product
attributes.

Brands can reduce the risks in product decisions. Consumers may perceive many different
types of risks in buying and consuming a product:

- Functional risk: The product does not perform up to expectations.
- Physical risk: The product poses a threat to the physical well-being or health of the
user or others.
- Financial risk: The product is not worth the price paid.
- Social risk: The product results in embarrassment from others.
- Psychological risk: The product affects the mental well-being of the user.
- Time risk: The failure of the product results in an opportunity cost of finding another
satisfactory product.

Firms

Brands also provide a number of valuable functions to their firms.

- Fundamentally, they serve an identification purpose, to simplify product handling or
tracing.
- Operationally, brands help organize inventory and accounting records.

A brand also offers the firm legal protection for unique features or aspects of the product. A
brand can retain intellectual property rights, giving legal title to the brand owner.

Brand loyalty provides predictability and security of demand for the firm and creates barriers
of entry that make it difficult for other firms to enter the market.

To firms, brands represent enormously valuable pieces of legal property, capable of
influencing consumer behaviour, being bought and sold, and providing the security of
sustained future revenues. For these reasons, huge sums, often representing large multiples
of a brand’s earnings, have been paid for brands in mergers or acquisitions, starting with the
boom years of the mid 1980s.

Most of the value lies in intangible assets and goodwill, and as much as 70 percent of
intangible assets can be supplied by brands.

Can anything be branded? (p.37)
Brands provide important benefits to both consumers and firms. To brand a product it is
necessary to teach consumers ‘who’ the product is as well as what the product does and why
consumer should care. In other words marketers must give consumers a label for the product
and provide meaning for the brand. Branding creates mental structures. The key to branding
is that consumers perceive difference among brands in a product category.




4

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