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Product & Brand Management Lecture

The document defines key concepts in branding including what a brand is, how it differs from a product, and the various levels of meaning a product can have. It also discusses the importance of brands to both consumers and firms in reducing risks and creating competitive advantages. Finally, it covers challenges in brand management and defines strategic brand management as a process of building, measuring, and managing brand equity over time.

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Jamie Mariele Diaz
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127 views4 pages

Product & Brand Management Lecture

The document defines key concepts in branding including what a brand is, how it differs from a product, and the various levels of meaning a product can have. It also discusses the importance of brands to both consumers and firms in reducing risks and creating competitive advantages. Finally, it covers challenges in brand management and defines strategic brand management as a process of building, measuring, and managing brand equity over time.

Uploaded by

Jamie Mariele Diaz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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APRIL 5, 2022

 
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."
 These different components of a brand that identify and differentiate it are brand elements.
 Many practicing managers refer to a brand as more than that- as something that has actually
created a certain amount of awareness, reputation, prominence, and so on in the marketplace.
 We can make a distinction between the AMA definition of a "brand" with a small b and the
industry's concept of a "Brand" with a capital b.
 
BRAND VS. PRODUCTS
 A product is anything we can offer to a market for attention, acquisition, use, or consumption that
might satisfy a need or want.
 A product may be a physical good, a service, a retail outlet, a person, an organization, a place, or
even an idea.
 
 
FIVE LEVELS OF MEANING FOR A PRODUCT
1. The core benefit level is the fundamental need or want that consumers satisfy by consuming the
producr or service.
2. The generic product is basic version of the prodyct containing only those attributes or
characteristics absolutely necessary for its functioning bu with no distinguish features. This is
basically a stripped-down, no-frills version of the product that adequately performs the product
functions.
3. The expected product level is a set of attributes or characteristics that buyers normally expect
and agree to when they purchase a product.
4. The augmented product 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 THEREFORE MORE THAN A PRODUCT, AS IT CAN HAVE DIMENTSIONS THAT
DIFFERENTIATE IT IN SOME WAY FROM OTHER PRODUCTS DESIGNED TO SATISFY THE SAME
NEED.
 
SOME BRANDS CREATE COMPETITIVE ADVANTAGES WITH PRODUCT PERFORMANCE;
OTHER BRANDS CREATE COMPETITIVE ADVANTAGES THROUGH NON-PRODUCT-RELATED
MEANS.
 
 
WHY DO BRANDS MATTER?
 Brands resides to the usefulness of the product.
 
IMPORTANCE OF BRANDS TO CONSUMERS
 Identification of the sources of the product
 Assignment of responsibility to product maker
 Risk reducer
 Search cost reducer
 Promise, bond, or pact with product maker
 Symbolic device
 Signal of quality
 
REDUCING 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.
 
IMPORTANCE OF BRAND TO FIRMS
 Identification to simplify handling or tracing
 Legally protecting unique features
 Signal of quality level
 Endowing products with unique associations
 Source of competitive advantage
 Source of financial returns
 
CAN EVERYTHING BE BRANDED?
 Ultimately a brand is something that resides in the minds of consumers.
 The key to branding is that consumers perceive differences among brands in a product category
 Even commodities can be branded:

 
WHAT IS BRANDED?
 Physical goods
 Services
 Retailers and distributors
 Online products and services
 People and organizations
 Sports, arts, and entertainment
 Geographic locations
 Ideas and causes
 
IMPORTANCE OF BRAND MANAGEMENT
 The bottom line is that any brand -- no matter how strong at one point in time -- is vulnerable, and
susceptible to poor brand management.
 
BRANDING CHALLENGES AND OPPORTUNITIES
 Savvy customers
 Brand Proliferation
 Media fragmentation
 Increased competition
 Increased costs
 Greater accountability
 
THE BRAND EQUITY
 No common viewpoint on how it should be conceptualized and measured
 It stresses the importance of brand role in marketing strategies
 Brand equity is defined in terms of the brand marketing effects uniquely attributable to the brand.
 Brand equity relates to the fact that different outcomes result in marketing of a product or
services because of its brand name, as compared to if the same product or service did not
have the name.
 
STRATEGIC BRAND MANAGEMENT
 It involves the design and implementation of marketing programs and activities to build measure
and manage brand equity
 The Strategic Brand Management Process is defined as involving four main steps:
1. Identifying and establishing brand positioning and values
2. Planning and implementation brand marketing programs
3. Measuring and interpreting brand performance
4. Growing and sustaining brand equity
 

 
 

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