Global Branding Essay

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CHAPTER 2: CUSTOMER-BASED BRAND EQUITY AND BRAND POSITIONING Building strong Brands- What are sources of brand equity?- What makes a brand strong?- How to build strong brands?- What is brand knowledge? CUSTOMER BASED BRAND EQUITY CUSTOER-BASED BRAND EQUITY: * The differential effect that brand knowledge has on consumer response to the marketing of that brand -Differential effect: if no difference occurs, brand name or product will be classify as commodity of generic product -Brand Knowledge: cust knowledge about brand, what they have learned, felt, seen or heard about -Consumer response: which make up brand equity, are reflected in perceptions, preference, behavior relate to all topics of brand mk. * Positive: when consumer react more favorably to the product and the way it is marketed when a brand is identified that when it is not, thus consumer might be more accepting new brand extension for a brand with positive customer based brand equity, less sensitive to price increase, or more willing to seek brand in new distribution channel. POWER OF THE BRAND * What the consumers have: learned, felt, seen, heart> about the brand as a result of experiences over time WHAT MAKE A BRAND STRONG? -The power of brand lies in what reside in the mind and hearts of the customers Building strong brand is ensuring that customers have the right type of experiences with products and service and their accompanying marketing programs >>> so that the desired thought, feeling ,images, beliefs, perceptions, opinion and experiences become linked to brand CHALLENGES FOR MARKETERS 1. Ensure that consumers have the right type of experience with the product 2. Develop marketing programms that ensure that the desired thoughts, feelings, image, beliefs etc are linked to the brand MAKING A BRAND STRONG: BRAND KNOWLEDGE
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