Brand and Luxury Management - Basics tot

Brand and Luxury Management

1. Brand and Luxury Management UNIT - 1 Dr.M.B.Srinivasan ., M.B.A, Ph.D

2. Course Objectives To explain strategies that build brand equity To Demonstrate knowledge of branding to applied in marketing To teach application of various methodologies, processes and tools a marketing manager may use in order to critically evaluate a brand and its products To teach how to prepare a professional, logical and coherent brand development report within a specific context. To develop a brand audit and to use the information for brand planning

3. Course Learning Outcomes On having completed this course student should be able to: CLO1 Explain strategies that build brand equity CLO2 Demonstrate how knowledge of branding can be applied to marketing CLO3 Apply various methodologies, processes, and tools a marketing manager may use in order to critically evaluate a brand and its products CLO4 Prepare a professional, logical, and coherent brand development report within a specific context. CLO5 Develop a brand audit and to use the information for brand planning

4. UNIT –I INTRODUCTION TO BRAND MANAGEMENT Introduction to the concept of Brand Management: Brand –Meaning, Definition, Evolution of Brands Functions of Brand to consumer Role of Brand- Advantages of Brand Product Vs Brand Branding- Meaning Creation of Brands through goods, services, people, Organization, Retail stores, places, online, entertainment, ideas, challenges to Brand builders Brand Management-Meaning & Definition. Strategic Brand Management Process-Meaning, Steps in Brand Management Process Strong Indian Brands.

5. UNIT –I INTRODUCTION TO BRAND MANAGEMENT A brand is a product, service or concept that is publicly distinguished from other products, services or concepts so that it can be easily communicated and usually marketed.

6. UNIT –I INTRODUCTION TO BRAND MANAGEMENT Branding is the process of creating and disseminating the brand name, its qualities and personality. Branding could be applied to the entire corporate identity as well as to individual products and services or concepts. Well-known advertising copywriter and ad agency founder  David Ogilvy  defined a brand as: "the intangible sum of a product's attributes: its name, packaging, and price, its history, its reputation, and the way it's advertised."

7. Brand Management It is a name, term, sign, symbol or a combination of all these which differentiate the goods/services of one seller or group of sellers from those of competitors .

8. Brand Management Gillette’s tagline, 'The Best A Man Can Get’, showcased in its ads through the years has created a consistent, intangible sense of product superiority Gillette has created a strong brand image in totality - that is, all the different perceptions, beliefs, attitudes and behaviors customers associate with their brand .

9. Brand Management Gillette’s tagline, 'The Best A Man Can Get’, showcased in its ads through the years has created a consistent, intangible sense of product superiority Gillette has created a strong brand image in totality - that is, all the different perceptions, beliefs, attitudes and behaviors customers associate with their brand .

10. Activity Each individual on their own: Analyses why the redesign was necessary Chooses 5 words to describe both the old and the new logos e.g. characteristics like 'trustworthy', ' flexible', 'modern', 'dynamic', 'classic', strong', international', 'technological' and 'friendly'. Consider why the colour (s) were chosen

11. What is Brand Management? Brand management is the process of building, managing and improving a brand. It begins by having a thorough knowledge of the term “brand”. Hence, brand management includes developing a promise, making that promise and maintaining it. It means defining the brand, positioning the brand, and delivering the brand. It is an art of creating and sustaining the brand.

12. Building a Strong Brand: Four Steps of Brand Building Brand Positioning Identify and Establishing Brand Position Positioning Guidelines Identifying and Establishing Brand Position Customer Based Brand Equity Identifying & Establishing Brand Position

13. Clear identity and purpose Consistency Unique Value Proposition Emotional connection Quality and reliability Customer centric approach Authenticity Innovation What makes the strong brand?

14. Brand equity The differential effect that knowing the brand name has on customer response to the product or its marketing. Branding Strategy: Building Strong Brands Copyright ©2014 by Pearson Education, Inc. All rights reserved Branding is important because it makes a memorable impression on consumers and allows your customers and clients to know what to expect from your company. It is a way of distinguishing yourself from the competitors and clarifying what it is you offer that makes you the better choice

15. “Brands are essentially patterns of familiarity, meaning, fondness, and reassurance that exist in the minds of people.”—  Tom Goodwin

16. Branding Strategy: Building Strong Brands Copyright ©2014 by Pearson Education, Inc. All rights reserved

17. Branding Strategy: Building Strong Brands Brand strategy decisions include: Product attributes Product benefits Product beliefs and values Brand Positioning Copyright ©2014 by Pearson Education, Inc. All rights reserved

18. Branding Strategy: Building Strong Brands Desirable qualities Suggest benefits and qualities Easy to pronounce, recognize, and remember Distinctive Extendable Translatable for the global economy Capable of registration and legal protection Brand Name Selection Copyright ©2014 by Pearson Education, Inc. All rights reserved

19. Branding Strategy: Building Strong Brands Manufacturer’s brand Private brand Licensed brand Co-brand Brand Sponsorship Copyright ©2014 by Pearson Education, Inc. All rights reserved

20. Branding Strategy: Building Strong Brands Brand Development Strategies Copyright ©2014 by Pearson Education, Inc. All rights reserved

21. https://youtu.be/4eIDBV4Mpek

22. Mini Caselet on Branding -Company: XYZ Coffee Co. Background : XYZ Coffee Co. is a small, local coffee shop that has been operating for five years in a bustling city neighborhood. While they have a loyal customer base, they face increasing competition from larger chain coffee shops in the area. To stay relevant and attract new customers, XYZ Coffee Co. decides to revamp its brand. Objective : The objective of the branding initiative is to differentiate XYZ Coffee Co. from its competitors, enhance customer perception, and attract a wider customer base.

23. Steps taken for Branding Brand Identity and Visuals : XYZ Coffee Co. collaborates with a graphic designer to create a new logo, color palette, and visual identity that represents the unique personality and values of the brand. The new logo is modern, incorporating coffee-related elements while maintaining a sense of simplicity and warmth. Brand Positioning : To differentiate itself from the larger chain coffee shops, XYZ Coffee Co. positions itself as a community-focused and environmentally conscious brand. They emphasize their commitment to sourcing locally roasted coffee beans, supporting fair trade practices, and reducing their environmental impact through sustainable packaging and recycling initiatives.

24. Steps taken for Branding Store Ambience : XYZ Coffee Co. redesigns its interior to create a warm and inviting atmosphere that reflects the brand's values. They use eco-friendly materials, incorporate natural elements, and provide comfortable seating areas to encourage customers to relax and enjoy their coffee. Menu and Offerings : To cater to a diverse customer base, XYZ Coffee Co. expands its menu to include a wider range of coffee blends, including organic and single-origin options. They also introduce healthier food options, such as vegan and gluten-free pastries, to accommodate various dietary preferences. Customer Engagement : XYZ Coffee Co. actively engages with customers through social media platforms and a loyalty program. They share updates on new coffee blends, promote community events, and encourage customers to provide feedback and share their experiences. This helps foster a sense of belonging and builds customer loyalty.

25. Results The rebranding efforts positively impact XYZ Coffee Co.'s business: Increased Footfall: The refreshed brand and unique positioning attract new customers who resonate with the company's values, resulting in a steady increase in footfall. Enhanced Customer Perception : Customers perceive XYZ Coffee Co. as a local and socially responsible brand, which differentiates it from larger chain coffee shops. This perception builds trust and fosters customer loyalty.

26. Results Expanded Customer Base : By offering a diverse menu and catering to various dietary preferences, XYZ Coffee Co. successfully attracts a wider customer base, including health-conscious individuals and those seeking specialty coffee options. Positive Word-of-Mouth: Satisfied customers become brand advocates, sharing their experiences with friends and family, which further boosts XYZ Coffee Co.'s reputation and attracts new customers.

27. Conclusion Through a strategic rebranding effort, XYZ Coffee Co. successfully differentiates itself from competitors and enhances customer perception. The focus on community engagement , sustainability , and a diverse menu helps build a loyal customer base and drive business growth in a competitive market

28. Brand management – Definition and Meaning

29. Brand management – Definition and Meaning Example First, let’s consider a hypothetical example of a company’s PQR. The company sells skin care products and openly advocates against using beauty products and cosmetics. The brand started as a propagator of natural beauty and offered only natural skin care products free of chemicals.  The company also pushes the idea of keeping it real and doesn’t promote immediate results. It also brings together customers and prospects to provide a platform for open communication. Further, it uses AI to understand the skin care requirements of customers and recommends the appropriate products for them.

30. Brand management – Definition and Meaning Brand management is a broad term used to describe marketing strategies to maintain, improve and bring awareness to the wider value and reputation of a brand and its products over time. A strong brand management strategy helps to build and nurture closer relationships with its audience. By building a loyal customer base, a brand’s reputation and associated products will be perceived more positively, subsequently driving higher revenue and better  brand equity .

31. Brand management – Definition and Meaning Modern-day branding often requires digital brand management, allowing you to curate the image you want your company to present online. The brand management definition has changed over the years, and it's important that companies stay on top of the latest trends in marketing to continually implement best practices. Inevitably, today’s most iconic and recognizable brands are experts in online brand management strategy, recognizing what marketing tactics need to be employed in order to increase the value of the brand and maintain a good relationship with its customers

32. Retail Outlet Many mass marketers, especially those that also sell through their own retail stores, are increasingly using direct selling, a long-successful strategy for brands such as Mary Kay and Avon. These Retailers not only help sell products but also contribute to brand equity by increasing consumer awareness of the range of products associated with a brand and increasing consumer understanding of the key benefits of those products. Marketers can execute direct marketing efforts in many ways, such as catalogs, videos, or physical sites, all of which are opportunities to engage in a dialogue and establish a relationship with consumers

33. Online Strategies The advantages of having both a physical “brick and mortar” channel and a virtual, online retail channel are becoming clearer to many firms. Integrated channels allow consumers to shop when and how they want. Many consumers value the convenience of ordering from companies online or over the phone and picking up the physical product at their local store rather than having it shipped. They also want to be able to return merchandise at a store even if they originally bought it and had it shipped outside the store

34. Entertainment Marketers combine product placements with special promotions to publicize a brand’s entertainment tie-ins and create “ branded entertainment.” For example, BMW complemented product placement in the James Bond film Goldeneye with an extensive direct mail and advertising campaign to help launch its Z3 roadster McDonald’s has partnerships with a number of different brands, including leading toy and entertainment companies for its Happy Meals, and Kraft’s Oreo, Hershey’s M&M’s, and Rolo brands for its McFlurry dessert

35. Place Linking the brand to some other entity—some source factor or related person, place, or thing— may create a new set of associations from the brand to the entity, as well as affecting existing brand associations. Outside the country, the government also embarked on a “Visit Britain” and “Visit London” promotional campaign to attract tourists. The campaigns set out strategically to emphasize the “timeless,” “dynamic,” and “genuine” qualities—based on the people, places , and culture—that define the British brand

36. Challenges to Brand builders

37. Strongest Brands Cult Brand – Iconic Brand – Premium Brand Cult Brand – exceptional loyal and passionate customer base, often with strong sense of community and identity associated with the brand Examples : Apple, Nike, Harley Davidson, Starbucks, Red Bull Iconic Brand – achieved a high level of recognition, trust and cultural significance Examples – Apple, Coca – cola, Disney, Sony, Ferrari

38. Strongest Brands Premium Brand – a brand that is positioned in the market as offering products or services of higher quality, greater value, or enhanced prestige compared to those competitors. Examples : Mercedes Benz, Rolex, Bose, Patek Phillippe

39. REVISION

40. Designing and implementing Brand Marketing Program - Choosing Brand Element – Name, logo, symbols - Integrating the Brand into Marketing activities and supporting marketing programs – Brand equity, product / price / promotional strategies - Leveraging secondary association – Brand association with the other entity like the source factor, such as company, channel of distribution, co-branding

41. Functions of Brand to consumer Identification : Brands help consumers easily identify and recognize products or services in the marketplace. Through consistent visual elements such as logos, colors , and packaging, brands allow consumers to quickly locate and choose products they are familiar with. Differentiation : Brands differentiate products and services from competitors by communicating unique value propositions, features, and benefits. Consumers can make informed decisions based on their perceptions of a brand's quality, reliability, and reputation. Quality Assurance : Brands provide a level of assurance and trust to consumers regarding the quality and performance of products or services. A strong brand reputation helps consumers feel more confident in their purchase decisions, knowing that they are buying from a reliable and reputable source

42. Functions of Brand to consumer Risk Reduction: Brands reduce perceived risks associated with purchasing unfamiliar or unknown products. Consumers are more likely to choose a brand they trust, as it minimizes the potential for disappointment or negative experiences. Emotional Connection: Brands can evoke emotional connections and attachments with consumers. Through effective branding strategies, brands create experiences, stories, and values that resonate with consumers' emotions, leading to brand loyalty and advocacy. Simplification: Brands simplify the decision-making process for consumers. When faced with numerous options, consumers often rely on familiar brands as shortcuts to make choices, saving time and cognitive effort.

43. Functions of Brand to consumer Social Identity and Expression : Brands can serve as a means for consumers to express their self-identity and associate themselves with specific values, lifestyles, or communities. Consumers may align themselves with brands that reflect their personal beliefs, aspirations, or social group affiliations. Personalization and Customization : Brands that offer customization options allow consumers to personalize products or services according to their individual preferences. This enhances the consumer experience and fosters a sense of ownership and uniqueness.

44. Functions of Brand to consumer Consistency and Reliability : Brands that consistently deliver on their promises establish trust and reliability with consumers. Consistency in product quality, customer service, and overall brand experience reinforces consumer loyalty and repeat purchases. Post-Purchase Satisfaction : Brands continue to play a role even after the purchase is made. Positive post-purchase experiences, such as effective customer support or engaging loyalty programs, can enhance consumer satisfaction and reinforce brand loyalty.

45. Functions of Brand to consumer What is the primary function of a brand? What is brand positioning? What role does brand identity play in brand functions? How does brand communication contribute to brand functions? What is the significance of brand loyalty in brand functions? How does brand equity impact brand functions? What is the role of brand management in brand functions? How does brand innovation contribute to brand functions?

46. Functions of Brand to consumer What is the primary function of a brand? The primary function of a brand is to differentiate a product, service, or company from its competitors and create a unique identity in the minds of consumers. What is brand positioning? Brand positioning refers to the strategic process of creating a distinct image and identity for a brand in the minds of the target audience. It involves defining how a brand wants to be perceived and differentiating itself from competitors based on specific attributes or values.

47. Functions of Brand to consumer What role does brand identity play in brand functions? Brand identity encompasses the visual and verbal elements that represent a brand, including its name, logo, tagline, colors, and messaging. It plays a crucial role in brand functions as it helps to communicate the brand's personality, values, and overall image to consumers. How does brand communication contribute to brand functions? Brand communication involves the messages and channels used to convey the brand's value proposition, benefits, and overall story to the target audience. Effective brand communication builds awareness, enhances brand perception, and fosters a connection between the brand and its consumers.

48. Functions of Brand to consumer What is the significance of brand loyalty in brand functions? Brand loyalty refers to the level of commitment and preference that consumers have towards a particular brand. It is a vital aspect of brand functions as it leads to repeat purchases, positive word-of-mouth, and a competitive advantage in the market. How does brand equity impact brand functions? Brand equity represents the value and perception of a brand in the marketplace. It encompasses factors such as brand awareness, brand associations, perceived quality, and brand loyalty. Brand equity positively impacts brand functions by influencing consumer behavior, commanding premium pricing, and providing a foundation for brand extensions.

49. Functions of Brand to consumer What is the role of brand management in brand functions? Brand management involves overseeing and implementing strategies to build, maintain, and enhance a brand's value and reputation. It includes activities such as brand positioning, brand communication, brand monitoring, and brand extension planning. Effective brand management is crucial for ensuring consistent brand experiences and achieving business objectives. How does brand innovation contribute to brand functions? Brand innovation involves introducing new products, services, or experiences that align with the brand's values and resonate with the target audience. It plays a significant role in brand functions by driving differentiation, capturing new market opportunities, and keeping the brand relevant and competitive.

50. How to become a Brand Manager https://youtu.be/dELVWhDIazo?si=i4Qej5kPGmR1NrbZ

51. Every product is different in itself regarding size, colour , brand name, shape, packaging, features, after sales services and much more. However, the difference in the product is psychological, not physical. These factors are more or less used by the companies to persuade customers to buy their product.  E.g. Handbags, sunglasses, jeans, shoes, belts,  etc. The brand is not just a name but an image in the minds of the customers. The image is associated with reliability, credibility, and quality that gives a sense of satisfaction to the customers. The legal identity of a brand is known as a trademark. E.g.   Gucci, Rolex, Nike, Reebok, Starbucks, Armani, RayBan , Apple,  etc. Product Vs Brand

52. Product, Services, and Branding Strategy Product, Services, and Experiences Product and Services Decisions Services Marketing Branding Strategy: Building Strong Brands Topic Outline Copyright ©2014 by Pearson Education, Inc. All rights reserved

53. What Is a Product? Product is anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want Service is a product that consists of activities, benefits or satisfaction that is essentially intangible and does not result in the ownership of anything Products, Services, and Experiences Copyright ©2014 by Pearson Education, Inc. All rights reserved

54. What Is a Product? Experiences represent what buying the product or service will do for the customer. Companies may now focus on creating and managing customer experiences with their brands or company. Products, Services, and Experiences Copyright ©2014 by Pearson Education, Inc. All rights reserved

55. What Is a Product? Levels of Product and Services Copyright ©2014 by Pearson Education, Inc. All rights reserved

56. What Is a Product? Product and Service Classifications Copyright ©2014 by Pearson Education, Inc. All rights reserved

57. What Is a Product? Consumer products are products and services for personal consumption Classified by how consumers buy them Convenience products Shopping products Specialty products Unsought products Product and Service Classifications Copyright ©2014 by Pearson Education, Inc. All rights reserved

58. What Is a Product? Convenience products consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effort Newspapers Candy Fast food Product and Service Classifications Copyright ©2014 by Pearson Education, Inc. All rights reserved

59. What Is a Product? Shopping products consumer products and services that the customer compares carefully on suitability, quality, price, and style Furniture Cars Appliances Product and Service Classifications Copyright ©2014 by Pearson Education, Inc. All rights reserved

60. What Is a Product? Specialty products consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort Medical services Designer clothes High-end electronics Product and Service Classifications Copyright ©2014 by Pearson Education, Inc. All rights reserved

61. What Is a Product? Unsought products consumer products that the consumer does not know about or knows about but does not normally think of buying Life insurance Funeral services Blood donations Product and Service Classifications Copyright ©2014 by Pearson Education, Inc. All rights reserved

62. What Is a Product? Industrial products products purchased for further processing or for use in conducting a business Classified by the purpose for which the product is purchased Materials and parts Capital items Supplies and services Product and Service Classifications Copyright ©2014 by Pearson Education, Inc. All rights reserved

63. What Is a Product? Materials and parts include raw materials and manufactured materials and parts usually sold directly to industrial users Capital items are industrial products that aid in the buyer’s production or operations Supplies and services include operating supplies, repair and maintenance items, and business services Product and Service Classifications Copyright ©2014 by Pearson Education, Inc. All rights reserved

64. What Is a Product? Organization marketing consists of activities undertaken to create, maintain, or change attitudes and behavior of target consumers toward an organization. Organizations, Persons, Places, and Ideas

65. What Is a Product? Person marketing consists of activities undertaken to create, maintain, or change attitudes and behavior of target consumers toward particular people Organizations, Persons, Places, and Ideas Copyright ©2014 by Pearson Education, Inc. All rights reserved

66. What Is a Product Place marketing consists of activities undertaken to create, maintain, or change attitudes and behavior of target consumers toward particular places Social marketing is the use of commercial marketing concepts and tools in programs designed to influence individuals’ behavior to improve their well-being and that of society Organizations, Persons, Places, and Ideas Copyright ©2014 by Pearson Education, Inc. All rights reserved

67. Product and Service Decisions Individual Product and Service Decisions Copyright ©2014 by Pearson Education, Inc. All rights reserved

68. Product and Service Decisions Product or service attributes communicate and deliver the benefits Quality Features Style and design Individual Product and Service Decisions Copyright ©2014 by Pearson Education, Inc. All rights reserved

69. Product and Service Decisions Product Quality Level is the level of quality that supports the product’s positioning Product Conformance Quality is the product’s freedom from defects and consistency in delivering a targeted level of performance Individual Product and Service Decisions Copyright ©2014 by Pearson Education, Inc. All rights reserved

70. Product and Service Decisions Product features are a competitive tool for differentiating a product from competitors’ products are assessed based on the value to the customer versus the cost to the company Individual Product and Service Decisions Copyright ©2014 by Pearson Education, Inc. All rights reserved

71. Product and Service Decisions Style describes the appearance of the product Design contributes to a product’s usefulness as well as to its looks Individual Product and Service Decisions Copyright ©2014 by Pearson Education, Inc. All rights reserved

72. Product and Service Decisions Brand is the name, term, sign, or design—or a combination of these—that identifies the maker or seller of a product or service Individual Product and Service Decisions Copyright ©2014 by Pearson Education, Inc. All rights reserved

73. Product and Service Decisions Packaging involves designing and producing the container or wrapper for a product Labels identify the product or brand, describe attributes, and provide promotion Individual Product and Service Decisions Copyright ©2014 by Pearson Education, Inc. All rights reserved

74. Product and Service Decisions Product support services augment actual products Individual Product and Service Decisions Copyright ©2014 by Pearson Education, Inc. All rights reserved

75. Product and Service Decisions Product line is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges Product Line Decisions Copyright ©2014 by Pearson Education, Inc. All rights reserved

76. Product and Service Decisions Product line length is the number of items in the product line Line stretching Line filling Product Line Decisions Copyright ©2014 by Pearson Education, Inc. All rights reserved

77. Product and Service Decisions Product mix consists of all the products and items that a particular seller offers for sale Width Length Depth Consistency Product Mix Decisions Copyright ©2014 by Pearson Education, Inc. All rights reserved

78. Services Marketing Government Private not-for-profit organizations Business services Types of Service Industries Copyright ©2014 by Pearson Education, Inc. All rights reserved

79. Services Marketing Nature and Characteristics of a Service Copyright ©2014 by Pearson Education, Inc. All rights reserved

80. Services Marketing In addition to traditional marketing strategies, service firms often require additional strategies Service-profit chain Internal marketing Interactive marketing Marketing Strategies for Service Firms Copyright ©2014 by Pearson Education, Inc. All rights reserved

81. Services Marketing Service-profit chain links service firm profits with employee and customer satisfaction Internal service quality Satisfied and productive service employees Greater service value Satisfied and loyal customers Healthy service profits and growth Marketing Strategies for Service Firms Copyright ©2014 by Pearson Education, Inc. All rights reserved

82. Services Marketing Internal marketing means that the service firm must orient and motivate its customer contact employees and supporting service people to work as a team to provide customer satisfaction Internal marketing must precede external marketing Marketing Strategies for Service Firms Copyright ©2014 by Pearson Education, Inc. All rights reserved

83. Services Marketing Interactive marketing means that service quality depends heavily on the quality of the buyer-seller interaction during the service encounter Service differentiation Service quality Service productivity Marketing Strategies for Service Firms Copyright ©2014 by Pearson Education, Inc. All rights reserved

84. Services Marketing Managing service differentiation creates a competitive advantage from the offer, delivery, and image of the service Offer can include distinctive features Delivery can include more able and reliable customer contact people, environment, or process Image can include symbols and branding Marketing Strategies for Service Firms Copyright ©2014 by Pearson Education, Inc. All rights reserved

85. Services Marketing Managing service quality provides a competitive advantage by delivering consistently higher quality than its competitors Service quality always varies depending on interactions between employees and customers Marketing Strategies for Service Firms Copyright ©2014 by Pearson Education, Inc. All rights reserved

86. Services Marketing Managing service productivity refers to the cost side of marketing strategies for service firms Employee recruiting, hiring, and training strategies Service quantity and quality strategies Marketing Strategies for Service Firms Copyright ©2014 by Pearson Education, Inc. All rights reserved

87. Strategic Brand Management Mental maps : A point-of-view perception of the different brand-linked associations in the consumer’s mind. Points of parity : Convincing customers that an offering similar to a competitor makes the brand good enough for inclusion in the category. Points of difference : Convincing consumers that the benefits they associate with a brand would not be found in a competitor brand. Brand mantra : A short phrase capturing the brand spirit. Core brand associations : Attributes that best characterize a brand. The frame of reference : Recognising the target market and identifying the nature of competition.

88. Brand awareness Brand awareness is related to the strength of the brand node or trace in memory, as reflected by consumers’ ability to recall or recognize the brand under different conditions. Brand awareness has depth and breadth. Depth describes the likelihood that consumers can recognize or recall the brand. Breadth describes the variety of purchase and consumption situations in which the brand comes to mind.

89. Brand image Brand image is consumer perceptions of and preferences for a brand, measured by the various types of brand associations held in memory. Although brand associations come in many forms, we can usefully distinguish between product-related or performance-related versus non product-related or imagery-related attributes. A useful distinction with benefits is between functional (intrinsic product advantages), symbolic (extrinsic product advantages), or experiential (product consumption advantages) benefits. Some of these attribute and benefit associations may be more rational or cognitive in nature; others more emotional or affective.

90. Discussion Question List out the thinks that cannot be branded. If you think yourself as a brand, what do you brand yourself?