Brand Equity.pptx for business students ppt

business

1. DISCOVER . LEARN . EMPOWER Marketing Analytics Institute- University School Of Business Department - MBA Master of Business Administration MARKETING ANALYTICS (23BAT-737) UNIT 1: Lecture 33 Prepared by: Parveen Kumar Abrol Email : [email protected]

2. Nature and Business Plan PRICING ANALYTICS TOOLS & PROMOTION Introduction to marketing analytics 2 CO Number Title Level CO1 To define management and marketing research problem Understand   Course Outcome

3. What is Brand Equity? How to Build and Measure It Brand equity describes the level of sway a brand name has in the minds of consumers, and the value of having a brand that is identifiable and well thought of. Organizations establish brand equity by creating positive experiences that entice consumers to continue purchasing from them over competitors who make similar products. Awareness and experience are the two key tenets of brand equity. Awareness:  Can consumers easily identify your brand? Messaging and imagery surrounding your brand should be cohesive so consumer can always identify it, even for a new product. What kinds of values do consumers associate with the brand?  Perhaps they think of sustainability, quality, or family friendly qualities. Experience : How have first hand experiences with your brand gone? This could mean that the product performed the way it was supposed to, that encounters with brand representatives and customer service teams have been accommodating and helpful, and that loyalty programs have been worthwhile.

4. Why is Brand Equity Important: The Effect on the Bottom Line A key benefit of establishing positive brand equity is the benefits it can have on  ROI . Organizations that leverage the power of branding often earn more money than competitors, while spending less - whether on production, advertising, or elsewhere. For example, positive brand equity enables brands to charge price premiums. When consumers believe in the values put forth by a brand and the quality of their products, they will pay higher prices to purchase from that brand. Additionally, should an organization want to add new product offerings, marketing them under the same umbrella brand will help the new product take off faster, as trust has already been established.

5. HOW TO BUILD BRAND EQUITY Understand your why Test your messaging Drive awareness Maintain consistency Customer experience

6. HOW TO MEASURE BRAND EQUITY Financial value Product value Brand audit Brand association- Keller’s brand equity model

7. APPLICATIONS 7 Marketing analyticsis used in industry at higher levels for taking decisions regarding marketing and business in organizations The students can use these in their respective department for formulating objectives aligned with the organizational objectives It can be used by students to understand and consider the internal environment factors while taking decisions

8. REFERENCES Text Books:- 1.     Grigsby, Mike., Marketing Analytics, Kogan Page, 1 st Edition, 2015 2.     Winston, Wayne, Marketing Analytics, Wiley, 1 st Edition. 3. Venkatesan , Rajkumar ; Farris Paul; Wilcox Ronald, Cutting Edge Marketing Analytics, FT Press, 1st Edition, 2015. 4. Grigsby, Mike, Advanced Customer Analytics, Kogan Page, 1st Edition, 2016. Reference Books:- 1. Halligan , Bryan., Shah, Dharmesh ., Inbound Marketing, John Wiley, 1 st Edition. 2016. 2. Sauro , Jeff., Customer Analytics for Dummies, John Wiley 1 st Edition, 2017. 8