Branding Strategies MGMT E 6100 Final Exam Preview

Branding Strategies MGMT E 6100 Final Exam Preview Instructor: Thomas Murphy

Final Exam Modules 1 Branding Over Boundaries 2 Brand Measurement 3 Brand Architecture 4 Secondary Associations 5 Brands Over Time 6 Branding Places 7 Branding Beverages & Retail

Point Distribution 13 Measure 16 Archit 19 Second 9 Place Beverage 8 Retail 6 14 Time Bound 15

Question Type 5/29 Essay 4/18 Match 5/15 Phrase T/F Choice 3/6 8/32

Managing Brand Value BRAND MEASUREMENT

Question: How is Brand Value Measured Identify the 4 Stages of Measuring Brand Value 1 2 3 4

Question: How is Brand Value Measured Identify the 4 Stages of Measuring Brand Value 1 4 P’s 2 Branding 3 Market Response 4 Investor Return

Brand Value Stages 1. 2. 3. 4. 5. Product Communication Trade Employee ROMI Marketing program investment 1. 2. 3. 4. 5. 6. Awareness Associations Attitudes Attachment Activity Customer mind-set Market performance 4 BRANDING STRATEGY Price premiums Price elasticity Market share Expansion success Cost structure Profitability of 11 1. 2. 3. Stock price P/E ratio Market capitalization Shareholder value Instructor: Thomas Murphy P. 978_760_1388/ Tmurphy@clarku. edu

Question: Role of Brand Audits What is the Difference of an Audit & Tracking ? 1 2 3 4

Question: Role of Brand Audits 1 Once a Year 2 3 4 SWOT Portfolio Inventory Brand Background

Exploring Brand Equity Brand Audits • Inventory • Associations • Behaviors Brand Tracking • Usage • Comparison • Global Reach Performance • Portfolio • Activity • Competitive How are the individual and family of brands doing Relative to expectations? 9 BRANDING STRATEGY of 11 Instructor: Thomas Murphy P. 978_760_1388/ Tmurphy@clarku. edu

Question – Brand Charter What are The Key Elements of a Brand Charter and What Is It’s Role Elements ► Goals ► POD ► Scope ► Trademarks ►Packaging ► Hierarchy Role ► Direction ► Mgt. Guide ► Equity Guide Partner Guide ►

Branding a Place

Diverse Customer Segment • Multicultural • Live There vs Visitors • Businesses & Investors Locations Sell Experience • Expectations Differ • Themes are Key “Excitement” • Impacted by Weather & Location Every Place Has a History • Iconic Symbols and Sights • Do you Keep or Change Impression WHAT MAKES BRANDING PLACES UNIQUE

Who Are You What Defines You Where Are You How Do Others See You Who Do You Want to Be HOW IS A PLACE DEFINED

Identify Essence Define White Space Future Proof KEYS TO BUILDING A STRONG PLACE BRANDHTTP: //WWW. SUSTAINABLEBRANDS. COM/NEWS_AND_VIEWS/ARTICLES/WHY-REBUILDINGCITIES-NEED-BUILD-THEIR-BRAND

Sustainable Our world is going through unprecendented change. Future Insight Innovation Climate change, technological change, cultural change. Is your brand resilient enough to thrive in this environment? Although there are no guarantees, building the following 5 elements into your brand will give it a better than average chance of success. Social Media Visual Design HOW TO “FUTURE PROOF” YOUR LOCATION BRANDHTTP: //WWW. SUSTAINABLEBRANDS. COM/NEWS_AND_VIEWS/ARTICLES/WHY-REBUILDING-CITIES-NEED-BUILD-THEIRBRAND

Secondary Association Chapter 11

Identify Brands More Likely to Gain from Secondary Association Minimal Feature Difference Existing Brand Image Issues Iconic Brand Element

Brands More Likely to Gain from Secondary Association Minimal Feature • Toothpaste & Scope • Tide & Irish Spring Difference Existing Brand Image Issues • Tesla: Safety Concern • Dove & Weight Watchers Iconic Brand Element • Polo Ralph Lauren • Nike and Under Armour

Match Examples With Factors that Strengthen a Secondary Association 1. Any Celebrity Endorser 2. Coca Cola Polar Bears 3. Lindsey Vonn & Skiing Knowledge Of Secondary Association Relevance of Association Transfer “Sticking” Of Association

2 Leveraging a Place

2 Leveraging a Place

4 Co Branding

4 Co Branding

4 Co Branding

4 Ingredient Co-Branding

4 Ingredient Co-Branding

Guidelines for Ingredient Branding Success Convince Consumers That the Ingredient Is Superior to other Alternatives Packaging that Clearly Identifies the New Ingredient Convince Consumers That The Added Ingredient Has Added Value Push and Pull Promotion To Create Demand And Trial Use 4 Ingredient Co-Branding

Sponsored by: The Brand Licensing Workshop Branding Strategy Insider is a service of The Blake Project: A strategic brand consultancy specializing in Brand Research, Brand Strategy, Brand Licensing and Brand Education

8 Leveraging rd 3 Parties

Third Party Endorsements Add Brand Credibility Story of Grey Goose leveraging an endorsement from the “Beverage Tasting Institute” Criteria for 3 rd Party Endorsement Impact • Opinion Leaders • Rating Companies • Customer Testimonials Recognized By Target Audience Relevant to Brand Quality Consistency of Rating in Category • Government Agencies 8 Leveraging rd 3 Parties

3 RD PARTY RATINGS 8 Leveraging rd 3 Parties

Brands That Lend Themselves to a 3 rd Party Endorsement Approach Types of Third Party Endorsements most typically used: • • Quality Social Responsibility Safety Customer Satisfaction Customer Service Best Place to Work Most Trusted Single Key Performance Feature 3 rd Party 8 Leveraging Trust Outweighs Price Element of Risk Exists rd 3 Parties

Brand Architecture Chapter 12

The Role of Brand Architecture Clarify Awareness • Similarity • Benefits • Differences Strengthen Image • Corporate to Family • Family to Products • Products to Channels

Brand Architecture Categories

Brand Architecture Categories

Brand Architecture Decisions Elements of a Brand Architecture Strategy Brand Portfolio Brand Extensions The balance of different brand New Products added under an existing brand name families {Brand Mix}, each with its{Toyota Avalon}. Line extensions are within an existing category {Reese’s Pieces}. Category extensions extend a brand own unique brand name and logo, to cover the breadth of Brand Extensions product categories that encompass the capabilities of a Brand Portfolio company and the needs of a House of Brands broader market opportunity Corporate Brand House of Brands How to leverage uniquely different brands within an overall corporate brand {Swatch Group: Breguet, Blancpain, Glashütte Original, Harry Winston, Jaquet Droz, Léon Hatot, Omega, Longines, Rado, Union Glashütte, Tissot, Calvin Klein Watches + Jewelry, Balmain, Certina, Mido, Hamilton, Swatch, Corporate Brand Developing and leveraging the image and equity of the corporate brand Branded House} through Corporate Social Responsibility,

Marriott Brands

CORPORATE FAMILY Build a Brand Hierarchy for Disney … using the 4 levels of Brand Naming INDIVIDUAL MODIFIER

Brand Hierarchy Levels CORPORATE Corporate Can also be company within a corporation. This level is important in terms of building a strong image as a likeable overarching brand FAMILY Theme Parks Family also called umbrella brands since they encompass various sub brands within a family. Family brands stay within a market category of related products, such as foods “Buick” within GMC is a family brand Individual brands typically stay within a single product category “Levi Jeans” but can have multiple products within the brand Modifier Level Brands “Levis Stonewashed Jeans” sub product brands that describe a particular use or version. “Disney” Walt Disney World Disneyland INDIVIDUAL Epcot MODIFIER ESPN

Brand Portfolios • All Brands sold by a company within a product category Portfolio Benefits Market Coverage Retain Strength Brand Protection

Reasons to Expand a Brand Portfolio • Cover a segment current brands do not reach • Flank and protect flagship brands High End Brand Entries • Add a higher end prestige product • Attract customers who demand variety • Convince retailers to increase shelf presence • Economies of scale Low End Brand Entries

What is Brand Architecture ? Breadth versus Complexity Brand Architecture defines the boundaries {Breadth} and the complexity {Depth} of a brand its offerings to the market The Boundaries of a brand reflect the categories of products, services and benefits that a brand is focused upon in order to maximize its image and success within a market. Essentially it is the product line portfolio The Complexity of a brand determines the number of products, variations, sizes and price ranges that are most effective within each product line. Snacks Beverages Fast Food PEPSI BRAND BOUNDARIES Lipton Pepsi Gatorade Tropicana PEPSI BEVERAGE COMPLEXITY

Types of Brand Extensions Line Category Same product category with a new product form, size or application Parent Brand to enter a New product category Sub Brand Extending a parent brand with a hybrid brand architecture

Vertical Brand Extensions Levi Vintage Collection Levi Signature Collection Premium Value Better Quality Levi d. ENIZEN Collection Original Brand Discount Offer

Apple Brand Extensions Any new product introduced under an existing brand name Line extensions are brand extensions within the existing product categories Category extensions are extensions to a brand that carry the same brand name but expand to a new product category Sub Brands are extensions that carry both the parent brand the new category brand name IPhone Iphone 5 C IPad 6 Tablet Ipad Air

Brand Extensions Which Products Should Be Added to a Brand ? Principle of Growth Compare new product options on the basis of a ROI and future market opportunity that justifies the investment Principle of Survival New products must be able to survive on their own because of unique equity Principle of Synergy Brand extensions must add equity to the brand fit Growth Survival Synergy • ROI • New Markets • Avoid Me Too • Chevy Volt ? • Image • Elements • Mc. Cafe

BRANDING STRATEGIES MKT 5486 MANAGING BRANDS OVER TIME CHAPTER 13 Part 1: Introducing the Strategy of Building and Sustaining Brand Meaning 1. Reinforce 2. Restore 3. Reinvent Instructor: C l a r k U n i v e r s i t y Graduate School Of Management Thomas Murphy P. 978_760_1388/ Tmurphy@clarku. edu

The Importance of Managing Brands over Time Customer Needs Change Markets Shift Services Replace Products Competition Expands Brand Meaning Fades

Create Reinforce Revitalize Brand Life Cycle Concept Reinvent

Brand Checkups Create Reinforce Revitalize Reinvent Back Story DNA Choose a Name Brand Life Cycle Concept

Reinforce Image Spend Money Create Reinforce Revitalize Reinvent Guidance Brand Life Cycle Concept

Create Reinforce Revitalize Reinvent New Horizons Brand Values Future Growth Brand Life Cycle Concept

Take a Cruise Create Reinforce Revitalize Reinvent On Their Own Home Start a New Family Brand Life Cycle Concept

Brands require different strategies at each life cycle Reinvent • Customer Experience & Value • Brand Meaning & Direction Revitalize • Credibility & Trust • Competitive Advantage Reinforce • Brand Consistency • Brand Investment Create • Discovery – Who Are You • Positioning – What Is Your Story

Over Time Brand Meaning Needs to be Reinforced http: //canadacoaster. com/Large. Custom. Coaster. Shapes. php

https: //lindsaydimc. wordpress. com/2013/09 Reinforcement strategy 1 /06/32/ maintain consistency 1. Quality levels 2. Messages / Promise 3. Iconic Characters 4. Logo’s / Imagery 5. Key Experiences

1. Advertising 2. Co-Branding 3. Channels 4. Promotions 5. New Products http: //brandchannel. com/2013/09/25/wond er-bread-returns-to-store-shelves-with-new -owner-old-look/ Reinforcement strategy 3 Brand Fortification “Reinvest” to Reinforce

Brand Fortify Investing in an Existing Brand Occurs on 3 Levels and Can Extend the Life Of the Brand Company Image BMW Delta Advertising Faucet LL Bean Product Design Timex GPS Coldplay Gillette Fusion Wonder Toyota Prius 8 BRANDING STRATEGY of 11 Bread Instructor: Thomas Murphy P. 978_760_1388/ Tmurphy@clarku. edu

Leveraging • Secondary Branding • Price Premiums • Brand Extensions • Cost Reduction

• Mountain Dew Code Red • Febreeze Air Fresheners • Arm & Hammer Laundry • 2002 relaunched new styles • Of fashion forward http: //www. coolchaser. com/graphics/t ag/Lacoste • Sold exclusively in Boutique stores Revitalizing Brands Strategy 1 Expand Awareness to New Brand Categories

• Coach defined a new brand line • Poppy handbags • Targeted at younger females • Priced at $260 • For 14 -20 year olds Revitalizing Brands Strategy 2 define a new markets

• Restore Trust after a problem • Leverage Transparency • Create a CSR http: //www. treehugger. com/style/nik e-talks-trash-with-shoe-made-frommanufacturing-waste. html • Embrace Sustainability Revitalizing Brands Strategy 3 Upgrade Your Image

WHEN IS IT TIME TO REINVENT

WHEN IS IT TIME TO REINVENT ? Technology Changes Playing Field ? Your Brand Becomes Obsolete Markets Emerge or Diverge ?

American Express CEO Reinvent With The IDEA of putting your current company out of business”

Managing Brands Over Boundaries

The Issue of Brand Boundaries Cultural Boundaries can represent both barriers and opportunities for Brand success. Regional Boundaries exist where consumer differences naturally occur in: • Brand benefits • Brand associations • Channels • Buying behaviors Demographic

Questions for Brand Managers Before deciding to cross any brand boundary, companies should ask several key questions: • Can we support it? • Will the outcome be enough to justify? • Will markets shift on us afterwards? • Is it sustainable? Support Duration Results

HOW CAN A BRAND EXPAND WHILE STAYING LOCAL? Global Branding

Staying Local Does Not Mean Staying Put Better Locations Expanded Services New Markets Global Branding

Choosing How to Enter Provide directly either online or sending your consultants overseas Export Partner with a local Service provider Joint Venture License Franchise Sell IP to Local Firm Invest Set up a Physical Location / Retail Chain Global Branding