Brand Management- Cheat Sheet

A brand is a name that creates its own connotation in the consumer’s mind. It may not create any connotation.  Companies strive to build positive connotation in the consumer’s mind.

Brand equity is a set of tangible and intangible assets linked to a brand name that either add (or subtract)  the value provided by a product to a consumer.

The set of assets consists essentially of four categories: Brand name awareness, brand loyalty, Perceived quality and brand associations.

Brand name awareness has the following attributes: recognition, recall, TOMA, Dominance. Remember high recognition is not a mark of strong brand, recall is also important. Also recognition and recall should be positive. Brand association means what the organization stands for in the consumer’s mind.

Brand Equity is from Marketing perspective, it is what marketers use to measure brand equity.

Brand identity is a unique set of association which a brand strategist aspires to create or maintain.

It has four parts:
-Brand as product
-Brand as organization
-Brand as person
-Brand as symbol

BI structure includes a core and extended identity. The core identity- the central , timeless essence of the brand is likely to be constant as the brand travels to new markets or products. The extended identity includes BI elements, organized into cohesive and meaningful groupings that provide texture and completeness.

Brand identity is not something that gets customers to buy a product or service. It should be used as a vehicle to enthuse internally.

Brand identity is the tool by which value preposition and credibility is generated.

Value proposition has four parts- Physical Benefits, emotional benefits, Self Expressive benefits and relative price. Credibility leads to purchase.

Planning for brand identity is done by Strategic Brand Analysis- which gives customer analysis, competitor’s analysis and self analysis.  It is implemented by Brand position statement ( that part of brand identity that is actively communicated to the customer), Executive communication program and tracking.

Remember
1. We Analyze by doing strategic brand analysis ( Customer Analysis, Competitors’ analysis and Self Analysis)
2. We implement it by brand position statement, executive communication program and tracking
3. We create brand identity – Unique set of association ( Brand as product, organization, person and symbol) by doing 1 and 2  which leads to value proposition( Physical, emotional, self expressive and relative price) and credibility for customer which leads to favorable response.
4. We measure 3 by measuring brand equity – Set of assets that either add or subtract value for the customer-

We measure brand name awareness (recognition, recall, TOMA, dominance), brand loyalty, perceived quality and brand associations.
We go back to 1. If needed.