rodan and fields business opportunity
TRANSCRIPT
MKTG 4550:The Role of Marcom
Dr. Campbell
Th 8/25/11
Today’s Learning Goals
• Concept of “Brand equity”– Benefits
– Definition
• How marketing communications influence brand equity
• Basic concept of integrated marketing communications– Definition
What is a Brand?
• “…A name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition.” (AMA)
Why are Brands Important?
• In what ways can brand equity provide value to a firm?
• In what ways can brand equity provide value to customers?
Definition: Customer-Based Brand Equity
The differential effect thatbrand knowledge has on
consumer response to the marketing of that brand.
Kevin Lane Keller
Customer-Based Brand Equity
BRAND EQUITY
Awareness
BrandAssociations/
Meaning
Customer-Based Brand Equity
BRAND EQUITY
Awareness
BrandAssociations/
Meaning
Strong
Favorable
Unique
Building Customer-Based Brand Equity
• Creating a brand requires putting a label and meaning to a product or service– Label Brand elements
– Meaning Marketing mix• Strong
• Favorable
• Unique
Role of Marketing Communications
• Marketing Communications are good at these necessary tasks– Establishing a label (awareness)
– Developing meaning
– Associating the meaning with the label
Essential Function of Marcom
Build brand equity
Steps in Creating Strong Brand Equity
• Determine desired, differentiated positioning
• Develop a great product
• Create accessible, favorable brand attitudes by communicating consistent brand position/image in all elements of the marketing mix– Product
– Pricing
– Distribution
➜Marketing Communications
The Goal of Marcom Management
Manage all “brand contacts” to build a cohesive, strong
brand
What is“Integrated Marketing Communications”?
American Association of Advertising Agencies
Marketing communications planning thatrecognizes the added value of a
comprehensive plan that evaluates…a variety ofcommunication disciplines…and combines these
disciplines to provide clarity, consistency, and maximum communications impact.
Conclusion
Promotion management is the process of developing
communications strategy and coordinating the promotional mix elements to develop and control
an integrated program of effective marketing communication that builds strong brand equity.
Takeaways
• The value of brand equity is derived from the value that brands bring to firms and their customers.
• The brand resides in the mind of the consumer– Brand awareness and brand associations are the basis of
customer-based brand equity
– CBBE is the differential effect arising from brand knowledge
• The primary goal of marcom is to build the brand
• Strong brands are built when project a coordinated, consistent, unified image in the marketplace through a variety of communications tools.
How measure Consumer-Based BE?
• Given that the overall goal of marcom is to build a strong brand, how will we know if we are? How can we measure?
• What is the differential effect that our brand gains? What response to our product is due to the brand?
Coming up…
• Next class (T 8/30)– BB Ch 2
– Due: Getting to Know You Exercise• This is on CULearn