MCM 605-eL6

IDOL Institute of Distance and Online Learning ENHANCE YOUR QUALIFICATION, ADVANCE YOUR CAREER.

M.Com 2 All right are reserved with CU-IDOL Marketing Management Course Code: MCM 605 Semester: First e-Lesson: 6 SLM Unit: 6 www.cuidol.in Unit 6(MCM 605)

Marketing Management 33 OBJECTIVES INTRODUCTION  In this unit students are going to learn about  To Understand the meaning, concepts and importance of branding. the brand concepts and brand equity.  To Familiarize with the brand equity concept and Under this you will learn and understand the its value.  brand strategy decisions.   To enable the students to understand that companies must build and manage their brands In this unit you will learn the implications of carefully.  branding in marketing. www.cuidol.in Unit 6(MCMM60650)5) INASlTl ITriUgThEt OarFeDrIeSsTeArNvCeEd AwNitDh OCNUL-IIDNOE LLEARNING

TOPICS TO BE COVERED 4 > Brand Concepts > Advantages & Disadvantages of branding > Brand Equity > Brand Positioning > Brand Name Selection www.cuidol.in Unit 6(MCM 605) All right are reserved with CU-IDOL

Branding 5 What is a Brand • “A name, term, sign, symbol, or design or a combination of these, intended to identify the goods & services of one seller or group of sellers & to differentiate them from those of the competitors.” • Gives a visual identification in the minds of https://www.openbusinesscouncil.org/revealed-poor-branding-put- customers. startups-at-risk/ www.cuidol.in Unit 6(MCM 605) All right are reserved with CU-IDOL

A brand can deliver up to 6 four levels of meaning: • Attributes. A brand first brings to mind certain product attributes. e.g. Mercedes • Benefits. Customers do not buy attributes, they buy benefits. • Values. A brand also says something about the buyers' values. Thus Mercedes buyers value high performance, safety and prestige. • Personality. A brand also projects a personality. Motivation https://www.openbusinesscouncil.org/revealed-poor-branding- researchers sometimes ask, 'If this brand were a person, put-startups-at-risk/ what kind of person would it be? www.cuidol.in Unit 6(MCM 605) All right are reserved with CU-IDOL

Advantages & Disadvantages of 7 Branding Advantages: a. Gives identity to the product b. Makes it distinguishable from the other products. c. Creates customer loyalty. d. Creates and maintains organization goodwill. Disadvantages: a. High investment required. b. May create negative image, if the brand fails in the market. c.Unwillingness on part of the customers to pay extra amount for branded goods. www.cuidol.in Unit 6(MCM 605) All right are reserved with CU-IDOL

Brand Equity • Brands vary in the amount of power and value they have in the 8 marketplace • Some brands command a high degree of brand loyalty. • The world's top brands include such superpowers as McDonald's, Coca-Cola, Disney, Kodak, Sony and Mercedes- Benz • Brand equity refers to the marketing effects and outcomes that accrue to a product with its brand name compared with those that would accrue if the same product did not have the brand name https://www.quora.com/What-is-brand-equity-in-layman- • This suggests that marketing strategy should focus on terms extending loyal customer lifetime -value, with brand www.cuidol.in manageUmnite6n(MtCsMe6r0v5)ing as an essential mAllarrigkhet tairne gresteorvoedl.with CU-IDOL

Brand Positioning 9 • Brand positioning has been defined by Kotler as “the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market”. In other words, brand positioning describes how a brand is different from its competitors and where, or how, it sits in customers’ minds. • A brand positioning strategy therefore involves creating brand associations in customers’ minds to make them perceive the brand in a specific way. • By shaping consumer preferences, brand positioning strategies are directly linked to consumer loyalty, consumer-based brand equity and the willingness to purchase the brand. Effective brand positioning can be referred as the extent to which a brand is perceived as favorable, different and credible in consumers’ minds. www.cuidol.in Unit 6(MCM 605) All right are reserved with CU-IDOL

Brand Positioning 10 Examples of Brand Positioning • Colgate is positioned as protective. • Patanjali can be trusted as it is fully organic. • Woodland is tough and perfect for outdoors. • Coca-Cola brings happiness. • Axe deodorants have a sexual appeal. https://www.marketing91.com/brand-positioning/ www.cuidol.in Unit 6(MCM 605) All right are reserved with CU-IDOL

11 https://beloved-brands.com/2012/05/06/brand-positioning-statement/ www.cuidol.in Unit 6(MCM 605) All right are reserved with CU-IDOL

Brand Name Selection 12 http://www.namestall.com/blog/how-to-choose-a-brand-name/ www.cuidol.in Unit 6(MCM 605) All right are reserved with CU-IDOL

Multiple Choice Questions 13 Brand name, marketing communications, packaging, and price are examples of__________ that enable consumers to form associations that give meaning to the brand. a) Brand anatomy b) Intrinsic attributes c) Extrinsic attributes d) Brand value www.cuidol.in Unit 6(MCM 605) All right are reserved with CU-IDOL

Multiple Choice Questions 14 Cadbury brand is a good example of: a) distributor brand b) manufacturer brand c) generic brand d) niche brand www.cuidol.in Unit 6(MCM 605) All right are reserved with CU-IDOL

Multiple Choice Questions 15 This branding policy requires that all the products use the organization's name, either entirely or in part, e.g. Microsoft, Heinz, and Kellogg's a) Family branding b) Individual branding c) Corporate brands d) Manufacturer brand www.cuidol.in Unit 6(MCM 605) All right are reserved with CU-IDOL

Multiple Choice Questions 16 _________ is a strategic activity and is used to differentiate and distinguish a brand, so that a consumer understands the brand, not just remembers it. a) Brand heritage b) Brand anatomy c) Brand positioning d) Brand extension www.cuidol.in Unit 6(MCM 605) All right are reserved with CU-IDOL

Summary 17 • A brand is a name, term, sign, symbol, or design or a combination of these, intended to identify the goods & services of one seller or group of sellers & to differentiate them from those of the competitors. • The important brand strategy decisions are: • Brand positioning • Brand name selection • Brand sponsorship • Brand development • Product differentiation can be done on parameters such as: • Form • Features • Performance quality • Design www.cuidol.in Unit 6(MCM 605) All right are reserved with CU-IDOL

Frequently Asked Questions 18 Q1. What do you understand by opinion leader? Ans. An opinion leader is a well-known individual or organization that has the ability to influence public opinion on the subject matter for which the opinion leader is known. Opinion leaders can be politicians, business leaders, community leaders, journalists, educators, celebrities, and sports stars. Q2. What is de-marketing? Ans. De-marketing can be explained as the efforts made by a company to reduce consumption of a product. Q3. What is brand equity? Ans. Brand equity is a marketing term that describes a brand's value. That value is determined by consumer perception of and experiences with the brand. Positive brand equity has value: Companies can charge more for a product with a great deal of brand equity. Q4. Discuss about word of Mouth Communication? Ans. Word of mouth or viva voce, is the passing of information from person to person using oral communication, which could be as simple as telling someone the time of day. www.cuidol.in Unit 6(MCM 605) All right are reserved with CU-IDOL

REFERENCES 19 1. Kotler,P., Keller, K.L. Koshy, A. and Jha, M. (2009). Marketing Management: A South Asian Perspective. New Delhi: Pearson Education. 2. Etzel, M., Walker, B., Stanton, W. and Pandit, A.(2007). Marketing Management. New Delhi: Tata McGrawHill. 3. Ramaswamy, V.S., Namakumari, S. (2009). Marketing Management: Global Perspective Indian Context. New Delhi: Macmillan Publishers India Ltd. 4. Saxena, Rajan. (2010). Marketing Management. New Delhi: Tata McGraw Hill Education Pvt. Ltd. www.cuidol.in Unit 6(MCM 605) 1A9ll right are reserved with CU-IDOL

20 THANK YOU For queries Email: [email protected] www.cuidol.in Unit 6(MCM 605) All right are reserved with CU-IDOL