Lectures Marketing management: Chapter 10 - ThS. Nguyễn Tiến Dũng

 Lectures "Marketing management - Chapter 10: Crafting brand equity" provides students with the knowledge: Developing and establishing a brand positioning, differentiation strategies, positioning and branding a small business. Invite you to refer to the disclosures.

CHAPTER 10 CRAFTING BRAND EQUITY

Nguyen Tien Dung, MBA Email: dung.nguyentien3@hust.edu.vn

Chapter Questions

● How can a firm develop and establish an

effective positioning in the market?

● How do marketers identify and analyse

competition?

● What are the differences in positioning and branding with a small business?

1 Developing and Establishing a Brand Positioning

● Determining a Competitive Frame of

Reference

● Identifying Optimal Points-of-Difference and Points-of-Parity

Determining A Competitive Frame of Reference

Determining A Competitive Frame of Reference

● Identifying Competitors

● Analyzing Competitors

● Four crucial questions for marketers to create value

innovation by Kim and Mauborgne (Blue Ocean Strategy)

1 Which of the factors that our industry takes for granted

● All three platforms on which value innovation can take

place: physical product; service including maintenance,

customer service, warranties, and training for distributors and retailers; and delivery (channels and logistics).

Analyzing Competitors

Identifying Optimal Difference and Parity

Points-of-● Points-of-Difference

● Points-of-Parity

● Examples:

● Apple (design, ease-of-use, and irreverent attitude),

● Nike (performance, innovative technology, and

● Deliverable by the company

● Differentiating from competitors

● Attribute or benefit associations that are not

necessarily unique to the brand but may in fact be shared with other brands

benefits that consumers view as essential to

a legitimate and credible offering within a

certain product or service category

designed to overcome perceived

weaknesses of the brand

Perceptual map

Brand Mantras

● A brand mantra is an articulation of the heart and soul of

the brand and is closely related to other branding

concepts like “brand essence” and “core brand promise.”

● Three key criteria:

● Communicate A good brand mantra should define the

category (or categories) of business for the brand and set the brand boundaries It should also clarify what is unique about the brand.

● Simplify An effective brand mantra should be memorable For

that, it should be short, crisp, and vivid in meaning

● Inspire Ideally, the brand mantra should also stake out ground

that is personally meaningful and relevant to as many

employees as possible

● Authentic athletic performance

Establishing Brand Positioning

Establishing Brand Positioning

● Communicating category membership

● 1 Announcing category benefits

● 2 Comparing to exemplars

● 3 Relying on the product descriptor

● Communicating POPs and PODs

2 Differentiation Strategies

● Means of differentiation

● Rational versus Emotional branding

Means of differentiation

Product

Differentiation

Service Differentiation

Employee Differentiation

Channel Differentiation

Image Differentiation

Emotional Branding

● Brands that are lovemarks, according to Roberts,

command both respect and love

● Love marks result from a brand’s ability to achieve

mystery, sensuality, and intimacy

symbols Mystery adds to the complexity of relationships and experiences because people are naturally drawn to what they don’t know.

touch, and taste on constant alert for new textures,

intriguing scents and tastes, wonderful music, and other sensory stimuli.

close connections that win intense loyalty as well as the small perfect gesture.

● In general, the firm should monitor three

variables when analyzing potential threats

posed by competitors:

target market.

who named the competitor in responding to the

statement,“Name the first company that comes to

mind in this industry ”

who named the competitor in responding to the

statement,“Name the company from which you would prefer to buy the product.”

Alternative Approaches to Positioning

● Brand narratives and storytelling

● Brand journalism

● Cultural branding

3 Positioning and Branding a Small Business

● Creatively conduct low-cost

marketing research

● Focus on building one or two

strong brands based on one or

two key associations

● Employ a well-integrated set of