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Module4.pptx

  1. 1. MISSION CHRIST is a nurturing ground for an individual’s holistic development to make effective contribution to the society in a dynamic environment VISION Excellence and Service CORE VALUES Faith in God | Moral Uprightness Love of Fellow Beings Social Responsibility | Pursuit of Excellence Unit 4 : Measuring & Interpreting Brand Performance
  2. 2. Excellence and Service CHRIST Deemed to be University The New Accountability (1 of 2) ● Virtually every marketing dollar spent today must be justified as both effective and efficient in terms of ○ Return on marketing investment (ROMI) ● Increased accountability ○ Has forced marketers to address tough challenges ■ Develop new measurement approaches
  3. 3. Excellence and Service CHRIST Deemed to be University The New Accountability (2 of 2) ● Conducting Brand Audits ● Brand Inventory ● Brand Exploratory ● Brand Positioning and the Supporting Marketing Program
  4. 4. Excellence and Service CHRIST Deemed to be University Conducting Brand Audits (1 of 2) ● Brand audit ○ Comprehensive examination of a brand to discover its sources of brand equity ○ Consists of two steps 1. Brand inventory 2. Brand exploratory
  5. 5. Excellence and Service CHRIST Deemed to be University Conducting Brand Audits (2 of 2) ● Marketing audit ○ Independent examination of a company’s marketing environment, objectives, strategies, and activities ■ Agreement on objectives, scope, and approach ■ Data collection ■ Report preparation and presentation
  6. 6. Excellence and Service CHRIST Deemed to be University Brand Inventory (1 of 2) ● First step in the brand audit ● Purpose of the brand inventory ○ Provide a current, comprehensive profile of how all products and services are marketed and branded ● Profiling each product or service requires marketers to catalogue: ○ Visual and written form for each product or service sold ○ The inherent product attributes or characteristics of the brand ○ Pricing, communications, and distribution policies
  7. 7. Excellence and Service CHRIST Deemed to be University Brand Inventory (2 of 2) ● A digital inventory of brand assets may provide useful insights: 1. Outdated brand accounts that have fallen into disuse 2. Overlapping brand assets which can be merged or deleted 3. Existing brand accounts with information that is either inaccurate or not up-to-date 4. Particular digital and social media channels where the brand does not have a presence
  8. 8. Excellence and Service CHRIST Deemed to be University Brand Exploratory (1 of 3) ● Second step of the brand audit ● Provides detailed information about what consumers actually think of a brand ○ Research directed to understanding what consumers: ■ Think and feel about a brand ■ Act toward it ○ Helps identify sources of brand equity and possible barriers
  9. 9. Excellence and Service CHRIST Deemed to be University Brand Exploratory (2 of 3) ● Three criteria to judge qualitative research techniques (according to Levy) ○ Direction ○ Depth ○ Diversity
  10. 10. Excellence and Service CHRIST Deemed to be University Summary of Qualitative Techniques Free association Adjective ratings and checklists Confessional interviews Projective techniques Photo sorts Archetypal research Bubble drawings Story telling Personification exercises Role playing Metaphor elicitation* Day/Behavior reconstruction Photo/Written journal Participatory design Consumer-led problem solving Real-life experimenting Collaging and drawing Consumer shadowing Consumer–product interaction Video observation *ZMET trademark
  11. 11. Excellence and Service CHRIST Deemed to be University Classic MTV Mental Map
  12. 12. Excellence and Service CHRIST Deemed to be University Brand Exploratory (3 of 3) ● Digital marketing review ○ Can provide important input to a brand audit ■ Could help generate useful insights regarding a brand’s online presence ● Offers:
  13. 13. Excellence and Service CHRIST Deemed to be University Sample Mayo Clinic Brand Concept Map
  14. 14. Excellence and Service CHRIST Deemed to be University Brand Positioning and the Supporting Marketing Program ● Ideal brand positioning aims to achieve congruence between: ○ What customers currently believe about the brand ○ What customers will value in the brand ○ What the firm is currently saying about the brand ○ Where the firm would like to take the brand
  15. 15. Excellence and Service CHRIST Deemed to be University John Roberts’s Brand Positioning Considerations
  16. 16. Excellence and Service CHRIST Deemed to be University Designing Brand Tracking Studies ● Brand tracking studies ○ Collect information from consumers ■ On a routine basis ■ Usually quantitative ● On a number of key dimensions that marketers can identify in the brand audit ○ With brand extensions or additional communication methods ■ Becomes difficult and expensive to research ■ Yet necessary
  17. 17. Excellence and Service CHRIST Deemed to be University What to Track ● Product-Brand Tracking ○ May want to first ask consumers what brands come to mind ○ Next ask for recall of brands ○ Then tests of brand recognition ● Corporate or Family Brand Tracking ○ May want to track corporation or family brand separately or concurrently with individual products ● Global Tracking ○ May need a broader set of background measure for global tracking
  18. 18. Excellence and Service CHRIST Deemed to be University Big Data and Marketing Analytic Dashboards ● Troves of data exist ○ Can enable continuous tracking of customers ● Marketing analytic dashboard ○ Systems and processes within an organization to communicate important metrics ■ And make them available throughout an organization
  19. 19. Excellence and Service CHRIST Deemed to be University Establishing a Brand Equity Management System ● Brand Charter or Bible ● Brand Equity Report ● Brand Equity Responsibilities
  20. 20. Excellence and Service CHRIST Deemed to be University Brand Charter or Bible ● First step in establishing a brand equity management system ○ Formalizes the company view of brand equity into a document ● Brand charter (or brand bible as sometimes called) ○ Provides relevant guidelines to marketing managers and key marketing partners ○ Should be updated annually
  21. 21. Excellence and Service CHRIST Deemed to be University Brand Equity Report ● Second step in establishing a successful brand equity management system ○ Assemble results of the tracking survey and other relevant performance measure for the brand ○ Create a brand equity report or scorecard ■ Distribute to management regularly ○ Contents ■ A brand equity report should describe: ● What is happening with the brand? ● Why is it happening? ○ Should include more descriptive market-level information
  22. 22. Excellence and Service CHRIST Deemed to be University Brand Equity Responsibilities (1 of 2) ● Third step in establishing a successful brand equity management system ○ Clearly define organization responsibilities and processes ■ With respect to the brand
  23. 23. Excellence and Service CHRIST Deemed to be University Brand Equity Responsibilities (2 of 2) ● Overseeing Brand Equity ● Organizational Design and Structures ● Managing Marketing Partners
  24. 24. Excellence and Service CHRIST Deemed to be University Methods of Measuring Brand Equity ● Brand equity consists of two components—brand strength and brand value—and to understand how customers evaluate band equity, we need to have an understanding of both these components ● Brand value or the financial performance ● Brand strength or customer based measures
  25. 25. Excellence and Service CHRIST Deemed to be University Brand value
  26. 26. Excellence and Service CHRIST Deemed to be University Brand value ● Cost-based valuation ● Market-based valuation ● Royalty relief method ● Economic use method
  27. 27. Excellence and Service CHRIST Deemed to be University Cost based valuation ● The value of a brand is calculated on ‘the basis of what it actually cost to create or what it might theoretically cost to recreate’ the brand. ● Thus, ‘historical advertising and promotion expenditures, campaign creation cost, trademark registration cost, etc.’, are taken into account. ● This, however, does not correctly reflect the current value of the brand, as the cost of generating a brand does not truly reflect the income-generating potential of the brand.
  28. 28. Excellence and Service CHRIST Deemed to be University Market-based valuation ● If information regarding ‘market transactions involving comparable brands is available, it is possible to estimate one brand’s value by comparing it with another brand.’ ● This method is rarely used, as such data is scarce and due to the fact that each brand is unique and it will be difficult to compare brands.
  29. 29. Excellence and Service CHRIST Deemed to be University Royalty relief method ● This method is based on the assumption that if the company did not actually own the brand, but had to license it from a third party, then what royalty it would pay for using the brand name. ● This is estimated by calculating the sales likely to occur in the future and ‘then applying an appropriate rate to arrive at the income attributable to the brand royalties in the future years. The notional brand loyalty is then discounted back to a net present value that is the brand value.’ ● This method is widely used in India, as it is favored by the fiscal and tax authorities and the courts, because the calculation is based on publicly available marketing and financial information.
  30. 30. Excellence and Service CHRIST Deemed to be University Economic use method ● This method ‘takes into account the economic value of the brand to the current owner in its current use.’ ● This is the most widely used method and just like the valuation of shares, it is a ‘cash-flow valuation’. ● This is measured by calculating the increase in gross profit due to selling a branded product versus selling an unbranded product.
  31. 31. Excellence and Service CHRIST Deemed to be University Brand strength
  32. 32. Excellence and Service CHRIST Deemed to be University Brand strength ● Customer-based brand equity measures help in overcoming the limitations of the financial measures as they help managers evaluate marketing strategies. ● For example, promotional and positioning strategies can be evaluated by customer-based measures and this evaluation can help managers build sound long-term health of their brand. ● The two models that have been widely used to measure brand equity are: ○ Brand asset valuator model ○ Aaker model
  33. 33. Excellence and Service CHRIST Deemed to be University Brand asset valuator model Quadrant 2: Niche / Unrealized Quadrant 4: Eroding Quadrant 3: Leadership Quadrant 1: Unfocused / New Brand Strength (Future performance) Low Low High High D R E K Brand Stature (Current performance) D R E K Declin ing D R E K D R E K D=differentiation E=esteem R=relevance K=knowledge
  34. 34. Excellence and Service CHRIST Deemed to be University In-class exercise Brand asset valuator - Examples Quadrant 2: Niche / Unrealized Quadrant 4: Eroding Quadrant 3: Leadership Quadrant 1: Unfocused / New Brand Strength (Future performance) Low Low High High Brand Stature (Current performance) Declining
  35. 35. Excellence and Service CHRIST Deemed to be University Aaker Model Measuring Brand Equity Market Behaviour Measures Market share Price and Distribution indices Loyalty Measures Price premium Satisfaction /loyalty Perceived Quality/ Leadership Measures Perceived Quality Leadership Awareness Measures Brand Awareness Associations/ Differentiation Measures Perceived Value Brand Personality Organizational Associations
  36. 36. Excellence and Service CHRIST Deemed to be University Quick Recapitulation ● Need for measuring brand equity ● Methods of measuring brand equity ● Financial measures ● Customer based measures
  37. 37. Excellence and Service CHRIST Deemed to be University Strategic Brand Management: Building, Measuring, and Managing Brand Equity
  38. 38. Excellence and Service CHRIST Deemed to be University Understanding Consumer Behavior Who buys our product or service? Who makes the decision to buy the product? Who influences the decision to buy the product? How is the purchase decision made? Who assumes what role? What does the customer buy? What needs must be satisfied? Why do customers buy a particular brand? Where do they go or look to buy the product or service? When do they buy? Any seasonality factors? What are customers’ attitudes toward our product? What social factors might influence the purchase decision? Does the customers’ lifestyle influence their decisions? How is our product perceived by customers? How do demographic factors influence the purchase decision?
  39. 39. Excellence and Service CHRIST Deemed to be University Qualitative Research Techniques ● Free Association ● Projective Techniques ● Zaltman Metaphor Elicitation Technique ● Neural Research Methods ● Brand Personality and Values ● Ethnographic and Experiential Methods
  40. 40. Excellence and Service CHRIST Deemed to be University Free Association ● Simplest and often most powerful way to profile brand associations ● Subjects are asked what comes to mind when they think of a brand ○ No more specific probe or cue than perhaps the associated product category ● Used mainly to identify the range of possible brand associations in consumers’ minds ● Answers help marketers clarify the range of possible associations and assemble a brand profile
  41. 41. Excellence and Service CHRIST Deemed to be University Projective Techniques (1 of 2) ● Diagnostic tools to uncover the true opinions and feelings of consumers when: ○ Unwilling or otherwise unable to express themselves on these matters ● Present consumers with ambiguous stimulus and ask them to make sense of it
  42. 42. Excellence and Service CHRIST Deemed to be University Projective Techniques (2 of 2) ● Completion and Interpretation Tasks ○ Classic projective technique ■ Use incomplete or ambiguous stimuli to elicit consumer thoughts and feelings ● Comparison Tasks ○ Ask consumers to convey impressions by comparing brands to: ■ People, countries, animals, activities, fabrics, occupations, etc.
  43. 43. Excellence and Service CHRIST Deemed to be University Zaltman Metaphor Elicitation Technique (1 of 2) ● Uncovers hidden consumers’ knowledge ○ “a technique for eliciting interconnected constructs that influence thought and behavior” ■ construct refers to “an abstraction created by the researcher to capture common ideas, concepts, or themes expressed by customers”
  44. 44. Excellence and Service CHRIST Deemed to be University Zaltman Metaphor Elicitation Technique (2 of 2) ● Z M E T study starts with a group of participants ○ Asked in advance to think about the research topic ■ Collect a set of images from their own sources that represent their thoughts and feelings about the research topic ○ Bring images with them for a one-on-one interview ○ When interviews are complete ■ Researchers identify key themes or constructs, code the data, and assemble a consensus map of the most important constructs
  45. 45. Excellence and Service CHRIST Deemed to be University Application of ZMET to Intimate Apparel Market
  46. 46. Excellence and Service CHRIST Deemed to be University Neural Research Methods ● Neuromarketing ○ Study of how the brain responds to marketing stimuli, including brands ● Research indicates that consumer buying decision is a unconscious habitual process ● Some firms apply sophisticated techniques: ○ E E G (electroencephalogram) technology ○ Functional magnetic resonance imaging (f M R I)
  47. 47. Excellence and Service CHRIST Deemed to be University Brand Personality and Values ● Brand personality ○ Human characteristics or traits that consumers can attribute to a brand ● The big five: factors (with underlying facets) of brand personality: ○ Sincerity ○ Excitement ○ Competence ○ Sophistication ○ Ruggedness
  48. 48. Excellence and Service CHRIST Deemed to be University Brand Personality Scale Measures
  49. 49. Excellence and Service CHRIST Deemed to be University Ethnographic and Experiential Methods ● Researchers are tapping more directly into consumers’ actual home, work, or shopping behaviors ○ This may help elicit more meaningful responses ● Ethnographic researches uses “thick description” based on participant observation ● Extract and interpret the deep cultural meaning of events and activities
  50. 50. Excellence and Service CHRIST Deemed to be University Quantitative Research Techniques ● Brand Awareness ● Brand Image ● Other Approaches
  51. 51. Excellence and Service CHRIST Deemed to be University Brand Awareness ● Related to the strength of the brand in memory ○ Reflected by consumers’ ability to identify various brand elements ● Describes the likelihood that a brand will come to mind in different situations ○ Recognition ○ Recall ○ Corrections for guessing ○ Strategic implications
  52. 52. Excellence and Service CHRIST Deemed to be University Brand Image ● Associations that consumers hold for a brand ● Useful for marketers to make a distinction between: ○ Lower-level considerations (performance and imagery) ○ Higher-level considerations (judgments and feelings) ● Beliefs ○ Descriptive thoughts that a person holds about something
  53. 53. Excellence and Service CHRIST Deemed to be University Other Approaches ● More complicated quantitative technique to assess overall brand uniqueness ○ Multidimensional scaling (M D S), or perceptual maps ■ Procedure for determining the perceived relative images of a set of objects, such as products or brands ■ Transforms consumer judgments of similarity or preference into distances represented in perceptual space
  54. 54. Excellence and Service CHRIST Deemed to be University Hypothetical Restaurant Perceptual Map
  55. 55. Excellence and Service CHRIST Deemed to be University Social Media Listening and Monitoring ● Social media monitoring ○ Fast-growing and increasingly specialized area of marketing research ● Dashboard ○ Summary of key statistics associated with a brand ○ May include: ■ Number of engagements of brand messages across various social media platforms ■ Sentiment associated with social media messages ■ Topics that are related to a brand ■ Lists of keywords that are associated with a brand
  56. 56. Excellence and Service CHRIST Deemed to be University Brand Responses ● Purchase Intentions ● Likelihood to Recommend
  57. 57. Excellence and Service CHRIST Deemed to be University Brand Relationships (1 of 2) ● Characterized in terms of brand resonance and measures for following key dimensions ○ Behavioral loyalty ○ Attitudinal attachment ○ Sense of community ○ Active engagement
  58. 58. Excellence and Service CHRIST Deemed to be University Brand Relationships (2 of 2) ● Behavioral Loyalty ● Attitudinal Attachment ● Sense of Community ● Active Engagement ● Fournier’s Brand Relationship Research
  59. 59. Excellence and Service CHRIST Deemed to be University Comprehensive Models of Consumer- Based Brand Equity ● BrandDynamics ○ Bonding ○ Advantage ○ Performance ○ Relevance ○ Presence ● Relationship to the C B B E model ○ Five sequenced stages of Millward Brown’s BrandDynamics model to the four ascending steps of the C B B E model
  60. 60. Excellence and Service CHRIST Deemed to be University Summary of Qualitative and Quantitative Measure I. Qualitative Research Techniques Free association Adjective ratings and checklists Projective techniques Photo sorts Bubble drawings Story telling Personification exercises Role playing Experiential methods II. Quantitative Research Techniques A. Brand Awareness Direct and indirect measures of brand recognition Aided and unaided measures of brand recall B. Brand Image Open-ended and scale measures of specific brand attributes and benefits Strength Favorability Uniqueness Overall judgments and feelings Overall relationship measures Intensity Activity
  61. 61. Excellence and Service CHRIST Deemed to be University Four Pillars Assess Brand Health, Development, and Momentum
  62. 62. Excellence and Service CHRIST Deemed to be University Pillar Patterns Tell a Story Source: BrandAsset Consulting. Used with permission.

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