10.- The Branding Process, Part 2

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From the course by IESE Business School

Marketing: Customer Needs and Wants

152 ratings

IESE Business School

Marketing: Customer Needs and Wants

152 ratings

Course 3 of 5 in the Specialization Foundations of Management

Understanding who your customers are and what they need and want is at the heart of successful marketing strategies. In this course you will explore how to identify and classify customers and the different methods that marketing professionals use to shed light on how they make purchase decisions. The course will cover the following: 1. Marketing Fundamentals 2. Product, Pricing and Channel Decisions 3. Building Strong Brands 4. Communication Strategy

From the lesson

Week 3: Building Strong Brands

Strong brands make a great impact on individuals and society; they are key to communicating value and getting the word out about a product or service. In this session we will explore the importance of brands as assets and branding in general. We will define the concept of brand equity and the essence of managing brands for value. Objective: To understand how branding contributes to a company’s value and how to go about developing a strong brand.

1.- Week 3 Intro1:42

2.- Defining Brands4:25

3.- What Things Can Be Branded?4:37

4.- Why Are Brands Important?, Part 14:08

5.- Why Are Brands Important?, Part 23:04

6.- The Value of a Brand, Part 14:46

7.- The Value of a Brand, Part 26:27

8.- Brand Equity5:03

9.- The Branding Process, Part 16:39

10.- The Branding Process, Part 23:07

11.- Brand Extensions, Part 14:09

12.- Brand Extensions, Part 26:15

13.- Week 3 Recap0:53

Meet the Instructors

Mario Capizzani
Lecturer
Marketing

[MUSIC]

With those comments from Mr. Schultz in mind, we can go back to think about how do

we transmit some of those attributes and benefits?

The best way to do it is typically through stories.

And although communication is the subject of the next week course, let me tell you

very briefly about why is it important to transmit stories about our brand.

Here's an example.

Take a couple of minutes to read about this.

What a remarkable story, right?

Why are stories like this about the brand so important?

Well, first of all, it's because they get spread around.

It is easier to transmit stories than it is to talk about

product features or prices or designs and so forth and so on.

People are much better at remembering and transmitting stories.

But second of all, it's very, very important,

because it sets the standard for the kind of company that we want to operate.

And how we want our employees to independently behave if I want to be known

for being the top service provider amongst all department stores in North America.

So how should those stories be?

There is a couple of characteristics.

First of all, they need to be intriguing, right, so they need to grab the attention.

But also they need to be authentic, the audience should not perceive them as fake.

They also need to be involving, right?

The audience needs to get drawn into the story and provoke some kind of response,

whether it is emotional, whether it's a behavioral response

of being able to share it or tell it or remember.

Or even a cognitive response, such as thinking about the prices or

the services or other features about or brand.

And finally, to be effective, the story and the message need to be strategic.

They need to enhance the brand visibility or its image or its relevance.

Or, alternatively, contribute to the organization's missions,

values, or stressing particular aspects of our culture.

Finally, once I have set a branding communication strategy,

the last piece is to be able to see what is the impact on the image.

So what I want to know is what is the market perception

of all these efforts that we have been investing on?

And what are the specific brand associations?

And it is through brand associations that equity gets impacted.

So the output of the product is impact directly on the brand equity,

which is ultimately what we're trying to maximize for our specific corporate brand.

[MUSIC]

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