Diary in Brand Development and Marketing - Assignment Example

Running Head: DIARY IN BRAND DEVELOPMENT AND MARKETING Diary in Brand Development and Marketing [Writer’s Name] [Institution’s Name] [Course Title] [Date] Diary in Brand Development and Marketing Introduction This assignment basically is an individual course diary, in which all the concepts and terms learnt in the brand development and marketing course shall be covered. The assignment shall cover 8 weeks of the course. Each week will explain what was learnt and which terms were specially descried. Individual course diary Week 1 Since it was the beginning of our course the lecturer had to explain us what brand and brand management is. In order to do this he started off with the concepts given in chapter 1. The basic objective of this week was to help us clearly understanding what a brand is. Concepts learnt in week 1 What is a brand? Brand Name Strategies Brands vs. Products A Brand can convey up to 6 levels of meaning Why do brands matter? Importance of Brands to Consumers Reducing the Risks in Product Decisions Importance of Brands to Firms Can everything be branded? What is branded? Source of Brands Strength Importance of Brand Management Branding Challenges and Opportunities The Brand Equity Concept Strategic Brand Management I found this chapter very interesting. Some concepts like Brands vs. Products were important as it gave a complete understanding of the difference among them like product is anything we can offer to a market for attention, acquisition, use, or consumption that might satisfy a need or want. A brand may be a physical good, a service, a retail outlet, a person, an organization, a place, or even an idea. If this concept was not clarified then entire course would be complicated for me, but due to the definitions in this topic it was easy for me to differentiate between the two. Brand name strategies important topic which helped me in building a base for this course as it helped realize that each brand has a different name which the company decides. I also learnt that some brand names have hidden meanings. I also learnt that everything cannot be branded only Physical goods, Services, Retailers and distributors, online products and services people and organizations, sports, arts, and entertainment, locations. Ideas and causes can be branded. The brands level also helped me to understand how brands are developed. Every concept in the entire week helped me to understand exactly what brand is, how it is developed and what brand management exactly is. Terms introduced: Brand Equity Brand Management Brand Week 2 Week 2 was very different from week1. As we were quite clear about the initial concepts regarding about what a brand is and brand management it was time to move forward. Thus in week 2 the lecturer started off with chapter 2. This chapter was based on customer-based brand equity. Since in the first chapter the lecturer had explained what brand equity is, we had a faint idea of what the chapter will be about. After chapter 2, the lecturer started off with chapter 3 as will. Chapter 3 was based on the concept of brand positioning & values. This was another important chapter as positioning is a very important in marketing brand. The objective of week 2 was to gain an in-depth knowledge of based on customer-based brand equity and concept of brand positioning & values as both are important concepts brand development and management. We learnt a lot of important concepts but some the most important one are given below: Main Concepts learnt in week 2 Definition of customer-based brand equity and characteristics Brand Equity as a “Bridge Making a Brand Strong: Brand Knowledge Sources of Brand Equity Brand Awareness Advantages Establishing Brand Awareness Creating a Positive Brand Image The Four Steps of Brand Building Four Questions Customers ask of Brands Customer-Based Brand Equity Pyramid Salience Dimensions Core brand values Segmentation Product Category Structure (5 dimensions : performance judgement imagery feeling and Resonance) Brand audit Brand mantra The lecturer made us realize that this was one of the most important chapter in brand development. Customer-Based Brand Equity Pyramid was a bit confusing for me however I knew that it was very important as the whole concept of brand equity was illustrated in that pyramid. Four steps of brand building and four questions which customers could ask was an extremely interesting topic. The lecturer presented it extremely well and made it look very essay. I enjoyed it the most because it made me realize what goes on in the minds of brand developers. Salience Dimensions was another complicated topic for us, the lecturer had to take a lot of time while explaining this topic. However after realizing how important this topic is it became the most interesting topic of the entire week. The third chapter was much more interesting and fun. The Product Category Structure and Brand Mantra were quite interesting. Epically the way the lecturer explained them to us. The most fun part of all was the diagram of Brand Mantra , it gave us a clear understating of the entire topic The and the Product Category Structure the dimensions helped us realize that brand development requires a lot of research before developing a brand. Group discussion In week two the entire group discussed both chapters, we even discussed same real life examples which were not in the course. This group meeting turned out to be extremely productive. The most fun part of the entire meeting was that we made our own brand mantra diagram, using our own example. Concepts like Brand salience which were not clear to me, become crystal to me after the group discussion. This group discussion lasted quite long as we had two chapter to cover and we had to make sure that every member of the group understood every concept of both chapters. We all really enjoyed discussing the concepts like the 5 dimensions of the brand. All in all it was really a productive meeting. Terms introduced customer-based brand equity brand mantra segmentation Week 3 Week 3 turned out to be a very informative week. The entire week was based on chapter 3 and 4. Chapter 3 covered all topic regarding choosing brand elements to build brand equity while chapter 4 covered all topics regarding designing marketing programs to build brand equity. Both chapters were very interesting and the lecturer explained each concept extremely well. He made the entire week an important week. Every topic in both chapters helped to gain more knowledge about how to develop successful brands. The examples and case studies which were present in both chapters proved to be very helpful, as they helped as in clearly understanding the topics. Important Concepts learnt in week 3 Chapter 3 criteria for choosing brand elements The 6 elements ( i.e. Memorability ,Meaningfulness, Likeability Transferability , Adaptability and Protectability ) Tactics for Brand Elements All 6 tactics (Brand names, URLs, Logos and symbols, Characters, Slogans and Packaging) Starbucks Video Case Chapter 4 New perspectives on marketing implications for the practice of brand management integrating marketing programs and activities Personalizing Marketing reconciling the new marketing approaches ( i. e. Experiential marketing, One-to-one marketing and Permission marketing) One-to-One Marketing: Five Key Steps Permission Marketing (Seth Godin) Integrating the Brand Into Supporting Marketing Programs (Product strategy, Pricing strategy, Channel strategy) Push and Pull Strategies Channel Support All these concepts gave a clear idea of how marketing professional go about making an excellent marketing plan. Chapter 3 was more difficult as compared to chapter 4 but the lecturer was very helpful. The 6 elements of choosing a brand was extremely fun as all six elements are those which every one uses when they choose something. Apart from this starbucks case was extremely informative and was a great example of a marketing plan. The new marketing approaches and supporting marketing program seemed to be the most important topic in the entire week. This week I had no difficulty at al in understanding any one of the topics, infact I took part in class discussions and enjoyed the case study of star bucks. For me this week as a great learning experience. Group discussion In the group meeting in week 3 we discussed 6 six element of choosing brand elements in detail. We even discussed the tactics of brand element infact we got so caught up in this topic that most of the time we were discussing which tactic is the best. We eventually cam to the conclusion that in this age of technology the best tactic was the URLS . The some of us in the group had jolted down some important points during studying the case of Star bucks. We discussed how it was the best example of marketing plan and how all 6 elements of choosing a brand came into action. Bacilli we had chance to study an live example of what we had earlier studied Apart from this we discussed all the marketing approaches in detail. We even j made a list of there disadvantages and advantages. We al thought that the push and pull strategy was gift for marketing professionals as up till today these strategies are sued by most brand names. Thus it can be said that our meeting was a very productive one. Terms learnt Experiential marketing One-to-one marketing Permission marketing Push and pull strategy Week 4 The fourth week was an extremely useful week a lot of new concepts were introduced both they were really easy. The lecturer gave excellent examples which further made those topics apiece of cake. In this week the lecturer thought chapter 5 and 6. Chapter 5 was based on integrating marketing communications to build brand equity and chapter 6 was based on designing marketing programs to build brand equity. Both chapters were extremely informative and interesting. Both chapters had diagrams which helped in understanding the topics by means of illustration. Illustrations. Always help people in understanding a concept more clearly. Important Concepts Learnt In Chapter 5 And 6 Chapter5 The New Media Environment Simple Test for Marketing Communications Information Processing Model of Communications (Attention, Comprehension, Yielding, Intentions and Behaviour) Marketing Communications Options (Advertising, Promotions, Event marketing and sponsorship, Public relations and publicity ,Personal selling) Integrated Marketing Communications IMC Audience Communication Option Overlap and diagram Snapple Video Case Chapter 6 Leveraging secondary brand knowledge to build brand equity Building Customer-Based Brand Equity diagram Leveraging Secondary Associations Co-Branding Ingredient branding Celebrity Endorsement Sporting, Cultural, or Other Events Third-Party Source In chapter 6 the IMC Audience Communication Option Overlap and diagram was illustrated in diagram form, and was bit difficult to understand but when the lecturer explained each step in the diagram it become easy. Marketing Communications Options was the easiest topic in the entire week the options were easy to understand as they are used in our daily lives. Leveraging secondary brand knowledge to build brand equity in chapter 6 seemed a little difficulty but after learning about the associations it become quite clear to how this phenomena functions. The Building Customer-Based Brand Equity diagram also needed a little explaining as it was a little to associate one phenomenon to the other even though arrows were made in the diagram to explain the association. Co- branding was another one of my favourite topics in the chapter. The example of co branding like Sony Erickson was wonderful. I even came up with some of my own. I personally also liked Ingredient branding due to the same reason. Group Activities The entire group discussed the important topic of both chapters with great interest. Many of the group members were quick in understanding the confusing diagrams as well. They helped me in clarifying my concept as well. The group discussed the entire Snapple case study with great zeal. We all discussed advantages and disadvantages of their marketing plan. One of the members even explained to us how they could have improved their plan. The entire group agreed the chapter 6 was not only an interesting chapter but also a fun one. The whole group enjoyed in discussing their own point of views and examples of co- branding and Ingredient branding. We even thought up companies which should use co-branding. Even the celebrity endorsement was an interesting topic as there were many real life examples present. Thus it can be said that both chapters were discussed in detail by the entire group. Terms learnt Marketing communication Personal selling Integrated Marketing Communications Co- branding Celebrity Endorsement Ingredient branding Third party source Week 5 This week both chapters 7 and 8 were extremely difficult chapter. However the Marriott video case was the easiest part of the week. Every concept in this week was quite complicating and required extra studying. But the lecturer put in extra effort and got us through this tough week. In this week the lecturer covered two chapters 7 and 8. Chapter 7 was based on developing a brand equity measurement and management system. Chapter 8 was based on measuring sources of brand equity: capturing customer mindset. Even though both chapters were difficult, the informative and quite interesting. Both chapters had diagrams which helped in understanding the topics by means of illustration. Important concepts learnt Chapter 7 The New Accountability The Brand Value Chain Value Stages Multipliers Brand Equity Measurement System Designing Brand Tracking Studies Brand Equity Charter and kicks Brand Equity Charter Brand Equity Responsibilities Marriott Video Case Chapter 8 Qualitative Research Techniques Projective Techniques Identifying Key Brand Personality Associations ZMET Brand Personality and Values Experiential Methods Quantitative Research Techniques Comprehensive Models of Customer-Based Brand Equity How Brands Are Built Healthy Brands Have Greater Differentiation than Relevance More Esteem than Knowledge Means, “I’d like to get to know you better” Two-Dimensional Framework for Diagnosing Brands: The Power Grid Y&R Resonance Research Commonalty Between the Basic BAV Model and the CBBE Framework This week was a very tough and long week. The diagrams and graphs in chapter 9 were a bit difficult to understand, but with a little extra time from the lecturer understanding it was made possible. Kicks Brand Equity Charter was an interesting example what made it more interesting was that it was illustrated by a diagram. This clarified entire brand equity charter topic. The ZMET was something extremely new for the entire class but when the lecturer started explaining the concept it was quite essay to understand. Group discussion This was the most interactive group discussion we had; every member had some kind of problem or another. Most of us had a hard time understanding the different The Power Grids in chapter 8. The whole group discussed one grid at a time and finally the whole concept was crystal clear. How brands are built and the Marriott case study was something which we all enjoyed. Since the beginning of the course we were waiting for the topic of how brands are built. Most of our discussion in this meeting was based in it. Terms learnt Brand Equity Charter The New Accountability Power grids Week 6 In week 6 the lecturer thought us chapter 9. It had a lot of branding approaches. The entire chapter was based on measuring outcomes of brand equity: capturing market performance. The lecturer told us that it was an important chapter as it was building our base. This chapter unlike the pervious chapter had 2 case studies one of wild planet, and the other was of Strawberry Frog: Behind the Scene Video Case. They were very interesting case studies and the entire class learnt a lot from it. Concept learnt Comparative Methods Brand-Based Approaches Marketing-Based Approaches Conjoint Analysis Holistic Methods Residual Approaches Valuation Approaches Accounting background and historical perspective General Approaches Interbrand’s Brand Valuation Strawberry Frog: Behind the Scene Video Case and Wild Planet Video Case At times all the cooperative approach seemed so confusing that I started dreading the class. But after the lecturer reached brand-based approaches and marketing-based approaches, I completely changed my mind. I really enjoyed these two concepts as they gave me in-depth knowledge regarding marketing. As mentioned earlier this chapter had two case studies both were very interesting and informative for the entire class. Group discussion In this discussion the entire group was quite interactive. Each approach was discussed in detail. Interbrand’s Brand Valuation was something new for the entire group but we managed to go through the class lecture while discussing this concept. The fact that this week we got to watch two case studies made us enjoy the course even more. Terms learnt Comparative Methods Brand-Based Approaches Marketing-Based Approaches Conjoint Analysis Holistic Methods Residual Approaches Valuation Approaches Interbrand’s Brand Valuation Week 7 This week was the most interesting week of all. We started of with chapter 10. It was based on designing and implementing branding strategies. I knew I would have to recall all the approaches which we done. I also knew that this chapter would be the core of the entire course. In this week we even had a case study presentation of yahoo which I really enjoyed. Concept learnt Branding strategy Branding Strategy or Brand Architecture The role of Brand Architecture Brand-Product Matrix Important Definitions (Product line, Product mix and Brand mix ) Breadth of a Branding Strategy Depth of a Branding Strategy Designing a Brand Portfolio Brand Hierarchy , Brand Hierarchy Tree: Toyota and Brand Hierarchy Levels Corporate Brand Equity Levels of Awareness and Associations Linking Brands at Different Levels and Linking Brands at across products Corporate Brand Campaign Using Cause Marketing to Build Brand Equity and advantages Green Marketing Crisis Marketing Guidelines Procter & Gamble Video Case Group discussion The entire group found this chapter to be an extremely important one. Every member of the group bought their lecture notes to the discussion. We went though all the concepts in the course book ad use the notes to clarify the confusing concepts. The group members participated with great zeal Concepts like Corporate Brand Equity, green marketing and Brand-Product Matrix were very interesting. The group discussed these topics in detail. the case study of Procter & Gamble and the entire group realize that Procter & Gamble were the gurus of marketing and that if brand designers fellow their lead then they may come up with innovative brands. Terms learnt Brand-Product Matrix Brand Architecture Brand Portfolio Green Marketing Brand Hierarchy Product line Product mix Brand mix Week 8 This week is the last week of my course diary. In this week the lecturer thought us chapter 11 it was based on introducing and naming new products and brand extensions. The concepts in this chapter were all based on how to successfully extend a brand. There were not many graphs and diagrams in this chapter. However it was an interesting chapter. After going through so many chapters I found this one extremely easy. Concepts learnt Leverage the Brand Ansoff’s Growth Share Matrix Brand Extensions ( advantages and disadvantages) General Strategies for Establishing a Category Understanding How Customers Evaluate Brand Extensions Contributing to Parent Brand Equity Successful and unsuccessful Extensions Evaluating Brand Extension Opportunities Eaton Video Case All the above mentioned concepts were extremely interrelated so I could not afford to miss any class. I understood that the concept of brand extension was extremely important and if companies do not consider a brand extension they may loose their position in the market. I also found the Ansoff’s Growth Share Matrix an extremely import tool as it help companies o know their position in the market keeping in mind both the currant and new market. Group Discussion We all enjoyed this group discussion a lot. We discussed the Ansoff’s Growth Share Matrix in great detail. We selected companies implemented this matrix on them. Apart from this the whole group also discussed an extremely new concept Parent Brand Equity. This concept took some time but in the end we all understood it. Terms learnt Brand Extensions Parent Brand Equity Ansoff’s Growth Share Matrix Conclusion This course diary consisted 8 week of the brand development and management course. I really enjoyed this assignment as I could write down exactly what I felt during the lectures and group discussions. It could be save to conclude that this was very interesting assignment and that the entire diary also helped me to recall the entire concept I did in the last 8 weeks. Read More