BU470 Lecture Notes - Lecture 2: Normative Social Influence, Brand Equity, Starbucks
Document Summary
What does a brand do for firms: logistics: simplifies business management, offers legal protection for unique features, creates barriers of entry for competitors, provides competitive advantage: loyalty, socialization, etc. What makes a strong brand: value: a brands importance, worth, or usefulness to its stakeholders. It is dynamic and malleable: bottom line = what consumers say and think about the brand. Brand authorship: authors, storytellers (opinions, reviews, etc), who shape brand meaning, all are coming together and influence each other. Brand equity: the differential impact of marketing that is uniquely attributable to a brand, the margin attributable to brand name (ie. starbucks) Brand performance: the brand must satisfy consumers functional needs (traditional, rational areas of assessment, ex. reliability, durability, price, style, design. Brand imagery: extrinsic properties of product/service including attempts to meet social or psychological. Intensity or depth of psyological bond with brand.
