MKTG10001 Chapter Notes - Chapter 7-9: Brand Equity, Tylenol (Brand), Marketing Mix

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marooncaribou812

4 Aug 2018

School

University of Melbourne

Department

Marketing

Course

MKTG10001

Professor

Nicole Mead

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Document Summary

What is the power of branding: branding gives you a competitive advantage. Tylenol versus off brand medicines that have the same effect, even if tylenol is more expensive the consumer is more likely to go for tylenol. It"s the (cid:374)a(cid:373)e, ter(cid:373), desig(cid:374), sy(cid:373)(cid:271)ol or a(cid:374)y other for(cid:373) that disti(cid:374)guishes it fro(cid:373) other (cid:271)ra(cid:374)ds this helps (cid:271)uyers to ide(cid:374)tify a(cid:374)d evaluate products, helps sellers facilitate product info and repeat purchasing, and fosters brand loyalty. Brand equity is brand awareness, brand loyalty, perceived brand quality, brand associations. Brands and the marketing mix: consumer will pay a higher price for strong brands, so price is a strategic branding tool, promotion deals with generating strong brand equity, people are not consuming products they are consuming brands! Business products: installations, raw materials, accessory equipment, business services, etc. Product item: the one product a company has that is distinguished from all other products a company offers. Product line: a group of products with similar attributes.

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few years, British Sky Broadcasting has transformed the way people in Britain watch and use their television. Before Sky, people could never have imagined ordering a pizza or sending an email from their set. Today it's an accepted thing.

Part of Sky's success has been in its brand - in defining what makes Sky special and in expressing that difference visually, in products and in the actions of people in the company. And that brand has become one of the company's greatest assets. Brands help companies build a relationship with a customer. A good brand not only helps differentiate a company, it also helps the customer feel something as a result. A pair of Nike trainers might make a person feel more fashionable. A Sony minidisc player might make a person feel they are at the cutting edge of miniature technology. A Rolls Royce might make a person feel that they have reached the top.

Some brands even go beyond that and become so well known that they become generic. This means they're used as a general term for that type of product, even if it's a competitor's product. Walkmans, and Hoovers are a good example. People Hoover the carpet, even if they're really using an Electrolux.

A brand helps customer recognition and enables recognition to be spread by word of mouth as well as by advertising. A brand also adds value. It can allow a company to offer its products at a premium, without reducing the customers' perception of value for money. It also allows a company to extend what they offer to the customer - if a customer trusts one product from that company, they are more likely to trust (and buy) another product from the same company.

That is why Sky has invested so much in its brand. As the first entrant 16 years ago in the field of multichannel television, it had the opportunity to build strong recognition and to even establish itself as the generic brand for multichannel television.

Source: (viewed 10 February 2019)

QUESTIONS

1. In the above article, "if a customer trusts one product from that company, they are more likely to trust (and buy) another product from the same company". Discuss different ways that companies can use to increase brand loyalty. Justify your answers with relevant examples. (5 marks) (500 words)

2. In the above article "brand has become one of the company's greatest assets". Do you agree? Justify your answers with arguments and examples. (5 marks) (500 words)

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MKTG10001 Chapter Notes - Chapter 7-9: Brand Equity, Tylenol (Brand), Marketing Mix

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