MKT 510 Lecture Notes - Lecture 8: Uptodate, Organizational Structure, Brand Equity
Document Summary
Chapter 8: developing a brand equity measurement and management system. Brand audit is a comprehensive examination of a brand to discover its sources of brand equity. Brand audits on the other hand, is a more externally, consumer-focused exercise to assess the health of the brand, uncover its sources of brand equity, and suggest ways to improve and leverage its equity. It requires both the consumers and the firms perspective. The brand audit can set strategic direction for the brand, and management should conduct one whenever important shifts in strategic direction are likely. Conducting regular brand audits will allow marketers to keep their fingers on the pulse of the brand basically assess the health of the brand. There are 2 steps to a brand audit: brand inventory and brand exploratory. Must determine the pop"s and pod"s in this part. It helps suggest what consumers current perceptions may be based on.
