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Assignment No 3 Brand Management
Assignment No 3 Brand Management
That today’s consumers are willing to do these things for brands — far beyond merely
purchasing it — is a clear sign that relationship building should be the cornerstone of any
brand’s marketing strategy.
Ques:- Write an essay on social side of a brand?
When we think of marketing on social media, we think of lively and interesting discussions
that make people want to engage with a brand. This usually doesn’t coincide with a mattress
company; after all, marketing campaigns that make people want to sleep are the opposite of
lively and engaging aren’t they? It would seem that when handled intelligently, it can be
incredibly lively as well as profitable.
In any branding exercise there is a limit to reach product features can be promoting such as
tea, water, ice cream, Many FMCGs products so companies go for above topic in six different
ways
- They promote social cause:- E.g.- Britannia took out Good day cause for Migrant
Labourers and distributed food packets to children impacted by Migrant labour crisis
- Brand take a stand
- They capitalise our current social issues:- E.g.- Amul is well-known for taking out
issues of national interest regularly on its Twitter handle through its Amul Girl
mascot.
- They participate as stakeholders to promote initiate of social cause
- By creating social ads they tried to reach out wider audience
- It is an attempt to diferenctiate
- Social side or a cause related marketing builds brand equity and goodwill
- Why product or a brand is very mandane(routinem non differentiate and notging
much t o talk about like water softdrinkm soap social cause gives purpose to ad
campaign
- Of this taen as a sustaona ble cause it gives new identity to the product
- It is a part of csr called concern for people planet and profit
- Govt also spends lot of money(centre and state) level for social causes
• A brand has evolved from being an object, idea, and experience, to now brand as a
relationship, defining the collaborative and reciprocal roles of the company and its
customers & moving towards a more “human-to-human” relationship & shared value.
• Brands also serve as corporate citizens and live in society and it is always beneficial
for brands to have a two-way relationship of more-give-than-take with the society.
• Almost any brand can embrace a social mission that supports the business and makes
a real contribution, even a brand whose relationship to that mission is subtle or
fraught.
• Effective social programs for brands will be long-term and challenging and will
involve many stakeholders, including governments and NGOs, employees, customers,
and communities—and perhaps even competitors.
• Any brand that connects a purpose to its business and enhances its social impact, can
achieve greater engagement, differentiation, and loyalty.
• Companies that follow triple bottom-line method, i.e., concern for people, profits and
planet, will achieve sustainable brands and long-term customer advocacy.
Ques:- What is brand equity? how it is measured? what enhances brand equity?
ANS:- Brand equity refers to a value premium that a company generates from a product with
a recognizable name when compared to a generic equivalent. Companies can create brand
equity for their products by making them memorable, easily recognizable, and superior in
quality and reliability. Mass marketing campaigns also help to create brand equity.
When a company has positive brand equity, customers willingly pay a high price for its
products, even though they could get the same thing from a competitor for less. Customers, in
effect, pay a price premium to do business with a firm they know and admire. Because the
company with brand equity does not incur a higher expense than its competitors to produce
the product and bring it to market, the difference in price goes to their margin. The firm's
brand equity enables it to make a bigger profit on each sale.
A general example of a situation where brand equity is important is when a company wants to
expand its product line. If the brand's equity is positive, the company can increase the
likelihood that customers might buy its new product by associating the new product with an
existing, successful brand. For example, if Campbell's releases a new soup, the company is
likely to keep it under the same brand name rather than inventing a new brand. The positive
associations that customers already have with Campbell's make the new product more
enticing than if the soup has an unfamiliar brand name. Below are some other examples of
brand equity.
Tylenol
Manufactured since 1955 by McNeil (now a subsidiary of Johnson & Johnson), Tylenol is a
first-line treatment for mild to moderate pain.1 EquiTrend studies show that consumers trust
Tylenol over generic brands.2 Tylenol has been able to grow its market with the creations of
Tylenol Extra Strength, Tylenol Cold & Flu, Children's Tylenol, and Tylenol Sinus
Congestion & Pain.
Kirkland Signature
Started in 1995, the Kirkland Signature brand by Costco has maintained positive growth,
representing a growing portion of the company's overall sales.3 Signature encompasses
hundreds of items, including clothing, coffee, laundry detergent, food, and beverages. Costco
even provides members with exclusive access to cheaper gasoline at its private gas stations.
Adding to Kirkland's popularity is the fact that its products cost less than other name brands.
How it measured:-
More than consumers knowing your name, brand awareness also demonstrates the popularity
of your brand in the market. When consumers are talking about your brand and products -
conversation share - this indicates awareness. Use consumer intelligence to measure and
prove how much brand awareness you’re generating. Include…