BUS502: Strategic Marketing

Read this chapter, which will reinforce a brand's definition, history, and importance. It is recognized that brands create market perceptions, experiences, and value. In terms of perceptions, there are summaries of the meanings a brand can convey: attributes, benefits, values, culture, personality, and users. The six factors are applied to the brand Mercedes-Benz. Based on the information provided, how would you generalize the characteristics of a Mercedes-Benz buyer?

Read this chapter to learn more about a brand's strategic significance and strategies that can lead to brand loyalty. How would you summarize the importance of brand loyalty?

Read this chapter to learn about the types of brands. Brands can relate to organizations, people, events, and more. The brands help to identify things and allow consumers to associate the brands with various attributes and experiences. Based on what you have learned about brands, would you consider Facebook a media brand? Think about how you would explain your response.

Read this chapter about selecting a brand name. Determining a brand name is an important strategic marketing decision. This name creates a distinct identity for a company, product, or service. In the chapter, naming strategies are summarized, and eight steps are discussed for developing and selecting a name brand. How would you explain the importance of legal checks, various name checks, and consumer testing?

Watch this video to learn about important steps to creating a meaningful brand name. The speaker reviews these steps:

1. Selecting the type of name (seven categories of brand names are described).
2. Deciding what the name should communicate.
3. Making sure that the name is available for use.

Multiple examples are provided of great brand names and their meanings. For a descriptive brand name, American Airlines is used as an example. What does this brand name communicate to you? Consider if another type of brand name would have been more appropriate, and if so, why.

Read this chapter about creating appropriate packaging for a product. Like a brand name, the packaging is an important strategic marketing decision. The packaging protects, promotes, and communicates details about the product. It is noted that the packaging plays a primary role relative to the product. Nine roles are summarized in the chapter: quality, safety, instruction, legal compliance, distinction, convenience, aesthetic beauty, improved utility, and sustainability. Can you describe three products with packaging that address at least three of the roles described in the chapter?

Review this article about the importance of brands. Details are included about a research study conducted to examine the effect of brands on buying behaviors and product quality assessments for mobile phones. How would you summarize the results to convince a marketing team that brand matters?

Read this chapter about brand equity, which is the value of a brand based on consumer perceptions. Brand equity impacts buying decisions which, in turn, affect a brand's profitability. Selected models for assessing brand equity are reviewed. Brand equity can lead to brand loyalty. How would you describe factors contributing to significant brand equity, such as the Apple brand?

Review this article for information about brand awareness. The concept relates to a consumer's ability to recognize or recall a brand. Brand awareness consists of brand recall (unaided recall) and brand recognition (aided recall). Brand awareness has a notable influence on brands. As such, it is important for marketers to effectively build awareness of a brand. Can you provide the marketing team with three reasons for building brand awareness?

Watch this video, which reinforces information about brand awareness. The speaker comments that brand awareness means being recognized and remembered. Brand awareness is built on online and offline visibility and appropriate content. Can you identify at least three visibility and content factors for Coca-Cola that have resulted in notable brand awareness?

Watch this video about brand loyalty from 2:27 to 21:49. The benefits of brand loyalty are emphasized with examples of specific brands. The results of a recent study are discussed, including the impact of the pandemic on brand loyalty. First-party data (information companies collect directly from consumers and own) is critical for building a brand. Can you explain how Starbucks has built brand loyalty?

Read this chapter about brand positioning and alignment. Strategies for building a strong brand through the brand platform, promise, core values, voice and personality, and positioning statement are covered. Review the Brand, Messaging, and Marketing Alignment chart near the end of the chapter. Can you provide the marketing team with three reasons for consistency in all brand-related activities?

Read this chapter about brand development strategies. It is recognized that organizations can use various strategies for establishing and building strong brands, which adds to their value for stakeholders. Options include brand and line extensions, co-branding, licensing, and more. How would you describe the risks of at least 2 of the options covered in the chapter?

Watch this video about brand positioning from 6:47 to 15:07. Then, watch from 19:36 to 42:05 for information about the impact of brands, brand architecture, and best practices for brand positioning with examples. What is a brand you feel connected to personally? Why? How has that brand met or exceeded your expectations?

Read this chapter about brand building and watch the videos. How do the announcements of REI and MEC change your perceptions of their target market, outdoor enthusiasts? How would each announcement affect your perception of the brand?

Read this chapter about branding. A brief discussion about brand power includes lists of the most valuable brands in 2019 and the most powerful brands in 2018. The Lego brand is used as an example of effective brand-building strategies. Review The LEGO Brand Framework chart. Can you name three factors that have contributed to the brand's success?

Read this chapter about stages of the product life cycle. Organizations must effectively manage products through various environmental and other conditions. Products go through a life cycle, as illustrated in the chapter:

1. Product development
2. Market introduction
3. Growth
4. Maturity
5. Decline

Review the characteristics listed for each stage of the product life cycle. You should modify marketing strategies at each stage. How would you apply the characteristics of the growth stage to marketing strategies for a product?

Read this chapter about marketing through the product life cycle. Common issues and marketing strategies are covered for each stage. How would you present the product life cycle information to a marketing team, so key factors are considered in strategic planning? List three reasons why you must assess the life cycle of a brand.

Review this section with a summary of common strategies for marketing objectives and the 4 Ps related to each stage of the product life cycle. How would you characterize marketing objectives throughout the product life cycle?

Review this chapter about challenges in the product life cycle. Examples are used of the iPod, smartphones, and digital cameras. Can you give two reasons why a product introduction may affect the product life cycle of another product within the brand category or in another product category?

Watch this video about losing control of a brand's reputation. The speaker acknowledged that there could be limited control over the reputations of brands, companies, and people. He recognized that this loss of control is not always a negative matter. Examples are provided of brands and companies that have faced reputation challenges. Can you describe two strategies for a company to best manage the reputation of its brand, particularly given the many online forums for sharing information?

Read this article about branding and risk management. The possibilities and consequences associated with a brand are recognized. There is a call to action to manage brand risk with questions to assess risk and recommended strategies to manage brand risks. Review the following sections: Every light has its shadow, brand reputation risk, the Martha Stewart Living Omnimedia example, and from Figure 2 to the end of the article. Can you provide decision-makers with three strategies for managing the brand's reputation?

Review this video about seven mistakes that could hurt a business and its brand. The speaker covers mistakes such as making false claims or promises, ignoring negative feedback, and misusing social media. Think of a branded product or service where false claims or promises appeared in the news. What was the likely effect on the brand when the false information became publicly known?

Watch this as you work through the unit and prepare to take the final exam.