BUS631 Study Guide
Unit 3: The Brand Audit: Asset Development
3a. Evaluate strategic recommendations for an iconic brand's architecture
- As a brand manager, how do you make strategic recommendations?
- Why is it important to consider a brand's architecture?
- What recommendations can you make for an iconic brand's architecture?
As a brand manager, you should be able to evaluate and make strategic recommendations about a brand's architecture. A brand's architecture might include being part of a parent or umbrella brand, an endorsed brand, or a master brand. There are four types of brands which include branded house, house of brands, endorsed, or hybrid. By understanding the different types of brands and how your brand fits into that house of brands, you can better understand the brand you support.
A branded house or umbrella house architecture would include one business that has several similar brands within that house. FedEx might be one example, as they have several similar brands (overnight, ground, freight, etc.) within their house of brands. A house of brands may include numerous different products and brands under one company name. Johnson & Johnson would be a good example of this as they have a wide variety of products and brands in their house. An endorsed brand structure would include a parent brand name and then smaller brands under that parent brand. Marriott Hotels is a good example of this as they have numerous hotel names that are owned by the Marriott brand. And finally, the hybrid brand may be a combination of any of these brand houses. This might occur during an acquisition of an existing brand that does not quite fit into one of their current brands. Walt Disney, Microsoft, and Amazon are good examples of this, as they have numerous divisions, most unrelated to each other.
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3b. Analyze brand awareness among loyal consumers
- How can brand awareness be raised?
- What makes a customer loyal to a brand?
- Why is brand awareness important among loyal customers?
Brand awareness occurs when people become familiar with a particular brand. Brand awareness may happen in marketing when a friend uses a product or even during an infomercial. It is possible that loyal consumers are aware of the brand because of loyalty points, email, or direct mail marketing. It is important to analyze the ways that a loyal consumer uses a product and why they are aware of the brand in the first place.
Consumers may become loyal because they like the product or service or maybe because a friend told them about it and they enjoy using it. Perhaps then they downloaded an app or signed up for loyalty rewards. Then, the app becomes an easy way to place an order or do a quick pick-up at a local store. The more convenient the company makes it to buy or purchase a product, the more loyal the consumer may become.
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3c. Evaluate the core brand value proposition statement for a line extension
- What is a core brand value proposition?
- What is a product line extension?
- How might you evaluate the core brand value proposition statement for a line extension?
The core brand value proposition is something that allows a company to stand out from their competition. This may be a benefit or benefit that consumers get from using the products or brands and keeps them loyal to the company. A line extension in marketing occurs when a company expands their existing product line with similar or new products.
By analyzing the core brand value proposition statement, a company has about a product or why loyal consumers may stay with a particular brand, you may be able to create additional value for that product or brand. It is important to analyze these unintended uses of your product to see why the product may be loved by consumers. These uses are important because they may become a part of the next marketing plan for the brand.
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3d. Evaluate how external information from public secondary sources and company websites drive consumer choice
- How do secondary sources help to drive website traffic?
- Why is it important to determine which secondary sources drive website traffic?
- What is an example of external information that consumers might use to find a product or product website?
Consumers use a variety of ways to hear about a product or service. These ways may include social media, friends, or an advertisement. Social media is one way that businesses use to promote their products to consumers, and they may get a high return rate. These secondary sources help to drive consumer traffic to a website, making it easier for a company to market and easier for a consumer to get what they need.
One example may be a TikTok of a short advertisement showing how to use a product. A consumer may click on the advertisement (the consumer may not see this as an advertisement, but as a useful product they need) and then be taken to the website that sells that product. It is important for the brand manager to understand these secondary sources and the data analytics behind those clicks.
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3e. Analyze a brand's vision, including its product, pricing, channel, and communication strategies
- How can you analyze a brand's vision?
- Why are product, pricing, channel, and communication strategies important to analyze?
- How can you use communication strategies to analyze a brand's vision?
As a brand manager, it is important to analyze a brand's vision when developing the brand and while maintaining that brand. By understanding the various ways you might make changes or updates to product, pricing, channel, or communication strategies, you may be able to keep the brand current and timely.
These values may help you better determine additional ways to market the brand. The product, pricing, and channel all make a difference when trying to reach a potential customer, and with ever-changing competition, you may need to update these avenues regularly to remain current. Communicating these strategies with the consumer can be tricky and may require alternative ways of trying to reach them. In the last section, we mentioned social media and using advertising that the consumer may not feel like advertising. This is one of the best ways to reach a potential customer because they are not aware that it is advertising.
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Unit 3 Vocabulary
This vocabulary list includes terms you will need to know to successfully complete the final exam.
- brand awareness
- branded house
- brand's vision
- core brand value proposition
- endorsed brands
- house of brands
- hybrid brand
- loyal consumers
- line extension
- secondary sources