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6 Cards in this Set

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Brand audits

Comprehensive examination of a brand to identify its sources of brand equity and suggest ways to improve it. It also sets strategic directon for a brand via 2 steps; brand inventory & brand exploratory

Brand inventory

Comprehensive and current profile of how products and services offered by the compang are currently marketed & branded. Profiling products require cataloguing brand elements.

Furthermore, helps reveal what consumers current perceptions are based on and any overlaps that create confusion.

Brand exploration

Research directed in understanding what consumers actually think and feel about a brand, and act towards it, inorder to understand brand equity.

*preliminary activities

*qualitative research

*quantitative research

Qualitative research techniques

*free associations (what comes in mind when they think of the brand)

*projective techniques

*ZMET (uncover hidden thoughts and feelings expressed through metaphors)

*neural research methods (how brains respond to marketing stimuli)

*brand personality and value (human characteritics that consumers can attribute to a brand: excitment, sincerity, competence, sophistication, ruggedness)

*ethnographic & experiential methods (mystery shoppers & lead shoppers)

Measuring outcomes of brand equity/marketing performance

-brand performance measures (market share, brand extension success)

-customer centered measures (loyalty, retention, share of wallet)

-financial measures (gross profits return on assets etc)

Comparative methods

Brand based comparative approaches seeks to measure consumer response against same marketin program to different brands.

Marketing based comparative approach seeks to measure consumer response against the same brand to different marketing programs.

Conjoint analysis is a combination of both brand and marketing based comparative approach. It determines how people value different benefits and attributes of a product.

Holistic methods comprises of 2 approaches; residual - examines brand value by subtracting consumer's brand preference from their overal brand preferences. (Eg. Choice experiments). &Valuation - places a financial value on brand equity