5.- Why Are Brands Important?, Part 2

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Del curso dictado por IESE Business School

Marketing: Customer Needs and Wants

152 calificaciones

IESE Business School

Marketing: Customer Needs and Wants

152 calificaciones

Curso 3 de 5 en SpecializationFoundations of Management

Understanding who your customers are and what they need and want is at the heart of successful marketing strategies. In this course you will explore how to identify and classify customers and the different methods that marketing professionals use to shed light on how they make purchase decisions. The course will cover the following: 1. Marketing Fundamentals 2. Product, Pricing and Channel Decisions 3. Building Strong Brands 4. Communication Strategy

De la lección

Week 3: Building Strong Brands

Strong brands make a great impact on individuals and society; they are key to communicating value and getting the word out about a product or service. In this session we will explore the importance of brands as assets and branding in general. We will define the concept of brand equity and the essence of managing brands for value. Objective: To understand how branding contributes to a company’s value and how to go about developing a strong brand.

1.- Week 3 Intro1:42

2.- Defining Brands4:25

3.- What Things Can Be Branded?4:37

4.- Why Are Brands Important?, Part 14:08

5.- Why Are Brands Important?, Part 23:04

6.- The Value of a Brand, Part 14:46

7.- The Value of a Brand, Part 26:27

8.- Brand Equity5:03

9.- The Branding Process, Part 16:39

10.- The Branding Process, Part 23:07

11.- Brand Extensions, Part 14:09

12.- Brand Extensions, Part 26:15

13.- Week 3 Recap0:53

Conoce a los instructores

Mario Capizzani
Lecturer
Marketing

[MUSIC]

Okay, but in addition to consumer benefits,

brands provide many, many company benefits.

Let's look at some of them.

First of all, it really helps a company to become more efficient and

effective at running their marketing programs.

I'll give you as an example the case of Gucci.

Three years ago, in 2013, Gucci celebrated it's 60th anniversary of the loafers.

The entire organization was centered and

had a single focus on running their marketing campaign that year.

All that marketing was centered on the anniversary of the original loafers

from Gucci.

That's one way in which brands can serve companies well.

Let's look at another one.

Brands can also serve as a line extension platform.

Think of Apple, can you think of how many product categories have they entered,

making use of their strong brand?

All the way from MP3 players and computers to smartphones,

tablets, streaming services,payment services and

so forth and so on, including these days watches and who knows what's yet to come.

That is another way in how companies can benefit from strong brands.

Let's look at another one.

Brands can also help you to improve trade leverage, for example, with retailers.

If your brand is strong and recognized, there will certainly be retailers and

distributors vying for your business and willing to take your brand with them.

Obviously, you may even have to pay lower commissions or

dealer margins for them to be able to sell a well or sought after brand.

And just like strong brands can help you gain leverage with retailers and

distributors, it will also help you with many other stakeholders of the company.

One is consumers.

Strong brands command premium prices and higher margins.

Also, they become barriers to entry for competitors or sometimes

they were rather stay at bay given the strength of your competitor's brand.

They can also serve you as legal protection.

Finally, strong brands will help you to save cost,

chief among which by attracting qualified employees.

Most people like to work for the number one in the category, or

the number one in a particular industry.

Building a strong brand will furthermore

help it to attract more qualified employees.

[MUSIC]

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