Brand Value
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In this presentation, we will discuss about the value of a brand, why consumers are willing to pay for the brand, the core value of a product, the importance of brand personality and total value proposition. We will also understand value through Porter’s Value Chain and Levitt’s four level model, meaning of brand proposition and USP. To know more about Welingkar School’s Distance Learning Program and courses offered, visit: http://www.welingkaronline.org/distance-learning/online-mba.html
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Brand Value
- 1. Chapter 6 • Brand Values Ch-06 Brand Values
- 2. What is Brand Value • Consumers want value for his money • Value is what the buyers are willing to pay for • If the products or brands offer a bundle of benefits from which customers derive far greater value than the total cost they incur to receive those benefits, we say products or brands have created value for the customer Ch-06 Brand Values
- 3. Customer Derive Value • Total Customer Value Total Customer Value Product Value Service Value Personal Value Image value Ch-06 Brand Values
- 4. Customer Derive Value • Total Customer Cost Total Customer Cost Monetary Price Time Cost Energy Cost Psychic Cost Ch-06 Brand Values
- 5. Value Creation Opportunity Idenfied Opportunity Developed Value Produced Value Added Value retained Ch-06 Brand Values
- 6. Core Value • Why Buy me? Key benefits brand delivers to the customer • E.g. Nirma’s core value is reasonable quality at affordable price • A brand may have a hierarchy of attributes, benefit and values. • Products and brands have core values and other values both must complement and supplement each other. Ch-06 Brand Values
- 7. Core Values and Brand Personality • Core values define a brand’s motivations and boundaries • Core values encompasses its competitive advantage, the benefits and other associated experiences • Brand personality is the behaviour of the brand and its presentation Ch-06 Brand Values
- 8. A Typical Business System New Product Development Suppliers Operations Sales, Distribution And Promotion Services Ch-06 Brand Values
- 9. Business System as a Value Chain Make The Product Design Raw Materials Manufacturing Sales, Use & Services Distribution & Pricing End of Life Sell the Product Ch-06 Brand Values
- 10. Total Value Proposition Choose the Value • Customer Segmentation • Market Selection Focus • Value Proposition Ch-06 Brand Values
- 11. Right Value Proposition • Three Dimensions 1. Product Leadership 2. Operational Excellence 3. Customer Intimacy Ch-06 Brand Values
- 12. What is a Brand? • “ a product that provides functional benefits plus added values that some consumers value enough to buy.” • Added values mostly are non-functional but sometimes may include unexpected functional use Ch-06 Brand Values
- 13. What is a Brand? • Added values come from the experience of the brand , the users of the brand, the belief that the brand is effective, and the appearance of the brand. Ch-06 Brand Values
- 14. Brands & symbolism • People buy brands not only for what they can do, but also for what they signify. • Visual representation is used to facilitate the understanding of symbolic meanings e.g. MRF muscle man indicates the strength of the tires. Ch-06 Brand Values
- 15. Brand Values and Personality Conditional Value Epistemic Social Value Value Brand Choice Emotional Functional Value Value Ch-06 Brand Values
- 16. Functional Value • Perceived utility from functional capability of a brand • E.g. racing capability of Ferrari sports car Ch-06 Brand Values
- 17. Social Value • Perceived utility through brand’s association with a social group • E.g. Green label liquor is for achievers Ch-06 Brand Values
- 18. Emotional Value • Perceived utility from brand’s ability to invoke particular feelings • E.g. a gift of a diamond ring is an expression of love Ch-06 Brand Values
- 19. Epistemic Value • Perceived utility from a new brand mainly to experience novelty and satisfy curiosity • E.g. Use Nokia 7250 set with a Digital camera and MMS Ch-06 Brand Values
- 20. Conditional Value • Perceive utility from a brand in a specific situation • Eating popcorn at home to satisfy hunger, but at multiplex regarded as a treat. Ch-06 Brand Values
- 21. Total Value Proposition Provide the value • Product Development • Service Development • Pricing • Sourcing & Manufacturing • Distribution & Servicing Ch-06 Brand Values
- 22. Total Value Proposition Communicate the value • Sales force • Sales promotion • advertising Ch-06 Brand Values
- 23. Porter’s Value Chain Inbound Logistics Operations outbound Logistics Profitable Sales Services Marketing & Sales Ch-06 Brand Values
- 24. Porter’s Generic Strategies For Brands Competitive Scope Brand Brand Cost Differentiation Narrow Band Focus Focus Cost Differentiation Low Cost Value added Competitive Advantage Ch-06 Brand Values
- 25. Levitt’s four level model Potential Brand Augmented Brand Expected Product Generic Product Ch-06 Brand Values
- 26. Brand Proposition • A Brand proposition becomes a value proposition to the consumers by providing measurable and credible values • E.g. Dettol’s proposition is ‘100 per cent bath’ Ch-06 Brand Values
- 27. USP • The brand , its equity and heritage are to be build over a period of time • Guard the USP by appropriate segment benefits • Maintain a wider USP • Enduring USPs maintained over a period of time e.g. Power of Philips, Sony for innovations Ch-06 Brand Values
- 28. Summary • If the products or brands offer a bundle of benefits from which customers derive far greater value than the total cost they incur to receive those benefits, we say products or brands have created value for the customer • Total Customer Value includes product value, personal value, service value, image value Ch-06 Brand Values
- 29. Summary • Total Customer Cost includes monitory prize, time cost, energy cost and psychic cost • Value Creation involves following concepts Ch-06 Brand Values
- 30. Summary Brand personality is the behaviour of the brand and its presentation • The brand, its equity and heritage are to be build over a period of time • Guard the USP by appropriate segment benefits Ch-06 Brand Values
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