Mar Managing Brand Equity — Best Global Practice Assessment Even though there are several definitions of brand equity and multiple methods of measuring it, one thing is accepted as a fact by all marketers, it is very difficult to measure. Brand equity has a qualitative and quantitative component, both of which have been source of interest for academicians and marketers for a long time, but until now no widely accepted forms of measurements for both have been developed. Brand equity, simply put, is the tangible and intangible value of a brand driven by its recognisability and perception. The more positive the recognition and perception levels are, the stronger the brand equity is.
These partnerships are innovative because they are fresh, unexpected, and also increase awareness. Inthe Ford Explorer offered an Eddie Bauer edition. It's not just the auto industry: Since the 90s, it has infiltrated such broad categories of products and services that it is downright pervasive throughout consumer retail.
Also known as strategic partnerships, the practice of co-branding now extends to industries as far ranging as cosmetics, hotels, restaurants, fashion, household products, and charities, to name only a few.
If done well, these partnerships are innovative because they are new, unexpected, and they achieve brand objectives that not only reinforce Best practice cases in branding image, but also increase awareness.
In the auto industry examples, the brands shared similar target audiences with their partners. Each benefited from the association with the other, and those associations reinforced desirable perceptions about the both the product quality and lifestyle the brands represent.
Brands are judged by the partners they keep. Innovative partnerships can make brands seem hipper, more modern, more distinctive, more interesting, and more noteworthy. A great recent example is the Ace Hotel in New York City, which is considered by many to be one of the most innovative hotels in a city full of trendy lodgings.
The partnerships the Ace has thoughtfully forged include the shops and restaurants on its property: Opening Ceremony, one of the most cutting-edge clothing stores in New York City; Stumptown Coffee, probably the hippest coffee currently brewed in New York; the Breslin, a popular, British-style gastropub that specializes in parts of the pig largely unfamiliar in the United States; the John Dory Oyster Bar, which features first-rate, inventive seafood; the eclectic gift shop, NO.
What also sets the Ace apart is its development of partnerships with local artists whose artwork is for sale in different hotel rooms.
You can stay in a room, and if you like the art and, well, have the moneyyou can take it with you. Retail has gone wild for limited-edition clothing-collection partnerships.
In the case of the recent, co-branded, product range from Missoni and Target that included product categories even outside of fashion, one might wonder why an Italian luxury brand would want to associate itself with a much lower quality, mass-market brand.
The Target-Missoni pop-up shop that introduced the partnership line sold out in two days and had to close early. Once the product range was available for sale online, it crashed Target's website and sold out far earlier than anticipated.
Target obviously benefited, with increased traffic and sales, increased attention from the press and consumers, and further reinforcement of the brand message: But Missoni also benefited through increased awareness, and the seeding of aspirations among many, for more of "the real thing.
In the restaurant industry, my favorite two examples are Chipotle and a restaurant in Barcelona called Inopia.
Chipotle, the mass-market fast food chain, advertises the local sourcing of ingredients and proudly communicates that its pork is from Niman Ranch. Inopia, a wonderfully original tapas bar in Barcelona, conceived by the brother of Ferran Adria, probably the most brilliant and innovative chef, ever.
Inopia prides itself so much on the suppliers it utilizes, that all the servers' shirts are adorned with patches that communicate the names of its purveyors. In both cases, you as a consumer feel better about the delicious food you're eating, because you know the dishes are made from the best ingredients, and the suppliers benefit through the positive association, and the advertisement and recognition of their products.
In the cosmetics industry, MAC has lead the innovative co-branding charge by utilizing celebrities known for their unique styles, individuality, and distinctive personalities: MAC's choices support the brand image of being bold, attention-getting, and trend-setting.
How far can it go? Co-branding even extends to the beverage industry. The designer Jack Spade recently launched a collection of clothes and bags with Coca-Cola that features the iconic brand's most beloved advertising slogans. Karl Lagerfeld recently designed a wine label to commemorate the th anniversary of a wine brand owned by Chanel.Best Practice Cases in Branding, Strategic Brand Management Abstract Kevin Lane Keller is recognized as one of the international leaders in the study of Strategic brand management and integrated marketing communications.
Best Practice Cases in Branding by Kevin Lane Keller, , Pearson Education/Prentice Hall edition, in English. Private Label and Co-Branding Deals: New Deal-Making Paradigms on the Internet.
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BEST PRACTICE CASES IN BRANDING: Lessons from the World's Strongest Brands Kevin Lane Keller Dartmouth College. Table of Contents Preface vii Biography xii Case 1 Intel: Building a Technology Brand 1 Case 2 got milk? Branding a Commodity 29 Case 3 General Electric: Branding .
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