In this unit, we will examine the elements of a brand audit, as well as how brand audits are conducted. Some of an organization's most valuable and often underutilized assets are the brands it has developed and invested in over time. Conducting a comprehensive brand audit requires the analysis of both primary and secondary sources and the creation of a strategy-linked brand positioning architecture, differentiated value proposition, and customer offering. The brand audit assists the brand management team by measuring brand performance and brand positioning as these evolve over time.
Completing this unit should take you approximately 5 hours.
As a marketer, the ultimate brand strategy impact is seeing proof that you are achieving brand growth and growing your customer base. Brand managers are responsible for using long-term plans, referred to as strategic imperatives, to create a distinct brand identity, grow consumer loyalty, and support a brand's quest for dominant market share. Strategic brand imperatives are goals used and often refreshed to define a brand as a unique collection of visual elements, values, feelings, and characteristics you want people to associate with your name and products.
Brand management is a focused discipline within the marketing department of a company. The brand manager's role is much more than maintaining a brand's logo, slogan, and website. Brand managers are leaders who make critical decisions behind the intangible and intangible consumer-to-brand connections. The brand is defined along four main elements covered in this section. These include brand identity, point of difference, promise or value proposition, and positioning versus the competition. Ultimately, each decision a brand manager makes leads to the brand story, which is the cohesive narrative that is essential in establishing an emotional connection with consumers.
Brand core values are found in the mission statements of all brands. Make a list of the "transformational" key terms that are common to all mission statements and core values -- these include "commitment", "inspire", "help", and "give". Look up the best mission statements for top companies like Nike and JetBlue to see how the brand core values form the strategic imperatives.
Brand architecture is the formal road map consisting of interconnected brand assets; all brand hierarchy starts with the master brand. Each brand extension reflects the image of the brand. The BCG model (Boston Consulting Group model) is often used to establish a solid brand architecture system, which is critical in the creation of a frictionless value proposition. There are three common types of brand architecture. The first is the branded house, with a vertical path to align sub-brands to the master brand. The branded house construct, consisting of a family of brands, is considered the most successful in establishing maximum lifetime consumer value. The house of brands is another brand architecture model that isolates the equity of the master brand from sub-brands. The last brand architectural structure is the endorsed brand, a hybrid model between a branded house and a house of brands architecture.
Brand managers use consumer mapping to analyze touchpoints along a consumer journey mapping. Within digital engagement, these touchpoints have been found to influence brand choice. Ultimately, consumers choose to purchase among a sea of competing brands, and each step is another reason why (or why not) one brand is chosen over another. Look at the external "third party" influences in your own decision-making and select the one that you trust more than the information marketed to you. Now, select a point along the consumer journey where the brand you have chosen might lose its influence.
Without brand image, all products are considered commodities. Using four different branded products in the same category (for example, Mcdonald's, Burger King, Kentucky Fried Chicken, or Wendy's in the Fast Food Category), use the elements of brand construction to "deconstruct" the label, packaging, logo, and all image-based elements. Compare and contrast similarities and differences. Now choose the one branded product showcasing the most memorable branded image. To experience applying the concepts to real scenarios in brand management, complete the exercises in the boxes. Use your notebook to create 2-3 sentence answers to the challenge questions. You must refer back to key concepts in the resource and charts when included.
This review video is an excellent way to review what you've learned so far and is presented by one of the professors who created the course.
Watch this as you work through the unit and prepare to take the final exam.
You can also download the presentation slides so you can make notes.
We also recommend that you review this Study Guide before taking the Unit 3 Assessment.
Take this assessment to see how well you understood this unit.