About this short course
The world has become smaller with the rapid growth of e-commerce, and more and more consumers are buying products from outside their countries. The globalisation phenomenon has affected trade for smaller brands, putting them under pressure to grow their brand equity. Consumers, however, have benefited as they have better options for buying goods which satisfy their wants and needs. For a brand to grow and succeed for a long time, there is a need to implement global marketing strategies which are sound and cognisant of the different international markets. This module looks at managing brand equity in different types of market segments with great emphasis on international issues and global brand strategies. It needs to be noted from the start that brand strategies in local markets are different from those of some global segments as cultures and consumer behaviours are different. Brand management issues over regional, demographic and cultural market segments must therefore be considered.
To build global customer-based brand equity, marketers must develop a brand strategy. The strategy should aim to establish the breadth and depth of brand awareness, create Points of Parity and Points of Difference for the brand, elicit positive and accessible brand responses and forge intense, active brand relationships.
Achieving these four steps, in turn, requires establishing six core brand building blocks: salience, performance, imagery, judgments, feelings and resonance. All of these topics are discussed in detail throughout this module.
Also included in this module is the topic of brand acquisition and divestiture. Organisations often look to brand acquisition as opposed to brand development as a means to grow. When acquiring a brand name, marketers need to make decisions regarding whether to keep the acquired brand name, or to change it. The reality is that brand acquisition can be quite strategic. For example, sometimes a weak brand is acquired because of its customer loyalty or its access to a new distribution channel.
Companies often have a portfolio of brands. Management of this brand portfolio requires a number of strategic decisions to prevent cannibalisation. When streamlining the brand portfolio, overlapping brands and a lack of clear differentiation can be used as motivations for selling off a brand.
In companies with large brand portfolios, brand divestments can occur frequently because of a need to refocus the company.
You will learn about:
- Managing brands over time
- Managing Brands over Geographic Boundaries and Market Segments
- Building global customer-based equity
- Brand Acquisition and Divestiture