Brand Management for Premium Brands
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[pic 1]BRAND MANAGEMENTFramework to build a Premium Brand[pic 2][pic 3]Submitted by – Amritha Prakash | 1611157Christo Sagaya Milton.T | 1611165K.R.Anand Babu | 1611234Manishankar.P | 1611266Ramit Poddar | 1611278R.Saravanakumar | 1611274Sathishkumar.S | 1611281Contents1. Abstract 22. Objective 23. Introduction 23.1 Brand 23.2 Premium Brand 24. Five Funnel Framework for Premium Brands 24.1 Brand Pride/ Pride of Ownership 34.2 Social Prominence 44.3 Self Expression 44.3.1 Self Concept 44.3.2 Brand Tourism 44.4 Network Embeddedness and Self Identity 54.5 Brand Equity 54.5.1 Perceived quality 64.5.2 Brand awareness 64.5.3 Brand associations 64.5.4 Brand Loyalty 74.5.5 Uniqueness 74.6 Willingness to Pay 74.7 Brand Jealousy 74.8 Social Anxiety 74.9 Brand Love 84.9.1 Functional benefits 84.9.2 Emotional benefits 85. Methodology 96. Validation of Framework 97. Limitations of the Five Funnel framework for Premium brands 98. Conclusion 109. References 11AbstractThis report discusses what a brand is and the attributes that convert a brand to a premium brand. Its shows that a premium brand is not a brand which charges a premium price but any brand which gives pride of ownership and for which customers are willing to pay a premium. A premium brand which satisfies this, need not necessarily be priced premium. Various aspects of self-expression and pride of ownership are analysed to understand their effect on brand. The analysis has been used to develop a Five – Funnel framework for building premium brands. Funnel is used symbolically to show how various attributes are narrowed down in successive stages to finally give a premium brand. The framework was derived using research based on key words such as pride, self, brand love, exclusion, etc., in combination with brand. The framework can be considered as an extension of the brand equity model. It helps to understand various parameters required to build brand love, brand jealousy, willingness to pay and pride of ownership, which eventually helps to build a premium brand. Each funnel explains the parameters to be met by the brand in order to have the attribute at the output of each funnel. It also helps to identify if an existing brand is a premium brand or not.
ObjectiveThe following are the objectives of the report:To develop an inclusive framework for premium brands which will help to develop and build premium brands. To determine if an existing brand falls into the category of premium brands To identify deviations from the framework if anyIntroduction3.1 BrandKotler introduces brand as an offering from a recognized source. The American Marketing Association defines a brand as a “Name, term, design, symbol, or any other feature that identifies one sellers good or service as distinct from those of other sellers[1].”3.2 Premium BrandQuelch[2] indicates the differentiating features of a premium brand. Typically premium brands are associated with leadership in quality, high prices, selective distributive channels and frugal advertising. Premium brands are category agnostic. But the definition of what is premium can differ among different market segments. The definition of premium can also vary with time.It is important to note the distinction between a premium brand and a luxury brand. Doyle[3] represents the different categories of brands (economy, mass-market, premium and luxury) along a cost-quality continuum (p.84). Luxury brands have the highest quality and the highest cost followed by premium brands. Kapferer,Bastien,Vincent(2009)[4] provide a more nuanced differentiation stating that a major distinction between the two is that luxury brands give precedence to hedonism than to functionality. Five Funnel Framework for Premium BrandsAccording to the framework, premium brand is a result of perceived pride of ownership of the brand and the willingness of the customer to pay a premium. It also states that while pride of ownership may independently lead to premium brand, willingness of customers to pay a higher price will make the brand premium only if the brand provides pride of ownership. The framework further analyses all the attributes that lead to pride and willingness to pay and how various attributes successfully add at each stage to culminate in a premium brand.