Tuesday, May 9, 2017

8 Management Lessons from Sir. S. S. Rajamouli (My View).

A Journey From Student No.1 to Bahubali 2.

The most happening cliché that is buzzing around is “Bahubali 2”. The remarkable director Sir S.S.Rajamouli's (SSR) magnum opus has exceeded the audience expectations. Fans are on their toes of craziness after the release of the monumental movie Bahubali-2. Even I am one of them. I am a fan of Sir S.S. Rajamouli since the release of his first directed movie Student no.1. He is an inspiration to me. Even though I am not into film category but his attributes have helped me to apply those in my goal and be steady to achieve it. I have taken each and every point of learning from his movies. Being a management graduate, I always relate everything to management and what I can learn from it. I have been learning management concepts from my Guru S.S. Rajamouli from the Day 1 of his movies was out. I thought to write posts about him every day, But, I did not find a chance to showcase my love towards him. Bahubali 2 has given me a chance to put some points that I have learned from his masterpiece of product deliveries.





Below are some of the Management concepts that I have learned from the Genius Film Director S.S. Rajamouli.

1.  Understanding the customer (Audience) need and meeting or exceeding their expectations. – He knows the pulse of the audience very well. He understands the exact need of the customer (audience) about his product and he always exceeds them. This has been the process of achieving things from Student no.1 to Bahubali 2.
2.     Marketing Mix:  Product, Price, Place, and Promotions the 4P’s of the movie market are well equipped with his marketing strategies. From the initial days of film distribution to this digital age his 4P’s are on track in the market. This is something I can’t write descriptively here, so I have made it brief.
3.   Maximum and proper utilization of resources. – He understands what his product required to meet the market needs. (Cast and Crew for his movie). According to the story, he picks the CAST for the movie. He never takes a chance to launch his product casually in the market. His market research is excellent and he meets the market need on time. All the resources from every department of his movie have given their best to put out the best product in the market and Bahubali2 is a classic example of it. Launching of product at the right place & right time.
4.   Marketing redefined. – It’s been an excitement for me to watch his movies audio functions or pre-release functions because on that day I learn innovative marketing strategies from the legend. He has taken creative concepts even at those events to showcase the strength of his product. He has redefined the marketing for the films in Telugu Film Industry and now at National Level. Promoting the product in an inventive way is his skillset.
5.  Being a Brand. After having a word above about the marketing I would like to discuss his Branding attributes which have kept him on the success track. {How to build a brand, Brand awareness, brand identity}. SS Rajamouli Brand credibility, Quality, Expertise, Brand resonance: Engagements, Attitudinal attachments are some of his brand attributes. Building brand is what he has achieved tremendously. The stamp of his name “an S.S. Rajamouli film” on a movie poster is enough to sell his product.
6.   Stick to your concept/Idea, Your product can do wonders. – Even though the market is not responding to your idea or to your product but you have a gut feeling that it will work in future then stick to your idea and keep working on it to deliver it with perfection. When Sir has started shooting for Maryada Ramana Movie most of the audience felt that he has taken a wrong step and I think even he knows it. But he proved himself after the release of the movie. But again it happened with Eega and even with Bahubali also. But, he was on his stumps and played it very well that now everyone can understand what happens when you have a strong instinct of success about your product in the market.
7.  Learn from your mistakes, update/learn in every project you deliver is something that I have grasped from him. From the journey of his first movie to Bahubali 2, he has evolved a lot. We can see a lot of enhancements and refinements in his process of storytelling. Only with 11 movies, he is an awe-inspiring director in the Nation. This shows that how well he has crafted his skills to meet the customer expectations for every product.
8.   Qualities of a leader: The last but not the least, Qualities of a leader which are required for a company to be successful in the market. The constitution of leadership qualities that Sir has are Accountability, Goal Orientation, Passionate, Dedication, Hard Work, Sincerity, Focused, Target oriented, Motivator etc. These aspects has made him to wow out his product.
  
Still, there is a lot to pen on… Thank you for an “Inspiration” to me and making us proud. I have jotted down these points that I have learned from your Journey of movies (Student no.1 to Bahubali2). My Dream is to be an entrepreneur and I have learned a lot of things from you. So I have coined you a name for motivating me.

IN one word “Moviepreneur”.




Source: wikipedia, image original owners. 

Monday, March 27, 2017

Brand Elements and choosing them for Building Brand Equity

What is a brand element? Brand elements are those trademarkable devices that serve to identify and differentiate the brand. This is the major element in building brand equity. The Consumer can only recall a brand if and only if the consumer knows the brand elements. A brand element can provide a positive contribution to the brand equity, where consumers have certainly valued associations with the brand.





There are sic criteria in choosing brand elements. The first three can be characterized as “brand building” and the rest of three are more defensive and are concerned with how the brand equity contained in a brand element can be leveraged and preserved in the face of different opportunities and constraints. 

1.    Memorable: It is all about a recall of the brand. How easily it is recognized while purchasing and consumption stages. For Ex: While purchasing a laptop most of the consumers choose Dell over other brands. Because of its memorable brand element.
2.    Meaningful: Displaying the inherent meaning of the brand. How well the brand is connected with the consumer. How well the brand element is suggestive and credible of the corresponding category? For Ex: Fair & Handsome suggests the meaning of fairness cream for Men.
3.    Likeability: How well consumers perceive the brand image? Is it inherently likable visually, verbally and in any other ways? For Ex: In automobile industry “Scorpio” has gained the likable brand element momentum in the SUV category.
4.    Transferable:  Can the brand element be used to introduce new categories or in the same category? How the brand equity is helpful in developing a new market or geography.
5.    Adaptable: How well the brand is adaptable or updatable with the current situation. The brand should meet or sync with the changing consumer perceptions and preferences. The brand should maintain its core value proposition.
6.    Protectable: How legally or competitively protectable is the brand element? Can it be easily copied? The brand should retain its trademark rights and should not be generic.

The highest probability of consumers asks for a XEROX instead of photocopy and Saint-Gobain instead of a Glass. These shows that the brands are well connected with the consumers. The brand elements are on track and have met the market demand. The above six brand elements are extremely important for every marketer or company to build the brand equity. 

In summary,

·         Memorable: Easily Recognized, Easily Recall.
·         Meaningful: Descriptive, Persuasive
·         Likable: Fun & Interesting, Aesthetics, Rich Visual and Verbal Imagery
·         Transferable: Within and across product categories/line, Market reach (Geographical).
·         Adaptable: Sync with the current situation, Update.
·         Protectible: Legally, Competitively.


Source: Phillip Kotler Marketing Management. 





Thursday, March 23, 2017

BRAND RESONANCE- Brand Equity Model

In my earlier post, we have discussed BRANDZ-brand equity model. Now, let us go through BRAND RESONANCE Model.


This model talks about the consumers association with the brand and it is also an ascending, sequential series of steps from bottom to top model for the brand building. This model includes:

1.    Ensuring identification, an association of the brand with the customers with a specific product class or need.
2.    Strategically linking a host of tangible and intangible brand associations, by firmly establishing the totality of the brand meaning in the minds of consumers.
3.    Finding out the proper customer responses in terms of brand related judgments and feelings.
4.    Converting the brand response to create an intense, active loyalty relationship between customers and the brand.

This brand involves six brand building blocks and this can be represented in terms of Pyramid. This model emphasizes the duality of brands- the rational route to brand building on the left-hand side of the pyramid whereas emotional route is on right-hand side.
The creation of significant brand equity involves reaching the top or pinnacle of the brand pyramid and will occur only if the right building blocks are put into place. 




Brand Salience: This relates to how often and easily the brand is evoked under various purchase or consumption situations. Here brand salience talks about, how best the brand has reached in consumer’s mindset so that consumer can recall the brand while purchasing the related category of product. In simple, Brand Salience is who are you? Whether consumers are aware of your brand or not.

Brand Performance: This relates to how the product or service meet customer's functional needs. Here it talks about the product performance and how well it is fulfilling the needs of the customer.

Brand Imagery: It deals with the extrinsic properties of the product or service, including the ways in which the brand attempts to meet customer’s psychological or social needs. It is an intangible asset of the brand. How the consumers are related to the brand in terms of their social needs. Brand performance and imagery both the terms coin the same thing of finding the meaning of the brand i.e. what are you? A Brand that consumers pick up because of the demographic profile or psychological need, personality traits, brand associations, advertising, word of mouth etc. are a part of the brand imagery.

Brand Judgements: Focus on customers own personal opinions and evaluations. What the consumer decides with respect to the product. The Consumer can judge the product based on the parameters like performance, imagery, salience, credibility etc. According to Keller, companies should focus on major four component i.e. perceived quality of the brand, brand credibility, brand consideration and brand superiority. Brand judgment is high on priority for the companies those focus on product line extension or geographically market reach. Brand judgments are logical.

Brand Feelings: Customers emotional responses and reactions with respect to the brand. The consumer has different feelings towards a brand. According to Keller a consumer will six kinds of brand feelings towards a brand fun, warmth, excitement, security, social approval and self-respect. Brand judgments and feelings come under response i.e. what about you?

Brand Resonance: This refers to the nature of the relationship that customer has with the brand and the extent to which customers feel that they are “in sync” with the brand. The intensity and engagement level of customers with the brand shows the brand resonance. Here the marketer's challenge is to keep the consumers engaging with the brand. They have to conduct or execute different marketing strategies to meet the satisfaction levels of the customers. This is the final or top level of the pyramid, where every company wants to reach. Brand building is a lengthy process but you can reap benefits if everything happens on time. If a customer can recall a brand while purchasing, then it is really a great work done by the branding team of the company in building the brand.  Here the customers are intense, active and loyal to the brand.

Source: Phillip Kotler ( Marketing Management), mindtools.com, 


Tuesday, March 21, 2017

BRANDZ- Brand Equity Models

In my earlier post, we have discussed Aaker brand equity model. Now, let us go through BRANDZ Model.

This model is developed by marketing research consultants Millward Brown and WPP. As per this model, brand building involves a sequential series of steps, whereas each step is contingent upon successfully accomplishing the previous step.



The objectives in ascending order are:

·         Presence: Do I know about it? Whether any idea, awareness or familiarity with the brand.

·         Relevance: Does it offer me something? The offers are relevant to me or not. Whether it suits my budget and solutions needs.

·         Performance: Can it deliver? Delivering acceptable product performance with the track list.

·         Advantage: Does it offer something better than others? – Competitive advantage over the other brands of the same category.

·         Bonding: Nothing else beats it. It is the emotional or rational attachment of the brand with the customer.


In this brand dynamics pyramid research has shown that, bonded consumers at top level of the pyramid build stronger relationships with the brand and spend more on the brand than those at lower levels of pyramid. Most of the consumers are at lower level of pyramid, and it will be the responsibility or challenge for the marketers to convince them and promote them to move up in the pyramid. 

Friday, March 17, 2017

Aaker Model- Brand Equity Models:

In my earlier post, we have discussed Brand Asset Valuator (BAV) brand equity model. Now, let us go through Aaker Model.


This model is developed by the marketing professor of UC- Berkeley David Aaker. According to him, brand equity is a set of five categories of brand assets and liabilities linked to a brand that add or subtract from the value provided by a product or service to a firm or to the customers of that brand. Brand connects to the concepts of equity and assets radically changes the marketing function. 




The categories of the brand asset are:

1.    Brand Loyalty (A positive feeling towards the brand and dedication to purchase the same product now and even in future for the same brand).
2.  Brand Awareness (Consumers are familiar with the brand, it is the degree to which consumers are associated with the brand of a product/service).
3.    Perceived Quality (First perception of consumers about a brand. Customers perception of the overall quality or superiority of a brand, it can be either a product or service)
4.   Brand Associations (It is something related to brand and deep-seated into customer’s mind. For ex: Asking for Dettol while purchasing an antiseptic solution in India).
5.    Other proprietary assets (Patents, trademarks & channel relationships etc.). 

According to David Aaker to build brand equity a brand should have brand identity, i.e. the unique set of brand associations that represent what the brand stands for and promises to customers. Brand identity is consists of 12 dimensions.

·         Brand as a product (product scope, product attributes, quality/value, uses, users, country of origin).
·         Brand as Organization (organizational attributes, local versus global).
·         Brand as person (brand personality, brand customer relationships).
      Brand as Symbol (visual imagery/metaphors and brand heritage). 

Aaker also conceptualizes brand identity as including core and an extended identity. The core identity is the central, timeless essence of the brand that is most likely to remain constant even if the brand gets positioned in new geographies. The extended identity includes various brand identity elements, organized into cohesive and meaningful groups. Brand equity provides value to the customers. It enhances customers to get information and improves confidence in purchase decision and affects the buying behavior of customer. 




Source: Phillip Kotler Marketing Management, Prophet.com. 




Thursday, March 16, 2017

Brand Equity Models- Brand Asset Valuator

Brand equity has different models and these models offer different perspectives about brand value. Let us discuss the four established models of brand equity.

1.    Brand Asset Valuator.
2.    Aaker Model
3.    Brandz
4.    Brand Resonance.


We will discuss “Brand Asset Valuator” in this post. 




Brand Asset Valuator (BAV): It is a brand equity model applied for the measurement of the brand value of an entity. With a survey of almost 200,000 consumers in 40 countries, BAV provides comparative measures of brand equity of thousands of brands across hundreds of different categories. It is developed by an advertising agency Young & Rubicam (Y&R). It has two major heads such as Brand Stature & Brand Strength.

Brand stature is more of a report card on past performance of the brand whereas Brand Strength which is for brands future value rather than reflecting the past. BAV has four pillars or key components. 


1.    Differentiation: Measures the degree to which a brand is seen as different from the competitor’s brand. The uniqueness and Differences of brand originality or brand promise from the competitors brand help in building the brand strength.
2.    Relevance: Measures the breadth of a bran’s appeal. It shows how consumers have understood or related the brand's offering. The strength of the brand in consumer’s mindset.
3.    Esteem: Measures how well the brand is regarded and respected. Here it shows, consumers understanding and receiving of the brand. Whether the brand has met the promise or not. Consumer’s perception of the brand's growth and declining nature of the brand.
4.    Knowledge: Measures how familiar and intimate consumers are with the brand. Consumer’s knowledge about the brand makes much difference in building a brand. If the consumer has positive feedback and awareness about the brand then the brand has already done a good job or vice versa.



Differentiation and Relevance combine to determine Brand strength. Esteem and Knowledge together create brand stature. These components help to determine current and future status. These pillars represent the cycle of brand development.
Just launched new brands show low levels on all four pillars whereas strong new brands tend to show higher levels of differentiation than relevance, while both esteem and knowledge are lower still. Leadership brands show high on four pillars.

Declining brands show:
High Knowledge- evidence of past performance- relative to a lower level of esteem, even lower relevance and differentiation.

In the next post, We will go through Aaker Model. 


Source: Phillip Kotler ( Marketing Management). 

Wednesday, March 15, 2017

What is a Brand Equity?

Brand equity is the added value endowed to products and services. The value may be reflected in how consumers think, feel and act with respect to the brand, as well as the prices, market share, and profitability that the brand commands for the firm. Brand equity is an important intangible asset that has psychological and financial value to the firm. - Phillip Kotler.

Brand equity refers to a value premium that a company generates from a product with a recognizable name when compared to a generic equivalent. Companies can create brand equity for their products by making them memorable, easily recognizable, and superior in quality and reliability. Mass marketing campaigns also help to create brand equity.- Investopedia.

Brand equity is a phrase used in the marketing industry which describes the value of having a well-known brand name, based on the idea that the owner of a well-known brand name can generate more money from products with that brand name than from products with a less well-known name, as consumers believe that a product with a well-known name is better than products with less well-known names. - Wikipedia.




From the above definitions, it is clear that brand equity refers to the value of a brand. And, the value is associated with the customers thinking. The psychological and financial value to the firm is directly proportional to the brand equity. The power of a brand lies in the minds of customers, what they have experienced directly and indirectly about the brand. So, customer-based brand equity models are that the brand power lies in potential customers mindset and as well as what they have seen, read, heard and learned, thought and felt about the brand over time.

Customer-based brand equity is the differential effect that the brand knowledge has on consumer response to the marketing of the brand. A brand can have positive as well as negative customer-based brand equity. If the consumers react more favorably to a brand’s marketing activity then it is positive or else negative.

Brand equity has three ingredients.

First: Brand equity arises from differences in consumer response. If there are no differences then the brand can be classified as a commodity or generic product.

Second: Here the differences may occur based on the consumers brand knowledge. Brand knowledge consists of all thoughts, feelings, images, experiences, beliefs, favorable and unique brand associations with customers. For ex: Volvo refers safety, Hallmark about caring and Harley-Davidson (adventure).

Third: The differential response by consumers that makes up the brand equity is reflected in perceptions, preferences and behavior related to all aspects of the marketing of a brand.


To create the desired brand knowledge for a brand in the mindset of a customer is a real tough task for the marketer. They have to develop marketing programs accordingly. Consumer’s knowledge about the marketing programs and brand drives the differences. 



Source: Phillip Kotler Marketing Management, Investopedia, Wikipedia.