10 Branding

Question 1

What is a Brand?

Answer 1

• The name, term, sign, or design—or a combination of these—that identifies the maker or seller of a product or service.
• Is also the company’s promise to deliver a specific set of features, benefits, services, and experiences consistently to the buyers.

Question 2

What are the Benefits of a Strong Brand?

Answer 2

• Increased revenue.
• Potential for growth
  = Brand Equity.

Question 3

What is customer loyalty?

Answer 3

(Highly favourable attitude towards a specific brand & preference for that brand over others).

Question 4

What happens when there is increased revenue?

Answer 4

• Customers more willing to pay premium
price (less price elasticity)
• Customer loyalty

Question 5

What happens when a brand has potential for growth?

Answer 5

• Easier to attract new customers
• Competitive resistance
• Expansion (product & market)

Question 6

What are the different stages of creating Brand Equity?

Answer 6

Brand Identity.
Brand Image.
Brand Equity.

Question 7

What is Brand Identity?

Answer 7

• The meaning, position, and goals for the brand agreed upon and projected by the organisation
• Begins with creating a cohesive organisational culture around the brand’s objectives

Question 8

What is Brand Image?

Answer 8

Consumer perceptions of the brand based on awareness & associations.

Question 9

What is Brand Equity?

Answer 9

The differential effect that the brand name has on customer response.

Question 10

How do you build a Brand Image?

Answer 10

1. Brand Awareness
2. Brand Image Associations
3. Brand Name
4. Brand Extensions & Co-branding
5. Brand Architecture (variety of one brand’s products).

Question 11

What is Brand Awareness?

Answer 11

• Brand recognition

* Brand recall

Question 12

What are some factors of Brand Image Associations?

Answer 12

• Strength of brand associations (extensiveness of brand information processing)
• Favourability of brand associations (associations viewed as positive & capable of satisfying consumers’ needs)
• Uniqueness of brand associations (associations not shared with competing brands)

Question 13

How do you build a strong brand?

Answer 13

With brand positioning decisions, which includes:
• Product attributes
• Product benefits
• Product beliefs and values

Question 14

What are some desirable qualities when building a Brand Name?

Answer 14

1. Suggest benefits and qualities
2. Easy to pronounce, recognise, and remember
3. Distinctive
4. Extendable
5. Translatable for the global economy
6. Registration and legal protection