11. Branding Flashcards
What is the definition of brand?
A combination of intangible product attributes that represent the company in the form of name, packaging, price and values.
What is the definition of branding?
Branding is the act of communicating the brand to customers in order to build a relationship with them.
What is the definition of brand strategy?
Brand strategy is a long-term plan for guiding a brand’s development and growing brand equity
What is the definition of brand management?
Brand management is the organisational function that manages brand strategy
What is the definition of brand assets?
Brand assets are tangible elements that represent a brand such as design, logo, icons, sound.
What is brand recognition?
Brand recognition is when brand awareness is aided
What is brand recognition?
Brand recognition is when brand awareness is aided
What is brand recall?
Brand recall is when brand awareness is unaided
What is the definition of brand identity?
Brand identity is the organisation’s meaning, position and value in the market
What consists of a brand identity?
Brand identity → Brand image → Brand equity
What are the steps to design a brand identity?
- Evaluate consumer characteristics, competitive rivalry, and company context.
- Identify a brand image that has strong unique brand associations.
- Construct a brand identity that is consistent with the brand image.
- Design tangible brand elements that associate with brand identity to identify associations in a memory network
What is the definition of brand image?
The general impression of a product by potential customers
What are the components of brand image?
- Brand awareness
- Strength of associations
- Favourability of associations
- Uniqueness of associations
What is the definition of brand awareness?
A person’s ability to identify a brand
What factors influence the brand awareness?
- Depth - the likelihood the brand can be recognized or recalled
- Breadth - the variety of purchase situations that come to mind
What is the definition of brand associations?
- The customer’s link with the brand
- The strength - extensiveness of brand information processing
- The more a person thinks about the product information the stronger the association
What are factors that drive brand associations?
- Brand attributes - features that characterise a product
- Brand benefits - the personal value that customers attach to the product or service
What is the definition of favourability?
The likelihood of satisfying consumers’ needs and wants
What are factors that drive brand associations?
- Desirability - how relevant, how distinctive, and how believable consumers find the brand association.
- Deliverability - the potential of the product to perform to current or future prospects
What is the definition of uniqueness?
How different the associations are to competitors
What drives uniqueness?
Unique Selling Proposition (USP) gives consumers a reason to buy the brand
Example: Netflix compared to Amazon Prime, Hulu
What are the benefits to product related attributes? Describe the benefits.
Functional benefits - the more intrinsic advantages of the product attributes
- satisfies basic motivations e.g well being/health
- Booking a flight
Experiential benefits - how it feels to use the product
- Satisfy experiential needs - sensory pleasure
- Sitting in the plane
Symbolic benefits - The extrinsic advantages which allow for it to have underlying meaning
- Value exclusivity or fashionability
- Having first class in the plane
What are the non-product related attributes?
- Feelings
- Personality
- User and usage imagery
- Who might use the brand
- Communicates the user lifestyle
What are the steps to meaningful difference in brand health?
- Brand health starts with a purpose to make lives better.
- Brands are innovative to stand out in their sector
- Brands must be creative to be memorable in advertising and communications.
- Brands need to provide an experience that satisfies consumers’ needs.
- Consumers develop a sense of love to the brand that sustain the brand.
What are the purposes of brand purpose spectrum? Describe them.
A functional brand purpose seeks to provide a solution to a problem
- Mind share occurs when people are aware of a brand and its functional utility
An emotional brand purpose seeks to develop a relationship with customers
- Heart share occurs when people feel emotional attachment to the brand
A symbolic/aspirational brand purpose represents a community and their beliefs
- Self share occurs when people use the brand to symbolise their own self-identity
A societal brand purpose contributes to a social issue through corporate social responsibility (CSR) programs
- Value share occurs when brands contribute to societal needs and provide a bridge through which its customers also contribute
What are brand archetypes?
The classification of the brand and what they are associated with
Example: Disney being a magician brand as it is mystical, informed and reassuring
What is the definition of cult brands?
A brand with a fanatic user base who develops personal interest in the success of the brand
Example: Apple, Harley Davidson
What makes a brand a cult brand?
- a superior level of customer loyalty is achieved
- customer believes there is no substitute to this brand
- customers have a sense of ownership with the brand
- Loyalty has sustained over time
- Customers experience a lifestyle in addition to the product
What are the steps to cult brands development?
- Brand following
a. Consumers with the same strong affiliation create a bond or relationship due to the shared interest of the brand - Connectedness
a. The brand users develop a further sense of togetherness and are building a community - Consumer conformity
a. There is no longer any real individual consumer, but a well formed group/population
b. One feels a certain level to provide strength and loyalty to the brand
What is the brand resonance pyramid?
Resonance is characterised in terms of the depth of the bond customers have with the brand
What is the definition of brand community?
A voluntary group of people who share the same interests, value and representations about the brand.
- formed based on the attachment of the brand
Example: Lego community
What is the definition of brand equity?
- The sum of brand assets and liabilities associated with the brand that add or subtract from the firm’s value
- It is associated with
- brand affinity
- customer loyalty
- positive word of mouth
- decreased price sensitivity
- repeat purchases
What are the benefits of brand equity?
- Incremental attraction (sales growth)
a. easier to attract new customers
b. Resist competitive activity
c. Introduce line extensions (product variations)
d. Global expansion - Cost advantage
a. Channel leverage, making vertical/horizontal integration easier
b. Lower advertising/sales ratios
i. saves money on reminding them - Sustainable price premium
a. Greater loyalty
b. Premium pricing/lower price elasticity (less responsive to a price change)
What is the definition of rebranding?
A marketing strategy in which product assets are redesigned to develop a new identity to the stakeholders.
Example: Woolworths, Channel 9
What are the rebranding stages
- Old logo
- small new logo + Old logo
- Same size new logo + Old logo
- Small old logo + New logo
- New logo
