1.3 Branding Flashcards
What’s branding’s purpose?
To create a unique and identifiable name that can differentiate a product or company
What is Manufacturer/ Corporate branding?
Using company name or logo to promote all products
Advantages of Manufacturer/ Corporate branding?
Creates strong brand recognition
Existing reputation can be used when introducing new products
Helps build marketing economies of scale by not having to promote each individual product
Disadvantages of Manufacturer/ Corporate branding?
If rep is damaged all products can be affected
If you are an inferior good in one market that perception may be carried into other markets
What is product branding?
The use of a unique name, design, or symbol to promote a specific product or service.
What are the benefits of product branding
Creates a distinct identity for that product.
Can market to a different segment
Can help build customer loyalty
What are the drawbacks of product branding
Increases costs
More difficult to introduce new products
Different products may have different perception levels
What are own brand products?
Use of a retailer’s name to promote a specific product or service
Advantages of brand products
Offer cheaper products
Differentiate from other retailers
increase customer base
Disadvantages of brand products
Some people refuse to buy own brand
Lower perceived products
Hard to differentiate on anything but price
What are the 3 forms of branding?
Corporate
Product
Own brand
Benefits of a strong brand
Added value
Priumum prices
Reduced ped
How can a USP help build a brand
A feature or characteristic that makes it stand out
How can advertising help build a brand?
Building awareness and communicating a clear brand message
How can a sponsorship help build a brand
Raises its profile in the public eye can create an emotional bond
How can a social media help build a brand
Use of targeted newsfeeds
Viral Marketing
What is viral marketing
Hasn’t been assessed before!!
A strategy where a brand makes content at specific times to profit of current events to go viral.
How does social media change in accordance with social trends
Got to keep up with the latest trends
What is emotional branding
This is where brands play into their customers values, beliefs and emotions to build strong emotional connections
