#5 Branding Flashcards
1
Q
What is branding?
A
Name, term, sign, symbol or design intended to identify goods/services from one seller or a group of sellers, and to differentiate them from those of competition
2
Q
Brand Assets and Liabilities
A
- Name Awareness
- Set of Associations
- Brand Loyalty
- Perceived Quality
- Other Proprietary Brand Assets
3
Q
Why do brands matter to consumers?
A
IARRPSS
- Identify source
- Assign responsibility
- Reduce risk (functional, physical, financial etc)
- Reduce search cost
- Promise with product maker
- Symbolic device
- Signal of quality
4
Q
Why do brands matter to firms?
A
SLSESS
- simplify handling or tracing
- legally protect unique features
- signal quality level to satisfied customers
- endow products with unique associations
- source of competitive advantage
- source of financial returns
5
Q
7 Components of Strength of a Brand
A
LSMITSP
- Leadership
- Stability
- Market
- Internationality
- Trend
- Support
- Protection
6
Q
What are the Branding Fundamentals?
A
- Defining Value Proposition: what does the brand bring to the product?
- Differentiation: how distinct is your brand?
7
Q
What is Brand Awareness and its value?
A
Brand Awareness is the ability of a potential buyer to recognize or recall a brand under different circumstance.
- Top of mind
- Brand recall
- Brand recognition
- Unaware
Value:
- anchor to other attributes
- familiarity especially in low-involvement products
- signal substance and commitment
8
Q
How to establish Brand Awareness?
A
- Increasing Customer Brand Awareness (by seeing/hearing more about it)
- repetition
- elaboration
9
Q
What is Brand Association and its value?
A
- Strength: number of experiences, exposure, supporting network
IDRPB
- helps to retrieve and process information
- differentiate
- reasons to buy
- create positive attitudes
- basis of brand extension
10
Q
What types of Brand Association are there?
A
PCIRACCLPCC
- Product attributes
- Customer Benefits
- Intangibles
- Relative price
- Use/Application
- User/Customer
- Celebrity
- Lifestyle/Personality
- Product class
- Country
- Competitors
11
Q
How to create brand associations?
A
- Identifying and managing signals
- Understanding unanticipated signals
- Promotions
- Publicity
- Involve the customer
12
Q
What are brand elements?
A
Name Logo/Symbol Slogans Protecting Trademarks Packaging
13
Q
What do brand elements need to be?
A
- Memorable
- Meaningful
- Protectable
- Adaptable
- Transferrable
