8 Brands Flashcards
What is the anatomy of a product?
Core product
Tangible product
Augmented product
Potential product
How is a brand created? What makes it special?
… by developing a distinctive name, packaging and design to differentiate the offering from competing products or services.
What is a brand?
A name, term, sign, symbol or design which is intended to identify the goods or services of a seller and to differentiate them from those competitors. It also adds value.
What is a product line and a product mix?
Product line = Group of brands closely related, e.g. Samsung Galayy S20, S21, S22, …
Product Mix = Total set of brands marketed by a firm, e.g. P&G owns Gillette and Pampers
What is the difference between Manufacturer and Own label brands?
Manufacturor: Created and owned by producers, often widely known. E.g. Nike
Own label brands: Owned by retailers, typically sold exclusively in retailer stores, e.g. Cien at Lidl
Describe the 3 different brand types.
Family brand name: Goodwill benefits, used for all products. E.g. Brennan’s
Individual brand name: Does not identify brand with particular firm, e.g. P&G owns Gillette and Pampers
Combination brand name: Combines family and individuals brand names, capitalizes on reputation. E.g. Kelloggs Cornflakes and Kelloggs Frosties.
Name a few reasons why strong brands are important.
- Add value to firm
- Makeovers can seriously affect valuations
- Barrier to competition
- High profits, strong market shares, brand loyalty
- Foundation for brand extension
- Form of quality
What are the 4 brand performance metrics?
Marketing programme actions
Customer mindset
Market/brand performance
Financial impact
What are sources of brand equity?
Customer based: Brand awareness and brand association
Propriety-based (eigentümer): Patents and channel relationships
Which 5 steps need to be done to create a brand?
Core product…
- Create Brand name and images
- Create Service
- Create Guarantees
- Create Packaging
- Create Delivery
What makes a good brand?
Evoke positive associations
Be easy to pronounce and remember
Suggest products benefits
Be distinctive
Name any brand name categories
People - Heinz, Louis Vuitton
Places - Austrian Airlines
Descriptive - Body Shop, Rituals
Abstract - Smarties, Snickers
Evocative - Red Bull, Lego
Brand Extensions - Cola Zero
Alphanumeric: 3M, 7UP
What makes a good logo?
Easily recognized
Convey the same meaning to all target members
Evoke positive feelings
Not too simple, not too complex
What are potential benefits of brand stretching?
Positive feelings transfer to extension
Lower risk of purchase, higher trust
Reduce of cost
Economies of scale possible (Kostenvorteile)
What are potential limitations of brand extension(
Poor performance rebounds on core brand
Loss of trust in core brand
cannibalisation of core brand
