Brand Mangement Flashcards
What is the definition of a brand?
A brand is a bundle of benefits with sustainable differentiation
What does the bundle of benefits includes?
Functional benefit & symbolic utility components
What describes the functional benefit components?
What does the brand offer? (Functions, quality characteristics etc.)
What describes the symbolic utility components?
How do I appear to others? (extrinsic) //
What does the brand mean to me personally? (intrinsically) / Psychological or emotional additional benefit
How many constructive elements of the brand identity exist?
4
What are the constitutive elements of the brand identity?
Reciprocity, Continuity, Consistency, Individuality
Reciprocity
A brand identity can only be created by building a relationship with its reference groups
Continuity
It is important to maintain the core elements of the brand over time
Consistency
Contradictions in the brand image and in the behavior of managers and employees must be avoided
Individuality
The uniqueness of the essential brand elements serves to differentiate it from competing products
Name the stages of a Brand Life Cycle.
Introduction, Growth, Maturity, Decline
Types of managing your brand
- Launch
- Relaunch
- Line/Category Extension
Launch of a brand
Entering the market with a completely new brand
Relaunch of a brand
Changing e.g., the design and/or formula of an existing brand
Line/Category Extension
Taking the brand core further and extending the current product portfolio by suitable new lines or entering a new category
