Branding Flashcards
What do you need to be aware of when branding internationally?
- There will be cultural differences, which will result in differences in consumer needs, wants, and usage patterns for products and services in comparison to the home market.
- Global markets may be more competitive than an organisation’s own domestic sector. Competitors based in those markets may have the edge in terms of economies of scale and cost base.
- There may be differences in the legal environment, some of which may conflict with the laws and regulations of the home market.
- There is a need to take into account language barriers, for example, the meanings of words, symbols, etc. In trying to ensure brand consistency, marketers may find that when translated, a word quite harmless at home means something entirely different abroad.
- There may be differences in product placement and administrative
procedures. - Finally, segmentation of the market is further complicated by geography and the global marketing challenges listed above
What are the benefits of line extension?
- Expanding company shelf space presence
- Gaining more potential customers
- Offering customers more variety
- Greater marketing efficiency
- Greater production efficiency
- Lower promotional costs
- Increased profits
What are points of difference?
Attributes or benefits that consumers strongly associate with a brand and believe they could not find to the same extent with a competitor brand.
What are points of parity associations?
Not necessarily unique to the brand but may shared with other brands.
What is a brand?
offers the promise of value/benefit in the marketplace.
A brand is not a product or family of products, nor is it a logo or a company; it is something intangible. It is a bit like a ‘person’ in that one usually recognises it by a name, but it also has different sorts of attributes, some of which are manifested in physical objects (products), some of which can be expressed in writing or by imagery and some of which can be communicated by other means
How a customer recalls the company.
What are benefits of branding?
- Customer recognition
- Competitive differentiation
- Communication of brand values and benefits
- Customer loyalty
- Extension to other products
- Building brand equity
Why are brands important?
- They make it is easier for customers to identify and remember products and service
- They help differentiate a product or service from the competition
- They can build customer loyalty
- They can be extended to other products, facilitating the launch of new products or services
- They have value – known as ‘Brand Equity’
Organisational benefits of branding are…?
- The company will enjoy reduced marketing costs because of the high level of brand
awareness and loyalty - The company will have more trade leverage in bargaining with distributors and retailers since customers expect them to carry the brand
- The company can charge a higher price than its competitors because the brand has higher perceived quality
- The company can more easily launch brand extensions since the brand name carries high credibility
- The brand offers the company some defence against fierce price competition
What is an umbrella brand?
this is where an organisation decides that all of its products will have the company’s name attached to it, such as Cadburys. Cadburys chocolate bars have different names, but each is part of the Cadbury’s brand. Ford sells a number of different makes of cars and trucks but they are all branded as Ford, such as the Ford Fiesta, the Ford Pick-up, the Ford Transit Van.
What is the AIDA model?
Useful map of the stages an organisation takes a potential customer to become a purchaser. A strong brand can help to move the potential customer through the stages.
What is brand line extension?
When a company introduces a new item in the same product range using an established product’s brand name. For example, Diet Coke is a line extension of the parent brand Coke
What are the benefits of brand line extension?
- Expanding company shelf space presence
- Gaining more potential customers
- Offering customers more variety
- Greater marketing efficiency
- Greater production efficiency
- Lower promotional costs
- Increased profits
What is brand extension?
Brand extension is when an organisation does not just re-enter an existing market place with a new product; it enters a new category. e.g. cosmetics brands moving into shampoo.
What is marketing automation?
Marketing automation is a subset of customer relationship management (CRM) that
focuses on the definition, scheduling, segmentation and tracking of marketing campaigns.
The use of marketing automation makes processes that would otherwise have been
performed manually much more efficient, and makes new processes possible.
What are 5 key elements in an emotive brand strategy?
Truths- 4/5 high level aspects of your brand that are true/significant
Promise- Statement of purpose expressed as a promise
Story- Short narrative that paints a picture of the brand
Emotional impact- Way a brand strives to make the customer feel
External expression- Central communication idea that forms future external comms
