Branding Flashcards
What is a brand?
A brand is a product or service that has a unique and immediately recognizable identity that distinguishes itself from others in its industry
What is brand identity?
Features of a brand that makes it recognizable
eg: design element
statement
application
What is brand management?
It is a function in markeitng which uses techniques to increase the perceived value of a brand over time
What does a brand manager do?
Ensures innovation of the brand
Creates brand awareness
What is brand equity?
The value a company gains from from its name recognition enabling popularity among consumers
What is brand awareness?
It is the ability of the consumer to identify the brand under different conditions
What are the two elements of brand awareness?
Brand recognition
Brand recall
What is brand recognition?
Consumers ability to confirm the brand when a cue is given without exposure
What is brand recall?
Consumers ability to retrieve the brand when given the product category, needs or some other probe
What is the importance of brand awareness?
Helps to enhance brand image in the eyes of the consumer
Increases the likelihood that consumers will keep the product on top if their mind when thinking abt that particular product group
Increases the likelihood that they will make a purchase decision
What is the brand awareness pyramid?
No Awareness
Recognition
Recall
Top of mind
What is brand association?
It is all the thoughts, feelings, perceptions, images, experiences, beliefs, attitudes linked to the brand
What are the two models of Brand Associations?
BrandDynamics Model
Brand Resonance Model
What is the Brand Dynamics model?
It maintains 3 types of brand associations which are crucial for building customer pre-disposition
- meaningful
- different
- salient
What are the 3 outcome measures of brand dynamics model?
Power: prediction of the brands volume share
Premium: brand’s ability to command a price premium
Potential: probability that a brand will grow value share
Draw the diagram of the Brand Dynamics model
What is the Brand resonance model?
It views brand building as ascending steps from bottom to top
What are the advantages of Brand Resonance model?
Ensures that consumers identify the brand
Firmly establishes the brand meaning in consumer minds
Elicits proper consumer responses
Converts customer responses to brand loyalty
Draw the Brand Resonance model?
Identity - Meaning - Response - Relationship
What is the difference between brand awareness and saliency?
Brand awareness only represents how much your product is on a consumer’s mind when thinking about a general category.
Brand salience means that your market has specific reasons to prefer your brand over another when they actually hand over their hard earned money.
What are secondary associations?
When brands are linked by:
The company itself
Country or geographical region
Channels of distribution
Other brands (co branding)
Characters
Spokespeople
Sporting or cultural events
Third party sources like awards/review
What is brand perception?
How a consumer perceives a brand and what the brand signifies for them
What is brand loyalty?
Once consumers have a favorable opinion they tend to develop strong loyalty towards it
How can we measure brand perception and loyalty?
Sureys
Brand audits
Monitor online activities
What are brand elements?
Devices which can be trademarked to identity and differentiate the brand
What are the 6 criteria for choosing brand elements?
memorable
meaningful
likable
(brand building)
transferable
adaptable
protectable
(help leverage and preserve brand equity)
