Branding Flashcards
Define brand
A name, word, symbol, or design that identifies an organization and its products
Define brand name
A word or words, letters, or numbers representing a brand
Define trademark
A device that legally identifies ownership of a registered brand or trade name
Define brand equity
The value a brand has beyond its actual functional benefits
Why is brand equity important
Customers are generally willing to pay a higher price for products with brand equity
Brand equity has financial value through licensing
List the 3 steps in developing brand equity
- Develop
- Link
- Help
Explain develop
“Develop” the brand in the customers mind as part of a class of products
Example of developing
Gatorade is a sports drink
Explain link
“Link” the products name to its function and make some kind of emotional connection with the product
Example of linking
Gatorade helps athletes to perform better in athletic events
Explain help
“Help” consumers think and feel the way you want them to regarding your product
Example of helping
Gatorade is the best product of choice for successful athletes
Explain manufacturer brands
A brand owned by the producer of the product
List the 3 types of manufacturer brands
- Multi-product branding
- Multi-branding
- Co-branding
Explain multi-product branding
Used when the manufacturer uses one name for all its products
Example of multi-product branding
Nike
Explain multi-branding
Each product in a product line has a distinctive name
Advantage and disadvantage of multi-branding
Advantage: each product has its own distinct image
Disadvantage: cost
Example of multi-branding
Procter & Gamble
Explain co-branding
Combines one or more brands to increase customer loyalty and sales for each products
Example of co-branding
American Express and Air Miles
Explain intermediary brands
Carries a name developed by the wholesaler
Intermediaries contract with manufacturers to make products that are sold under their own private labels
Example of intermediary brands
Costco - Kirkland
Explain generic brands
Represents a general product category and does not carry a company or a brand name
Examples of generic brands
Life Brand - Shoppers
No Name - NoFrills
List 6 things a brand can do to be successful
- Offer a benefit
- Be simple
- Be different and positive
- Reflect an image
- Be previously unregistered
- Make it last
