Branding Flashcards
Brand
A brand is a name, term, sign, symbol, design, or a combination of them, intended to identify the
products of a seller and to differentiate them from those of competitors.
Advantages of brands for consumers
- simplification: to simplify decision making e.g., lower search costs
- risk reduction: to signal quality, assure satisfaction
- self-expression: status - can satisfy psychological needs
Advantages of brands for companies
For companies:
* Identification: to simplify handling or tracing, help to organize inventory and accounting records
* Legal property: legally protecting unique features
* Brand loyalty: signal of quality level to satisfied consumers, predictability of demand
* Source of competitive advantage: creates barrier for entry, decreases vulnerability to competitors
* Brand licensing opportunities
Brand elements
Brand elements (or brand identities) – are those trademarkable devices that serve to identify and differentiate the brand. Provides positive contributions to brand equity.
* Brand names
* Logos, symbols: text or symbol, from corporate names, word marks or entirely abstract non-word mark logos (symbols),
Criteria for choosing brand elements
Memorability, meaningfulness, likeability, transferability, adaptability, protectability
Brand equity and brand value
Brand equity – is the differential effect that knowing the brand name has
on customer response to the product and its marketing.
Brand value is the total financial value of a brand – difficult to measure
Customer-based brand equity – CBBE
Customer-based brand equity (CBBE) - the basic premise of the model is that the power of the brand lies in what customers have learned, felt, seen and heard about a brand as a result of their experience.
Brand awareness
Brand awareness: Customers’ ability to identify the brand under different
scenarios (brand name awareness: likelihood to which a brand name comes to mind and the ease with which it does so)
Brand associations
Brand associations – All the linkages that exist between a brand and the other nodes stored in a consumer’s memory.
* Companies: Marketers use brand associations to differentiate, position and extend brands, to create positive attitudes and feelings toward brands and to suggest attributes or benefits of purchasing or using a specific brand.
* Consumers: use brand associations to help process, organize and retrieve information in memory and to aid them in making purchase decisions.
Y&R BrandAsset Evaluator Model
Young & Rubicam’s BrandAsset Evaluator measures brand strength along four consumer perception dimensions:
Differentiation (what makes the brand stand out); relevance (how consumers feel it meets their needs); Esteem (how highly consumers regard and respect the brand); Knowledge (how much consumers know about the brand)
Brand Personality
A brand personality is the specific mix of human traits that may be attributed to a
particular brand: sincerity, excitement, competence, sophistication, ruggedness
Brand sponsorship
- manufacturer’s brand: sell their output under their own brand names (Samsung
Galaxy tablet, Kellogg’s Corn Flakes) - private label brand: retailers and wholesalers have created their own store brands (SPAR enjoy)
- licensed brands: license names or symbols previously created by other manufacturers, names of well-known celebrities, or characters from popular movies and books (Disney, Star Wars, Hello Kitty)
- co-branding: two established brand names of different companies are used on the same product (Burger King Pöttyös Guru King Fusion)
Branding Strategy: Building Strong Brands
The major brand strategy decisions involve:
* Brand positioning (Attributes, Benefits, Beliefs and values)
* Brand name selection (Selection, Protection)
* Brand sponsorship (Manufacturer’s brand, Private brand, Licensing, Co-branding)
* Brand development (Line extension, category extension, multibrand, new brand)
