Branding Flashcards
Branding
Branding plays a major role in marketing. This involves giving a product or service a recognisable identity. A brand will have its own colours, packaging and style.
Brand personality & image
The brand personality and image need to be attractive to the target market. It must be relevant to them and reflect their own preferences, needs and wants.
Brand personality vs. Brand image
Brand Personality
- Human traits associated with a brand
- Intentionally created by the company
- Helps connect emotionally with consumers
Brand Image
- Consumer perception of the brand
- Based on experiences and beliefs
- Reflects how the brand is actually viewed
Example: Tesla
Brand Personality: Futuristic, bold, visionary, eco-conscious
Brand Image: Viewed as a leader in electric vehicles, associated with innovation, sustainability, and luxury.
Explain Unique Selling Point (USP)
There should be something special about the product or service that sets it apart from the competition. This should give it the edge when consumers are thinking about making a purchase.
Business size - how does this affect businesses?
Smaller businesses often lack the time and expertise to focus on marketing activity. Instead of branding and USPs, they may offer personal service or customer care. Larger businesses create and market brands with USPs to make them stand out from the competition in mass markets.
How businesses use budgets for branding & marketing
Many businesses have limited marketing budgets and cannot afford to advertise on television or in glossy magazines. They require the highest impact for their money and market products and services using flyers, social media, email and radio.
How do businesses access marketing expertise?
- Large businesses hire in-house marketing specialists
- Small businesses often hire external agencies or consultants
- Specialists can be costly, especially for smaller firms
