Branding Flashcards
any distinctive feature like a name, term, design, or symbol that identifies goods or services
What is a brand
___ ___ conceptualize a brand as a “cognitive web of associations that
exists in the memory of a consumer”
Consumer psychologists
___ ___ conceive of a brand as a relationship partner
Social psychologists
___ conceptualize brands as vessels of meaning – consumers have experiences around brands
Anthropologists
A brand is ___ ___: potential to tie us together to people with same values, interests,
identity in physical or virtual communities
social glue
- set and fulfill expectations and
- affect consumer perceptions
- can affect performance
- enhance enjoyment
- increase pleasure
- infuse a purchase/consumption with
meaning - are a symbol to express one’s
personality, values, status, lifestyle,
social class - can be a symbol of personal or social
identity - simplify decision making
Role of Brands
____ brands can enhance objective performance
(not just self-reported performance)
Performance
- Humans don’t just respond to things as we see them, or feel them or hear
them - The ___ or ___ of an item changes the way we experience it
origin or history
The specific, subjective beliefs and emotions that consumers attach to the brand including:
- Feelings
- Attitudes
- Identity-related items
- Memories
- Persons/celebrities
- Stories
Brand associations
___ ___ is the composite of the brand associations and represents the
meaning of the brand
Brand identity
= the sum of the intangible assets and liabilities linked to a brand that add to or
subtract from its value
= the stream of incremental profits from a branded product (vs an unbranded product)
@ the Firm level
= the value of a product that is above and beyond the value of an identical product without the brand name
= the intangible value of a brand in consumers’ minds
@ the Customer level
What are the advantages of having high brand equity?
- Customers
- Leverage
- Pricing
- Brand Extensions
- Influences perceived quality
- Attracts new customers
- Achieves brand loyalty
Customers
- more leverage in bargaining with distributors and retailers (bcs customers expect
them to carry the brand)
Leverage
- charge a higher price than competitors because of higher perceived quality
- offers some defense against price competition
Pricing
- can more easily launch extensions because the brand name carries high credibility
Brand Extensions
Strong brand equity results in…
Additional revenue
Cost savings
1) Brand Awareness
2) Brand Associations
3) Perceived Quality
4) Brand Loyalty
Brand Equity
Familiarity is the simplest form of
brand equity; it gives consumers a feeling of confidence,
thus making them more likely to consider the purchase
Brand Awareness
Subjective, emotional associations
(feelings, memories, stories, celebrities, attitudes, etc.)
Brand Associations
Perceived Quality: A known brand often conveys a sense of quality, either good or bad, real or perceived
Perceived Quality
Possibly strongest measure of brand
equity is loyalty (repeat buying, word of mouth)
Brand Loyalty
- causes customers to react less favorably to promotion of a product or service when the brand is identified
- i.e. the company would be better off with no name at all
Negative brand loyalty
Goal of brand management
Requires building strong emotional connections to the brand in a series of steps
Includes: What is the core brand message? What is the brand promise?
Creating strong positive brand equity
A refreshing of one or more brand elements to update the brand identity
* it can involve changing the:
* brand name
* slogan
* logo
* visuals
* packaging
* marketing materials and/or
* any other defining aspect of a brand’s consumer connectivity
Rebranding
