Branding

Question 1

What is a brand? (Managerial perspective)

Answer 1

“A name, sign, symbol to identify the goods or service of a brand and to differentiate them from those competitors” Kotler and Armstrong, (2010)

Question 2

What is a brand? (Consumer perspective)

Answer 2

“A collection of perceptions held in the mind of the consumer” Fournier (1998)

Question 3

A brand is a complex entity in the mind of the consumer what are the 4 components? Laforet, S (2010)

Answer 3

Brand identity
Brand equity
Brand positioning
Brand communication

Question 4

What is brand identity?

Answer 4

“Brand identity fuels recognition, amplified differentiation and makes big ideas and meaning accessible, Wheeler, (2013)

Question 5

What is Kapaferer, (1986) brand identity prism?

Answer 5

The prism identifies six facets of a brand:
Physical- salient physical qualities eg logo, shape colour
Personality- personified in the eyes of the consumer
Culture- values brand stands for
Relationships- relationship with its consumers eg relating to target audience
Reflection- how consumers perceive the brand
Self image- how consumers perceive themselves by using the brand eg Yummy mummy example

The facets on the left represent outward expression the ones on the right are Incorporated in the brand

Question 6

What is brand equity?

Answer 6

“A set of assets and liabilities linked to a brand, its name and symbol that Add or subtracts the value provided by a product of service to a firm or its customers” Aaker (1991)

Question 7

What is Aaker (1991)brand equity model?

Answer 7

Aaker says brand value is controlled by 5 components:

1 Brand loyalty- Extent to which people are loyal to a brand
2 Brand awareness- How well known the brand is
3 Perceived Quality- Extent to which a brand is seen to product high quality products
4 Brand associations
5 Other Proprietary- Relationship assets eg trace relations

Brand equity will normally give higher edges to products which allows premium pricing and decreased time spent on advertising

Question 8

What happened to Morrison’s in 2015 and their brand equity?

Answer 8

According to The Guardian in 2015 Morrison’s had an £800 million loss and had to close 20+ stores.
However in 2016 their new partnership with amazon resulted in an increase of brand equity as deliveries were getting to customers within an hour after ordering.

Question 9

What is brand positioning?

Answer 9

“Brand positioning is the “market space” a brand is perceived to occupy in the mind of the target audience” Laforet, S (2010)

Question 10

What is the STP model?

Answer 10

This model is a audience rather than product focused approach that’s helpful when creating market communication strategies as it helps marketers to deliver messages to different consumers it has three steps:
1 Segmentation- Divide market into distinct groups of customers (segments)
2 Targeting- Select most attractive segment to focus your marketing on
3 Positioning-Determine how to position your product for each segment