Branding and Brand Management

Question 1

Define Brand

Answer 1

AMA (American Marketing Association)
- A name, term, symbol or design, or a combination of them, intended to identify the goods or services of one seller, or group of sellers and to differentiate them from those of competitors
- Reason why customers buy something- attachment to brand
Concisely showing someone something and they know what it is

Question 2

Why do Brands matter?

Answer 2

• Strong brands can add value to balance sheets (Reichheld 1993, Doyle 1990)
  
  • Focus then on various different aspects of brands:
    ○ Brands and relationship consumers (Keller 1998, Reichheld
    1993)
    ○ Smaller amount which also takes into account organisation’s staff (Kapferer 1997, Aaker 1996, De Chernatonay 1999)
  • Tangible asset- physical goods, or buildings and warehouses
  • Intangible asset- goodwill, brands

Question 3

Brand loyalty

Answer 3

• Repeat customers cost less to acquire and their business is more profitable (Reichheld 1997)
  
  • Rational and emotional bonds with customers make them more likely to remain loyal to the same brand (Aaker 1996)
  • The brand is the focal point of marketing strategies and tactics

Question 4

Customer based brand equity

Answer 4

4. Resonance: Intense, active relationships - (loyalty, do you want to be associated, behaviour/attitudinal loyalty, repeat customer?)
5. Judgements & Feelings: Positive, accessible responses - (preference between brands, how you respond to the brand)
6. Performance & Imagery: Strong favourable and unique brand associations - (know what it stands for)
7. Salience: Deep, broad awareness - (who the brand is)

Question 5

Brand Equity (value)

Answer 5

Measures should reflect the construct being measured including: 
	- Awareness 
	- Perceived quality 
	- Loyalty and 
	- Associations of brand 
	(Aaker 1996, Building Strong Brands)

Question 6

The Brand Iceberg (Davidson, 2017)

Answer 6

Logo
Tagline
Visual Identity
Offering
Personality, Voice an Core message
Market strategy 
Positioning and Proprietary systems
Brand Promise
Brand Mission
Core Values

Question 7

Brand Management Challenges

Answer 7

New Brands

- Build Awareness
- Build Loyalty
- Re-position a brand 
- Re-invent a brand

Question 8

Legacy Brands (ones with a history and change over time)

Answer 8

Leveraging Legacy

- Embrace- what you want to keep
- Discard- get rid of 
- Reinvent- remake