Branding and promotion Flashcards
What is a brand
A brand is a product that is easily distinguished from other products.
What are the key benefits of effective branding
1.It adds significant value (from a customer point of view.
2. Business is able to charge higher prices(demand inelastic)
3. Branding builds customer loyalty and aspiration.
What is a product brand
Brands associated with specific products. Eg Marmite
What is a service brand
Brands that ass perceived value to services. Eg uber
Umbrella (family) brand
Brands that are assigned to more than one product. Umbrella branding usually makes different product lines easily identifiable. Eg Dove
Corporate and Own label brands
Promoting the brand name of a corporate entity, as supposed to specific products or services. Eg Nestle
Own label
An example of corporate branding where retail outlets assign their corporate branding to a range of goods and services. Eg Tesco finest
Global brand
Easily recognised and operating worldwide. Based on familiarity, availability and stability. Eg Mcdonalds.
What is sales promotion
Tactical, point of sales material or other incentives designed to stimulate purchases.
What are the main elements of the promotional mix (5)
1.Advertising
2. Sales promotion and merchandising.
3. Personal selling
4. Public relations/publicity/sponsorship
5. Direct marketing
What are the benefits of advertising
1.Wide coverage
2.control of message
3. Repetition means that messages can be communicated efficiently
4. Effective for building brand awareness and loyalty
Drawbacks of advertising
Often expensive
Most methods are impersonal
One way communication
Lacks flexibility
What is personal selling
Promotion on a person-to-person basis.
What are the benefits of personal selling
High customer attention
Message is customised
Interactivity
Persuasive impact
Adaptable
Drawbacks of personal selling
High cost
Labour intensive
Expensive
Can only reach a limited amount of customers
