Branding and Services Strategy

Question 1

what is the major brand strategy decisions

Answer 1

brand positioning
brand name selection
brand sponsorship
brand development

Question 2

what is branding

Answer 2

▪ A brand is a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.

▪ Tells buyer something about your product quality – buyers expect consistency from same brand

▪ Creating, maintaining, protecting, and enhancing products and services.

Question 3

what are the desirable qualities for a brand name

Answer 3

1.It should suggest product’s benefits and qualities.

2.It should be easy to pronounce, recognize, and remember.

3.It should be distinctive.

4.It should be extendable.

5.It should translate easily into foreign languages.

6.It should be capable of registration and legal protection.

Question 4

what is the advantage to consumers with good brand name/image

Answer 4

➢Product identification
➢Product quality

Question 5

what is the advantage to sellers with good brand name/image

Answer 5

➢Basis for product’s quality story
➢Provides legal protection
➢Helps to segment markets

Question 6

what is brand positioning

Answer 6

POSITIONING is defined as “the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market”.

In short, it is how you want the customers to perceive your brand, in the way you want them to.

Question 7

how is brand positioning achieved

Answer 7

Unique Selling Advantage(s) in a Product or Service. Commonly called USPs –Something of Value to the customers and Distinct to this brand of product or service.

Also commonly known as Unique Selling Features /
Propositions, Or Competitive Advantage

Question 8

______ help firms gain
Competitive Advantage?

Answer 8

Digital Media & Technology

Question 9

which 3 things can be used for brand positioning

Answer 9

1. Product Attributes (Features)
2. Product Benefits (Advantages)
3. Beliefs and Values (Target Emotions)

Question 10

explain product attributes

Answer 10

Least desirable as competitors can easily copy.

Customers are not interested in just knowing the attributes but
what the attributes will do for them

eg: dettol: anti bacteria

Question 11

what is Product Benefits (Advantages)

Answer 11

Highlight the resulting desirable benefits of the product feature/attributes

eg. SK-II : Anti-aging

Question 12

what is Beliefs and Values (Target Emotions)

Answer 12

Successful brands engage customers on a deep, emotional level.

These brands rely less on products’ tangible attributes, but more on creating passion, surprise and excitement surrounding the brand.

Question 13

what are the 6 positioning bases

Answer 13

attribute
price & quality (michelin star food)
use or application
product user
heritage & symbols (SIA and singapore culture)
competitor

Question 14

Successful brand engage customers on an ____

Answer 14

emotional level.

Question 15

what are the 4 types of brands

Answer 15

manufacturer’s brand

private brand / retailer brand

licensed brand

co-branding

Question 16

what are manufacturer’s brand

Answer 16

marketed under the manufacturer’s own name

Question 17

what is private brand / retailer brand

Answer 17

created and owned by a reseller of a product or service

• eg is fairprice bread

Question 18

what is licensed brand

Answer 18

use names and symbols created by other companies or well known movie characters/celebs for a fee

Question 19

what is co-branding

Answer 19

use established brand names of 2 different companies on same product

eg - visa + OCBC credit card

Question 20

4 things under brand development

Answer 20

line extension

brand extension

multibrands

new brands

Question 21

what is line extension

Answer 21

▪ Existing Product category / Existing Brand

▪ Introduction of additional items in a given product category under the same brand name (e.g., new flavors, forms,
colors, ingredients, or package sizes).

Question 22

what is brand extension

Answer 22

▪ New Product category / Existing Brand

▪ using a successful brand name to launch a new or modified product in a new category.

Question 23

what are multibrands

Answer 23

▪ Existing Product category / New Brand

▪ additional brands in the same category.

▪ offers a way to establish different features and appeal to different buying motives.

Question 24

what is new brands

Answer 24

• new name + new prod category
• power of existing brand is waning and new brand name is needed
• used for products in new product category

Question 25

how do you manage brands

Answer 25

• Managing brands requires managing touch points.
• Communicate the brand’s positioning
• Manage all brand touch points
• Train employees to be customer centered
• Audit the brand’s strengths and weaknesses

Question 26

how do you define services

Answer 26

an act or performance that one party offers to another that is essentially intangible & does not result in ownership

Question 27

what are the 4 distinct characteristics which services have

Answer 27

▪ Intangibility
▪ Inseparability
▪ Variability
▪ Perishability

Question 28

what is intangibility

Answer 28

• services cannot be seen, tasted, felt, heard or smelled before purchase
• use of pictures/videos to show services
• eg: reviews on amazon/qualifications from ISO, etc

Question 29

what is inseparability

Answer 29

• services cannot be separated from their providers
• use of technology for internet booking, e-learning, internet banking, ATM, deposit machines.

Question 30

what is variability

Answer 30

• quality of services depends on who provides them and when, where and how
• provide training to staff
• provide service delivery procedures
• reward employee for good service

Question 31

what is perishability

Answer 31

• services cannot be stored for later sale or use
• promote off peak usage by giving discounts (hotel, airlines, theatres)