Branding and Services Strategy Flashcards
what is the major brand strategy decisions
brand positioning
brand name selection
brand sponsorship
brand development
what is branding
▪ 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.
what are the desirable qualities for a brand name
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.
what is the advantage to consumers with good brand name/image
➢Product identification
➢Product quality
what is the advantage to sellers with good brand name/image
➢Basis for product’s quality story
➢Provides legal protection
➢Helps to segment markets
what is brand positioning
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.
how is brand positioning achieved
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
______ help firms gain
Competitive Advantage?
Digital Media & Technology
which 3 things can be used for brand positioning
- Product Attributes (Features)
- Product Benefits (Advantages)
- Beliefs and Values (Target Emotions)
explain product attributes
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
what is Product Benefits (Advantages)
Highlight the resulting desirable benefits of the product feature/attributes
eg. SK-II : Anti-aging
what is Beliefs and Values (Target Emotions)
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.
what are the 6 positioning bases
attribute
price & quality (michelin star food)
use or application
product user
heritage & symbols (SIA and singapore culture)
competitor
Successful brand engage customers on an ____
emotional level.
what are the 4 types of brands
manufacturer’s brand
private brand / retailer brand
licensed brand
co-branding
what are manufacturer’s brand
marketed under the manufacturer’s own name
what is private brand / retailer brand
created and owned by a reseller of a product or service
- eg is fairprice bread
what is licensed brand
use names and symbols created by other companies or well known movie characters/celebs for a fee
what is co-branding
use established brand names of 2 different companies on same product
eg - visa + OCBC credit card
4 things under brand development
line extension
brand extension
multibrands
new brands
what is line extension
▪ 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).
what is brand extension
▪ New Product category / Existing Brand
▪ using a successful brand name to launch a new or modified product in a new category.
what are multibrands
▪ Existing Product category / New Brand
▪ additional brands in the same category.
▪ offers a way to establish different features and appeal to different buying motives.
what is new brands
- new name + new prod category
- power of existing brand is waning and new brand name is needed
- used for products in new product category
