Branding L5 Flashcards
What are the key questions and issues regarding branding?
- How important are brands?
- History of brands
- Managerial significance
- What makes branding strong?
- How do brands fit together?
- Social and cultural significance
Where do brands originate from?
The Norwegian work Brandr = to burn, water/printer marks, 1920s mass production, railways, newspaper industry
What is significant about the 2018 Interbrand Best Global Brand Rankings?
Car companies continue to fall down the global rank and tech companies now dominate the top 10.
Are brands important today?
- Brands can be products, services, people or places
- Branding permeates all aspects of society
- Must be added value
- Signifies relationship
- Provide an emotional relationship
- Influence taste perception
- Important for backlash
What makes a strong brand?
- Quality product
- Being 1st in the market
- Unique positioning
- Strong communication
- Respect for stakeholders
- Time and consistency
- Authenticity
- Respect for the environment
- Relationship with consumers
What is the paradox between brands having a functional benefit and a symbolic meaning?
Brands are symbols and marketing is becoming the process of adding, maintaining and enhancing symbolic meaning and of turning products into brands as the ultimate source of competitive advantage
How does Brakus et al (2009) define a brand?
A label, designating ownership by a firm, which we experience, evaluate, have feeling towards and build associations with to perceive value
What is the brand equation?
Brand = product/service + attributes + values + experience
What is changing about branding?
Era of customisation, consumers can get exactly what they want and when they want
What does the strategic development of a brand. involve?
Having an idea, forming a tone of voice that evokes brand values and identifying the brand role to put out the brand belief
What is a brand image?
A set of mental representations, both cognitive and affective, that a person or group of persons hold toward a brand
What is the difference between brand image and brand identity?
The sender holds the brand identity and a signal is transmitted e.g product/communication, other sources might influence this as well as competition and noise and then the receiver gets the brand image
What is the definition of brand identity?
- Represents the true self of the brand
- Based on the brand’s vision, aim and nature
- Included in a document i.e brand charter which defines what must stay and what is free to change
What is Kapferer’s (1986) brand identity prism?
Picture of sender at the top, picture of receiver at the bottom, externalisation on one side and internalisation on the other.
Physique, Personality
Relationship, Culture
Reflection, Self Image
How do functional and symbolic brands sit in terms of cognitive/emotional and high/low involvement?
Symbolic brands have high involvement and are more emotional than cognitive.
Functional brands have low involvement and are more cognitive than emotional
What is Keller’s Brand Equity Model?
A pyramid with resonance at the top representing relationships, judgements and feelings representing response, performance and imagery representing meaning, salience representing identity
What caused the rise of brand?
- 1980s recession
- Phillip Morris buys Kraft, Nestle buys Rowntree’s (1988)
What is the function of brands within companies?
- Source of value
- Less risky if brand is strong: potential for future profits, comp adv, premium pricing, loyalty
- New Product Develop allows for brand/line extensions
- Saves searching time
- Brand symbolism and social role of brands
What are the characteristics that define a strong brand?
- Emotion level
- Esteem
- Relevance
- Differentiation (all communicated through positioning)
- Risk reduction (awareness/quality)
What are the classic models of consumer behaviour?
Evaluation of alternatives: look to reduce cognitive effort and use decision heuristics
Purchase: extent of planning, choice of outlet
Outcome of purchase: expectancy disconfirmation model (Szymanski and Henard, 2001), how much we learn from a purchase outcome will depend on our motivation and cognitive bias
How do consumer’s view brands?
Stella (inspiring, distinctive, relevant, credible)
Good
The Rest
What is the cultural impact of brands?
- They are cultural shortcuts
- Replaced traditional artefacts
- They fit and adapt to lifestyles
- Erosion of boundaries between the arts and commercialism
- Brand saturated nature of popular culture
- Social meaning
What is brand attitude and how is it calculated?
Increasingly recognised as important element. Expectancy-value model of attitude:
Attitude to object = sum of all things they believe about it x how important each thing is to them
A = ∑ab
Who controls brands?
Difficult as customers have a degree of control e.g Chavs buying Burberry
