branding - semester 2 Flashcards
what is a brand?
“A name, term, sign, symbol, or design, or a combination of these, that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors
what is a manufacture brand?
Manufacture brand – this is a type of brand that most people assume to be a brand such as coca cola, Toyata, Disney & walkers crisps (brand that produces and manufactures the product) they need a strong brand because theyre not there when consumers make purchases and therefore cant convince you to buy their products so need strong brand image
what is a distributor/own label brand?
- Own label brands- supermarket own products- low prices- originally things like ASDA price, Tesco value- now affluent supermarkets created their own brand, such as waitrose and more recently tesco who now have Tesco value & Tesco finest/sainsburys basics & sainsburys taste the difference- own brands used to mean cheap but now they range at different levels of price- supermarkets make more profit from own brand goods so they push them more thn manufacture brands. Example is Heinz beans. Tesco will sell these but also sell tesco brand beans which therefore increases the competition and increases profits
what is a generic brand?
- Gebneric brand
No empahais on brand
Tend to have generic product name
For example gin or whisky, no emphasis on who sells that gin or whisky
Consumers buy these products because they are cheap
Manufacturers don’t have to invest in branding which is why they can sell these goods cheaper
why is branding important?
Is brand is reliable and trustwprthy it creates assurenace thayt prouct will be good
For example youd chose fairy liquid over and unbranded product because you kow its hogh quality/reliable
Another example is that you would invest £1k in Barclays then invest £1k in a place youve never heard of before
If the unknown bank offered more interest on investment youd still chose Barclays because you know its reliable
customer benefits to branding
Trust, reassurance,
reduced risk
Indicators of quality
Increased speed of decision making
business benefits to branding
Develop customer trust and loyalty
Enables premium pricing
Differentiation from competitor offerings
what is customer based brand equity?
This is refers to the extent people are willing to buy your goods and the price their willing to pay
what is positive brand equity?
People pay more for the product/more likely to buy it
e.g coke and prada handbags
what is negative brand equity?
People less likley to buy product and not willing to pay a lot of money for it
e.g burberry was seen as chav wear and people didn’t want to be assosaited with this
skoda was known as a poor brand with rubbish cars so nobody wanted one
why do people spend more on products?
relevance differenciation knowledge esteem if we produce these 4 elements we will produce positive brand equity
what does brand identity consist of?
Brand name Packaging and logo Tagline and labelling aestectics of product Tone of voice they use in advertisng
what is brand identity?
brand identity is what a brand puts out to make consumers aware
Brand positioning is how consumers see the brand
what is Young and Rubicam’s Brand Asset Valuator?
measures brand strength according to; differentiation knowledge relevance esteem
what imortant with regards to brand name?
Evoke positive associations • Easy to pronounce • Memorable • Suggest product benefits • Distinctive • Transferable • New considerations: Is it web friendly?
importance of packaging and labelling?
Protect product • Keep product ready for use • Dispense product • Provide information • Make product attractive • Make product use convenient • Promotional tool • Differentiate product
