Branding strategy Flashcards
Brand represents
Brand represent consumers’ perceptions and feelings about a product and its performance - what does it mean to customer
Brand
a name, term, sign, symbol or design,
or combination of these
- identifies the products/services of one seller or group of sellers
- differentiates them from competitors
Brand Equity
The impact of a brand name on customer response to a product and its marketing.
Positive Brand Equity
When consumers prefer and react more favorably to a branded product than to an unbranded version.
Brand Equity Significance
Measures a brand’s ability to capture consumer preference and loyalty.
4 consumer perception for brand strength
differentiation, relevance, knowledge, and esteem.
Brand Differentiation
What makes a brand unique and stand out from competitors.
Brand Relevance
How well a brand meets consumer needs and resonates with them.
Brand Knowledge
The extent to which consumers are aware and informed about the brand.
Brand Esteem
How highly consumers regard and respect the brand.
Brand Value
The overall financial value attributed to a brand.
4 Competitive Advantages of High Brand Equity
- Increased consumer brand awareness and loyalty
- Enhanced bargaining power with resellers due to consumer expectations
- Easier launch of line and brand extensions owing to brand credibility
- Protection against intense price competition and competitor marketing actions
Customer Equity
The value of customer relationships created by a brand, fundamental to brand equity
4 main branding decisions
- brand positioning
- brand name selection
- brand sponsorship
- brand development
3 Brand Positioning Levels
Product attributes,
benefits,
beliefs/values (emotional connection)
Attribute Positioning
(def and con)
Focuses on product attributes (e.g., quality, selection) but is easily imitated by competitors
Benefit Positioning
Associates brand name with desirable benefits beyond technical attributes (e.g., Whirlpool’s “power to get more done”)
Emotional Brand Positioning
Strongest level, connects with customers on a deep emotional level (e.g., Whirlpool’s “Every Day, Care” campaign)
Brand Positioning Foundation
Establishing a brand mission and vision guides its purpose and actions
Brand Promise (a brand is a promise)
Company commitment to consistently deliver specific features, benefits, services, and experiences
Characteristics of Brand Promise (3)
Should be clear, simple, and honest to set accurate buyer expectations
6 Qualities of a Good Brand Name
(1) Suggests product benefits and qualities
(2) Easy to pronounce, recognize, and remember
(3) Distinctive
(4) Extendable for future product expansions
(5) Translates easily into foreign languages
(6) Capable of registration and legal protection