Brands Flashcards
1
Q
What is a brand?
A
- A brand is a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition.
- Practitioners refer to a brand as more than that – as something that has created a certain amount of awareness, reputation, prominence, connection and so on in the marketplace.
2
Q
What are brand elements?
A
- Based on AMA definition the key to creating a brand is to be able to choose a name, logo, symbol, package design or other characteristics that identifies the product and distinguish it from others.
- These different components that identify and differentiate it are brand elements.
- Brand elements come in different forms and use different strategies.
3
Q
What is the role of brand names?
A
- General Electric and Samsung use their names for all their products. Other manufacturers assign new products individual brand names unrelated to the company name, Procter & Gamble’s Tide.
- Brand names could be based on people’s names (Porsche, Dior), animals and birds (Mustang, Dove).
4
Q
Wha is the difference between a brand and a product?
A
- These differences may be rational and tangible – related to product performance of the brand- or more symbolic, emotional and intangible – related to what the brand represents.
- A branded product may be a physical good like Kellogg’s Corn flakes cereal, Adidas trainers, Peroni beer; a service such as Emirates Airlines, HSBC, Compare the Meerkats; a store like John Lewis department store, or Tesco supermarket, a person such as Kim Kardashian; a place like city of London or a country of U.K; an organisation such as Red Cross.
- Some brands create competitive advantage with product performance.
- Some brands create competitive advantage through non-product related means.
- A brand is something that resides in the mind of consumers. A brand is a perceptual entity rooted in reality, but it is more than that – it reflects the perceptions and even the idiosyncrasies of consumers.
5
Q
What are the top 5 most valuable brands?
A
- Apple
- Amazon
- Microsoft
- Tencent
6
Q
What is the role of consumer and brands?
A
- Identification of source of product
- Assignment of responsibility to produce maker
- Risk reducer
- Search cost reducer
- Promise, bond, or pact with the maker of the product (consumer-brand relationship).
- Symbolic device
- Signal of quality
7
Q
What is consumer brand relationship?
A
- Consumers relate to brands in a similar manner to how they relate to people. When consumers form strong and in-depth person-brand relationships, the brand becomes an active partner of a consumer and secures an important place in a consumer’s life.
- Consumers offer their trust, loyalty and commitment with the implicit understanding that the brand will behave in a certain way and provide them utility through consistent product performance and appropriate pricing, promotion and distribution actions and activities.
8
Q
What is a symbolic device?
A
Brands can serve as symbolic devices, allowing consumers to project their self-image. Certain brands are associated with certain types of people and reflect different personalities, values and traits.
9
Q
What is the role of firms and brands?
A
- Means of identification to simplify handling or tracing.
- Means of legally protecting unique features.
- Signal of quality level to satisfied customers.
- Means to endowing products with unique associations.
- Source of financial returns.
- Manufacturing process and product designs may be easily replicated, last long impressions in the mind of individuals and organisation from years of marketing activity and product experience may not be so easily reproduced.
10
Q
What do brands represent to firms?
A
To firms, brands represent enormous valuable pieces of legal property, capable of influencing consumer behaviour, being bought and sold. And providing the security of sustained future revenues. Price premium paid for many companies (during merger and acquisition) is justified by the opportunity to earn and sustain extra profits from their brands, as well as difficulties and expense of creating similar brands from scratch.
11
Q
What is a physical good?
A
- Traditionally associated with brands (e.g., Sony, Nescafe, Tesla).
- Business-to-business (B2B) products.
- A strong brand can provide valuable reassurance and clarity to business customers who might be putting their company fates on the line.
- Some B2B firms carry the attitude that business purchasers are well informed and professional, so the brand doesn’t matter. Not the best strategy.
- Some B2B firms (e,g Boing) implemented “One Firm” brand strategy that unify all different operations with a one brand culture.
- High-Tech (B2B) products.
- Many technology firms have struggled with branding. These firms often lack any kind of brand strategy (see branding as simply naming their products).
12
Q
What are services?
A
- Services are less tangible than products and vary in quality, depending on the person providing it.
- Branding is important to service firms to address intangibility and variability problems.
- Brand symbols could make services’ abstract nature more concrete.
- Branding can help identify and provide meaning to the different products offered by a firm.
13
Q
What are retailers and distributers?
A
- Brands can generate consumer interest, patronage, and loyalty in store.
- Retailers can introduce their own brands by using their store name, creating new names or some combination of both.
- E.g., John Lewis, M&S, Tesco.
- Products bearing these store brands or private label brands offer another way for retailers to increase customer loyalty and generate higher margins and profits.
14
Q
What are online products and services?
A
- Some of the strongest brands have been born online – Google, Facebook (Meta), Twitter.
- For any brand it is critical to create unique aspects of the brand in some dimensions that are important to consumers (e.g., convenience, price, or variety).
- The brand should also perform well in other areas such as customer service, credibility, personality.
15
Q
What are people and organisations to brands?
A
- The naming aspects of branding is generally straightforward.
- Public figures (e.g., politicians, entertainers, professional athletes) often have well-defined images. They compete in some sense for public approval and acceptance, and all benefit from conveying a strong and desirable image.
