Brands

Question 1

What is a brand?

Answer 1

A brand is a name, term, design, symbol, or any other feature that identifies one sellers good or service as distinct from those of other sellers (ama 2017)

Question 2

What is the difference between a product and a brand?

Answer 2

While products have life cycles, brands can live indefinitely (Goodson, 2012)

Question 3

How is branding done?

Answer 3

Brands create associations with certain attributes or feelings to build competitive advantage

Question 4

How is branding done successfully?

Answer 4

Creating strong, positive and lasting impressions through communications, and associated psychological feelings and emotions

Question 5

What is Brand Equity?

Answer 5

The differential effect that the brand name has on customer response to the product and its marketing
Its a measure of the brands ability to capture consumer preference and loyalty

Question 6

How is branding useful to Manufacturers?

Answer 6

• Means of legally protecting unique features
• Sign of quality level
• Source of competitive advantage
• Source of financial returns
• Means of endowing products with unique associations

Question 7

How is branding useful to Consumers?

Answer 7

• Identifications of source of product
• Assignment of responsibility to product maker
• Risk reducer
• Search cost reducer
• Promise with product maker
• Symbolic device for self expressionism
• Sign of quality

Question 8

How is branding useful to Retailers?

Answer 8

• Brands attract

- Marketing support from brand owner

Question 9

What is a brand name?

Answer 9

Word or illustrations that separates one sellers goods from another

Question 10

What is a trade name?

Answer 10

• Legal name of the organisation

- May or may not relate to branding of products sold

Question 11

What is a trade mark?

Answer 11

A brand name symbol or logo protected by law for the owners sole use

Question 12

What is a brand mark?

Answer 12

The elements of visual identity made up of deign symbols not words protectable by law

Question 13

What is a corporate brand (Umbrella brand)

Answer 13

• Brand name used as a form of consistent differentiation
• Promotional investments limited to one brand
• Damage can spread across brand
• Platform for brand extension

Question 14

What is an Individual Brand?

Answer 14

• Each product offered by organisation are branded independently of others
• east to target specific segments of the market
• Can enter new markets with a separate name
• Minimised risk if a brand fails or gets negative media attention
• is expensive

Question 15

What is a Sub-Brand?

Answer 15

A type of brand extension linking a new brand with an existing brand

Question 16

What are the advantages of brand extensions?

Answer 16

• Reduces cost of new product introduction
• Reduces risk of trail
• Increases customer base
• Stronger overall brand attitude for parent brand
• Increased extension opportunities

Question 17

What are the disadvantages of Brand Extensions?

Answer 17

• Potential customer confusion
• Resistance from retailers
• Cannibalisation of parent brand sales
• Limited extension opportunities

Question 18

What are the three parts to Brand development?

Answer 18

• Brand
• Customers Perceptions
• Firms Input

Question 19

What is brand identity?

Answer 19

The way you want people to perceive you

Question 20

What is brand image?

Answer 20

The way people actually see you