BRANDS AND BRAND MANAGEMENT Flashcards
A name, term, sign, symbol, or design, or a
combination of them.
Brand
Brands that have been market leaders in their categories for decades
Strong Brands
It has become increasingly difficult to pursue
consumers because they are more knowledgeable
and more demanding
Savvy customers
Changes in economy impact consumers’ purchasing
power.
Economic downturns
Multiple product brands complicate the decision
making process for marketers.
Brand proliferation
Erosion or fragmentation of traditional advertising
media and the emergence of interactive and
nontraditional media, promotion, and other
communication alternatives.
Media transformation
Both demand and supply factors have contributed to
the increase in competitive intensity.
Increased competition
The cost of introducing a new product or supporting
an existing product has increased rapidly, making it
difficult to match the investment and level of
support that brands received previously.
Increased costs
is achieved when target consumers
know about a brand and recall it when thinking about the
product category.
Brand Awareness
the impression or perception that consumers
have about the product.
Brand Image
is when target consumer patronize certain
brand.
Brand Loyalty
Comprehensive examination of a brand to, assess its health,
uncover its sources of equity, and suggest ways to improve
and leverage that equity.
Brand audits
To manage brands profitably, managers must d
implement a brand equity measurement system
Measuring and Interpreting Brand
Performance
Collect information from consumers on a routine basis over
time, typically through quantitative measures of brand
performance on a number of key dimensions marketers can
identify in the brand audit or other means.
Brand tracking studies
Set of organizational processes designed to improve the
understanding and use of the brand equity concept within a
firm.
Brand equity management system-
Three steps that help implement a brand equity
management system are:
creating brand equity charters,
assembling brand equity reports, and
defining brand equity responsibilities.
Set of different brands that a
particular firm offers for sale to buyers in a particular
category.
Brand portfolio:
Displays the number and nature of
common and distinctive brand components across the
firm’s set of brands.
Brand hierarchy:
