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Brands and Branding > Brands and Branding > Flashcards

Brands and Branding 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 the competition”.

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2
Q

Brands

A

Logos

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3
Q

Trademark

A

Legal designation indicating that the owner has exclusive use of the brand

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4
Q

What is the key to branding?

A

for branding strategies to be successful, consumers must be convinced that there are meaningful differences among brands in the product or service category.

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5
Q

Core elements of a brand

A

Accountability
Consistency
Personality

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6
Q

Accountability

A

Trust. Quality. People who know and like a given brand will buy this again.

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7
Q

Consistency

A

Maybe low cost (Asda) Quality (jaguar)

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8
Q

Personality

A

The traits exhibited by the brand and attributed to them

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9
Q

Brand identity

A

Identity is on the sender’s side

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10
Q

Brand image

A

image is on the side of the receiver

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11
Q

Attributes of strong brands

A

Positioned properly, Use multiple marketing activities, Communicates consistent brand messages.

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12
Q

Name the two parts to brands

A

Brands have two parts:–Brand name – words, letters, and numbers–Brand mark – symbols, figures, or a design

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13
Q

Advantages of Branding

A 
Product identification 
Comparison shopping
Shopping efficiency
Risk reduction 
Product acceptance 
Enhanced self-image
Enhanced product loyalty
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14
Q

Product identification

A

customers can easily identify the brands they like

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15
Q

Comparison shopping

A

Assists customer in comparing and evaluating brands

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16
Q

Shopping efficiency

A

speeds up the buying process and makes repeat purchases easier by reducing search time and effort

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17
Q

Risk reduction

A

It allows customers to buy a known quantity, thereby reducing the risk of purchase.

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18
Q

Product acceptance

A

New products under a known brand are accepted and adopted more easily

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19
Q

Enhanced self-image

A

Brands convey, status, image or prestige

20
Q

Enhanced product loyalty

A

Branding increases psychological identification with the product.

21
Q

Name 4 types of brands

A

Manufacture brands
Retailer and wholesaler brands
Own-label brands
Generic brands

22
Q

UNIQUE ADVANTAGES OF SELLING MANUFACTURER (NAMED) BRANDS

A

Reduced costs -
Built-in loyalty
Lower inventory
Less risk

23
Q

Reduced costs

A

Heavy promotion by manufacturer reduces the marketing costs of the merchant that carries the brand

24
Q

Built-in loyalty

A

Manufacturer brands come with their own loyal customers

25
Q

Lower Inventory

A

Manufacturers are capable of time-certain delivery, which allows the merchant to carry less inventory and reduce inventory costs

26
Q

Less Risk

A

Poor quality or product failures become attributed to the manufacturer rather than the merchant. (Fill,2009)

27
Q

Unique advantages of selling private label (store) brands

A

Less competiton
Total control
Merchant Loyalty

28
Q

Less competition

A

Where manufacturer brands are carried by many different merchants, private-label brands are exclusive to the merchant that sells them.

29
Q

Total control

A

Merchant has total control over the development, pricing, distribution and promotion of the brand

30
Q

Merchant Loyalty

A

Customers who are loyal to a private-label brand are automatically loyal to the merchant.

31
Q

Benefits of branding on the manufacturer

A 
Helps create loyalty 
Defends against competition
Creates differential advantage 
Allows premium pricing 
Helps targeting/ positioning
Increases power over retailer
32
Q

Benefits of branding on the Consumer

A 
Easier product identification 
Communicates features and benefits 
Helps product evaluation 
Establishes product's position 
Reduces risk 
creates interest
33
Q

Benefits of branding - retailer

benefits

A

Brand marketing support - push

attracts customer - pull

34
Q

The dimensions in brand building

A 
Brand identity
Brand awareness 
Familiarity and knowledge of the brand 
Consideration to evaluate the brand 
Brand loyalty
35
Q

Degrees of brand loyalty

A

Hard core loyals
Soft core loyals
Shifting loyals
Switchers

36
Q

Hard core loyals

A

These consumers buy one brand all the time, demonstrating strong brand allegiances

37
Q

Soft core Loyals

A

They will be loyal to one or two brands

38
Q

Shifting loyals

A

Consumer shifts loyalty from one brand to another

39
Q

Switchers

A

Consumers show no loyalty to any brands, tending to move with brand due to either engaging in deals or price offers, or maybe driven by a desire to purchase something different each time.

40
Q

Brand equity - (Leuthesser et al., 1995)

A

Brand equity represents the value of a product, above that which would result for an otherwise identical product without the brands name

41
Q

Brand equity

A

The level of favourable associations a consumer has with a brand, which translates into them willing to pay more for the brand

42
Q

Value proposition

A

A combination of accountability, consistency, personality and differentiation that identifies the benefit of that brand.

43
Q

What are the 4 major elements of brand equity

A

Brand name awareness
Perceived brand quality
Brand loyalty
Brand associations

44
Q

Business portfolio

A

The collection of businesses and products that make up the company

45
Q

SBU

A

Strategic Business Units

46
Q

Brand Architecture

A

an organising structure of a brand portfolio that specifies brand roles and relationships among the brands and different product context.

47
Q

Umbrella brand strategy

A

family or corporate brand
Products from different categories under on brand
Sometime the company name is prefixed to the brand. In such cases the company name gives it legitimacy. The product name individualises it.
Dangerous to the brand if the principal brand fails.

Brands and Branding (1 decks)

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