Brands and Branding Strategy(Lecture #14)

Question 1

what is branding

Answer 1

a company’s efforts to cultivate an image or identity

Question 2

Why are brands important?

Answer 2

• Brands represent consumers’ perceptions and feelings about a product and its performance
• A key factor in consumers’ relationships with brands is what they believe about them.
• A brand can add value to a product.

Question 3

Describe brands

Answer 3

– Have status and value
– Have personality
– Involve emotions
– Signify quality
– Provide legal protection

Question 4

describe storytelling as a branding strategy

Answer 4

• Brands can be thought of as a form of storytelling.
• When brand managers tell stories about brands, the details of character, place, and action embellish the basic “information maps” we all keep in our heads.
• Psychologists refer to these information maps as schemas.
• Brand stories are an excellent strategy for inspiring loyalty among consumers for a brand that might otherwise go unnoticed

Question 5

what is an example of brand storytelling? in what way was the story important

Answer 5

• Lucky charms

- the story was more important than the ingredients (sugary cereals have very similar ingredients)

Question 6

describe brand personality

Answer 6

-brands can have human traits, this gives them life

Examples:

• sincerity
• excitement
• competence
• sophistication
• ruggedness

Question 7

def. trademark

Answer 7

A symbol, word, or words legally registered or established by
use as representing a company or product

can be:
– Names, symbols, characters, shapes
– Has monetary value
– Indicated with a superscript TM

Question 8

What are the 3 main branding strategy decisions

Answer 8

– Brand name selection
– Brand positioning
– Brand sponsorship

Question 9

What happens if competitors us trademarks of others

Answer 9

they would have an unfair advantage

Question 10

What makes a good brand name?

Answer 10

• distinctive
• pronounceable
• product related
• legally clear
• extendable

Question 11

describe brand sponsorship

Answer 11

decides which level of distribution will assign brand name, logo, design

Question 12

in what three ways can products be branded as?

Answer 12

• generic brands
• national brands
• private brands

Question 13

def. generic brands

Answer 13

Not marketed or sold under a specific brand identifier

Question 14

def. national brands

Answer 14

created and owned by producer of product

– Samsung Galaxy/Kellogg’s Frosted Flakes

Question 15

def. private brands

Answer 15

owned by the reseller of a product
– Shopper’s Life Brand/Superstore Joe Fresh
*these are starting to become better/higher quality

Question 16

what does brand positioning do

Answer 16

putting an image the minds of the target market

Question 17

What are the four brand/product positioning strategy? describe them in terms of new/existing products and brand name

Answer 17

• product line extension: existing product category, existing brand name
• brand extension: new product category, existing brand name
• multi brand: existing product category, new brand name
• new brand: new product category, new brand name

Question 18

discuss line extensions

Answer 18

likely to be put on shelves (ex. coca-cola line)

Question 19

discuss brand extension with an example

Answer 19

Reese’s now have cereal, ice cream

Question 20

discuss multibrand

Answer 20

• can’t tell that they are all under same “megabrand”
• ie Proctor & Gamble
• –product managers work independently, may compete against each other

Question 21

describe positioning strategy and their advantages and risks: line extension

Answer 21

extend a brand name to new forms

advantages: low-cost, low-risk, familiarity
risks: over-exposure of brand name

Question 22

describe positioning strategy and their advantages and risks: brand extensions

Answer 22

extend to new product categories

advantages: instant recognition for new products
risks: may confuse brand image or meaning

Question 23

describe positioning strategy and their advantages and risks: multibrand

Answer 23

different brands by the same producer

advantages: appeal to different segments
risks: separate brands may be weak individually

Question 24

describe positioning strategy and their advantages and risks: new brands

Answer 24

new brand names assigned to new products in new category

advantages: best when new product does not fit within any existing brand names
risks: new brands require significant resources to launch and maintain

Question 25

what are brand advocates

Answer 25

– Voluntarily promote brands
– Trust brands and companies behind them
– Love the brands they advocate
– Not the same as an “influencer”

Question 26

def. branded content (content marketing)

Answer 26

any form of information or story written and produced by a brand marketer, with the brand clearly and prominently featured.

• includes articles, YouTube videos, podcasts, and films
• drives engagement, increases awareness, and improves loyalty

Question 27

def. branded entertainment

Answer 27

a form of entertainment, usually video, that is

created with the cooperation or financial support of a marketer.

Question 28

def. brand equity

Answer 28

A financial value attributed to the brand based largely on intangible qualities

Question 29

when is a brand advocate important/impactful?

Answer 29

when they’re seen as neutral and objective

-ex. Oprah Winfrey

Question 30

why is brand equity very important to develop?

Answer 30

because you can charge more while maintaining market share

Question 31

def. brand loyalty

Answer 31

the tendency of consumers to continuously

purchase one brand’s products over another

Question 32

what do you need to develop brand loyalty?

Answer 32

customer satisfaction

need to trust brand

Question 33

describe the steps of achieving brand loyalty

Answer 33

1. awareness
2. recognition
3. trial
4. trust
5. loyalty