Brands and Branding Strategy(Lecture #14) Flashcards
what is branding
a company’s efforts to cultivate an image or identity
Why are brands important?
- 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.
Describe brands
– Have status and value – Have personality – Involve emotions – Signify quality – Provide legal protection
describe storytelling as a branding strategy
- 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
what is an example of brand storytelling? in what way was the story important
- Lucky charms
- the story was more important than the ingredients (sugary cereals have very similar ingredients)
describe brand personality
-brands can have human traits, this gives them life
Examples:
- sincerity
- excitement
- competence
- sophistication
- ruggedness
def. trademark
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
What are the 3 main branding strategy decisions
– Brand name selection
– Brand positioning
– Brand sponsorship
What happens if competitors us trademarks of others
they would have an unfair advantage
What makes a good brand name?
- distinctive
- pronounceable
- product related
- legally clear
- extendable
describe brand sponsorship
decides which level of distribution will assign brand name, logo, design
in what three ways can products be branded as?
- generic brands
- national brands
- private brands
def. generic brands
Not marketed or sold under a specific brand identifier
def. national brands
created and owned by producer of product
– Samsung Galaxy/Kellogg’s Frosted Flakes
def. private brands
owned by the reseller of a product
– Shopper’s Life Brand/Superstore Joe Fresh
*these are starting to become better/higher quality
what does brand positioning do
putting an image the minds of the target market
What are the four brand/product positioning strategy? describe them in terms of new/existing products and brand name
- 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
discuss line extensions
likely to be put on shelves (ex. coca-cola line)
discuss brand extension with an example
Reese’s now have cereal, ice cream
discuss multibrand
- can’t tell that they are all under same “megabrand”
- ie Proctor & Gamble
- –product managers work independently, may compete against each other
describe positioning strategy and their advantages and risks: line extension
extend a brand name to new forms
advantages: low-cost, low-risk, familiarity
risks: over-exposure of brand name
describe positioning strategy and their advantages and risks: brand extensions
extend to new product categories
advantages: instant recognition for new products
risks: may confuse brand image or meaning
describe positioning strategy and their advantages and risks: multibrand
different brands by the same producer
advantages: appeal to different segments
risks: separate brands may be weak individually
describe positioning strategy and their advantages and risks: new brands
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
what are brand advocates
– Voluntarily promote brands
– Trust brands and companies behind them
– Love the brands they advocate
– Not the same as an “influencer”
def. branded content (content marketing)
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
def. branded entertainment
a form of entertainment, usually video, that is
created with the cooperation or financial support of a marketer.
def. brand equity
A financial value attributed to the brand based largely on intangible qualities
when is a brand advocate important/impactful?
when they’re seen as neutral and objective
-ex. Oprah Winfrey
why is brand equity very important to develop?
because you can charge more while maintaining market share
def. brand loyalty
the tendency of consumers to continuously
purchase one brand’s products over another
what do you need to develop brand loyalty?
customer satisfaction
need to trust brand
describe the steps of achieving brand loyalty
- awareness
- recognition
- trial
- trust
- loyalty
