Brands (part of product?)

Question 1

What is a brand? Cite a study.

Answer 1

A name, term, sign, symbol, or design (or any other feature) which is used to identify goods or a service, or a group of sellers and to differentiate them from those of competitors (AMA, 2022)

Question 2

What does Aaker (2014) state about brands?

Answer 2

Brands are more than a logo of recognition, but also represents the brand’s values, opinions, and beliefs. They should cover Promises, Positioning, Performance.

Question 3

Brands can be used to trigger associations in the minds of customers. Give example of brands and what they associate with.

Answer 3

Coca-Cola: classic
Apple: Minimalistic
Zara: Posh

Question 4

List banding strategies and what these are.

Answer 4

Individual branding: a company which has a brand for each product.
E.g., Meta owns Instagram, WhatsApp, Facebook, Messenger, etc.

Family branding: a company in which all products are from the same brand name.
E.g., Microsoft owns Minecraft, Word, PowerPoint, etc.

Corporate branding: The name of the company and the name of the organisation are the same.
E.g., Morrisons, Tesco, BBC, etc.

Question 5

What is brand equity?

Answer 5

Brand equity is the measure of value and strength of a brand.

A brand with strong equity is more likely to preserve its customer loyalty and fend off competitors.