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Mktg Management > CH10: Building Strong Brands > Flashcards

CH10: Building Strong Brands Flashcards

1
Q

brand

A

name, term, sign, symbol, design, or combination, intended to identify the goods or services of one seller or group of sellers and differentiate them from those of competitors

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2
Q

ultimate purpose of the brand

A

create value for consumers, company, and collaborators that goes beyond the value created by the product and service aspects of the offering

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3
Q

branding

A

the process of endowing products and services with the power of a brand

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4
Q

brands’ main roles for consumers

A
  • set and fulfill expectations
  • reduce risk
  • simplify decision making
  • take on personal meaning
  • become part of identity
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5
Q

brands’ main roles for firms

A
  • simplify product handling
  • organize inventory and accounting
  • offer legal protection
  • create brand loyalty
  • secure competitive advantage
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6
Q

brand equity

A

monetary value of a brand; net present value of all expected future returns generated by the brand; part of “goodwill”

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7
Q

goodwill

A

monetary value of all intangible assets of a company, e.g. brands, patents, copyrights, know-how, licenses, etc.

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8
Q

the 3 methods of measuring brand equity

A
  • cost approach
  • market approach
  • financial approach
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9
Q

cost approach to brand equity

A

calculates brand equity based on historical costs associated with the brand; costs of brand development

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10
Q

market approach to brand equity

A

estimates brand equity by measuring the difference in revenues of a branded vs unbranded offering, adjusted for brand-related expenses; e.g. Morton Salt vs generic salt

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11
Q

financial approach to brand equity

A

evaluates brand equity as NPV of a brand’s future earnings; steps include: compute future cash flow, estimate brand contribution to future cash flow, adjust the cash flow based on brand-related risk factors to future earnings

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12
Q

brand power

A

ancillary value contributed by the brand to a product or service; the degree to which the brand influences the way consumers interact with the brand; can be positive or negative

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13
Q

what is brand power based on?

A
  • consumer brand knowledge
  • brand associations
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14
Q

what happens in the case of neutral brand power? [was part of a question in chapter test]

A

the brand-name product is essentially a commodity, and competition will be based on price

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15
Q

brand audit

A

assessment of brand health, used to uncover sources of brand equity and suggest ways to improve/leverage brand equity

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16
Q

brand tracking

A

tracking results from brand audits over time, and making adjustments as needed

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17
Q

brand mantra

A

short and vivid articulation of the heart and soul of the brand used internally to guide org and employee actions

18
Q

characteristics of a good brand mantra

A
  • communicate brand’s uniqueness
  • simplify brand essence
  • inspire
19
Q

characteristics of brand elements

A

brand-building:
- memorable
- meaningful
- likable

defensive:
- transferable
- adaptable
- protectable

20
Q

brand characters

A

special type of brand symbol with human characteristics, used to enhance likability and show that the brand is interesting and fun (e.g. Tony the Tiger, Mr. Peanut)

21
Q

brand personality

A

specific mix of human traits that we can attribute to a particular brand; consumers gravitate towards brands that are like them

22
Q

secondary sources of brand knowledge

A
  • places (e.g. Kenyan coffee)
  • things (e.g. related charity/foundation)
  • people (e.g. celebrities)
  • other brands (e.g. co-branding)
23
Q

brand hierarchy

A

the way in which a company’s brands are related to a company’s products and services, as well as to one another; e.g. GM > Chevrolet > Corvette

24
Q

brand portfolio

A

set of all brands and brand lines a particular firm offers for sale in a particular category or market segment; e.g. Coke has Coca Cola, Sprite, etc.

25
Q

the 3 main brand portfolio strategies

A
  • house-of-brands strategy
  • branded-house strategy
  • sub-brand strategy
26
Q

house of brands portfolio strategy

A

individual or separate family brand names; e.g. P&G

27
Q

branded house portfolio strategy

A

corporate umbrella or company brand name; e.g. GE

28
Q

sub-brands portfolio strategy

A

combines two or more corporate, family, or individual product brand names; e.g. Kellogg’s

29
Q

flagship product

A

product that best represents or embodies the brand to consumers

30
Q

branded variant

A

specific brand lines supplied to specific retailers or distribution channels; e.g. Levi’s sells different jeans at Target than at its own retail locations

31
Q

co-branding

A

two or more brands marketing together; same company, joint venture, or ingredient

32
Q

benefits of co-branding

A
  • leverage multiple brands
  • attract new customers
  • reduce go-to-market cost
  • valuable means to learn about consumers
33
Q

drawbacks of co-branding

A
  • less control over brand associations
  • abnormally high consumer expectations
  • potential overexposure
34
Q

brand value stages

A
  1. marketing program investment
  2. customer mind-set
  3. brand performance
  4. shareholder value
35
Q

brand value chain multipliers

A
  1. program multiplier feeds from program investment to customer mind-set
  2. customer multiplier feeds from customer mind-set to brand performance
  3. market multiplier feeds from brand performance to shareholder value
36
Q

brand repositioning strategies

A
  • back to basics
  • reinvention
37
Q

benefits of brand extension

A
  • consumer carry brand expectations to new extension
  • easier to convince retailers to stock new items
  • reduce launch costs
38
Q

drawbacks of brand extension

A
  • brand dilution
  • forgo chance to create new brand with separate identity
  • potential cannibalizing effects
39
Q

brand dilution

A

consumers no longer associate a brand with a specific or similar set of products and start thinking less of the brand as a result

40
Q

guidelines for managing a brand crisis

A
  • empathy
  • value
  • strategy (including authenticity)
  • innovation
41
Q

the 2 defining characteristics of luxury goods

A
  • quality
  • uniqueness
42
Q

the key principles of luxury brand management

A
  • all marketing decisions must be aligned to ensure a consistent image
  • create a premium, aspirational image
  • span categories, and thus have a broadly-defined competitor range
  • protect identity and aggressively combat trademark infringement and counterfeits
  • all brand attributes must be aligned with the image of the brand, including secondary associations

Mktg Management (21 decks)

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