CH.7 - Brands Flashcards
Name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or group of
sellers and to differentiate them from those of competitors.
What is it?
Brand
- Identify company ownership
- Allow for predictable quality
- Make it easier for customers to make decisions
- Serve as status symbols
- Aspirational
- Makes customer more efficient shopper
external forces: regulatory, competitive, social
Benefits of Branding
Protect both consumers and legitimate distillers.
- product from same distillery, distiller, and distilling season
- aged in a federally-bonded warehouse
- minimum of four years aged
- bottled at 100 proof, water to bring proof
Bottled-In-Bond Act of 1897
Capture specific information about the brand, and holistic perceptions about the brand.
Ex: excitement, sincerity, ruggedness, competence, sophistication
Brand Personalities
Allow customers to connect with like-
minded customers. Many customers
display extreme brand attachments.
Brand Communities
- sense of connection to brand
- shared meaningful stories, traditions, etc
- shared responsibility to members
ex: harley davidson motorcycle owners
Brand communities creation
- Brand Extension: establisheed brand name for a new product/category
- Product Category Extension: increases the breadth of a product mix
- Product Line Extension: increases the depth of a product line
Brand Strategies
Set of all brands and brand lines a particular firm offers for sale in a particular category or
market segment.
- Multi-product Branding: also umbrella approach, strategy where a company uses one name for all its products in a product class.
Brand Portfolios
Two or more well-known brands are combined into a joint product or marketed together in some fashion.
ex: taco bell and doritos, nike and apple, betty crocker and reeses’s
Cobranding
Refers to a value premium that consumers are willing to pay when a brand is compared to a generic equivalent.
Brand Equity
