Chapter 12: International Branding Strategies Flashcards
What’s a ‘brand’?
Name, term, sign, symbol, or design, or
combination of them
What do brands help with?
• Identify goods of a seller or group of sellers
• Differentiate one’s goods from those of competitors
• Convey a firm’s marketing strategy and positioning
to the markets
What is brand loyalty?
Exists when a customer always buys the same brand
What is customer loyalty?
Exists when a customer always buys one company’s products
What’s the development of branding?
•Ancient Greece and Rome -Wares were promoted by means of written information
•Middle Ages -Craftsman, guild and city signs were used for branding and promotion
Late nineteenth century
•Brands were used to help consumers distinguish one manufacturer’s products from another
•Most branded products were sold through rational marketing campaigns
Present times
•Brands are listed as assets on balance sheets
•Global brand -Gives a firm a uniform worldwide image, enhancing efficiency and cost savings
•Country-specific brand: Brand that is sold in only one country
Country-of-Origin Effect (COE) ?
Influence of country of manufacture on a consumer’s
positive or negative perception of a product
What are some factors that influence consumer perceptions?
• Stereotypes about specific countries and product categories • Ethnocentrism • Manufacturing country’s economy • Fads surrounding products
What are Foreign-made products:?
Products made in a different country from the one they are being sold in
What are domestic-made products?
Products sold in the country in which they were made
Whats the difference between Pioneering versus follower brands?
- Pioneering brands: Brands that were first in the market
* Follower brands: Brands that came later to the market
What are the features of brands owned by retailers?
- Provide the retailer with high margins than manufacturers’ brands
- Receive preferential shelf-space and strong in-store promotion
- Provide quality products at low prices for consumers
What are some brand elements?
- Legal instrument
- Logo
- Company
- Shorthand
- Risk reducer
- Identity system
- Image
- Value system
- Personality
- Relationship
- Adding value (READ SLIDES)
what are the contents and functions of the legal instrument?
contents:
Mark of ownership
Name. logo, design
trademark
functions:
Prosecute infringers
What are the contents and functions of the logo?
contents:
Name, term, symbol, design
product characteristics
functions:
Identify, differentiate through visual identity and name
quality assurance
What are the contents and functions of the company?
Contents:
Recognisable corporate name and image
Programs of organisation define corporate personality
Functions:
Product lines benefit from corporate personality
convey consistent message to stakeholders
Differentiation- establish relationship
What are the functions of brands for buyers?
- Reduce
- Search costs by helping them identify specific products
- Perceived risk by providing an assured level of quality
- Psychological risk by eliminating negative social consequences of using the wrong brand
What are the functions of brands for sellers?
- Facilitate
- Repeat purchases
- Introduction of new products
- Promotional efforts and premium pricing
- Communication of identical messages to target customers
What are some brand characteristics?
- Equity
- Consistency
- Image
- Benefits
- attributes
- Personality
- Differentiation
What are the dimensions of brand value?
Functional, Expressive, Central
Functional(brand)?
Performance of the product and rational reasons for purchase.
Expressive(brand)?
Consumer’s self-image and how the brand fits in with that imange.
Central(brand)?
Combination of functional and expressive values, plays central role in customers’ purchase decisions
What are the components of brand equity?
- Brand loyalty
- Brand awareness
- Perceived quality
- Brand associations
What is the process of creating a brand?
- Analyze the competition
- Know your target customer
- Decide on the positioning in the particular market
- Decide on global vs local contents and control mix
- Develop a consistent marketing communication strategy
- Create a balance between brand elements
- Establish an international brand equity measurement system
Brand portfolio strategy
Structures:
Monolithic - one name and visual identity.
Endorsed- Corporate identity in association with subsidiary names
Branded products - Different names and appearances.
Product brand?
About one brand, one product and one promise
Line brand?
-Extension of a specific concept over several product categories
Range brand
Similar to line brand but holds a more long-term perspective of the extension strategy
Single brand name?
Single promise over a range of products belonging to the same area of competence
Umbrella brand
Overarching, well-known master brand supports own-product brands in its portfolio
Endorsing brand?
Master brand only acts as a guarantor concerning a specific aspect
Brand strategy portfolio strategy?
Brand portfolio Portfolio rules Portfolio graphics Brand scope Portfolio structure Product defining roles
Differences between branding and advertising:
- Consumers are relying heavily on brands to simplify their purchase decision
- Corporate communication must provide value to customers and other stakeholders
What the corporate identity?
Changing or multiple identities can create instability
•Societal constituent perspective of a brand affects its corporate identity
What does the corporate reputation do and how does it help?
• Reflects a firm’s relative standing in its competitive
and institutional environment
• Represents publics’ cumulative judgments of a firm
over time
• Helps
• Raise funds
• Recruit top graduates and retain the best staff
• Sell products at a premium
Whats the corporate reputation rankings in fortune magazines?
- quality of management
- quality of products
- Innovationess
- Long-term investment value
- Financially soundness
- Ability to attract, develop, and keep people
- Rsponsabillity to the community and environment
- Wise and corporate resources
