Chapter 2 Flashcards
Tangible elements of brand image
-goods or services sold
-retail outlets where the product is sold
-advertising
-marketing communications
-name and logo
-package and labels
-employees
Intangible elements of brand image
-corporate personnel (ideals, beliefs, conduct)
-environmental policies
-corporate culture
-country location
-media reports
Brand Image
the feelings consumers and businesses have about the overall organization as well as its individual products or product lines
Rejuvenating a brand image
Companies may want to rejuvenate their brand image when a target market declines or products no longer matches industry trends.
However, changing brand image is very difficult and requires more than advertising. You must make internal changes then move outward
Categories of brand names (4)
- Overt names: reveal what a company does (e.g. American Airlines)
- Implied names: contain recognizable words or word parts that convey what a company does (e.g. Fed Ex and Home Depot)
- Conceptual names: capture the essence of what a company does (e.g. Google and Twitter)
- Iconoclastic names: represent something unique, different, or memorable (e.g. Ikea and Reebok)
Stimulus Codability
feelings attached to items that evoke consensually held meanings within a culture or subculture
Types of Brands (8)
- Family Brands
- Brand Extension
- Flanker Brand
- Co-Branding
- Ingredient Branding
- Cooperative Branding
- Complementary Branding
- Private Brands
Brand Equity
the perception that a good or service within a given brand name is different, better and can be trusted
Private Brands
proprietary brands marketed by an organization that are normally distributed exclusively within the organization’s outlets
*previously had a reputation as being affordable and low quality, but companies have begun investing more into packaging -this has increase the popularity of private brands
e.g. name brand products by a grocery store, such as Favorite Day by Target
What purposes do labels on packages serve?
-They are a final opportunity to make an impression
-also necessary for legal requirements
Why is brand image important to establish?
-extension of feelings to new products
-ability to charge more
-consumer loyalty
-more frequent purchases
-greater channel power (stores want to carry the product)
-attracts higher quality employees
-more favorable ratings
-positive word of mouth
From a consumer perspective, why is brand image important?
-reduces search time
-social acceptance
-provides positive assurance (e.g. when you’re in a new city)
-provides psychological reinforcement (confidence in the good or service)
Family Brands
a group of related products sold under one name
e.g. Campbell’s soup
Brand Extension
the use of an established brand name on products or services not related to the core brand
e.g. Nike expanding to include clothing
Flanker Brand
the development of a new brand by a company in a good or service category in which it currently has a brand offering
*goal is to gain more market share by reaching different audiences
e.g. Procter and Gamble’s laundry detergent, Tide
Co-Branding (has three forms)
the alliance of two or more brands in a single marketing offer
*can be beneficial for smaller brands who work with large brands to establish brand equity
Ingredient Branding
form of co-branding where there is the placement of one brand within another brand
e.g. Nestle’s chocolate in Pillsbury brownie mix
Cooperative Branding
form of co-branding in which there is a joint venture of two or more brands into a new product or service
e.g. when Citibank combines American Airlines into a Visa credit card
Complementary Branding
form of co-branding where the marketing of two brands come together for co-consumption
e.g. Velveeta cheese and Rotel spice tomatoes to make queso
*more risky than the other forms of co-branding
Keys to rejuvenating a brand
- help former customers rediscover the brand
- offer timeless consumer value
- stay true to original, but contemporize
- build a community
