Chapter 2 - Brand management

Question 1

What is a Brand?

Answer 1

Company, product line or product name.

Question 2

What is Brand Image?

Answer 2

The feelings consumers and businesses hold toward the overall organization as well as its products or product lines. How the company is known in the marketplace.

Question 3

What is Brand Association?

Answer 3

Consumers constantly connect a products name with a specific concept or idea.

Question 4

What is Brand Alliance?

Answer 4

Two companies develop and co-market a product featuring both names.

Question 5

What is Brand Parity?

Answer 5

A close similarity between brands within the same industry.

Question 6

What is Brand Equity?

Answer 6

The added value that a company earns from a product or service. It’s a positive perception or emotional attachment that consumer have toward a brand, which can influence their purchasing decisions and overall loyalty.

Question 7

What affects consumer perceptions?

Answer 7

1. Advertising
2. Consumer promotions
3. Trade promotions
4. Personal selling
5. Company’s website
6. Other marketing activities

Question 8

What are intangible elements?
Which 5 are there?

Answer 8

Non material elements, you notice this when you interact with a company:
1. Corporate personnel (ideas, beliefs, conduct = behavior)
2. Environmental policies
3. Corporate culture
4. Country location
5. Media reports

Question 9

What are tangible elements?
Which 7 are there?

Answer 9

Material elements:
1. Goods or services sold
2. Retail outlets where product is sold
3. Advertising
4. Marketing communication
5. Name and Logo
6. Package and Labels
7. Employees

Question 10

What role does Brand Image play from a consumers perspective?

Answer 10

1. Provides confidence in purchase decisions
2. Gives assurance about the purchase when the buyer has little to no previous experience with the brand
3. Reduces search time in a purchase decision
4. Provides psychological reinforcement and social acceptance of the purchase

Question 11

What role does Brand Image play from a companies perspective?

Answer 11

1. Extension of positive customer feelings to new products
2. Ability to charge a higher price
3. Consumer loyalty leading to more frequent purchases
4. Positive word-of-mouth endorsements
5. Higher level of channel power
6. Ability to attract quality employees
7. More favorable ratings by financial observers and analysts

Question 12

What type of Brand names are there?

Answer 12

1. Overt names (reveal what company does = USA airlines)
2. Implied names (Contain words that convey what company does = Snapchat)
3. Conceptual names (capture the essence of what company offers = Google)
4. Iconoclastic names (represent something unique, different and memorable. = Ikea)

Question 13

What is a Family brand?

Answer 13

group of related products sold under one name.

Question 14

What is Brand extension?

Answer 14

Use of an established brand name on new products or services not related to the core brand.

Question 15

What is a Flanker brand?

Answer 15

Development of a new brand sold in the same category as another product, like Toyota and Lexus.

Question 16

What is Co-branding/alliance branding?

Answer 16

Offering of 2 or more brands in a single marketing offer. Succeeds when it enhances brand equity in both brands.

Question 17

What is Ingredient branding?

Answer 17

Placement of 1 brand within another brand.

Question 18

What is Cooperative branding?

Answer 18

Joint venture of 2 or more brands into a new product or service.

Question 19

What is Complementary branding?

Answer 19

Marketing of 2 brands together for co-consumption.

Question 20

What is a Private brand?

Answer 20

Proprietary brands marketed by an organization and sold within the organizations outlets.

Question 21

What is a Brand logo?

Answer 21

The symbol used to identify a brand. It should be designed to accentuate the brand name and contribute an additional aspect to the brands image. Successful logos inspire shared meanings among costumers, a process known as Stimulus Codability.

Question 22

How can we test quality in a brand logo and name?

Answer 22

They need to be:
1. recognizable
2. Familiar
3. Eliciting a consensual meaning among those in the firms target market
4. Evokes positive feelings

Question 23

What tips can we use to create a logo?

Answer 23

1. The logo should reflect the brand
2. Creating logos requires knowledge and expertise
3. Use professional designers
4. Make the logo simple
5. Make the logo transferable

Question 24

How can we Identify the Current Image?

Answer 24

1. Marketing team evaluate the current situation
2. Study image to find strengths and weaknesses
3. Find out how outsiders view the company
4. Find ways to correct misperceptions or build on the current image.

Question 25

How can we Create the Right Image?

Answer 25

1. it should transmit a clear message about the unique nature of the organization and its products.
2. Portray what the firm sells.

Question 26

How can we Rejuvenate (verjongen) the Image?

Answer 26

1. Help former customers rediscover the brand
2. Offer timeless consumer value
3. Stay true to original, but con temporize
4. Build a community

It allows firm to sell new products and attract new customers.

Question 27

When do we Change the Image?

Answer 27

Company leaders consider what they wish to change, why and how they are going to accomplish that.

• Needed when target market shrinks or disappears
• Needed when image no longer matches industry trends and consumer expectations

Question 28

What questions do we ask ourselves to develop a powerful brand?

Answer 28

1. Where does the brand stand now?
2. What are your objectives?
3. What are you doing to build your brand and business?
4. What are your brand’s strengths and weaknesses?
5. Which opportunities should be pursued first? Where are the pitfalls?

Question 29

What can we do to build a powerful brand?

Answer 29

1. Invest in the brand
2. Create awareness
3. Offer authenticity/uniqueness
4. Build trust
5. Deliver an experience
6. Offer value
7. Utilize social media
8. Utilize mobile
9. Act responsibly

Question 30

What changes are in private brands?

Answer 30

1. Improved quality
2. Perceived as value purchase
3. Higher loyalty toward retail outlets and lower loyalty to specific brands
4. Used to differentiate retail outlets
5. Increased advertising of private brands
6. Increased quality of in-store displays and packaging or private brands

Question 31

What tactics are used by manufacturers to combat retail private brands?

Answer 31

1. Focus on core brands
2. Increase advertising
3. Introduce new products
4. Focus on in-store selling + packaging
5. Use alternative methods of marketing

Question 32

What are the 7 primary purposes of packaging?

Answer 32

1. Protect product
2. Provide for ease of shipping and handling
3. Provide easy placement on shelves
4. Prevent or reduce theft
5. Prevent tampering (drugs or food)
6. Meet consumer needs for speed, convenience and portability
7. Communicate marketing message

Question 33

What are the 8 primary functions of labels?

Answer 33

1. Identifying product in the package for legal requirements
2. Warranties and guarantees
3. Marketing opportunities
4. Contains logo and brand name
5. Reveal special offers
6. Carry terms designed to build consumer interest and confidence
7. Giving consumers opportunity to check product info (size, style) or price
8. Send them to web/social media pages to get familiar with the brand

Question 34

What is Brand Infringement?

Answer 34

When a company creates a brand name that closely resembled a popular or successful brand. Exp = Victor’s Secret is a copy of Victoria’s Secret

Question 35

What is Cybersquatting / Domain squatting?

Answer 35

Buying domain names that are valuable to specific people or businesses in hopes of making a profit by reselling the name. Exp = lebronjames.net