Chapter 2 - Corporate & Brand Management Flashcards
What is a corporate image?
A corporate image is the way in which a company is seen and understood by people in general.
What are the tangible elements of a corporate image?
=> Products => Retail outlets => Factories => Logos => Employees => Ads => Packaging
What are the intangible elements of a corporate image?
=> Policies
=> Culture or country and location of companies
=> Ideals and beliefs
=> Media reports
Discuss the benefits that a good corporate image provides to consumers
=> Decreases search time
=> Assurance in unfamiliar settings (confidence)
=> Support in settings where one has little experience
=> Provides psychological reinforcement
=> Increases social acceptances
Discuss the benefits that a good corporate image provides to companies
=> Positive WOM (“Word-of-Mouth”) and more favorable ratings => Ability to charge more => Greater consumer loyalty => More frequent purchases => Greater channel power => Attracts higher quality employees
Challenges of corporate image management
=> Once created, difficult to maintain
=> Changes to the image are slow
=> Product innovations / Brand extensions might be difficult
Yields of corporate image management
=> Conduct regular research about current image by engaging with customers and non- customers
=> Corporate image should send clear message about what the firm sells and stands for
=> Rejuvenating image can help with
- new product introductions
- reaching new segments
- retaining customers
=> Focus on consistency between the old and new images
=> Recognize that managing an image takes time and effort
Describe the four types of corporate names
- Overt
=> explicitly state what compagnie does (Swiss International airline)
- Implied
=> Contain words or parts of words that imply
what the company does (easyJet)
- conceptual
=> Capture the essence of what a company offers through symbolism (GermanWings)
- Iconoclastic
=> Do not reflect or imply what the company does (Cathay Pacific)
key characteristics of corporate logos
=> Easily recognizable
=> Familiar
=> Consensual meaning
=> Evoke positive feelings
the benefits of corporate logos
=> Aid brand recall
=> Aid recall of ads
=> Reduce shopping effort (& time)
=> Charge more for products
What is a Brand?
“A name, term, design, symbol, or other feature that distinguishes an organization or product from its rivals in the eyes of the customer”
Explain the difference between brand image and corporate image
=> A strong brand image gives consumers similar benefits as companies as does a strong corporate image
=> If a company offers one brand, corporate image and brand image are essentially the same
=> If a company offers many brands, each brand may have a distinct image separate from that of the entire company
Describe the three types of brands
Corporate or family brand
Flanker brands
Brand extensions
Brand extensions
It is the usage of the brand name outside the core product category
(Kellogs qui fait des Birchers)
upsides
=> costumer already know the brand and we take advantage of its reputation
downsides
=> frowned upon if out of the image we have of the brand
Flanker brands
developing a new brand within the core product category
BMW with Mini or Citroen with DS
