Chapter 5 Flashcards
What do brands do?
Brands add value for consumers and the organization by fulfilling 4 roles.
What roles do brands fulfill?
They create:
• Identity: Brand name, logo, colors, and even package design are tangible identity elements.
• Image: is made up of associations, or thoughts people have about an object or person.
• Promise: Brands make implied promises that customers come to understand and value.
• Relationship: relationship facilitator with customers and other stakeholders.
What are the characteristics of a good brand name?
• Recognizability: Does name make clear association with product?
• Fit: Does name match characteristics of the market (e.g, geography or personality)?
• Contrast: Does name differentiate product from brand and category competitors?
A brand name that rates high on one or two criteria only may lack effectiveness in the long run.
What can be used to create a brand mark?
• Logos and Colors: Use of logos and colors to communicate brand identity and image are familiar branding elements for any organization.
• Characters: Characters are less common in their use as a brand mark, but they are a staple in the sports industry as sports properties have a long history of using mascots and other characters as part of their branding strategy.
What is more common in brand marks - using logos & colors or using characters?
Logos and colors are more common; characters are less common in their use as a brand mark.
Give examples of usage characters in brand marks.
Michelin mascot - from Michelin, company producing tires.
Mr. & Mrs Met - the mascots of baseball team ‘New York Mets’.
What characteristics should a company’s logo possess?
The logo should be:
distinctive (the logo should help differentiate the brand),
relevant (the logo should fit a brands identity),
versatile (logo should be usable across marketing platforms),
enduring (logo should have usability over a period of time).
Can a brand character/mascot be developed from the logo concept?
Yes, it can.
What ethical considerations should be taken into account during the creation of a company’s logo?
Consider fit with values and norms of stakeholders, negative or positive associations, and Native American references.
Give examples of logos that had to be changed due to ethical problems.
Examples include professional sports teams: the Indians becoming the Warhawks and the Redskins becoming the Washington Football Team.
?????question about brand equity????!!!!
???
What factors help in developing/influencing brand equity?
Factors include:
- brand awareness (recognition and familiarity; media coverage),
- brand associations (thoughts and perceptions; touchpoints; perceived quality),
- brand loyalty (customer-driven aspect/facet - customer behaviour driven; cultivate loyalty; experiential or database marketing)
How to successfully stake/build a brand position?
Actively communicate to the targeted audience and focus on one thing that sets the brand apart from the competition (you can’t expect customers to know everything about your brand!)
What are the elements of a well-defined brand?
A well-defined brand specifies a target market (who should the brand be relevant for), clarifies the business or category (in which the brand should be placed or thought of), and states an advantage or point of difference between the competition
What are the 4 brand positioning strategies in sports/event?
The strategies are:
- attribute positioning (superiority in a characteristic the product possesses),
- quality positioning (perceived as delivering outstanding performance consistently),
- user imagery positioning (connects brand with type of person who should use it),
- value positioning (emphasis on price/benefit relationship)
On what should be based the choice of using any of the 4 brand positioning strategies?
Positioning strategy adopted should be based on what managers believe is relevant to the point of difference that the brand is best suited to deliver.
What are the benefits of brand extension?
- Business growth
- Expand customer base (new products appeal to new customer segments)
- Energise a brand (create interest in a company’s products)
- Prevent market share erosion (give customers motivation to buy and prevent brand switching)
What are 2 types of brand extension? What are their characteristics?
- Within core product category (lower risk)
- Outside core product category (higher risk, but access to new markets)
What kind of legal agreement must be reached during the leveraging (expanding) brands through licensing?
Legal agreement on appropriate use of a brand’s name and marks
What can we gain by leveraging (expanding) brands through licensing?
Significant revenue (guaranteed revenue stream) like:
- Royalties - payment used on the usage of an asset or property
- Up-front fee - an amount of money paid before a particular service is received
What is licensing?
Licensing is a type of brand extension
What are the benefits of brand licensing for the licensor?
- Creation of a revenue stream
- Form of brand advertising
- Protects a sports property’s assets
What are the benefits of brand licensing for the licensee?
- Capitalise on affinity fans have for sports
- Grow product line
- Provides legitimacy: marketing „officially licensed products”
