Chapter 7 - Products and Brands Flashcards
What 5 things make a brand?
Brand name logos and symbols slogans characters jingles
What is brand equity
Set of assets and liabilities linked to a brand
What are the 4 aspects of brand equity
Awareness
Perceived value
Brand associations
Loyalty
What is awareness?
- Measures how many consumers are familiar with the brand
- Repeated exposures
What is perceived value?
- The relationship between a product’s benefits and its costs for consumers
- Consumers determine the value in relationship to that of its close competitors
What is brand association?
- Mental links that consumers make between a brand and its key product attributes
- Brand personality
What is brand loyalty?
- Occurs when a consumer buys the same brand’s product repeatedly over time rather than buy from multiple suppliers within the same category
- Loyal consumers are often less sensitive to price
What are the 4 brand strategy decisions?
Brand Positioning
Brand name selection
Brand sponsorship
Brand development
What is brand positioning? (what are the 3 levels?)
Marketers can position brands clearly in customers’ minds at any of three levels
- Attributes
- Benefits
- Values
What are the 6 characteristics of a good brand name?
- Suggests the product’s benefits and qualities
- Is easy to pronounce, recognize, and remember
- Is distinctive
- Is extendable
- Translates easily into foreign languages
- Is capable of registration and legal protection
What are the 4 aspects of brand sponsorship?
National Brands
Store Brands
Licensing
Co-branding
What is licensing?
A contractual agreement between firms whereby one firm allows another to use its brand name, logo, and/or symbol in exchange for a fee
What are the pros and cons of licensing?
Pros: Visibility, increased awareness, additional revenue
Cons: Improper use of brand, dilution
What is co-branding?
-The practice of using the established brand names of different companies on the same product
What are 2 adv of co-branding?
Takes advantage of the strengths of two brands
Allows a company to expand its brand into a new product category
What is a brand development “line extension”
Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors within a product category
What is a brand development “brand extension”?
Extending an existing brand name to new product categories
What are 3 things to consider when extending your brand?
Evaluate the fit between the brand and the extension
Evaluate consumer perceptions of the brand attributes and seek out extensions with similar attributes
Refrain from extending to too many products
what is brand dilution
Occurs when the brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold
Packaging is critical to…
The firm’s brand positioning and shelf appeal
Label information is determined by…
regulations
