chapter 8 (unit 2)

Question 1

QUIZ: At the most basic level, a brand serves to __ a seller
* Convince
* Identify
* Select
* Overlook

Answer 1

identity

Question 2

QUIZ: What is a legally protected brand name, brand mark, or a combination of these?
* Logo
* Copyright
* Trademark
* Patent

Answer 2

trademark

Question 3

QUIZ: True or False: A brand association map is a visual illustration that shows the different associations that a consumer has with a brand.
* True
* False

Answer 3

true

Question 4

QUIZ: The added value delivered by the brand over the functional benefits or book value of the product, service, or company is ___
* Brand Equity
* Service Surplus
* Market Value
* Brand Awareness

Answer 4

brand equity

Question 5

QUIZ: True or False: A brand cannot carry negative equity.

Answer 5

false

Question 6

QUIZ: What is it called when marketers brand an entire group of products?
* Umbrella branding
* Branded house
* Family branding
* All of these

Answer 6

all of these

Question 7

QUIZ: __ is the way that a company wishes to be portrayed.
* Brand image
* Branding
* Brand identity
* Brand position

Answer 7

brand identity

Question 8

QUIZ: true or False: A name is the only thing that makes a brand distinctive that can be trademarked.

Answer 8

false

Question 9

QUIZ: One way to get a clear picture of how consumers view your brand is to build a
of their brand associations.
* Matrix
* Brand Map
* Diagram
* Comparison

Answer 9

brand map

Question 10

QUIZ: Brand awareness and brand differentiation can add value to the brand through
* Customers paying a premium price
* Customers perceiving less risk in the product and choosing it
* Customer sharing product through word of mouth
* All of these

Answer 10

all of these

Question 11

brand

Answer 11

A name, mark or logo to identify and distinguish a product, organization or company from another
Experiences, emotions and history associated with a product, organization or company to differentiate it in the mind of the consumer.

Question 12

a brand has two key features

Answer 12

Identification
Differentiation

You can see then how a brand mark, be it a symbol or words, used by a company both identifies its product and also differentiates it from other products on the market.

Question 13

brand name

Answer 13

A common thought about a brand is that it is a brand name, which is the part of a brand that can be spoken

Question 14

logo

Answer 14

which is a graphic design that is used as a symbol for a company, organization, or brand

Question 15

trademark

Answer 15

A legally protected brand name, brand mark (including a logo) or a combination of these

Question 16

At the most basic level, a brand serves to

Answer 16

identify the seller

A brand also helps to differentiate the seller

Question 17

seth godin describes a brand as

Answer 17

Along these lines, author Seth Godin describes a brand as “the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.”

Godin also says this about the difference between a brand and a logo: “Your logo is a referent, a symbol, a reminder of your brand. But your brand is a story, a set of emotions and expectations and a stand-in for how we think and feel about what you do.”

Question 18

define identification

Answer 18

The name or mark is important to identify a company. A good association with a company means nothing if there’s not a name or image to identify it or find it.

Question 19

define differntiation

Answer 19

The reputation a company develops is important. A name or logo means nothing if there isn’t recognition and a meaning behind it.

Question 20

trademark (defined again) and more information

Answer 20

A trademark is a legally protected brand name, brand mark (including a logo), or a combination of these.

main aspect: One main aspect of trademarks is to prevent customer confusion and prevent companies from misrepresenting themselves such as impersonating another brand

A company can officially register a United States trademark through the U.S. Patent and Trademark Office (USPTO) of the Department of Commerce. A company or product can designate its registered trademark with the symbol ®. Some companies have not officially registered their trademarks, either because they choose not to do so or because their particular situations did not qualify for trademark registration.

Question 21

why do some companies use ™ instead of ®?

Answer 21

Some companies have not officially registered their trademarks, either because they choose not to do so or because their particular situations did not qualify for trademark registration.
These companies often use the symbol ™ to indicate a trademark, although it is not an officially registered one.

Companies also use ™ in the interim when they are getting a mark registered. However, the symbol ® carries more benefits and provides stronger protection than that of ™.

Question 22

similarities/differences: ™ vs. ®

Answer 22

™ : not officially registered with USPTO. indicates the item is being used as a trademark. anyone can use ™

® : officially registered with USPTO of the department of commerce. carries more benefits and provides stronger protection than ™

Question 23

trademark criteria

Answer 23

A name must be distinctive and not just commonly used to describe a product or its function

Sometimes, companies with similar or identical names will operate in very different industries. This is legally permissible when customers are not confused by the similarities between companies. However, if those companies were to operate in the same area and industry, customer confusion would likely result.

Question 24

ways to protect brand identification

Answer 24

• trademark
• have a distinctive name (apple, tylenol) - doesn’t describe a product usually
• color matters (trademark colors)

Question 25

brand differntiations

Answer 25

Brand attributes
Usage situations
Personality of brand
Emotional history with brand
Previous experience
Reliability
Attitude toward brand
Typical customer

Question 26

brand image

Answer 26

How consumers actually view a brand and any associations they have with it

Question 27

brand association map

Answer 27

A visual illustration that shows the different associations that a consumer has with a brand

Question 28

word cloud

Answer 28

An illustration composed of relevant words in which the size of the word indicates its importance or frequency in a given scenario Image to the bottom right

how to build a word cloud:
To create a word cloud, a marketer takes the data from the brand association question and plugs it into a spreadsheet. The more frequent a term/association appears, then the larger that word or phrase is made in the word cloud.
There are also websites that allow marketers to create word clouds from other data, such as the number of times an association is mentioned on social media in relation to a company.

Question 29

brand value

Answer 29

When a brand can be identified or is differentiated to a consumer it has brand value —> A consumer can identify the brand. If consumers think of a brand when they need a particular product or recognize that brand on the store shelves, then they are more likely to purchase it.
The marketer has differentiated a brand in the mind of the consumer. There is a reputation that the company has built or associations that the company has created that make the brand preferable to the consumer.

This brand awareness and brand differentiation can add value to the brand through:
- customers pay a premium price
- customers recognize the product and choose it
- customers perceive less purchase risk and choose the product
- customers share about the product through word-of-mouth advertising

Question 30

brand equity

Answer 30

The added value delivered by the brand over the functional benefits or book value of the product, service, or company.

It means if nothing else existed for the company — no products, no warehouse, no land or other assets — the company is still worth something, simply because of the value of the brand equity the company had built.

Question 31

hebbian neuron learning

Answer 31

In neuroscience, there is a concept called Hebbian Neuron Learning, which describes the way that brain cells make and form connections.

The simplified version of this theory says this: “The cells that fire together, wire together.” This means that if two things happen together, the brain starts associating them as being related. And the more frequently that the brain experiences those two things together, the stronger the association becomes. (Highly emotional situations can cause associations to be stronger as well.)

Question 32

psychology of associations (3)

Answer 32

1. Consumers can have varying levels of strength of brand associations (a customer could have very strong feelings about a brand’s trustworthiness but a weak association about the brand’s uses.)
2. Experiences with brands help create these associations. (if a consumer purchases three pairs of shoes in a row from a certain brand and each time the shoes fall apart quickly, the consumer starts to associate that brand with poor product quality.)
3. Advertising can also influence associations. (Many of the Gatorade commercials show the Gatorade drinks in the context of athletes and sports, often featuring fast-paced music and athletes competing.)

Question 33

godin - value of a brand

Answer 33

Godin describes the value of a brand like this: “If the consumer (whether it’s a business, a buyer, a voter or a donor) doesn’t pay a premium, make a selection, or spread the word, then no brand value exists for that consumer.”

Think of this example: How much extra would you pay simply because a clothing item is your favorite brand?
Customers pay premium prices for brand associations. Brand price premium happens across all types of industries, and it brings value to companies.

Question 34

CALCULATION/FORMULA: market value of a brand

Answer 34

market value of a brand = book value of assets + brand equity

brand equity = brand awareness (identify) + brand associations (differentiate)

Question 35

an a brand carry negative equity?

Answer 35

yes. people’s personal brands can carry a negative equity too. (think politicans)

The worth of products and services can decrease because they have a certain brand attached to them. This happens particularly in situations where a brand has received negative press or bad reviews and consumers avoid purchasing anything related to said brand

Question 36

true or false - can a company’s brand can be its most valuable asset, and some brands are worth big money?

Answer 36

true

perceived value:
Branding can help shape our perception of future experiences with a product or service
If a company builds a strong brand with positive associations, it can help increase future product satisfaction

Question 37

branding

Answer 37

Aims to help a consumer associate a brand name and logo with a company or product
It focuses on the overall perception that a consumer has with a product or company

Question 38

branding

Answer 38

Aims to help a consumer associate a brand name and logo with a company or product
It focuses on the overall perception that a consumer has with a product or company

Question 39

positioning

Answer 39

A strategy for defining and portraying brands or products

This causes the ideal customers to perceive them as the best solution for their needs

It involves finding the key attributes that a consumer values and positioning the product in relation to competitor products as the most ideal solution in relation to these attributes.

Question 40

individual branding and pros/cons

Answer 40

A company brands each product individually
Each product has a different name and each has a different brand strategy.

EX: P&G (proctor and gamble) which owns old spice and other brands

Pro:
- The company can market to very different segments with distinctly different brands to fit each segment
- This strategy helps the company manage risk; when one product gets negative press, there is not as much of an effect on the other brands owned by the company because the public sees them as distinctly different entities.
- A company can also easily sell off one of the brands as it has its own self-contained brand independent of the company.

Con:
- Building a brand for each separate product is expensive
- A downside to this strategy is cost. Advertising and building brand associations costs money, and building a brand for each separate product is expensive.
- The company does not get the benefit of economies of scale in advertising and promotion for branding.

Question 41

umbrella branding and pros/cons

Answer 41

Another brand strategy is umbrella branding, often called family branding or branded house. In this strategy, marketers brand an entire group of products either at the institution level or at the level of a group (family) of products.

EX: Great Value, Kirkland, Kroger, Apple

Pro:
- Companies reap the benefits of economies of scale in advertising and branding
- An upside to this strategy is that companies reap the benefits of economies of scale in advertising and branding.
- They can develop a brand strategy for a large number of products, and the associations for the brand carry over into the entire group of products.
- A company can introduce a new product into the market with it immediately carrying the common brand and the associations that go along with it.

Con:
- If something negative happens with one product in the brand line, then it can affect all of the products

Question 42

sub-branding

Answer 42

The company develops a brand but also brands products or groups of products individually
The individual products get the benefit of the positive carry-over of the institutional branding
The company can still divest (sell off) a product and remove the institutional name (or endorsement) from the branding

Question 43

branding

Answer 43

The process of creating accurate brand identification and associations in the mind of the consumer

Question 44

brand identity vs. brand image

Answer 44

brand identity: The way that a company wishes to be portrayed

brand image: How consumers actually view a brand and what associations they have with it

Question 45

steps to branding

Answer 45

Step 1: Create brand identity (intangible)
An important note here is that the brand identity should authentically represent who or what the company/product is
brand name, brand mark, brand promise/purpose, brand tune and personality, associations and brand words

Step 2: Cohesively communicate the brand (tangible)
consistent logo usage, colors, fonts, packaging, photos/videos, website content, messaging

Step 3: Fulfill brand promises
1. Create brand guidelines to consistently portray the brand
2. Employee standards
3. Customer service

Step 4: Get feedback on branding

Question 46

Step 1 of branding: Create brand identity (intangible)

Answer 46

The first step in branding it to establish a clear brand identity. The more clearly you can define your brand identity, the more easily consumers can understand it. An important note here is that the brand identity should authentically represent who or what the company/product is.

Brand name/brand mark
This is the most basic part of company identification. Establish a brand name and/or mark that represents the brand.

Brand promise/purpose
The brand purpose and promise are why the brand exists. Why does the brand operate, and what value does it bring consumers? For some brands, this includes a mission statement, and for some brands it includes a product core benefit. The brand promise or purpose rarely changes as it is central to why the brand is in existence.

Brand tune and personality
For this element, a marketer can establish what tone — such as formal or informal — that the brand wishes to portray. For instance, a bank may want to have a serious, yet personable image. This can help guide external communication so that all messages from the brand or about the brand will have this tone.

Associations and brand words
Choose what associations are most important. For instance, these associations can relate to brand attributes and usage situations. Choose compelling words and phrases that represent what differentiates you. Include any words, phrases, or mottos that you want people to remember.

Question 47

Step 2 of branding: Cohesively communicate the brand (tangible)

Answer 47

Once you have established your desired brand identity, it’s important to communicate that identity in a consistent and cohesive way.

Consistent logo usage
Use a consistent logo across all communication. The more consistent the logo usage is, the easier it is to identify. Even using the same color has been shown to increase brand recall.

Colors
Colors have associated meaning. Research which colors best fit the image that your company wishes to portray and use those consistently. For instance, in western cultures, navy blue has an associated meaning of stability. Consumers often look for the element of stability and trustworthiness when choosing a bank to use. Therefore, navy blue is a color that banks often use in their logos and other design elements.

Fonts
Fonts have very distinct associated meanings associated with them as well. For instance, fonts such as Comic Sans tend to be used in designs that are meant to appear childlike. A law firm, for example, would not be wise to use such a font in a corporate design (unless they wanted to appear childlike or juvenile).

Packaging
Any product packaging should have material and design that represents the brand identity.
Photos and videos
The photos and videos displayed on a company website help portray a company image. Photos should be up to date and exhibit the feel or attitude with which a brand wishes to be associated.

Website content
For many companies or brands, especially in the service industry, a website is the face and representation of the brand. Brand colors should be reflected throughout the website, and the “feel” of the site should match the brand’s tone or personality. A marketer can also work brand words and associations throughout the site.

Choose consistent messaging
Look at the items listed on the brand identity again. What words or phrases do you want associated with the brand? Work these words and phrases into your communication with the public, including using them in:
- Press releases
- Commercials
- Spokespeople statements
- Brochures and pamphlets

Question 48

Step 3 of branding: Fulfill brand promises

Answer 48

Maintaining your company’s brand means following through on the messages that you communicate and the promises you make

Create brand guidelines to consistently portray the brand
Brand guidelines can include everything from how and where to display a logo to what colors to use for uniforms. Some companies’ brand guidelines even list phrases that company representatives should use while interacting with customers.

Employee standards
For services in particular, the employee is the brand. And for products, the frontline employees are the face of the company that the customer sees. By putting specific employee standards in place, the marketer ensures that the brand is portrayed accurately to the customers.

Customer service
Investing in customer service is also an important part of fulfilling the brand promise. Customer service representatives can explain product usage and address any product issues as they arise.

Question 49

step 4 of branding: get feedback on branding

Answer 49

After a brand has proactively established its brand identity, it is vital to follow up with consumer insight research to see how consumers view the brand.
If a marketer is rebranding, he or she should conduct periodic market research to see how the public view of the brand has shifted. The marketer can then make any needed adjustments to the branding strategy to address any issues or deficits.