Chapter 9: Brand Strategy and Management Flashcards
what is a Brand?
identifies the maker or marketer of a product with a name, symbol, icon, design, or a combination of these
what is a the difference between a trade name and a brand?
A brand may identify a company, one of its products, or a product line
the trade name is used to identify a firm as a whole
what are the qualities (not characteristics) of a brand?
Brand have status and value
It has a personality but it is nothing more than an idea
why do customers trust trademarks?
they reassure them that the product they are getting has the attributes they want and expect from the maker
what can be trademarked?
names
symbols
characters (Pillsbury Doughboy)
shapes (coca-cola bottle)
what are the characteristics of trademark names?
have monetary value
must be protected
must be distinguished from regular or generic words with similar meaning
how are trademark names represented?
represented by: TM
once they have done the whole process of registering its trademark:
®
what are lost trademarks?
marks which were originally legally protected trademarks
have been generalized and have lost their legal status due to becoming generic terms
why are brand relationships so important?
For many products, the choice is based on what the consumer believes about the brand
allows to differentiate from the competition
how can people become brands?
when, just as with products, their name takes on meanings that transcends the person
ex: Gianni Versace, Kim Kardashian, Coco Chanel, Michael Jordan
what are the brand characteristics
logos
brand personality
status
brand equity
logos
designs that represent the brand
what they may or may not incorporate about the brand name
what do managers feel like sometimes, logos must change?
designs that represent the brand and shit
they don’t wan to create confusion or make the brand lose value
brand personality
The sum total of all the attributes of a brand
the emotions it inspired in the minds of consumers
Describes brands by using same kinds of adjectives you would use on people
status
Status must not be confused with value or popularity!!
ex: Rolls-Royce and Bentley are higher-status car brands than Ford and Toyota
brand equity
the dollar amount attributed to the value of a brand
based on all the intangible qualities that create that value
difficult to calculate, but one indicator is the extent to which people are willing to pay more for the brand
what are the consumer perceptions of brand strength
differentiation
relevance
knowledge
esteem
once again, company value is not the brand value
differentiation
what makes the brand stand out
relevance
how consumers feel it meets their needs
knowledge
how much consumers know about the brand
esteem
how highly consumers regard and respect the brand
what do the main branding strategy decision involve
brand name selection
brand positioning
brand sponsorship
what should brand name selection consider?
suggest something about the type of products it will brand
easy to pronounce, recognize, and remember
distinctive
extendable (not tied too closely to one product (Apple, Amazon, Nike))
pronounceable in many languages
capable of registration and protection as a trademark (made up names work best)
brand positioning
can be positioned based on product attributes
ex: Pampers focused on attributes such as fluid absorption, fit, and disposability
to associate the brand with a particular benefit
ex: Pampers offer a dry baby bottom
why are attributes the least desirable quality for a brand?
because competitors can easily copy them
brand sponsorship
Branded products are either national brand or private brands
national brand (Manufacturer’s Brand)
brand created and owned by the manufacturer of the product
They are well-known and well-established
Example: When Samsung and Kellogg sell their output under their own brand names (Samsung Galaxy or Kellogg’s Frosted Flakes)
Private Brands (Store Brand, Private Label)
brand names applied by the marketer to products manufactured for them under contract
Example: Walmart’s Great Value brand, Shopper Drugmart’s Life brand, and President’s Choice
In the so-called battle of national vs. private brands, why do retailers have many advantages?
they control what products they stock, where they go on the shelf, and the prices they charge
They usually charge their store brand lower than the comparable national brands.
what are methods of branding new products?
licensing
co-branding
licensing
the buying and selling of the rights to use a brand name,
logo, character, icon, or image
Example: if you ever bought an NHL
team jersey or any other item bearing the logo of a professional
sports team, you own an item made by a company that licensed the
right to make the item (such as Reebok)
co-branding
the practice of using the established brand names of
two different companies on the same product
It allows a company to expand its existing brand into a category it might otherwise have
difficulty entering alone
The 2 brands must be complementary!
Example: Walmart and McDonalds, Apple and Nike, Target and Starbucks
what are the 4 options a company has when it comes to brand developing?
- line extensions
- brand extensions
- multibrands
- new brands
line extensions
extending an existing brand name to new forms, colours, sizes, ingredients, or flavours of an existing product category
Example: Honey Nut Cheerios and MultiGrain Cheerios are extensions of the Cheerios product line
when does a line extension work best?
when it takes sales away from competing brands
not when it “cannibalizes” the company’s other items
brand extensions
extending an existing brand name into new product categories
what are the advantages of brand extensions?
it gives a new product instant recognition and faster acceptance
It also saves the high advertising costs
Example: Mr. Clean was extended to Mr. Clean Erasers
what must you be careful with regarding line extensions?
the extension may confuse the image of the main brand (Cheetos’ lip balm met an early death)
mutlibrands
a brand development strategy in which the same manufacturer produces many different brands in the same product category
Example: Whirlpool markets appliances under its corporate brand but also Maytag, KitchenAid, Jenn-Air, Amana, and Inglis
what must you be careful regarding multi brands
it is better to have a few highly profitable brands than many brands that produce low profits
new brands
established companies sometimes create new brands when it develops a new product or product line
Example: Toyota created Scion to appeal to millennials.
what type of brand development is part of an existing product category but part of a new brand name?
multi brands
what type of brand development is part of an existing product category and existing brand name?
line extension
what type of brand development is part of new product category but also part existing brand name?
brand extension
what type of brand development is part of a new product category and a new brand name?
new brands
what is brand communication?
Focusing on communicating brand positioning, or image, rather than on product features
what are brand touchpoints
advertising, marketing communications, personal experience with the brand
WOM, social media, company and brand websites, store displays, and anything else that brings a consumer into contact with a brand
what are the four dimensions of brand experience?
- sensory
- affective
- behavioral
- intellectual
when are the dimensions of brand experience evoked in consumers?
when they come into contact with touchpoints
brand icons
objects with distinct shapes, colours, or patterns that are associated with the brand
ex: Disney’s castle, Coca-Cola’s red and white swoos
brand characters
lifelike brand icons, or mascots, that can move, speak, and interact, and that have personality traits
ex: Pillsbury Doughboy, Tony the Tiger, Michelin Man, Betty Crocker
why are brand icons and brand characters important for brand engagement?
will increase the the interaction between consumers and brands
what is brand engagement based on
based on the emotional connection consumers feel toward the brand
what are brand ambassadors
A real person who acts as a spokesperson for the brand
under contract with the brand’s marketing organization
Typically selected for their looks, and may be used for a limited amount of time
what are brand stories and what do they do?
Every brand has a history, and brand managers use elements of the history as well as fiction to create stories for their brands
Bring brands to life and keeps them interesting
Inspire loyalty from consumers
what is branded content?
any form of information or story written and produced by a brand marketer
the brand is clearly and prominently featured
“Using the power of storytelling to move consumers into action”
branded entertainment
a form of entertainment created with the cooperation or financial support of a marketer
what the most common form of branded entertainment
videeeooo
what are brand advocates
customers, employees, and others who willingly and voluntarily promote their favourite brands
Not to be confused with brand ambassadors
what is the difference between brand ambassadors and brand advocates
brand ambassadors are paid, whereas brand advocates are not
how can a company develop brand advocates
nurture recommendations and opinions (trust them)
brand must first build a strong base, advocacy starts close to home
Make customers and employees part of the brand story
deliver an experience that gets them talking
Outperform where they care most
