Company and Brand Flashcards
What are the four main steps of strategic brand management?
1) identifying and establishing brand positioning
2) planning and implementing brand marketing
3) measuring and interpreting brand performance
4) growing and sustaining brand value
How does the American Marketing Association define a brand?
A brand is a name, term, sign, symbol, design, or combination of these, used to identify a seller’s goods or services and differentiate them from competitors.
How does a brand differentiate itself from other offerings?
These differences can be practical and measurable, like how well the product works. They can also be more personal or emotional, reflecting what the brand stands for or how it makes people feel.
How is branding increasingly relevant as consumer’s lifestyle becomes more rushed and complicated?
As consumers’ lives become more rushed and complicated, a brand’s ability to simplify decision making and reduce risk becomes invaluable.
How can brands be valuable to firms?
Let’s say we are Apple.
Walmart benefits from our branding because the Apple branding is differentiated from other tech brands, and this helps simplify product handling by helping organize inventory and accounting records?
Our branding can be protected through registered trademarks, and packaging can be protected through copyrights and proprietary designs.
How does branding offer a competitive advantage to firms?
Branding helps companies by offering steady demand through brand loyalty and through creating barriers to entry.
What does the process of branding do?
Marketers shape the consumer’s perception of the product’s identity (“who” it is), its features and benefits(“what” it does), and its relevance to their lives (“why” they should care).
What is brand equity?
The value a brand adds to a product or service beyond its functional benefits. This value is built over time through consumer perceptions, experiences, and emotional connections with the brand. E.g. A $10 shirt jumps to $30 because of a Nike logo.
Brand equity enables companies to charge more for a product, benefit from increased customer loyalty, create a barrier to entry for new entrants, and support expansion into new markets and product categories.
There is also consumer perception: how consumers think, feel, and act toward the brand. E.g. Apple is perceived as innovative and premium, influencing consumer’s willingness to pay more.
When does an organization have positive customer-based brand equity, and when does the organization have negative customer-based brand equity?
Positive customer-based brand equity exists when consumers react more favorably to a product and the way it is marketed when the brand is identified than when it is not identified. A brand has negative customer-based brand equity if consumers react less favorably to marketing activity for the brand under the same circumstances.
What are the three key ingredients of customer-based brand equity?
1) Brand equity arises from differences in consumer response. If no differences occur, the brand-name product is essentially a commodity, and competition will probably be based on price.
2) Second, differences in response are a result of consumers’ brand knowledge, all the thoughts, feelings, images, experiences, and beliefs associated with the brand. Brands must create strong, favorable, and unique brand associations with customers.
3) Brand equity is reflected in perceptions, preferences, and behavior related to all aspects of the brand’s marketing. Stronger brands earn greater revenue.
What is a brand promise?
A brand promise is the marketer’s vision of what the brand must be and do for consumers.
What are the three main brand equity models?
1) BrandAsset Valuator
2) BrandZ and BrandDynamics
3) Brand Resonance Model
What is the BrandAsset Valuator brand equity model?
Invented by advertising agency Young and Rubicam (Y&R), the BrandAsset Valuator covers four pillars of brand equity: energized differentiation, relevance, esteem, and knowledge. Leadership brands show high levels on all pillars, with strength greater than stature. Declining brandsshow high knowledge, a lower level of esteem, and even lower relevance and energized differentiation.
What is BrandZ and BrandDynamics brand equity model?
Marketing research consultants Millward Brown and WPP developed the BrandZ model of brand strength, and BrandDynamics is at the heart of it. This model is based on a system of brand associations–meaningful, different, and salient, which builds customer predisposition to buy a brand. The associations have three important outcome measures: power (a prediction of brand volume share), premium (ability to command a price premium), and potential (the probability that a brand will grow value share).
What is the Brand Resonance Model brand equity model?
The brand resonance model views brand building as an ascending series of steps.
On the left, we have the stages of Brand Development…
1) Identity(who are you)
2) Meaning(what are you)
3) Response(what about you)
4) Relationships(what about you and me)
In the middle we have 6 brand building blocks with the following levels…
1) salience
2) performance, imagering
3) judgements, feelings
4) resonance
On the right side, we have branding objective at each stage in the following steps…
1) deep, broad brand awareness.
2) points of parity and difference
3) positive, accessible reactions
4) intense, active loyalty
The rational route of brand building is on the left side, and the emotional route is on the right side.
What are the three key drivers to building brand equity?
1) Choosing Brand elements.
-The initial choices for the brand elements or identities making up the brand (brand names, URLs, logos, symbols, characters, spokespeople, slogans, jingles, packages, and signage).
-Brand elements ties into this.
-So does the six criteria for choosing brand elements.
-Nike has great brand elements including it’s distinguished “swoosh” logo, the “Just do it” slogan. Another good slogan is State Farm’s “Like a Good Neighbor, State Farm is There.”
2) Designing Holistic Marketing Activities.
-The product and service and all accompanying marketing activities and supporting programs. -e.g. General mills connecting with customers via their smartphones with QR codes, apps, and augmented reality. -Integrated marketing is crucial for this.
-In addition, every brand contact influences this. That brand contact includes the many touch points a customer has with the company including: word of mouth, interactions with company personel, using the company website, and payment processing.
3) Leveraging Secondary Associations.
-Other associations indirectly transferred to the brand by linking it to some other entity (a person, place, or thing).
-These “secondary” brand associations can link to sources such as the company itself, countries or other geographical regions, and channels of distribution as well as to other brands, characters (through licensing), spokespeople (through endorsements), sporting or cultural events (through sponsorship), or other third-party sources (through awards or reviews).
-Can be risky because if the leveraged secondary institution undergoes reputational damage, your brand will face the same thing.
-e.g. 42BELOW vodka company links to the percentage of alcohol content the drink has as well as a latitude that runs through New Zealand.
What are brand elements?
Trademarkable devices that identify and differentiate the brand.
e.g. Nike has the “swoosh” logo, the “Just Do It” slogan, and the “Nike” name from the Greek winged godess of victory.
What are the six criteria for choosing brand elements?
Brand building
1) Memorable – is the element easily recalled and recognized at purchase and consumption)
2) Meaningful – is the element credible and suggestive. Does it suggest something about a product ingredient or brand user
3) Likeable – Is the element appealing or playful
Defensive
4) Transferable – Can the element introduce new products in the same or different categories. Does it add to brand equity across geographic boundaries and market segments? eg. Amazon
5) Adaptable – Can the element be adapted and updated. e.g. Google logo. Lots of temporary variations for different holidays. It’s adaptable because it’s core identity the name and typeface remains consistant, ensuring recognition.
6) protectable
What are some of the most efficient ways to build brand equity?
Brand names and slogans.
What is brand contact?
Any information-bearing experience, whether positive or negative, a customer or prospect has with the brand, its product category, or market/industry.
What is integrated marketing?
Ensuring communication and marketing efforts work together to deliver a consistent and cohesive message to the target audience. Instead of treating each channel or campaign as a seperate entity, integrated marketing connects them so they comlement and reinforce each other.
For brand equity to guide strategy and decisions what do marketers need to understand. How does this link to brand audits and brank tracking
1) The sources of brand equity and how they affect outcomes of interest. Brand audits are important for this.
2) How these sources and outcomes change(if at all) over time. Brand tracking is important for this.
What is brand audit
A brand audit is like a health check-up for a brand. It’s a systematic process that helps marketers understand how well the brand is performing, what makes it strong, and how it can be improved.
Goals of a brand audit: understand why consumers choose the brand, identify the brand’s strengths, as well as how the brand is performing in terms of awareness, reputation, customer loyalty, and financial performance.
What are brand tracking studies?
Systematic efforts to monitor and measure the performance of a brand over time. They use insights from a brand audit to gather quantitative data from consumers, providing a regulat “snapshot” of the brand’s health and how it’s evolving in the minds of customers.
We can also seek to understand the inputs that led to shifting evaluations of the brand.
