company & branding Flashcards
what are core values for a company?
fundamental principles/stories/beliefs/norms that characterize a firm or company
goals of a company
- profits
- customer service
- prestige
- diversity/inclusion
- information/knowledge
p.e.s.t. analysis is?
political & legal trends
economic trends
social & cultural trends
technological trends
s.w.o.t. analysis is?
internal analysis
- strengths
- weaknesses
external analysis
- opportunities
- threats
what is a brand?
a name, term, sign, symbol, or design, or a combination of them intended to identify the goods & services of one seller/group of sellers; and to differentiate them from those of the competition
brand equity
the added value the brand name gives to a product beyond the functional benefits provided
benefits of branding for CONSUMERS (4)
- signals information/quality
- allows self-expression
- good feeling
- efficient shoppers
benefits of branding for FIRMS (3)
- price premium over unbranded alternatives
- barriers to entry
- ability to extend brand to other products → leverageable
brand name extension
when a company uses its established brand names on a new product or category
RISKS of brand name extension (5)?
- mismatch on consumer preferences
- “overstretch” ← consumers feel brand name meaning does not work for this product
- can also hurt original products that use the brand name
- overstretching can confuse consumers
- dilutes brand name meaning
what is the market? (verbal equation)
market = product + its competitors producing the same product
market share
ratio of sales revenue of a firm to the total sales revenue of all firms in the industry
equation: us / (us + all of them)
problem with identifying the competitors? (ex: coke)
other soft drinks? any drink? anything with sugar? water?
nash equilibrium
a situation where A’s choice is optimal given B’s choice + B’s choice is optimal given A’s choice
