difference between a product and brand

Question 1

product

Answer 1

• you buy a product for what it does
• a product sits on retailers’ shelves or online shopping sites
• a product can quickly become outdated
• can be copied by a competitor

Question 2

brand

Answer 2

• you choose a brand for what it means
• a brand exists in consumer’s minds
• a brand is timeless, unique
• a brand provides identity

Question 3

brand definition

Answer 3

a brand is a set of differentiating promises that link a product to its customer

Question 4

brands provide 3 core benefits for consumers

Answer 4

1) IMAGE BENEFITS
- brands can enhance a consumer’s self-image or social status by association.
e.g.: a luxury fashion brand can provide a sense of prestige and sophistication.
2) RISK REDUCTION
- brands provide a sense of security and assurance to consumers by offering reliable and trustworthy products or services. this reduces the perceived risk of making a wrong purchase decision.
e.g. a well-known electronics brand that offers warranties and excellent customer support helps mitigate the risk of product failure or dissatisfaction
3) INFORMATION EFFICIENCY
- brands simplify the decision-making process for consumers by providing relevant and accurate info about their products/service. Through effective marketing and communication strategies, brands offer clear and concise info that helps consumers make informed choices.

Question 5

Keller’s brand equity model

Answer 5

• all about brand resonance: how well your consumers connect with the brand
• Kellers equity model talks about various stages of the brand
• Keller believes that in order to have a strong brand, one must create the right brand image by constructing ideal brand encounters and experiences
• each experience with your brand should leave customers with positive thoughts and emotions.

Question 6

stage 1: Salience

Answer 6

• brand identification (who are you?)
• recognition of the brand in consumers’ mind
• making your brand stand out and be easily recalled in relevant situations

Question 7

stage 2: Imagery

Answer 7

• brand meaning (what are you?)
• associating the brand with attributes, benefits, values, and personality traits
• creating a strong and powerful brand image can help differentiate the brand from competitors
  e.g. muscle relief cream for
• sportsmen
• elders
• working class

Question 8

stage 3: Performance

Answer 8

• how well the brand meets consumers functional needs and performance expectations
• brand characteristics
• durability and reliability
• service effectiveness
• efficiency
• style and design
• price
  e.g. pain relief cream
• rapid and long lasting, no scent, premium look and design…

Question 9

stage 4: feelings

Answer 9

• brand response (what about you?)
• involves positive and accessible responses
  e.g. pain relief cream
• doctor suggested
• social approval

Question 10

stage 5: Judgement (+ feeling)

Answer 10

captures customers overall evaluation and feeling towards the brand.
includes:
- perception of quality
- superiority
- likeability

Question 11

stage 6: resonance:

Answer 11

• active relationship between consumer and brand
• creation of a strong brand that resonates with consumers and drives positive consumer responses.
  ultimate goal: create a strong brand equity –> consumer loyalty –> increased brand value

Question 12

functional vs symbolic brands

Answer 12

functional: low involvement + cognitive
- focus on meeting consumer’s practical needs and functional benefits
e.g. a functional brand of running shoes may emphasize factors like comfort, durability, and performance-enhanced features
symbolic: high involvement and emotional
- aim to create emotional and symbolic associations with consumers
- associated with status, identity, and self-expression
- rely on creating a strong brand image, personality, sense of belonging.
e.g luxury fashion brands often emphasize exclusivity, presigue and stlye, appealing to customers desire for status and self-expression