Fundamental concepts Flashcards
brand association
Thoughts Images Perceptions/Beliefs Experiences Feelings
Attitudes
Evaluation dimensions
Strength Favourability Uniqueness
Example touch points
The product/service itself
The store/distribution channel The people – employees, other
customers…
Support instructions and guides
Customer service
Market communication – advertisement, social media…
Brand awareness
relates to the strength of the brand in memory, as reflected by consumers’ ability to recall or recognize the brand.
Awareness depth
Likelihood/ease of recall/recognition
Brand recall
Being able to generate the brand from memory, when given a relevant cue (e.g product category)
Brand recognition
Being able to identify the brand
Awareness breadth
The range of purchase and usage situations where the brand comes to mind
Financial brand equity
How much financial value the brand holds: the net discounted cashflow attributable to the brand, after production, operations, marketing costs
Consumer-based brand equity
The value added by the brand: the differential effect that consumers’ brand knowledge has on their response to the marketing of that brand
Factors influencing consumer buying behaviour
• Culture • Subculture • Socialclass • Referencegroups • Rolesandstatus • Age/Life-cycle stage • Occupation • Economiccircumstances • Lifestyle/Personality • Motivation • Perception Beliefs/attitudes
Brand identity
The brand owner’s intention of what the brand should be
Company-projected Active, forward-looking
Brand image
Perceptions about a brand as reflected by the brand associations held in consumer memory
Consumer-negotiated Passive, backwards-looking
Market segmentation
the process of dividing a varied and differing group of potential buyers into smaller groups,+within which broadly similar patterns of+buyer needs exist.
A good segment is…
Identifiable- Segment is distinguishable from other segments
Substantial- Segment sales potential is large
Accessible- Possible to target given available resources and capabilities
Stable- Predictable also in the future
The positioning statement
- A tool for condensating the overall marketing strategy into a clear Vision which is the brand’s promise to deliver
- Articulated by the brand manager for internal use
Brand promise
What value will the brand create The promise defines three things: • What it is • What it does or doesn’t do to create value • Why this matters
Brand purpose
what is the brands reason to exist
BrandCommunication
an important part and tool ofbrand managementby which the companies inform, persuade, enlighten, teach, remind, and enrich the knowledge of their stakeholders about the brand, its strengths,values, fundamentals, and its offerings ofproductsand services.
Descriptive concept
refer to the noun(s)/the descriptive phrase is used in relation to a specific brand, to categorize and define what the brand is.
Ex: Volvo XC60- a sports utility vehicle (SUV)
Facebook- A social utility
Choices when designing a descriptive concept:
- Using an already existing term
- Modifying an already existing term (creating a sub-category)
- Creating a completely new term
- Avoid using a descriptive term altogether
genericized trademark
has moved from distinguishing a specific brand to become the generic description for, or synonymous with, a product or service.
Ex: Kleenex or keso
Brand elements
names, products, logo, colour, scent, symbol, design, shapes, spokes persons
Keller’s consumer-based brand equity model
• Memorability • Meaningfulness • Appeal • Transferability • Adaptability • Protectability Example: Chanel NO.5
Brand resonance
Is described as the highest level of commitment to a brand, consumer has an active relationship and psychological bond to the brand, and an engagement that stretches beyond consumption. For ex actively participating in forums or fan clubs.
The logic on why it is why a descriptive concept and a distinctive mark is important
- “Define”boundaries”of”trademark”rights 2.”“Protect”against”trademark”degeneration
- "”Signal”intended”utility”or”usage
- "”Define”segments”and”competition 5.”“Strengthen”the”customer”perceived”differentiation
brand purpose as strategy tool
Sets direction for the brand both internally and externally, and increases transparency and psychological connection.
