Lecture 1 Flashcards
What is required for the team presentation assessment?
Design and present a branding-oriented project for an existing product or service
Students will act as brand consultants tasked to identify a UK high street retailer with a brand needing repositioning or rejuvenating.
What percentage of the assessment is based on the presentation?
40%
What percentage of the assessment is based on the exam?
60%
What two primary data collection methods are required for the project?
Survey (questionnaire), Focus group or interviews
What should the wording in self-complete questionnaires clarify?
That completing and returning the questionnaire is taken as informed consent to participate in the research
What is the definition of a brand according to the American Marketing Association?
A Name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers.
What are the dimensions of brand personality according to Aaker 1997?
The big five personality traits
What differentiates a brand from a product?
A brand has dimensions that differentiate it in some way from other products designed to satisfy the same need.
What are the five levels of a product?
- Core benefit level
- Generic product level
- Expected product level
- Augmented product level
- Potential product level
Why do brands matter to consumers?
- Means of legally protecting unique features
- Signal of quality level to satisfied customers
- Source of competitive advantage
- Pricing power
- Buffers stock price
What is meant by brand equity?
The value added to a product by having a well-known brand name
What is brand identity?
The way a brand presents itself to the world
What is brand image?
The perception of the brand in the minds of consumers
What is the purpose of a brand mantra?
To encapsulate the essence of the brand in a concise phrase
Fill in the blanks: A brand needs to have a ______ identity, ______ image, and a ______ personality.
[key learning term] identity, [key learning term] image, [key learning term] personality
True or False: Branding applies only to luxury brands.
False
What are some challenges faced by manufacturer brands?
- Emergence of private labels
- Increased competition
- Changing consumer preferences
What is the role of brand managers?
To develop and maintain a brand’s image and market presence
What is the significance of market analysis in branding?
To understand competitive positioning and consumer preferences
How do brands create differential advantage?
By establishing unique associations and perceptions in consumers’ minds
What is a value proposition in branding?
The promise of value to be delivered to the customer
What are the two types of means brands use to develop a brand personality?
- Rational & tangible means
- Emotional and intangible means
