Lecture 10 - Brands

Question 1

What is a brand?

Answer 1

A term logo, design that identifies products of a seller and differentiates from those of the competitors

Question 2

Differences in a brand may be

Answer 2

Functional - materials, features Symbolic - emotional intangible - Disney

Question 3

What are the functions of brands?

Answer 3

Sign of quality - can allow for price premium

Identifies product - create perceived differences Reinforces self perception - Status

Question 4

What is brand equity?

Answer 4

Added value a brand name gives a product Intangible asset having financial and psychological value -Can be positive or negative

Question 5

Example of negative brand equity

Answer 5

Goldman Sachs - investment bank - people realized role in 2008 financial crisis

Question 6

Example of positive brand equity

Answer 6

Apple - People understand that there is quality, design, and customer support that comes with all their products

Question 7

What are the four pillars of branding

Answer 7

Differentiation Relevance Esteem Knowledge

Question 8

4 pillars of branding: Differentiation

Answer 8

How product is different from other brands

Question 9

4 pillars of branding: Relevance

Answer 9

How wide ranging is the appeal

Question 10

4 pillars of branding: Esteem

Answer 10

How respected - positive

Question 11

4 pillars of branding:Knowledge

Answer 11

What do customers know about the brand

Question 12

What are different types of brands?

Answer 12

National brands - kellog, heinz Private brands - Mastercraft, compliments, kirkland Licensed brands - Kenmore

Question 13

Strategies for branding:

Answer 13

Line extension - Add more products to existing line Brand extension - Adding other product categories to the company - Apple computers to MP3 players Multibranding - one producer making different brands - Whirlpool making maytag, kitchen aid. New brand - new brand name with new category - risky