Lecture 2: Brand Defined/Why Brands Matter Flashcards
product
anything that can be offered to a market for
attention, acquisition, use or consumption that might satisfy
a need or want
brand (AMA def)
name, term, symbol, or design, or combination of
them intended to identify the goods and services of one seller
to differentiate them from those of the competition (AMA –> what we consider brand element)
describe the comparison of brands vs. products
- A product is anything we can offer to a market for attention, acquisition, use, or consumption:
*That might satisfy a need or want
*Physical good like a cereal, tennis racquet, or car - A brand is more than a product since it can have dimensions that differentiate it from other products
what are the three main observations/insights about brands (kinds of appeal and where it resides)
- Brands can have rational / tangible appeal.
- Brands can have symbolic /emotional / intangible appeal.
- The brand resides in the mind (and gut) of the consumer.
what is a brand element
a name, logo, slogan,
symbol, packaging design, or other attribute that
identifies a product and distinguishes it from all
others
what is the starting point to create a brand
choose / develop a brand element(s)
T or F: ideas and people can be brands
True
what are the 4 functions brands provide to consumers
- Identify the source or maker of the product
- Simplify product decisions
- Lower the search costs for products internally and
externally - Helps set reasonable expectations about what
consumers may not know about the brand
brand can signal product ______ and ______
characteristics and attributes
what three categories can attributes classify products as:
- search goods
- experience goods
- credence goods
brands can ____ risks in product decision (for consumers)
reduce
what are the categories of risk
Functional, physical, financial, social psychological, and time
what functions do brand provide to a firm (5)
- Simplify product handling and tracing
- Help organizing inventory and accounting records
- Offer the firm legal protection for unique features or aspects of the product
- Provide predictability and security of demand for the firm and creates barriers of entry for competitors
- Provide a powerful means to secure competitive advantage
name some of the roles that brands play
Consumers
* Identification of source of product
* Assignment of responsibility to product maker
* Risk reducer
* Search cost reducer
* Promise, bond, or pact with maker of product
* Symbolic device
* Signal of quality
Manufacturers
* Means of identification to simplify handling or tracing
* Means of legally protecting unique features
* Signal of quality level to satisfied customers
* Means of endowing products with unique associations
* Source of competitive advantage
* Source of financial returns
To brand a product, it is necessary to teach consumers
____ the product is
“who”
how can companies teach consumers “who” the product is through branding? (what must they do)
- Giving it a name and using other brand elements to help identify it
- What the product does and why consumers should care
–> marketings but give consumers a label for the product and provide meaning for the brand
when can marketers benefit from branding?
whenever consumers are in a choice situation
what can branding a service do?
can be an effective way to
signal to consumers that a firm has designed a particular service offering that is special and deserving of its name:
* American Express
* British Airways
* Ritz-Carlton
* Merrill Lynch
* Federal Express
what are traditionally associated with brands?
physical goods
what can brands do for retailers and other channel members
- Can generate consumer interest, patronage, and loyalty
- Create an image and establish positioning within an industry
- Yield higher price margins, increased sales volumes, and greater profits
how can retailers intorduce their own brands
- Using their store name
- Creating new names
- Some combination of the two
where have some of the strongest brands in recent years been born?
online
where does a special case of marketing people and organizations exist?
- Sports marketing has become highly sophisticated
- Branding plays, for example, has become an especially valuable function in the arts
- Movies have become famous for their marketing and branding:
*For years, some of the most valuable movie franchises have featured recurring characters and ongoing stories—a classic application of branding
what has contributed to the rise in place marketing?
- Increased mobility of people
- Increased mobility of businesses
- Growth in tourism
Brands that are the “strongest” are the brands that are:
- best known
- most highly regarded
Maintaining _____ and _______ are important to the success of a brand
Winner
brand relevance and differentiation
what are the four steps of strategic brand management process
- Identifying and Developing Brand Plans
- Designing and Implementing Brand Marketing Programs
- Measuring and Interpreting Brand Performance
- Growing and Sustaining Brand Equity
describe designing and implementing brand marketing programs
- Choosing Brand Elements
- Integrating the Brand into Marketing Activities and the Supporting Marketing Program
- Leveraging Secondary Associations
describe measuring and interpreting brand performance
To manage brands profitably, managers must implement a brand equity measurement system
Brand equity measurement system involves:
1. Brand audits
2. Brand tracking studies
3. Brand equity management system
describe growing and sustaining brand equity
- Defining Brand Architecture
- Managing Brand Equity over Time
- Managing Brand Equity over Geographic Boundaries, Cultures, and Market Segments
up ____% of company value can be attribute to the brand
50
