Lecture 2 - brand image Flashcards
What is a brand ?
A name, symbol, or other marker that businesses use to distinguish their products from competitors and foster a public identity
Brand image
The feelings consumers and business hold regarding the overall organization as well as its individual products or product lines.
What impression does our brand give?
Brand Association
when consumers consistently connect a product’s name with a specific meaning, concept, or idea.
What do people associate with our brand?
Components of a brand image (tangible)
- Goods or services sold.
- Advertising
- Marketing communications
- Name and logo
- Package and label
- Retail outlets
- Employees
Components of a brand image (intangible)
- Corporate personnel
o Ideas
o Beliefs
o Conducts - Environmental policies
- Corporate Culture
- Country location
Brand names
Overt names : reveal what a company does (American Airlines)
Implied names: contain words to convey what a company does (FedEx)
Conceptual names: capture the essence of a company’s offer (Twitter)
Iconoclastic names: represent something unique, different, memorable
Types of brands
Family Brands
Brand Extensions
Flanker Brands
Co-Branding
Ingredient Branding
Cooperative Branding
Complementary Branding
Private Brands
Private brands
private labels or store brands are proprietary brands marketed by an organization and normally distributed exclusively within the organization’s outlets
- Connotation of low price, low quality
- Historically price-sensitive consumers
- Retailers investing in private brands
- Consumers see few differences
Advantages of private brands to retailers
- 5% - 20% lower prices than national brands
- Higher gross margins
- Greater loyalty to stores and brands within a store
- Differentiates stores from national brands and competing retailers
Brand image – benefits to customers
- Confidence in purchasing decisions.
- Assurance about a purchase when the buyer has little or no previous experience.
- Reduces search time in a purchase decision.
- Provides psychological reinforcement and social acceptance of the purchase.
Brand image – Benefits to companies
- Extension of positive customer feelings to new products
- Ability to charge a higher price or fee
- Consumer loyalty leading to more frequent purchases
- Positive word-of-mouth endorsements
- Higher level of channel power
- Ability to attract quality employees
- More favorable ratings by financial observers and analysts
Steps of a marketing plan
- Current Situational Analysis
- SWOT Analysis
- Marketing Objectives
- Target Market
- Marketing Strategies (4Ps + segment, target, position, and differentiate)
- Marketing Tactics
- Implementation
- Evaluation of Performance
Brand Alliances
A situation in which two (or more) companies use brand strength to develop and co-market a new product feature both names (e.g., Old Spice and Head and Shoulders).
Family brands
A group of related products sold under one name (ex: Campbell)
Brand extension
The use of an established brand name on products or services not related to the core brand (ex: Starbucks pods on Nespresso)
