Lecture 4 Flashcards
From the example of BMW and VOLVO that we learned in class, how could 2 brands that sell the same product have such different images?
Branding is the reason for this. Yes, they both sell cars. However, they have very different pictures and reputations, which therefore caters to very different audiences. Ones family and one is fast.
What are the 4 P’s or branding?
- price
- product
- place
- promotion
What are the 5 R’s involved in branding?
- Customer relevance
- Receptivity
- Response
- Recognition
- Relationship
What is brand identity?
Brand identity is what you put out.
- what we (biz) want them (aud) to think about us
- how we define ourselves
- what we tell others about us
- what were going to promise you
- how you want to be perceived by customers
- something the brand develops
What the brand makes themselves
What is brand image?
Brand image: ( what your audience picks up)
- brand image cant be created , but its automatically formed
-What the audience thinks about the organization
- regardless if what brand says about itself or how they want to be perceived
- how they define us
- what they hear us saying about us
- what they think we can do for them
- how they are actually perceived by customers
- associated with the rep and values
- For and by the customers
- status point of view
Brand identity vs. Brand image
- brand identity is how the BRAND wishes to be perceived by the customer.
- brand image is how the CONSUMER thinks of a brand, which ultimately is up to them .
Some things can be controlled while others cannot.
The importance of brand image
- average consumer mentions a brand 56x/week in conversation
- 1 in 3 people come to a brand through a WOM recommendation
- customers through WOM have 37% higher retention rate than those who dont
- power of creating happy customers
Will become great wing people for businesses
What is the difference between target and KPI’s
Target: is something you want to achieve
KPI’s: is the actually amount of times you hit it.
Example:
Target: I want to eat waffles for breakfast
KPI’s: I’ve eaten 3 waffles fro breakfast
Brand identity vs. Image
Example lululemon:
Brand identity: confidence, living a healthy lifestyle, and fashionable
Brand image: active, comfortable, expensive, good quality, stylish
When talking about physical and non physical aspects of a brand, which fits into identity and which fits into image?
Physical is identity
Non-physical is image
Why is brand identity physical?
Brand identity is physical because its not objective, the opinions cant really change, physical identity has been created
Why is brand image non-physical?
People can make up their own use for the product and own personal opinion. Don’t have to perceive the brand the same way that every customer does.
Example of physical and non-physical
Dove
Physical: smells good, moisturizer, gentle, soap, clean, toasted, shapes of the bottles, blue and white, logo, simplistic
Non-physical: timeless, body positive, reliable, inclusive, well known, affordable
Lately brands have been shifting the traditional ways of making commercials, usually with displaying facts about the actually product and persuade customers to buy the product, but have now shifted into relating to the audience more so than flaunting the product, why is this?
The reason brands are starting to make their commercials more non physical ads is to create a reputation for themselves, related to the audience and most importantly, building a connection with the audience. By creating non-physical ads, they are not only creating a brand image for themselves by the audiences but they are also connecting with them in a different way than a physical commercial that is really only focused on the selling the product. An example of this is the dove ad .
Explain “the wheel”
The wheel focuses on brand essence and has four different sub categories, being functions, personality/image, differences and source.
Functions:
What is it?
What is it for?
What does it do?
Differences:
How is it better?
How is it different?
Personality/image
How do people feel about it?
Do they like/respect it?
Source:
What does the company stand for?
What are its aims
