Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

MKT1002 > Lecture 8 Branding > Flashcards

Lecture 8 Branding Flashcards

1
Q

What is marketing?

A

This is how you communicate, based on insight, knowing why you’re saying what you’re saying

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is brand?

A

How you are perceived and why you are better

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What should be tackled first: marketing or brand?

A

The brand should be defined first and integrated thoroughly before it is articulated.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are customers buying into?

A

A feeling, mood, value, idea

They want a reason to believe

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What does branding help you do within a market?

A

It helps differentiate you within a market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What does a brand make associations with?

A

Attributes and feelings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What do successful brands do?

A

They create a strong, positive and lasting impression through their marketing communications and not just their functionality through use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What does branding provide information about?

A

Content, taste, durability, quality, price and performance without requiring the buyer to undertake time consuming comparison tests

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

How do brands allow organisations to communicate?

A

By using imagery only

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is a brand?

A

Brands are products and services that have added value which has been deliberately designed to augment an offering

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What does Achenbaum (1993) say about brands?

A

Values and associations that are not only recognised by but are meaningful to their customers: a brand resides in the mind of the consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What do marketing managers have to do?

A

Create, sustain, protect and develop the identity of the brands for which they are responsible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Why are brands both about the organisation and the customer?

A

It is the organisation that creates the brand but the customer’s perception and the images they form of the brand and the meaning and value they give to the brand that is important.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What 4 things could the brand be represented by?

A

Name
Symbol
Word
Mark

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is Chernatony’s (2000) definition of a successful brand?

A

“A successful brand is an identifiable product, service, person or place augmented in such a way that the buyer or user perceives relevant, unique added values which match their needs most closely. Furthermore, its success results from being able to sustain these added values in the face of the competition”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is Keller’s (2002) definition of a brand?

A

“A brand… adds other dimensions to differentiate it in some way from other products designed to satisfy the same need. These differences may be rational and tangible- related to the performance of the brand- or more symbolic, emotional and intangible- related to what the brand represents”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are 8 reasons why consumers like brands?

A

They help us to identify preferred products
Reduce risk
Help identify level of quality
Reduce time spent shopping by making it easier to make decisions
Provide (psychological reassurance)
Help avoid brands we don’t like
Help us develop relationships based on trust (TRUST IS VERY IMPORTANT)
Non-verbal communication tool

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are 7 reasons why manufacturers and retailers like brands?

A

Enable premium pricing
Differentiate and provide a competitive advantage in crowded marketplaces whilst deterring competition from entering the market
Encourage cross selling to other brands owned by them e.g. Kellogs
Develop loyalty and retention
Assist integrated marketing communications and consistency of message
Contribute to corporate identity and to the bottom line
Extend the maturity of the product life cycle- brand extension

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are the 6 things to consider when creating a brand?

A 
Beliefs
Why
Personality
What
Who
How
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is belief when creating a brand?

A

Three core beliefs that keep you on track, values you will never break, no matter what

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is why when creating a brand?

A

The simple statement that sums up your core purpose

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is personality when creating a brand?

A

Three ways to express yourself to the world, this will inform your tone of voice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is what when creating a brand?

A

A simple description of your product or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is who when creating a brand?

A

Overview/ attitude of your core customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What is how when creating a brand?

A

The points that differentiate you from competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What do brands trigger in our minds?

A

Associations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What do consumers search for in terms of brands?

A

Customers search for a brand with a personality that compliments their self-concept (McCraken, 1996)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

When Belk says that brands offer a means of self-expression (1998) what are the 3 forms of this?

A

Who we want to be (desire self)
Who we strive to be (ideal self)
Who we think we ought to be (ought self)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

What does brand provide a means for?

A

Brand provides a means for individuals to indicate to others their preferred personality as they relate to those self concepts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Explain Aaker’s brand personality scale

A

Set of human characteristics that consumers associate with a brand
Developed 5 dimensions of psychosocial meaning (42 traits)
Consumers choose brands which they feel reflect their own personality and are consistent with their self concepts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

What are Aaker’s 5 dimensions?

A 
Sincerity
Excitement
Competence
Sophistication
Ruggedness
32
Q

What are some example traits of sincerity?

A

Wholesome, honest, down to earth

33
Q

What are some example traits of excitement?

A

Exciting, imaginative, daring

34
Q

What are some example traits of competence?

A

Intelligent, confident

35
Q

What are some example traits of sophistication?

A

Charming, glamorous, smooth

36
Q

What are some example traits of ruggedness?

A

Strong, masculinity

37
Q

What did Jin and Sung (2011) say about brands?

A

A brand can be associated with various demographic characteristics
They also cite human personality traits e.g. North Face shows ruggedness

38
Q

What are the 12 main archetypes?

A 
Caregiver
Sovereign
Creator
Everyman
Jester
Lover
Rebel
Hero
Magician
Innocent
Sage
Explorer
39
Q

What do brand logos help with?

A

Brand logos do not make the brand but they do help with the brand customer connection and can help support the brand’s positioning and add personality to the brand

40
Q

How can logos be kept fresh?

A

They can be adapted

Sometimes they need to be changed to meet the needs of new digital services and platforms

41
Q

What does a powerful brand have?

A

High brand equity

42
Q

What is brand equity?

A

A measure of how well the brand can capture consumer preference and loyalty.
It is the differential effect that knowing the brand name has on the customers response to the product and its marketing

43
Q

What is positive brand equity?

A

When consumers react more favourably to it that to a generic or unbranded version of the same product

44
Q

What is negative brand equity?

A

This is if consumers react less favourably than to an unbranded version

45
Q

What does a brand represent?

A

Everything that a product or service means to the customer

46
Q

What does high brand equity provide a company with?

A

Many competitive advantages and a high level of consumer brand awareness and loyalty

47
Q

What is customer equity?

A

The value of customer relationships that the brand creates- what a brand really represents is a profitable set of loyal customers

48
Q

What is brand value?

A

This is the total financial value of a brand and is hard to measure

49
Q

What is brand sponsorship not referring to?

A

It is NOT referring to when a brand sponsors an event- that’s just sponsorship as part of the marketing communications of element of the marketing mix (promotion)

50
Q

What are the 4 sponsorship options that a manufacturer developing a product has?

A

National brand
Store brand
Licensing
Store branding

51
Q

What is meant by national brand?

A

These are also called manufacturer brands and have long dominated the retail scene. They sell their products under their own brand names e.g. Heinz

52
Q

What is meant by store brand?

A

Also know as private brands
Becoming more popular
Consumers buy them to give themselves a saving, consumers have become less brand conscious and more price conscious

53
Q

What is meant by licensing?

A

Some companies license names or symbols previously created by other manufacturers, celebrities, characters from films etc.
For a fee they can provide an instant and proven brand name
Can be highly profitable and licensing companies can be multi-million

54
Q

What is meant by co-branding?

A

When 2 established brand names of different companies are used on the same product. This creates broader consumer appeal and greater brand equity.
2 brands that operate in different categories get together (e.g. Nike and Apple iPod).
Allows for one brand to expand into a category it otherwise might not have been able to enter on its own.

55
Q

What are the 4 methods of brand development?

A

Line extension
Brand extension
Multibrands
New brands

56
Q

What is line extension?

A

This is when a company extends existing brand names to new forms, colours, sizes, flavours etc. of an existing product category

57
Q

What are two advantages of line extension?

A

Low cost, low risk way to introduce new products

A good way to meet various consumer needs

58
Q

What is a potential issue of line extension?

A

Could become over complicated and confuse customers

59
Q

When does a line extension work best?

A

It works best when it takes sales away from competing brands not when it takes them away from its own sales.

60
Q

What is brand extension?

A

This extends the current brand name to NEW or MODIFIED products in a NEW category but you can’t just take a brand name and slap it on other products.

61
Q

What is an advantage of brand extension?

A

It can create immediate familiarity and acceptance with lower development costs

62
Q

What is a disadvantage of brand extension?

A

It can fail- if the consumer is confused about why a brand is in that category, is it appropriate?

63
Q

What should a good brand extension do?

A

A good brand extension should fit the parent brand and the parent brand should give the extension competitive advantage in its new category

64
Q

What is multibranding?

A

This is where companies market many different brands in a given product category, offers a way to establish different features that appeal to different segments

65
Q

What is an advantage of multibranding?

A

They all effectively compete against each other in the same category, but this increases the market share of the company. This also means there is less shelf space for others and the company can benefit from brand switchers.

66
Q

What is a disadvantage of multibranding?

A

It may lead to the company spreading resources too thinly and not be focused enough which would mean that no profit is made.

67
Q

Give an example of a successful multibrand

A

Pepsi Co markets a wide range of soft drinks and each brand consists of lots of sub-brands

68
Q

What are new brands?

A

Where a company develops a new brand, either when the current brand is struggling or when they are entering a new product category and none of their existing brand names are suitable.

69
Q

What is a risk of creating a new brand?

A

Issues with spreading resources too thin

70
Q

What does a new brand need to do?

A

Each brand needs to have a competitive advantage that it can differentiate itself upon

71
Q

What product category and brand name does line extension have?

A

Existing product category

Existing brand name

72
Q

What product category and brand name does brand extension have?

A

New product category

Existing brand name

73
Q

What product category and brand name do multibrands have?

A

Existing product category

New brand name

74
Q

What product category and brand name do new brands have?

A

New product category

New brand name

75
Q

What are the 4 main stages of branding?

A

Brand positioning
Brand name selection
Brand sponsorship
Brand development

76
Q

What does brand positioning look at?

A

Attributes
Benefits
Beliefs and values

77
Q

What does brand name selection look at?

A

Selection and protection

MKT1002 (17 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions