Lecture 8 - Branding and branding strategies Flashcards
What is a brand?
A brand is a name, term, sign, symbol, or design (or a combination) that identifies the goods or services of one seller and differentiates them from competitors.
What roles do brands play?
Identification of the product’s source.
Risk reduction for consumers.
Quality signal.
Simplifies handling or tracing products.
Creates competitive advantage.
What is brand identity?
Brand identity is how a company wants customers to perceive its brand, encompassing elements like names, logos, slogans, and visuals.
What is brand image?
Brand image refers to how customers actually perceive the brand, including their feelings and thoughts associated with it.
What is brand equity?
The added value dedicated to products and services that can be reflected in the way customers think, feel and act in relation to the brand
Dimensions:
Brand awareness.
Brand associations.
Perceived quality.
Brand loyalty.
What is a brand portfolio?
A brand portfolio consists of all the brands owned by a company, serving different purposes (e.g., flankers, cash cows, low-end entry-level products).
What are brand extensions, line extensions and family brands
A brand extension occurs when a company uses an existing brand name to enter a new product category.
(Snickers + ice cream)
A line extension involves launching new products under the same brand name but within the same product category.
(Coca Cola, light, diet, cherry)
- Family brands: an overall brand is used for a variety of products in the same category
(Nivea: body lotion, wash, deo).
What is digital branding?
Digital branding is the use of online channels and strategies to establish and promote a brand, often focusing on engagement through social networks and digital experiences.
What is the role of social networking in branding?
Builds online communities.
Shares knowledge and opinions.
Influences consumer decisions through engagement and interaction.
What is a global brand?
A global brand is available in many countries with localized versions that share a common identity and goal (e.g., Coca-Cola, McDonald’s).
