M2 branding strategy and positioning Flashcards
ultimate goal of branding
set yourself apart from other companies who sell similar pdts
create strong positive brand equity
when does a brand become valuable to a consumer
when it has an exclusive, prominent, and positive meaning in their mind
8 functions/purposes of a brand from consumer’s perspective
1) identification
2) practicality
3) guarantee
4) optimization
5) characterization
6) continuity
7) hedonistic
8) ethical
identification function of a brand
to see (quickly identify desired products) and be seen (eg. other people can identify you as an apple person)
practicality function of a brand
identical repurchasing of same pdt/brand is practical-saves time and energy
guarantee function of a brand
know that the same brand/label = the same quality
optimization function of a brand
assure you that you’re buying the best pdt in its category - brand names are seen as better performing compared to generic
characterization function of a brand
allow you to self-affirm or convey your identity to others
hedonistic function of a brand
satisfaction from brand’s attractiveness, logo, communication, etc
- pleasure from aspects besides function
ethical function of a brand
satisfaction from a brans’s values or behavior
- especially powerful and can outweigh the positives from the other 7 benefits of branding
6 criteria of brand elements (name, logo, slogan, etc)
1) memorable: easy to read, say, remember
2) meaningful: conveys info to consumer
3) likable: create pos feelings
4) transferable: applicable to new regions, pdts, segments
5) adaptable: not limited by date/time or language/meaning
6) protectable: defend name, logo, slogan (TMs)
3 components to brand function/how they bring benefits to consumers
brand culture, brand equity, brand value
what is brand culture
stories/associations ppl make with your brand
4 things that contribute to brand culture
1) the firm: company that owns the brand; organizes advertising; influences what ppl will associate you with (ads at a soccer game? or beauty pageant?)
2) customers: tell other customers about their interactions with your pdt (can lead to pos word of mouth/free advertising)
3) influencers: opinion leaders, experts, salespeople
4) pop culture: celebrities, TV, individuals promoting the brand on social media
what is brand equity
pos or neg assets linked to the brand name that add/subtract value
how to measure brand equity (2 ways)
1) compare how people rate generic pdt vs. your brand (ex. potato chips vs lay’s vs. pringles)
2) IAT
- show prime word/image quickly
- show target words/images and have ppl select which one matches the prime stimulus
- rxn time shows strength of association (faster = stronger)
4 components of brand equity
1) brand awareness: ppl know who you are/what you stand for –> gives consumers confidence
2) perceived quality: known brands convey sense of good/bad and real/perceived quality –> point of differentiation btwn dif brands of same pdt
3) brand associations: subjective and emotional; creates brand personality and suggests when a brand is/is not appropriate
4) brand loyalty: strongest measure of equity
- benefits: decrease marketing cost, gives trade leverage, attracts new consumers, able to respond to competition
grid of brand loyalty
- weak attitude, weak behavior: no loyalty
- strong attitude, strong behavior: true loyalty
- strong attitude, weal behavior: latent loyalty
- weak attitude, strong behavior: spurious loyalty
3 dif sources of brand names
real words, coined words, phonemes
4 types of real word name categories, examples
1) descriptive
- flat out describe the product
- minute rice, vitamin water
2) evocative
- metaphorical/suggest the experience you’ll get from the pdt
- patagonia, lush, bounce
3) lexical
- rely on play on words, puns, misspellings
- froot loops, laffy taffy, krispy kreme
4) founder
- based on founder’s name
- ford, calvin klein
pros/cons of descriptive real word names
pro: less money on advertising; pdt description is clear
cons: can be hard to TM because the words are very common
limited creativity
pros/cons of evocative real word names
con: may need to spend more on marketing
pro: easier to TM because the words are less common
pros/cons of lexical real word names (I’m assuming-wasn’t mentioned)
pro: easy to TM
con: not appropriate for corporate business
pros/cons of founder real word names
pro: easy to TM
con: lose the rights to your name if you sell it
2 categories of coined word names, examples
1) invented
- Google, Kodak, pixar
2) acronyms
- afflac, geico, cvs
pros/cons of invented coined word names
pros: creative freedom, easy to TM
con: may need to spend more on marketing
pros/cons of acronym coined word names
pro: often easier to memorize than long name that’s many words
cons: can be hard to remember actual meaning/name, probably need to spend more on marketing, can be hard to TM letters in a certain order
how do phonemes affect brand names
different phonemes have different associations in consumers’ minds
- high/front sounds –> light, fast, small, lively
- low/back sounds –> large, slow, heavy
/B/ association
reliable/relaxing
/E/ association
fast
/Z/ association
fats
/K/ association
daring, active
/SS/ association
elegance
short vowel association
crisp, small fast
/V/ association
energetic/big
vocal vibration association
luxury
what does it mean if you choose to standardize your company
- sell dif pdts under same brand name
- become a branded house
pros/cons of branded house/standardization
pros: more brand recognition, you can broaden your consumer base, more efficient marketing, can strengthen your identity –> good for small/new businesses
cons: not always possible especially if new pdt isn’t in line with previous brand identity, 1 bad pdt can ruin your reputation
what does it mean to diversity your company
- sell dif pdts under dif brand names
- become house of brands
pros/cons of house of brnads/diversification
pros: can target more audiences (especially if you keep brand ownership secret) –> dominante whole pdt category
cons: more marketing, risk cannibalizing your own segments rather than growing/attracting new ones
what are brand extensions
adding dif pdts under same brand name
2 reqs in order for brand extensions to work
1) must be in line with current identity
2) must have enough consumer perceived similarity between the brand/old pdts and new extensions
solution that combines benefits of standardization and diversification
house blend strategies
- company may market some pdts under same brand name (standardization) and others under dif brand name (diversification)
- Google owns Drive, Docs, Classroom, Gmail, Chrome, etc. but also owns YouTube)
purpose of co-branding
helps both brands get more pos recognition if done correctly
pros/cons of generic brands
pros: little marketing required–already know ppl buy the pdt because it’s often from same supplier as brand name but possibly their lower-grade supply (not really noticeable)
- after COVID, price is more important than brand/label so ppl are buying more generic/store brand pdts
con: ppl may think generic brand is lower quality
