Marketing Mix - Brands

Question 1

What is a brand?

Answer 1

From the Norse word ‘brandr’ which means to burn

Question 2

Why do Brands Matter?
Consumers
Businessses

Answer 2

Circle of trade

• Customers use brands as a means to express themselves
• Customers remain loyal and become advocates for those brands
• Thus people connect emotionally with brands and what they stand for

Question 3

Brands for Consumers

• Source of product

Answer 3

Customers can easily make a purchase decision based on brands. Brands which satisfy their need.

Question 4

Brands for Consumers & Sellers

• Lower risk

Answer 4

Brands mean lower purchase risk to consumers as they are dealing with a brand/organisation that they trust.

Question 5

Brands for Consumers

• Less cost of searching for a choice

Answer 5

If the consumers recognize a particular brand and have knowledge about it, they make quick purchase decision and save lot of time. Also, they save search costs for product.

Question 6

Brands for Consumers

• Symbol of Quality

Answer 6

Consumers see ‘brands’ as a symbol of quality and remain committed and loyal to a brand as long as they believe that the brand will continue meeting their expectations and perform in the desired manner consistently.

Question 7

Brands for Consumers

• Symbolic device

Answer 7

Brands play a significant role in signifying certain product features to consumers.

Question 8

Brands for sellers

• Means of Competitive Advantage

Answer 8

A brand helps the firms to provide consistently a unique set of characteristics, advantages, and services to the buyers/consumers.

Question 9

Brands for Sellers

• Legal Protection of products’ features

Answer 9

Brands help to protect the unique features/traits of products by legal copyrights

Question 10

Brands for Sellers

• Satisfied Customer

Answer 10

Brand represents values, ideas and even personality and hence leads to an assortment of memories in customers’ mind and hence satisfied customers.

Question 11

Brands for Sellers

• Means of profits

Answer 11

Brands form the basis of purchase decision among consumers and thus are means of financial profits.

Question 12

Fast moving consumer goods

Answer 12

Fast-moving consumer goods, or consumer packaged goods, are products that are sold quickly and at relatively low cost

Question 13

FMCG

Fast Moving Consumer Goods

Answer 13

FMCG are the small-scale purchases we make every single day.

Question 14

Branding definition

Bartle Bootle & Hegarty (2011)

Answer 14

A brand is the most valuable piece of real estate in the world - a corner of soemone’s mind

• Sir John Hegarty

Question 15

Brand Architecture

Answer 15

Brand Equity
Brand Loyalty
- brand heritage
- Core Values
- Brand Territory
- Brand Personality
- Brand Properties
Brand Knowledge

Question 16

Brand Knowledge

Answer 16

Kevin Keller

• defined brand knowledge as awareness of the brand name and belief about the brand image.
• Customer experience is an important part of brand knowledge

Question 17

Brand Heritage

Answer 17

Role

• Strengthen an emotional connection to your audience
• Creates nostalgia
• Validate premium price

Question 18

Core Values

Answer 18

A small set of timeless guiding principles

• Only a few values can be truly core
• Central and passionately held
• Values must stand the test of time

Question 19

Adv of Core Values

Answer 19

• Make Better Decisions
• Achieve Greater Credibility
• Build Stronger relationships

Question 20

Examples of Core values

Answer 20

Core Purpose is the organisations reason for being

Nike - to experience the emotion of competition, winning and crushing competitors

Walt Disney - To make people happy

Google - Building a culture rooted in transparency, Innovation & scale

Question 21

Brand Territory

Answer 21

• The market sector the brand competes in

Question 22

Brand Personality

Answer 22

The attribution of human personality traits (seriousness, warmth, imagination, etc.) to a brand as a way to achieve differentiation.

Having a personality is equally helpful to brands

Not all have a strong personality

Personality is an important dimension of brand equity, both differentiating and enduring.

Question 23

Brand Properties

Answer 23

All the images, sounds, slogans, colours and other physical elements that carry a brand’s perception over various ad campaigns, mediums and/or product design and packaging.

Question 24

Brand Loyalty

Answer 24

The extent of the faithfulness of consumers to a particular brand, expressed through their repeat purchases, irrespective of the marketing pressure generated by the competing brands.

More specific to a product than a consumer

Customer engagement is the Journey - Loyalty is the destination

Question 25

Brand Equity

Answer 25

The added value that accrues to a product. As a result of investments in the marketing of the brand

An asset that represents the value created by The relationship between the brand and customer over time

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