Midterm Brand Glossary Flashcards
Brand equity
the commercial value a brand provides to a firm through its effects on the attitudes and behaviours of its stakeholders.
Brand identity
a name, symbol or design that identifies a product, service or entity from others.
Brand image
a set of associations attached to brand identity in the minds of its stakeholders.
Brand promise
the customer value proposition or benefits communicated by the brand to the customer and/or consumer.
Brand purpose
this answers the question of why a brand exists with respect to the positive difference it aims to make in people’s lives.
Brand valuation
the Net Present Value (NPV) of future cash flows stemming from the brand as an intangible (separable) asset, for example, as estimated in the avoided royalty payments through ownership of a trademark and associated intellectual property (e.g., brand guidelines).
Brand value
the incremental Net Present Value (NPV) of future cash flows stemming from a branded compared to an unbranded business and product via its effect on all stakeholders (e.g., customers, employees, suppliers, financiers, channel partners, etc.). In simpler terms, deploying the brand is worth to management, the bottom line, and shareholders.
Branding
the creation of names, symbols, characters, and slogans that (1) help identify a product and (2) create unique positive associations that differentiate it from the competition by (3) creating additional meaning (value) in consumers’ minds.
Consumer
a person or entity that makes use of a good or service.
Culture
the tone and way in which things are done around the organization.
Customer
a person or entity that purchases goods or services.
Customer-based brand equity
“the differential effect of brand knowledge on consumer response to the marketing of the brand”
Customer/consumer experience
a customer’s and/or consumer’s holistic perception of their interactions with an organization and its products and services over the duration of their relationship.
Consumer/customer journey
the mapping of the customer experience across all touchpoints (in particular those “moments-that-matter”) between the customer and/or consumer.
Customer value proposition (CVP)
the sum total of benefits that a seller promises a customer will receive in return for the payment or other value transfer.
differentiation
relevant associations or the net value of customer perceptions of a brand, product, or service that sets it apart from the competition.
Employee-based brand equity
is “the value a brand provides to a firm through its effects on the attitudes and behaviours of its employees” (Tavassoli, Sorescu & Chandy, Journal of Marketing Research, 2014).
Employee branding
the process by which employees learn about, commit to and are motivated and enabled to deliver the promised brand experience to customers and consumers.
Employee Value Proposition (EVP)
the benefits promised by an organization in return for the talent, experience and engagement employees bring to the organization.
Employer brand
the image of an organization as a great place to work in the minds of potential and current employees.
Experience
the perceptions of an event, episode or encounter that leave an impression.
Intangible asset
a non-physical asset such as a patent, trademark, or goodwill recognized in a business combination.
Mission statement
a simple written statement of the current business purpose to provide direction and guide decision making: what business are we in, i.e., what do we aim to provide for our customers and other stakeholders?
Net present value (NPV)
the future cash receipts associated with an investment, discounted by a specified rate of return.
Positioning
the strategic intent (aim) or design for a differentiated brand image within a specific target audience.
Royalties
rent-like payments made to the legal owner of a brand (or other assets) by those who wish to make use of it, for example, to generate revenue
Sales funnel
the visual representation, in the form of an inverted funnel or pyramid, of the customer relationship with a brand, product or service ranging from “customer states” such as awareness, to consideration, to trial, to repeat purchase, to adoption (e.g., habit or loyalty), or other sales outcomes such as up-selling and cross-selling.
Trademark
a distinctive mark or feature particularly characteristic of or identified with a person or thing.
Values
these describe your desired culture and can be “who values” that describe the organization’s character or spirit, often anchored in its heritage; what or “end” values that link to the organizational purpose; and how or “means” values that are a code of behaviour that defines the manner in which the organization intends to accomplish its aims, the emphasized norms, principles, or common set of beliefs.
Vision Statement
based on the organizational purposes, this describes why a business is doing what it is doing and where a well-executed mission will take them. Best done as an inspiring image of a possible and desirable future state in order to unite and inspire all stakeholders
