Module 2 Introduction Brands, the Foundation Flashcards
Brand
a feature (e.g., name, logo, symbol) that identifies the products of a company and creates an image in the consumer’s mind about the qualities and characteristics of the products
Brand differentiation
marketing process that results in creating distinct brand images in the minds of consumers
Brand identity
all means by which a company portrays the brand and communications with the consumer
Brand image
characteristics and image created in the minds consumers about a particular brand
Brand positioning
how the company positions its brand on key characteristics as compared to its competitors
Brand strategy
planning document that outlines the company’s mission, target customer (audience for the brand), and competitors (to create brand distinction) to inform brand development
Brand tier
strategy by which a manufacturer or retailer offers brands in two or more price zones, with each brand focusing on on a specific price zone
Business goals
what the fashion brand company expects to accomplish in a particular time period
Business objectives
how a fashion brand company plans to achieve goals that benefit the company, including measurable targets
Corporate social responsibility
a philosophy whereby a company takes into consideration human rights, labor conditions, and environmental implications when making business decisions
Cross merchandising
strategy by which fashion brand companies combine apparel and accessories in their product offerings and visual merchandising
Designer brand
brand classification associated with name designers, high prices, high quality, and distinct prestige
Diffusion brand
a designer’s less expensive line (e.g., Armani Collezioni)
Diffusion line
see diffusion brand
Fashion brand
brand associated with fashion merchandise
Fast fashion brands
brands associated with fast fashion calendar and production (e.g., Zara, H&M, Mango)
Heritage brand
fashion brand with a history and characterized by high quality and classic styling; although fashion-forward styles may also be offered
Licensed brand
brand name resulting from a licensing agreement
Lifestyle brand
a term used to describe brands that are associate with a particular target customer’s activities and way of life
Luxury brand
brand classification associated with high prices, high quality, and distinct prestige
Market share
percentage of total volume (dollar or unit) a particular company or brand captures
Mission
functions of a fashion brand company in society including its products and services, target customers, and advantages over its competitors
Mission statement
brief description of the company’s fundamental purpose for its customers and society
Monopolistic competition
type of competition in business in which many companies compete in terms of product type, but the specific products of any one company are perceived as unique by consumers
Monopoly
type of competition in business in which there is typically one company that dominates the market and can thus price its goods and/or services at whatever scale its management wishes
Oligopoly
type of competition in business in which a few companies dominate and essentially have control of the market, making it difficult for other companies to enter
Oligopsony
type of competition in business that involves a large number of sellers offering goods and services to a small number of buyers
Perfect competition
type of competition in business in which there are many producers and consumers of similar products, so that price is determined by market demand
Price point
a price range of merchandise: designer, bridge, better, moderate, or mass
Price zone
see price point
Private label brand
brand name that is owned and marketed by a specific retailer for use in its stores. Private label merchandise bears the retailer’s label; the retailer has partial or full control over manufacture of the product
Pure competition
see perfect competition
Social enterprise
businesses and organizations “that address a basic unmet need or solve a social problem through a market-drive approach”
Social objectives
how a fashion brand company plans to achieve its goals that benefit its employees, customers, and/or society, including measurable targets
Specialty store retailer of private label apparel (SPA)
specialty retailer that offers only private label merchandise (e.g., Zara, Banana Republic)
Store brand
concept whereby the store offers only merchandise with the store name as its brand (e.g., Old Navy, Banana Republic, Ann Taylor)
Sub-brand
brand that is owned and affiliated with the parent company but carries a different brand name than the parent company
