The World Of Branding Flashcards
Define product
Anything that can be offered to a market to satisfy a need or want.
A product Is a good, service or idea
- tangible attributes
- intangible attributes
What are the elements of a product?
- Core product (benefit):
- its core functions - Actual product:
- brand name, features, design, packaging, quality level, brand name - Augmented product:
- delivery and credit, installation, after sale service, warranty
What is a brand?
A name, term, sign, symbol or design or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors
“ brands reside in the mind of consumers”
Define brand equity
” the differential effect that brand knowledge has on consumer response to the marketing of that brand”
Define co-branding?
- two or more brand acting synergistically
- bmw and Louis Vuitton
What can be branded?
Anything!
- physical items
- services
- people
- places
- organizations
- ideas
What is country rep?
An advanced reputation model that measure country reputation
- Advanced economy
- produced high quality products
- is inventive
- is technologically advanced
- is important contributor to global culture - Appealing environment
- a beautiful country
- an enjoyable country
- offers appealing lifestyle - Effective government
- offers a favorable environment for doing business
- is run by an effective government
- has adopted progressive social and economic policies
- is responsible participant in the global community
What is the importance of brands from consumer and manufacturers perspective? (RR SASSI) & (MMASSS)
Consumers:
- reduce risk
- reduce search costs
- signal of quality
- assignment of responsibility
- serves promise of what you are getting for the money
- symbolism and self concept
- identification
Manufacturers:
- means of identification to simply handling/tracing
- means of legal protection
- a way to create unique associations
- signal of quality to satisfied customers
- source of competitive advantage
- source of financial returns
What are the marketing advantages of strong brands? (11 things)
- Improved perception of product performance
- greater loyalty
- less vulnerable to competition
- less vulnerable to crises
- larger margins
- Inelastic consumer response to price increases
- elastic consumer response to price decreases
- greater trade cooperation
- increase in effectiveness of IMC
- licensing opportunities
- brand extension opportunities
How do you measure brand equity?
From customer based approach:
- awareness, recall attitudes, images, uniqueness, judgements etc
- ” differential effect that brand knowledge has on customer response to the marketing of that brand
- if here is no difference in response their is no brand equity, only commodity
From financially based:
- price premiums
- NPV of cash flows
- aggregation of historic costs involved in developing the brand
What are the branding challenges marketers face? (7 things)
- Consumers are becoming more savvy and have access to more Information
- Brand confusion and over segmented markets
- Unclear differentiation
- Maturing markets and increased competition
- Decreased brand loyalty and increased price sensitivity
- Fragmented media coverage and the decline of broadcast media
- Increasing job turnover
What is the strategic brand management process?
- Identify and establish brand positioning and value (mental maps, associations , brand mantra)
- Plan and implement brand marketing campaign (mix and match brand elements, marketing activity, secondary associations)
- Measure and interpret brand performance ( brand value chain, audits, tracking, equity management system)
- Increase and sustain brand equity (brand Product Matrix, portfolio and hierarchies, expansion strategies)
What are the steps consumers go through in making their choice of a product purchase?
They will go through number of steps:
- Awareness/salience
- Retrieval
- Consideration (evoked set)
- Choice
In this process brands reduce information processing time. They can evoke involvement and personal relevance. Perceived risks: functional, social, financial, physical, time etc.
What three factors does favorability of brand associations depend on? (RDB)
- How relevant consumers find the brand association
- How distinctive consumers find the brand association
- How believable consumers find the brand association
