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Entrepreneurship > Unit 9 > Flashcards

Unit 9 Flashcards

Memorise

1
Q

It is the process of creating a name, symbol or design that idwntifies and differentiates a product from other products

A

Branding

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2
Q

What are the features of branding?

A
  1. Awareness
  2. Targetable
  3. Loyalty
  4. Consistency
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3
Q

Refers to the number of people who know the brand

A

Awareness

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4
Q

The branding of products should be planned in relation to the target market

A

Targetable

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5
Q

An achievement for a business, consumers prefer using certain brands

A

Loyalty

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6
Q

A brand must be consistent

A

Consistency

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7
Q

Advantages of branding?

A
  1. Customer recognition
  2. Competetive edge in the market
  3. Easy introduction of new products
  4. Enhanced credability and ease of purchase
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8
Q

Types of brand names

A
  1. Descriptive
  2. Evocative
  3. Invented
  4. Lexical
  5. Acronym
  6. Geographical
  7. Founder
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9
Q

Readily convey the products or services offered bt the business, it leaves little room for creativity on the part of the brand and interpretation on the part of the audience

A

Descriptive

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10
Q

Usually very creative singular words that act as a powerful differentiator in the industry

A

Evocative

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11
Q

Are not only descriptive but also articulate and offer creative names with attitude for a brand. Most of the time latin or greek words are used to create a brand name

A

Invented

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12
Q

An acronym of the entire name of the business, which might be difficult to pronounce.

A

Acronym

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13
Q

Includes geography or territory in wbich the business operates.

A

Geographical

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14
Q

Business names are also associated with the names of their founders.

A

Founder

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15
Q

Trademark devices that identify and differentiate the brand name from its competitors

A

Brand elements

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16
Q

Brand elements

A
  1. Brand name
  2. Brand logo
  3. Brand symbol
  4. Brand charcter
  5. Brand slogan
17
Q

A plan composed of long term goals that arw achieved through the development of a successful brand

A

Branding strategies

18
Q

Branding strategies

A
  1. Umbrella branding
  2. Individual branding
  3. Attitude branding
  4. No brand branding
  5. Brand extension
  6. Private labels
  7. Crowdsourcing
19
Q

Criteria for choosing a brand name

A
  1. Distinctiveness
  2. Word association
  3. Legal requirements
  4. Memorability
  5. Pronounceability
  6. Limitations
20
Q

Steps for a successesful brand building process

A
  1. Determine the target audiemce
  2. Define the brand mission
  3. Research competition
  4. Determine the background
  5. Market the brand
21
Q

Rhe manner of protecting the intellectual property of the business and thwir associated brands against abuse

A

Brand protection

22
Q

Term used to cover the malicious activity of exploiting an existing brand to gain specific benefit

A

Brand abuse

23
Q

Recognizable word, symbol or phrase that legally differentiates the product from others

A

Trademark

24
Q

Gives the business owner the right to prevent others from using or exploiting the mark in any way

A

Phillipine trademark association

25
Q

Startegy that involves naming related products under the same brand name of the business.

A

Umbrella branding

26
Q

A strategy in which a product is given a brand name that is newly created and is not connected to the names of existing brands offered bt the business.

A

Individual branding

27
Q

A strategy where a business chooses to represent a feeling that does not have a direct connection to the product

A

Attitude branding

28
Q

A strategy that features a product that is simple and generic in design

A

No brand branding

29
Q

Occurs when one brand ventures into a new market

A

Brand extensions

30
Q

Also known as store brands, have become popular in supermarkets. Cost effective brands made to compete with larger retailers.

A

Private lables

31
Q

A strategy in which branding is outsourced to the public and allows customera to be involved in the naming process, which effectively drives up personal interest in the product

A

Crowdsourcing

32
Q
A

Entrepreneurship (1 decks)

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