week 11 Flashcards
positioniing statemtn
brief desctiption of prodcut or sefice and expantino how it fulfills particular need of target maekeet
what is goal of position statemtn
align markeitng efforts w a commpanys brand and value propostiion
what is purpose of positionig statemtn
convey brands value propstion to its ideal customers
psiiton statement v missinos stateme
MS - purpose bs serves in mkt , anchor that guides eery uisiness function
MS - answers why awhils pisitonig answers what
value propoisiton v positiongi statemnt
vlaue propositon -describes what sets product or serviec apart from competitors
gives overview of beefits product or service offer
more narrow and competiong orientated
wats order of mission statemtn positon and value
mission
position
value
what shoud psoitingi statement include
who you serve - description of target market
what value you offer - target marekt needs
how you position your offer - how your bs will meet needs
why you’re in business - what diifferentiates p/s from competition
what makes you different from the competition - why consuemr in tm should believe brands claims
core elemtns of stragtegic marke positiong
tm /audience
market category
customer pains
brand promise
brand identity and values
what is a perceptual map
diagram mapping out what the customers thnk about your products and services
what is a psitoniig map
diagram compating the actua traits of a company andf its offerings
where should we avodi
areas you know what cosnuemr wants but competitor has got beter at this
what is a brand
distinctive feature liek a nam , term , design or symbol that idenitfies goods or services
anything you can legally protect , assocaited w company and adds to percetoin of company
what is amrekting becoming
managmen process of adding , maintaing and enhancing symbolic meaning
tur
what 3 things does a brand sreaggy have to have
brand name and logo
brand sponsorships
brand extensions
brand name should indicate 1
benefits and cahracterstics
brand name should be easy to 2
pronounce
recognise
remember
brand should be 3
distinctive
brand name should be 4
extendable
brand name should be easy to 5
transalte into toerh lanuages and be culturaly appropriate
brand name should be capable of what protections
registration and legal protections
how can we check if a brand name is culturally appropriate
check w
local
mkt
consumers
agencires
how have brand names evolved 3 steos
from
quirky , memborable e.g. yahoo
to
trade mark proof made up names e..g astrazeneca and accenture
to
simple names w real meaning
what is bran dsponsorhsip
way we own the brand
in the traditional vew what are the 3/4 types of brand sponsorship
manufacturer/national brand
store/private brand
licensing
co branding
what is manufacturer/national brand sponsorship
cadbury have own facturiers and producing own chocolate so sell under own branding
what is store/private brand
store owned e.g tesco mily bar
what is licensicin brand ownership
e..g paying to be able to put something on a product e,g,g stranger things on a mug
what is cobranding and what is it not equal
lcnesicng
brands contribute equally to ifnal product -e.g. upside down whopper by burger king and stranger things
what is digital manufacturee/ national branf
nbc producing they’re own shows
what is digital store/private brand
having netflix orgiinals - just digitla version of store/private brand
what is ewhat is licensing digital version
nbc prodiugin own shows and licensing it to other platforms e.g. office on netgflix
what is brand extension
extending an existing brand name to new product categories
expland brand extensions i.e. taking your name thats recognisable
name recognisdasbel so create new product w simlar bransin so peopel are more liekly to biu it
when will there be a faillure w brand extension
when you go for a product unrealted to what brand naem stands for
e.g. colgate toothpaste trying to step into colgate lasagne
failure - as there is not much link
whatare bands assessed on
brand equity
what is brand equity formula
brand awareness + brand image
brand value and brand equity are not the
same
what is brand value
finacial term - what we put on the financial shet
How do we remeber brand value
value - numbers
what is brand equity
how brand if percieved
you cant have an opinion of brand if you dont know it x
exists
brand awareness - depth
how easilt customers can recall or recognize brand
brand awareness - breadth
the range of purchases and consumption situations where the brand comes to mind
give example of brand w good breadth when we say fast food
mcdonalds
when we say breadth how would we think about mcdonalds
sit in
order online
going w family
going when drink
brand image
consumer interpreations of you company and its producs and services
set of mental representations both cognitive and affectrive , that a person or group of perople hold towards a brand
brand image is a what type of assessment too
emotional
trust is a concept so we are talking about
perceptions
most trusted not the same as
most valued
brand equity aka
the differntial effect brand name has on cusomrer repsonse to product or its marketing
brand equity can be what or what
positive
or
negative
when get rand equity when we have
brand awareness
excplain the case where we haev negative bran dequity and hihg bran dvalue
bp negative brand equity
brand value v positive and hgh
functio of brands w in companies - brands aare a source o what for commpany
value
functio of brands w in companies whhy do analysts prefer companies w strong brands
they less risky
functio of brands w in companies - brands provide potetnialf for future x and long term x
future provits
long term cashflows
functio of brands w in companies - what do brands create between rival products
differential advantages between rival products
functio of brands w in companies why can they charge premiu pricing
branc consciosu consuerms less price sesntives
functio of brands w in companies brands helps secure what
shelf space - also in terms of distribution
functio of brands w in companies how are brands a source of otalty
retentyion cheape rthna acquisition
functio of brands w in companies - what do brand allow for
brand/line extensiosn - brand stretching
expand on - functio of brands w in companies as a source of value - like how is it a source of value
recongisbale brand and psoitive bran deuqiyt - put on baalnce sheet , this is ipmportant for company growth, mergers and acquisitions
what are teh 4 steps to building a brand
brand identity
brand meaning
brand relationships
brand repsonses
what isbrand identity to do w - qhat s the uestipn
who are you
what si brand ideentity similar to
missino statemt
what do you wanna do and what is the big thing you are addressing
what is the question for brand meanig
what are you
brand menaing is mroe ,, expan
more practical , what you actually doing
does brand explaina nd reflect your value peopeosiiton
what is brand relationship
what kind of association an how much of a connection woudl customers liek to have w you
assocaiteion and connections customer make w brand
what is brand repsonses
what does customer feel or thignk about you
feeligns customer have towards your brand
brand meaning is made up of what 5 thigns
primary charactersitics and supplpemetary featurees
product reliability , durability and serviceabilitity
service effectveness , efficient and empathy
style and design
price
brand identity is split into what and shoudl be relfective of what
values
mission
reflective of bigger goal
how do we build a brand right side
we have brand awareness
the instil a perception of quality
then do a more complicated brand positioning
how to build a brand left side
risk reduction
differentiation
relevance
esteem
emotinal brand
why do brannds become weak
fall out of favour casue of social eprceptions
failure to innovate
sowhat we know about brand and brand image is what for who
risk reduction for consumers
if dont know anything about phones and had to make decision purely on data - this si cognitive heavy
what is relevance
whether brands relative to you or not as this is reduced cgnitive load
i,e, if dont care about cyber securtiy - so only looka t thing such as qual of camera
allows us to immeiatley sif tout brands
expain differntiaion in - how to build a brand
when brand got strong image we can tell whihc is better and which we prefer
what is esteem
gernal perception of a brrand
strong brands always have hgih esteem in a consumers mind
what is emotional bond
cusotmer develops emotional bond w brand
usually dont knwo how they got to this poitn - from i like it cause of practical outcomes to i just like the brand thats in my mind
what factor on teh left side of teh how to build a brand weak brand to strong brand is the jey and why
emotionalbond
as how we build the stronges custoemr loyalty and associatino - where we go from weak bran dto strong brand everyone knows
functional v symbolic brand s
functinoal - fast moving consumer goods
symbolic - hgih dashion , like it casue o symbolism brand represents and you beloing to a certain type of consumer
and emotional bran d is
about content and what makes you fell good
whaat are the axis for functional v symbolic brand
high involvement - low invovlement
cognitive - emotional
what is utlity brands
high involvement
cogntive
what is functional brands
low involvemetn
cognitive
what is symbolic brand
high involvment
emotionl
what is emotinal brands
emotional
low involvement
what shoud we do w utlity brajds
practical
advertise lots and more factual
adv on soecifc ffeature snad hihg utlity
- amek this on cheat sheet
a symbolic brand is about
status
perception
consumer lifestyle
bruh right the importance bit on hte cheat sheet
week 11 lst slie
