Week 7 - Telma case on branding Flashcards
Define a brand.
Something that has created awareness, reputation, and prominence in the marketplace.
Brand adds value to a product by giving it an image, personality, quality or distinct character.
There are 3 main brand hierarchies.
- Branded house
- House of brands
- Hybrid
The elements of brand equity are?
- Brand awareness
2. Brand image
What does brand awareness consist of?
READ ON LMS EXAMINABLE
- Recognition
2. Recall
What does brand image consist of?
- Strength of brand association
- Favourability of brand association
- Uniqueness of brand assocation
Can you think of instances when firms may not want to get any exposure/awareness for their brands?
Thai airways after they crash? - bad PR effort.
What is awareness?
It is only the first step in creating brand equity. One brand awareness has been established, marketers are concerned with brand image.
So what does brands have in common with conductors/
How to compete. -> 4ps
Brand dictates all 4 ps.
What happens to (high end) products without a conductor?
e.g. famous violinist busking but no one cared because they weren’t told to. they didn’t pay 200 pounds. lol.
Can be brands good?
A good brand is simply a brand that is strong and popular.