Why brands Matter?

Question 1

NEVER FORGET

Answer 1

• The objective of the course is to think and act like a brand Manager
• Brand equity is the change in the customers mind when a brand element is present on a product or service compared to when it is not

Question 2

Product

Answer 2

Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or a want

Question 3

Brand

Answer 3

A brand is a name, term, symbol or design, or a combination of them intended to identify the goods and services of one seller and to differentiate them from those of the competition

Question 4

Brands:

Answer 4

• Can have a rational/tangible appeal
• Can have a symbolic/ Emotional/ intangible appeal
• Resides in the customer’s mind (and gut) of the consumer

Question 5

Brands are more than names or logo,

Answer 5

They include the entire collection of associations, thoughts, and gut feelings that are linked to the name, logo, jingle
(Blindfold experience, we identify brands without even seeing them)

Question 6

Starting point to create a brand:

Answer 6

Choose or develop brand elements: Name, logo, symbol, packaging design, or other attribute that identifies a product and distinguishes it from the others

Examples:  Absolut Vodka font
Apple Logo
Subway's slogan, Eat Fresh
Toblerone's packaging 
Coke's color
Michelin's character
BBC radio's jingle

Question 7

What roles do brands play for consumers?

Answer 7

• Faster decision making
• Comfort
• Sense of community
• Symbolic device
• Accountability
• Signal of quality
• Signal of reliability

Question 8

What roles do brands play for firms?

Answer 8

• Loyalty & Stability of sales
• Attracts investors
• Channel Support
• Internally aligns employees (unify?)
• Attracting & retaining talent
• Recognition
• Price Premium
• Easier to develop extensions or categories

Question 9

What roles do brands play for society?

Answer 9

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