WK 7: BRANDING AND POSITIONING

Question 1

Brand:

Answer 1

abstract concept that encapsulates the essence, perception, and value of an entity in the minds of its audience via its elements

Question 2

When choosing elements, you look at this criteria: (P.A.L.M.M.T)

Answer 2

Protectability
Adaptability
Likeability
Memorability
Meaningfulness
Transferability

Question 3

3 Goals of a brand is to:

Answer 3

1. Build a relationship with the consumer
2. Create a meaningful story
3. Communicates associations

Question 4

Schema:

Answer 4

an associative network of related concepts and ideas → We want schema for our products to be distinctive, positive, and easily recalled

Question 5

Positioning allows for ___

Answer 5

psychological associations between our product offering and the elements we think are important

Question 6

Brand equity is only meaningful when you have ___

Answer 6

customer equity

Question 7

Brand equity:

Answer 7

the $$$ amount attributed to the value of the brand based on the intangible qualities, milestone measurement

Question 8

Brand valuation

Answer 8

process of estimating the total financial value of a brand

Question 9

Positive differential effect that knowing the brand name has on customer response to the product or service:

Answer 9

-Greater willingness to pay for preferred brands

-High brand awareness

-Strong brand loyalty and repeat sales

-Speeds adoption of new products

Question 10

There are 3 levels of brand positioning:

Answer 10

1. Product attributes/functional
2. Benefits → associates name with benefits
3. Beliefs and Values → taps into emotional branding

Question 11

Unique Selling Proposition (USP):

Answer 11

focusing on one attribute and aggressively promoting itself as being the best on that benefit

Question 12

Multiple Selling Proposition (MSP):

Answer 12

focusing on a number of attributes and promoting all of them

Question 13

Value Proposition:

Answer 13

full positioning of a brand → the full mix of benefits on which it is positioned

Question 14

You can have 5 types of differentiation: P.P.C.B.S

Answer 14

Product differentiation

People differentiation

Channel differentiation

Brand Image differentiation

Service differentiation

Question 15

Repositioning

Answer 15

attempt to change the image consumers have of a brand or company → normally necessary when consumers have developed a schema that is inconsistent

Question 16

Multiple Selling Proposition (MSP):

Answer 16

marketers often prepare perceptual positioning maps which show consumers perceptions of their brands versus competing products on important buying dimensions

Question 17

To build a positioning map:

Answer 17

1. Build axis
2. Brand share
3. Place competitors
4. Add segments

Question 18

Positioning Statements

Answer 18

“For [target market], Brand X is the [frame of reference] that [point of differentiation] because [reasons to believe].”

Question 19

Micro Analysis: factors around the firm

Answer 19

Supplies
Competitors
Customers
The Company

Question 20

Macro Analysis: external forces

Answer 20

Political factors
Geographic factors
PESTEL analysis

Question 21

Market Share:

Answer 21

percent of the total market share that your brand or product controls → first size is to estimate the size of the market

Question 22

Calculate Market Share

Answer 22

focal brand sales/total market share

Question 23

National branding:

Answer 23

brands that share the same name as the manufacturer

Question 24

Private branding:

Answer 24

brand established by retailers

Question 25

Licensed branding:

Answer 25

selling the rights to use a brand on a product

Question 26

Co-branding:

Answer 26

using 2 brand names on one product

Question 27

Co marketing/cross merchandising VS co branding ?

Answer 27

One is where the products/ services remain separate

Other is when the product/ service combine to create new entity with each brand having equal billing

Question 28

Trademark:

Answer 28

legal protection for a logo, symbol, phrase, word, name or design used to show the manufacturer of a product → must be registered and protects a SPECIFIC element

Question 29

Trade Dress:

Answer 29

protects ALL elements used to promote a specific service or product

Question 30

Key Elements Of A Brand Element?

Answer 30

Name
Logo/Symbol
Packaging
URL
Jingles
Characters

Question 31

Patent:

Answer 31

similar to trademark BUT MORE STRICT → safeguards inventions and processes from other parties copying, making, using, or selling the invention without the inventors consent

Question 32

Line Extension and its pros and cons:

Answer 32

Introduce additional items in the same product category under the same name

PROS: low costs low risk

Risks: over extending, cannibalizing existing products

Question 33

Brand Extension and pros and cons:

Answer 33

Use a successful brand name to launch a new product in a new category

PROS: Instant recognition, saves on advertising costs

CONS: may dilute brand image

Question 34

Multi brand and its pros and cons

Answer 34

New brand used in new product category

PROS: diversification of portfolio

CONS: might be spreading resources too thin

Question 35

Brands should prioritize ___ over

Answer 35

Customer centric management over brand centric