Flashcards in Branding & Standardisation Deck (13):
What are the 5 levels of the brand pyramid (bottom to top)?
1. Product features
2. Functional benefit
3. Emotional Reward
4. User Values
5. Brand Personality
Elaborate on the "product features" level of the brand pyramid?
- These are the differentiating features that distinguish the product from others
- Physical features relevant to the consumer
What does the "functional benefit" level of the brand pyramid entail?
- How the "product features" benefit the consumer in a way that others don't
- Physical payoff that it provides
Describe the "emotional reward" level of the brand pyramid?
- How the function of the product improves the customers feelings
- "functional benefit" corresponds to "emotional benefit"
What does the "user values" level of the brand pyramid entail?
- Values of the consumer that are relevant in the purchase of the product
Describe the "brand personality" level of the brand pyramid?
- The core value central to the product
- Added value as its relatable to customer values
Define "brand equity"?
- Value of having a well known brand name
Give 3 ways in which the consumer benefits from branding?
- Product easy to identify
- Speeds up evaluation
- Feeling of reduced risk
Give 3 ways in which the manufacturer benefits from branding?
- Generates customer loyalty
- Boosted perceived quality
- Comparative advantage
Give 2 ways in which branding benefits the retailer?
- Attracts customers looking for the brand
- Brand marketing advertises where the product is stocked
The practice of setting identical characteristics for a good/service.
"One size fits all" approach
There will be a different degree of standardisation for every brand
What characterises regional and global brands?
Regional: Less standardised. Geographical segmentation.
Global: Products based around homogeneity. Segmentation based on economic/social/cultural trends