Brands and Branding

Question 1

What is a brand?

Answer 1

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

Question 2

Brands

Answer 2

Logos

Question 3

Trademark

Answer 3

Legal designation indicating that the owner has exclusive use of the brand

Question 4

What is the key to branding?

Answer 4

for branding strategies to be successful, consumers must be convinced that there are meaningful differences among brands in the product or service category.

Question 5

Core elements of a brand

Answer 5

Accountability
Consistency
Personality

Question 6

Accountability

Answer 6

Trust. Quality. People who know and like a given brand will buy this again.

Question 7

Consistency

Answer 7

Maybe low cost (Asda) Quality (jaguar)

Question 8

Personality

Answer 8

The traits exhibited by the brand and attributed to them

Question 9

Brand identity

Answer 9

Identity is on the sender’s side

Question 10

Brand image

Answer 10

image is on the side of the receiver

Question 11

Attributes of strong brands

Answer 11

Positioned properly, Use multiple marketing activities, Communicates consistent brand messages.

Question 12

Name the two parts to brands

Answer 12

Brands have two parts:–Brand name – words, letters, and numbers–Brand mark – symbols, figures, or a design

Question 13

Advantages of Branding

Answer 13

Product identification 
Comparison shopping
Shopping efficiency
Risk reduction 
Product acceptance 
Enhanced self-image
Enhanced product loyalty

Question 14

Product identification

Answer 14

customers can easily identify the brands they like

Question 15

Comparison shopping

Answer 15

Assists customer in comparing and evaluating brands

Question 16

Shopping efficiency

Answer 16

speeds up the buying process and makes repeat purchases easier by reducing search time and effort

Question 17

Risk reduction

Answer 17

It allows customers to buy a known quantity, thereby reducing the risk of purchase.

Question 18

Product acceptance

Answer 18

New products under a known brand are accepted and adopted more easily

Question 19

Enhanced self-image

Answer 19

Brands convey, status, image or prestige

Question 20

Enhanced product loyalty

Answer 20

Branding increases psychological identification with the product.

Question 21

Name 4 types of brands

Answer 21

Manufacture brands
Retailer and wholesaler brands
Own-label brands
Generic brands

Question 22

UNIQUE ADVANTAGES OF SELLING MANUFACTURER (NAMED) BRANDS

Answer 22

Reduced costs -
Built-in loyalty
Lower inventory
Less risk

Question 23

Reduced costs

Answer 23

Heavy promotion by manufacturer reduces the marketing costs of the merchant that carries the brand

Question 24

Built-in loyalty

Answer 24

Manufacturer brands come with their own loyal customers

Question 25

Lower Inventory

Answer 25

Manufacturers are capable of time-certain delivery, which allows the merchant to carry less inventory and reduce inventory costs

Question 26

Less Risk

Answer 26

Poor quality or product failures become attributed to the manufacturer rather than the merchant. (Fill,2009)

Question 27

Unique advantages of selling private label (store) brands

Answer 27

Less competiton Total control Merchant Loyalty

Question 28

Less competition

Answer 28

Where manufacturer brands are carried by many different merchants, private-label brands are exclusive to the merchant that sells them.

Question 29

Total control

Answer 29

Merchant has total control over the development, pricing, distribution and promotion of the brand

Question 30

Merchant Loyalty

Answer 30

Customers who are loyal to a private-label brand are automatically loyal to the merchant.

Question 31

Benefits of branding on the manufacturer

Answer 31

``` Helps create loyalty Defends against competition Creates differential advantage Allows premium pricing Helps targeting/ positioning Increases power over retailer ```

Question 32

Benefits of branding on the Consumer

Answer 32

``` Easier product identification Communicates features and benefits Helps product evaluation Establishes product's position Reduces risk creates interest ```

Question 33

Benefits of branding - retailer | benefits

Answer 33

Brand marketing support - push | attracts customer - pull

Question 34

The dimensions in brand building

Answer 34

``` Brand identity Brand awareness Familiarity and knowledge of the brand Consideration to evaluate the brand Brand loyalty ```

Question 35

Degrees of brand loyalty

Answer 35

Hard core loyals Soft core loyals Shifting loyals Switchers

Question 36

Hard core loyals

Answer 36

These consumers buy one brand all the time, demonstrating strong brand allegiances

Question 37

Soft core Loyals

Answer 37

They will be loyal to one or two brands

Question 38

Shifting loyals

Answer 38

Consumer shifts loyalty from one brand to another

Question 39

Switchers

Answer 39

Consumers show no loyalty to any brands, tending to move with brand due to either engaging in deals or price offers, or maybe driven by a desire to purchase something different each time.

Question 40

Brand equity - (Leuthesser et al., 1995)

Answer 40

Brand equity represents the value of a product, above that which would result for an otherwise identical product without the brands name

Question 41

Brand equity

Answer 41

The level of favourable associations a consumer has with a brand, which translates into them willing to pay more for the brand

Question 42

Value proposition

Answer 42

A combination of accountability, consistency, personality and differentiation that identifies the benefit of that brand.

Question 43

What are the 4 major elements of brand equity

Answer 43

Brand name awareness Perceived brand quality Brand loyalty Brand associations

Question 44

Business portfolio

Answer 44

The collection of businesses and products that make up the company

Question 45

SBU

Answer 45

Strategic Business Units

Question 46

Brand Architecture

Answer 46

an organising structure of a brand portfolio that specifies brand roles and relationships among the brands and different product context.

Question 47

Umbrella brand strategy

Answer 47

family or corporate brand Products from different categories under on brand Sometime the company name is prefixed to the brand. In such cases the company name gives it legitimacy. The product name individualises it. Dangerous to the brand if the principal brand fails.