Brands and Branding Strategy(Lecture #14) Flashcards
(33 cards)
what is branding
a company’s efforts to cultivate an image or identity
Why are brands important?
- Brands represent consumers’ perceptions and feelings about a product and its performance
- A key factor in consumers’ relationships with brands is what they believe about them.
- A brand can add value to a product.
Describe brands
– Have status and value – Have personality – Involve emotions – Signify quality – Provide legal protection
describe storytelling as a branding strategy
- Brands can be thought of as a form of storytelling.
- When brand managers tell stories about brands, the details of character, place, and action embellish the basic “information maps” we all keep in our heads.
- Psychologists refer to these information maps as schemas.
- Brand stories are an excellent strategy for inspiring loyalty among consumers for a brand that might otherwise go unnoticed
what is an example of brand storytelling? in what way was the story important
- Lucky charms
- the story was more important than the ingredients (sugary cereals have very similar ingredients)
describe brand personality
-brands can have human traits, this gives them life
Examples:
- sincerity
- excitement
- competence
- sophistication
- ruggedness
def. trademark
A symbol, word, or words legally registered or established by
use as representing a company or product
can be:
– Names, symbols, characters, shapes
– Has monetary value
– Indicated with a superscript TM
What are the 3 main branding strategy decisions
– Brand name selection
– Brand positioning
– Brand sponsorship
What happens if competitors us trademarks of others
they would have an unfair advantage
What makes a good brand name?
- distinctive
- pronounceable
- product related
- legally clear
- extendable
describe brand sponsorship
decides which level of distribution will assign brand name, logo, design
in what three ways can products be branded as?
- generic brands
- national brands
- private brands
def. generic brands
Not marketed or sold under a specific brand identifier
def. national brands
created and owned by producer of product
– Samsung Galaxy/Kellogg’s Frosted Flakes
def. private brands
owned by the reseller of a product
– Shopper’s Life Brand/Superstore Joe Fresh
*these are starting to become better/higher quality
what does brand positioning do
putting an image the minds of the target market
What are the four brand/product positioning strategy? describe them in terms of new/existing products and brand name
- product line extension: existing product category, existing brand name
- brand extension: new product category, existing brand name
- multi brand: existing product category, new brand name
- new brand: new product category, new brand name
discuss line extensions
likely to be put on shelves (ex. coca-cola line)
discuss brand extension with an example
Reese’s now have cereal, ice cream
discuss multibrand
- can’t tell that they are all under same “megabrand”
- ie Proctor & Gamble
- –product managers work independently, may compete against each other
describe positioning strategy and their advantages and risks: line extension
extend a brand name to new forms
advantages: low-cost, low-risk, familiarity
risks: over-exposure of brand name
describe positioning strategy and their advantages and risks: brand extensions
extend to new product categories
advantages: instant recognition for new products
risks: may confuse brand image or meaning
describe positioning strategy and their advantages and risks: multibrand
different brands by the same producer
advantages: appeal to different segments
risks: separate brands may be weak individually
describe positioning strategy and their advantages and risks: new brands
new brand names assigned to new products in new category
advantages: best when new product does not fit within any existing brand names
risks: new brands require significant resources to launch and maintain
