chapter 8 (unit 2) Flashcards

Question

brand differntiations

Answer 1

Brand attributes Usage situations Personality of brand Emotional history with brand Previous experience Reliability Attitude toward brand Typical customer

Answer 2

How consumers actually view a brand and any associations they have with it

Answer 3

A visual illustration that shows the different associations that a consumer has with a brand

Answer 4

An illustration composed of relevant words in which the size of the word indicates its importance or frequency in a given scenario Image to the bottom right how to build a word cloud: To create a word cloud, a marketer takes the data from the brand association question and plugs it into a spreadsheet. The more frequent a term/association appears, then the larger that word or phrase is made in the word cloud. There are also websites that allow marketers to create word clouds from other data, such as the number of times an association is mentioned on social media in relation to a company.

Answer 5

When a brand can be identified or is differentiated to a consumer it has brand value ---> A consumer can identify the brand. If consumers think of a brand when they need a particular product or recognize that brand on the store shelves, then they are more likely to purchase it. The marketer has differentiated a brand in the mind of the consumer. There is a reputation that the company has built or associations that the company has created that make the brand preferable to the consumer. This brand awareness and brand differentiation can add value to the brand through: - customers pay a premium price - customers recognize the product and choose it - customers perceive less purchase risk and choose the product - customers share about the product through word-of-mouth advertising

Answer 6

The added value delivered by the brand over the functional benefits or book value of the product, service, or company. It means if nothing else existed for the company — no products, no warehouse, no land or other assets — the company is still worth something, simply because of the value of the brand equity the company had built.

Answer 7

In neuroscience, there is a concept called Hebbian Neuron Learning, which describes the way that brain cells make and form connections. The simplified version of this theory says this: “The cells that fire together, wire together.” This means that if two things happen together, the brain starts associating them as being related. And the more frequently that the brain experiences those two things together, the stronger the association becomes. (Highly emotional situations can cause associations to be stronger as well.)

Answer 8

1. Consumers can have varying levels of strength of brand associations (a customer could have very strong feelings about a brand’s trustworthiness but a weak association about the brand’s uses.) 2. Experiences with brands help create these associations. (if a consumer purchases three pairs of shoes in a row from a certain brand and each time the shoes fall apart quickly, the consumer starts to associate that brand with poor product quality.) 3. Advertising can also influence associations. (Many of the Gatorade commercials show the Gatorade drinks in the context of athletes and sports, often featuring fast-paced music and athletes competing.)

Answer 9

Godin describes the value of a brand like this: “If the consumer (whether it’s a business, a buyer, a voter or a donor) doesn’t pay a premium, make a selection, or spread the word, then no brand value exists for that consumer.” Think of this example: How much extra would you pay simply because a clothing item is your favorite brand? Customers pay premium prices for brand associations. Brand price premium happens across all types of industries, and it brings value to companies.

Answer 10

market value of a brand = book value of assets + brand equity brand equity = brand awareness (identify) + brand associations (differentiate)

Answer 11

yes. people's personal brands can carry a negative equity too. (think politicans) The worth of products and services can decrease because they have a certain brand attached to them. This happens particularly in situations where a brand has received negative press or bad reviews and consumers avoid purchasing anything related to said brand

Answer 12

true perceived value: Branding can help shape our perception of future experiences with a product or service If a company builds a strong brand with positive associations, it can help increase future product satisfaction

Answer 13

Aims to help a consumer associate a brand name and logo with a company or product It focuses on the overall perception that a consumer has with a product or company

Answer 14

Aims to help a consumer associate a brand name and logo with a company or product It focuses on the overall perception that a consumer has with a product or company

Answer 15

A strategy for defining and portraying brands or products This causes the ideal customers to perceive them as the best solution for their needs It involves finding the key attributes that a consumer values and positioning the product in relation to competitor products as the most ideal solution in relation to these attributes.

Answer 16

A company brands each product individually Each product has a different name and each has a different brand strategy. EX: P&G (proctor and gamble) which owns old spice and other brands Pro: - The company can market to very different segments with distinctly different brands to fit each segment - This strategy helps the company manage risk; when one product gets negative press, there is not as much of an effect on the other brands owned by the company because the public sees them as distinctly different entities. - A company can also easily sell off one of the brands as it has its own self-contained brand independent of the company. Con: - Building a brand for each separate product is expensive - A downside to this strategy is cost. Advertising and building brand associations costs money, and building a brand for each separate product is expensive. - The company does not get the benefit of economies of scale in advertising and promotion for branding.

Answer 17

Another brand strategy is umbrella branding, often called family branding or branded house. In this strategy, marketers brand an entire group of products either at the institution level or at the level of a group (family) of products. EX: Great Value, Kirkland, Kroger, Apple Pro: - Companies reap the benefits of economies of scale in advertising and branding - An upside to this strategy is that companies reap the benefits of economies of scale in advertising and branding. - They can develop a brand strategy for a large number of products, and the associations for the brand carry over into the entire group of products. - A company can introduce a new product into the market with it immediately carrying the common brand and the associations that go along with it. Con: - If something negative happens with one product in the brand line, then it can affect all of the products

Answer 18

The company develops a brand but also brands products or groups of products individually The individual products get the benefit of the positive carry-over of the institutional branding The company can still divest (sell off) a product and remove the institutional name (or endorsement) from the branding

Answer 19

The process of creating accurate brand identification and associations in the mind of the consumer

Answer 20

brand identity: The way that a company wishes to be portrayed brand image: How consumers actually view a brand and what associations they have with it

Answer 21

Step 1: Create brand identity (intangible) An important note here is that the brand identity should authentically represent who or what the company/product is brand name, brand mark, brand promise/purpose, brand tune and personality, associations and brand words Step 2: Cohesively communicate the brand (tangible) consistent logo usage, colors, fonts, packaging, photos/videos, website content, messaging Step 3: Fulfill brand promises 1. Create brand guidelines to consistently portray the brand 2. Employee standards 3. Customer service Step 4: Get feedback on branding

Answer 22

The first step in branding it to establish a clear brand identity. The more clearly you can define your brand identity, the more easily consumers can understand it. An important note here is that the brand identity should authentically represent who or what the company/product is. Brand name/brand mark This is the most basic part of company identification. Establish a brand name and/or mark that represents the brand. Brand promise/purpose The brand purpose and promise are why the brand exists. Why does the brand operate, and what value does it bring consumers? For some brands, this includes a mission statement, and for some brands it includes a product core benefit. The brand promise or purpose rarely changes as it is central to why the brand is in existence. Brand tune and personality For this element, a marketer can establish what tone — such as formal or informal — that the brand wishes to portray. For instance, a bank may want to have a serious, yet personable image. This can help guide external communication so that all messages from the brand or about the brand will have this tone. Associations and brand words Choose what associations are most important. For instance, these associations can relate to brand attributes and usage situations. Choose compelling words and phrases that represent what differentiates you. Include any words, phrases, or mottos that you want people to remember.

Answer 23

Once you have established your desired brand identity, it’s important to communicate that identity in a consistent and cohesive way. Consistent logo usage Use a consistent logo across all communication. The more consistent the logo usage is, the easier it is to identify. Even using the same color has been shown to increase brand recall. Colors Colors have associated meaning. Research which colors best fit the image that your company wishes to portray and use those consistently. For instance, in western cultures, navy blue has an associated meaning of stability. Consumers often look for the element of stability and trustworthiness when choosing a bank to use. Therefore, navy blue is a color that banks often use in their logos and other design elements. Fonts Fonts have very distinct associated meanings associated with them as well. For instance, fonts such as Comic Sans tend to be used in designs that are meant to appear childlike. A law firm, for example, would not be wise to use such a font in a corporate design (unless they wanted to appear childlike or juvenile). Packaging Any product packaging should have material and design that represents the brand identity. Photos and videos The photos and videos displayed on a company website help portray a company image. Photos should be up to date and exhibit the feel or attitude with which a brand wishes to be associated. Website content For many companies or brands, especially in the service industry, a website is the face and representation of the brand. Brand colors should be reflected throughout the website, and the “feel” of the site should match the brand’s tone or personality. A marketer can also work brand words and associations throughout the site. Choose consistent messaging Look at the items listed on the brand identity again. What words or phrases do you want associated with the brand? Work these words and phrases into your communication with the public, including using them in: - Press releases - Commercials - Spokespeople statements - Brochures and pamphlets

Answer 24

Maintaining your company’s brand means following through on the messages that you communicate and the promises you make Create brand guidelines to consistently portray the brand Brand guidelines can include everything from how and where to display a logo to what colors to use for uniforms. Some companies’ brand guidelines even list phrases that company representatives should use while interacting with customers. Employee standards For services in particular, the employee is the brand. And for products, the frontline employees are the face of the company that the customer sees. By putting specific employee standards in place, the marketer ensures that the brand is portrayed accurately to the customers. Customer service Investing in customer service is also an important part of fulfilling the brand promise. Customer service representatives can explain product usage and address any product issues as they arise.

Answer 25

After a brand has proactively established its brand identity, it is vital to follow up with consumer insight research to see how consumers view the brand. If a marketer is rebranding, he or she should conduct periodic market research to see how the public view of the brand has shifted. The marketer can then make any needed adjustments to the branding strategy to address any issues or deficits.