Chapter 9: Brand Strategy and Management

Question 1

what is a Brand?

Answer 1

identifies the maker or marketer of a product with a name, symbol, icon, design, or a combination of these

Question 2

what is a the difference between a trade name and a brand?

Answer 2

A brand may identify a company, one of its products, or a product line

the trade name is used to identify a firm as a whole

Question 3

what are the qualities (not characteristics) of a brand?

Answer 3

Brand have status and value

It has a personality but it is nothing more than an idea

Question 4

why do customers trust trademarks?

Answer 4

they reassure them that the product they are getting has the attributes they want and expect from the maker

Question 5

what can be trademarked?

Answer 5

names

symbols

characters (Pillsbury Doughboy)

shapes (coca-cola bottle)

Question 6

what are the characteristics of trademark names?

Answer 6

have monetary value

must be protected

must be distinguished from regular or generic words with similar meaning

Question 7

how are trademark names represented?

Answer 7

represented by: TM

once they have done the whole process of registering its trademark:

®

Question 8

what are lost trademarks?

Answer 8

marks which were originally legally protected trademarks

have been generalized and have lost their legal status due to becoming generic terms

Question 9

why are brand relationships so important?

Answer 9

For many products, the choice is based on what the consumer believes about the brand

allows to differentiate from the competition

Question 10

how can people become brands?

Answer 10

when, just as with products, their name takes on meanings that transcends the person

ex: Gianni Versace, Kim Kardashian, Coco Chanel, Michael Jordan

Question 11

what are the brand characteristics

Answer 11

logos

brand personality

status

brand equity

Question 12

logos

Answer 12

designs that represent the brand

what they may or may not incorporate about the brand name

Question 13

what do managers feel like sometimes, logos must change?

Answer 13

designs that represent the brand and shit

they don’t wan to create confusion or make the brand lose value

Question 14

brand personality

Answer 14

The sum total of all the attributes of a brand

the emotions it inspired in the minds of consumers

Describes brands by using same kinds of adjectives you would use on people

Question 15

status

Answer 15

Status must not be confused with value or popularity!!

ex: Rolls-Royce and Bentley are higher-status car brands than Ford and Toyota

Question 16

brand equity

Answer 16

the dollar amount attributed to the value of a brand

based on all the intangible qualities that create that value

difficult to calculate, but one indicator is the extent to which people are willing to pay more for the brand

Question 17

what are the consumer perceptions of brand strength

Answer 17

differentiation

relevance

knowledge

esteem

once again, company value is not the brand value

Question 18

differentiation

Answer 18

what makes the brand stand out

Question 19

relevance

Answer 19

how consumers feel it meets their needs

Question 20

knowledge

Answer 20

how much consumers know about the brand

Question 21

esteem

Answer 21

how highly consumers regard and respect the brand

Question 22

what do the main branding strategy decision involve

Answer 22

brand name selection

brand positioning

brand sponsorship

Question 23

what should brand name selection consider?

Answer 23

suggest something about the type of products it will brand

easy to pronounce, recognize, and remember
distinctive

extendable (not tied too closely to one product (Apple, Amazon, Nike))

pronounceable in many languages

capable of registration and protection as a trademark (made up names work best)

Question 24

brand positioning

Answer 24

can be positioned based on product attributes

ex: Pampers focused on attributes such as fluid absorption, fit, and disposability

to associate the brand with a particular benefit

ex: Pampers offer a dry baby bottom

Question 25

why are attributes the least desirable quality for a brand?

Answer 25

because competitors can easily copy them

Question 26

brand sponsorship

Answer 26

Branded products are either national brand or private brands

Question 27

national brand (Manufacturer’s Brand)

Answer 27

brand created and owned by the manufacturer of the product They are well-known and well-established Example: When Samsung and Kellogg sell their output under their own brand names (Samsung Galaxy or Kellogg’s Frosted Flakes)

Question 28

Private Brands (Store Brand, Private Label)

Answer 28

brand names applied by the marketer to products manufactured for them under contract Example: Walmart’s Great Value brand, Shopper Drugmart’s Life brand, and President’s Choice

Question 29

In the so-called battle of national vs. private brands, why do retailers have many advantages?

Answer 29

they control what products they stock, where they go on the shelf, and the prices they charge They usually charge their store brand lower than the comparable national brands.

Question 30

what are methods of branding new products?

Answer 30

licensing co-branding

Question 31

licensing

Answer 31

the buying and selling of the rights to use a brand name, logo, character, icon, or image Example: if you ever bought an NHL team jersey or any other item bearing the logo of a professional sports team, you own an item made by a company that licensed the right to make the item (such as Reebok)

Question 32

co-branding

Answer 32

the practice of using the established brand names of two different companies on the same product It allows a company to expand its existing brand into a category it might otherwise have difficulty entering alone The 2 brands must be complementary! Example: Walmart and McDonalds, Apple and Nike, Target and Starbucks

Question 33

what are the 4 options a company has when it comes to brand developing?

Answer 33

1. line extensions 2. brand extensions 3. multibrands 4. new brands

Question 34

line extensions

Answer 34

extending an existing brand name to new forms, colours, sizes, ingredients, or flavours of an existing product category Example: Honey Nut Cheerios and MultiGrain Cheerios are extensions of the Cheerios product line

Question 35

when does a line extension work best?

Answer 35

when it takes sales away from competing brands not when it “cannibalizes” the company’s other items

Question 36

brand extensions

Answer 36

extending an existing brand name into new product categories

Question 37

what are the advantages of brand extensions?

Answer 37

it gives a new product instant recognition and faster acceptance It also saves the high advertising costs Example: Mr. Clean was extended to Mr. Clean Erasers

Question 38

what must you be careful with regarding line extensions?

Answer 38

the extension may confuse the image of the main brand (Cheetos’ lip balm met an early death)

Question 39

mutlibrands

Answer 39

a brand development strategy in which the same manufacturer produces many different brands in the same product category Example: Whirlpool markets appliances under its corporate brand but also Maytag, KitchenAid, Jenn-Air, Amana, and Inglis

Question 40

what must you be careful regarding multi brands

Answer 40

it is better to have a few highly profitable brands than many brands that produce low profits

Question 41

new brands

Answer 41

established companies sometimes create new brands when it develops a new product or product line Example: Toyota created Scion to appeal to millennials.

Question 42

what type of brand development is part of an existing product category but part of a new brand name?

Answer 42

multi brands

Question 43

what type of brand development is part of an existing product category and existing brand name?

Answer 43

line extension

Question 44

what type of brand development is part of new product category but also part existing brand name?

Answer 44

brand extension

Question 45

what type of brand development is part of a new product category and a new brand name?

Answer 45

new brands

Question 46

what is brand communication?

Answer 46

Focusing on communicating brand positioning, or image, rather than on product features

Question 47

what are brand touchpoints

Answer 47

advertising, marketing communications, personal experience with the brand WOM, social media, company and brand websites, store displays, and anything else that brings a consumer into contact with a brand

Question 48

what are the four dimensions of brand experience?

Answer 48

1. sensory 2. affective 3. behavioral 4. intellectual

Question 49

when are the dimensions of brand experience evoked in consumers?

Answer 49

when they come into contact with touchpoints

Question 50

brand icons

Answer 50

objects with distinct shapes, colours, or patterns that are associated with the brand ex: Disney’s castle, Coca-Cola’s red and white swoos

Question 51

brand characters

Answer 51

lifelike brand icons, or mascots, that can move, speak, and interact, and that have personality traits ex: Pillsbury Doughboy, Tony the Tiger, Michelin Man, Betty Crocker

Question 52

why are brand icons and brand characters important for brand engagement?

Answer 52

will increase the the interaction between consumers and brands

Question 53

what is brand engagement based on

Answer 53

based on the emotional connection consumers feel toward the brand

Question 54

what are brand ambassadors

Answer 54

A real person who acts as a spokesperson for the brand under contract with the brand’s marketing organization Typically selected for their looks, and may be used for a limited amount of time

Question 55

what are brand stories and what do they do?

Answer 55

Every brand has a history, and brand managers use elements of the history as well as fiction to create stories for their brands Bring brands to life and keeps them interesting Inspire loyalty from consumers

Question 56

what is branded content?

Answer 56

any form of information or story written and produced by a brand marketer the brand is clearly and prominently featured “Using the power of storytelling to move consumers into action”

Question 57

branded entertainment

Answer 57

a form of entertainment created with the cooperation or financial support of a marketer

Question 58

what the most common form of branded entertainment

Answer 58

videeeooo

Question 59

what are brand advocates

Answer 59

customers, employees, and others who willingly and voluntarily promote their favourite brands Not to be confused with brand ambassadors

Question 60

what is the difference between brand ambassadors and brand advocates

Answer 60

brand ambassadors are paid, whereas brand advocates are not

Question 61

how can a company develop brand advocates

Answer 61

nurture recommendations and opinions (trust them) brand must first build a strong base, advocacy starts close to home Make customers and employees part of the brand story deliver an experience that gets them talking Outperform where they care most