Final Exam Flashcards
(51 cards)
What is a brand?
A name, term, sign, symbol, sound or combination of them intended to indetify the goods and services of a seller and to differentiate them from the competition
What is the main purpose of Branding?
To transform generic products into products with an image
Way to distinguish the goods of one producer from another
Differentiation is the key
Adds Value
What are the 5 functions of Branding?
Builds top of mind awareness Creates personality Consistent despite fashion and fads Self-defining Makes lasting impression
Why is branding important to the consumer?
Eases information processing
Increases confidence in purchase
Assignment of responsibility
Why is Branding Important to the organization?
Increases efficiency and effectiveness of marketing programs
Aides in customer retention
Helps protect price
Increased merchandising and licensing opportunities
Overall… It provides a competitive advantage
What is Brand Equity
The added value associated with a brand that is not captured by the functional attributes
3 consumer based equity models?
Aaker’s model
Keller’s Model
Sport Brand Equity Model
Brand Associations
Anything linked in memory to the brand
Four examples of Associations
Brand as Product (Physical Attributes)
Brand as Organization (Corporate Culture)
Brand as Person (Personaility)
Brand as Symbol (Swoosh)
Sources of Brand Associations in Team Sport
Team Success Team History Team play characteristics Logo Social interaction
What does the BLIP model stand for?
Building Brands
Leveraging Brands
Identifying and Measuring Brands
Protecting Brands
Why BLIP Model is needed?
Tendency to over-concentrate on important issue of brand building
How to build a strong brand?
The organization must create favorable associations
What are the 7 p’s?
Product Place Promotion Price People Physical evidence Process
Three Strategies of Brand Building
Reinforce the brand
Revitalize the brand
Adjust the brand portfolio
How do marketers Leverage their Brands?
Make decisions on how to best utilize their brand assets
Utilize established equity to create:
Line Extensions
Brand Extensions
Co-Branded Products
What is a Line extension?
Adding a new form of product or service in the same product category
What is a Brand Extension?
Entering products/services with an existing brand name into a new product category
Failed extension could…
Dilute the brand equity of the parent brand
What determines success of a Brand Extension?
Perceived quality of the brand introducing the extension
Attitudes and Associations one has for the parent brand
Product category fit
Fan Identification levels
Dilution is more likely to occur for fans at _______ and _____ levels of Identification
Moderate and Low
Dilution is _______ for extensions with a _______ perceived fit and has _________ attributes
Greater. Greater. Inconsistent
How do you measure brand equity?
By conducting research to determine items such as attitudes and associations towards the brand.
