lecture 7 Flashcards
(27 cards)
What is strategic brand management?
Combines the design and implementation of marketing activites and programs to build measure and mange brands in a way that maximises brand value.
What is the 4 steps in brand management?
1.identefying and establishing brand positioning. 2. Planning and implementing brand marketing. 3.Measure and interpreting brand performance. 4. Growing and sustaining brand value.
What is the definition of the term “brand”
A name, symbol, logo, design or image or any combination of these, which is used to identefy a product and distinguish it from its competitors.
What is the two main role of brands?
Functional: Actual performance of the product or service. Emotional: Brands can build emotional ties with the custommers.
What is brand identity?
The way a company aims to identefy or position itself in the minds of consumers. Company planned!
What is brand image?
The way consumers actually percieve the visual or verbal expressions of a brand, reflected in psychological or emotional associatioms that the brand aspire to maintain in the minds of consumers. Customer centered!
What is the 6 focal activites in strategic brand management?
1.Defining the brand vision
2. Managing individual or house brand names
3. managing brand extensions
4. managing brand portfolios
5. brand reinforcing and revitaliation
6. growing and sustaining brand equity.
What is the 3 main challanges when creating and managing brand ideteties?
MAS
Making initial brand indentity
Aligning marketing mix activites
Secondary brand associations like (volvo = safety)
What is a brand element?
Devices that identify and differentiate the brand, which can be trademarked.
What are the 6 criterias for choosing brand elements and which two main catagories can they be sorted into?
Can be sortet into criterias for building or maintaing brand equity. The 6 types are memorable, meaningfull and likeable for building brands and transferable, adaptable and protectable for maintaining brand equity.
What is the differences between brand slogans and brand mantras?
Brand slogans communicates in words that the brand is and what makes it special and is targeted to customers. Brand mantras on the other hand is articulations of the brands heart and soul which is used to inspire the team and is used internaly or to partners.
What is the 3 criterias for a brand mantra?
Communicate, simplify, inspire.
What is culutural and crowdculture branding?
Branding that involves the use of digitial crowds to innovate with the products, utelizing communities to empower subcultures and artistic ideas.
What is the 2 different ways to manage brand portafolios?
House of brands: many individual brands. Branded house: one umbrella brand across all products. One can also combine these two methods and use a hybrid method.
What is cobranding and what are the advatages and disadvantages of it?
Co branding is when two or more well known brands are combined into a joind product or marketed togheter. The brands must natuarly fit togheter. Advantages: greater sales, opportunities for new markets and reduction in cost. Disadvantages: Lack of control in becoming aligned with another brand, unsaticefactory performance and consumer confusion of brand image.
What is ingredient branding?
A type of co branding where components or parts from other brands are contained within other branded products. Gore-Tex, 3M or HEMI.
How large precentage of new products or services are brand extensions?
80-90%
What is the differences between line extensions and catagory extensions?
Line extensions is when a new product related to or suporting to an existing product within the brand is launched. Cola zero. Catagory extensions is when a new product in a different catagory is launcehd like ferrari perfume.
What is the advantages and disadvantages of brand extensions?
Advantages: Conveying broader brand meaning, Decreasing cost with promotation, parent brand enhancing, increased market coverage and improving perceptions of company credibility. Disadvantages: Extensions are risky, failure posibility, image of the parent brand can be hurt, sales cannibalization of parent brand and consumer confusion.
What is the definiton of a brand portfolio and what is the key principle in designing a brand portfolio?
A brand portfolio is the set of all brands a company offer in a particular market segment. The key principle is to design the portfolio so that you maximize market coverage but minimize brand overlap. Each brand should also be distinctive and clearly defined as well as beeing of reasonable size to justify its opperation costs.
What is brand reinforcement and what are its key areas?
Brand reinforcement is marketing actions that consistently convey the brands meaning. Comom key ereas are: which products and services the brand sells, which core benefits they provide, which needs it saticefies, which added value the brand creates and how the brand provides the services or products needed.
What is brand revitalization and what is the key means by which it is done?
Brand revitalization is when an old brand is cahnged and reinvented. This is often done by: Increasin consumption in quantity, creating new positive associations, reducing negative associations and amplifying fading associations.
What is the definition of brand equity?
The added value endowed on products and services trough the brand. Brand awareness, brand association, perceived quality, brand experience, brand preference and brand loyalty.
What is the “brand resonanse model” and how does it work?
The model states that there are 4 stages of brand development. Identity, meaning, response and relationship. Each stage is placed in a marslow pyramid style where the next stage build upon the next. Each stage giving deeper and better benefits for the brand.
