Lecture 7: Brand Flashcards
(12 cards)
What is a brand and what does help identify buyers and sellers?
Brand is a name, term sign that helps identify the product. It help idenitfy buyers the product and asses quality. it helps sellers convey quality and provide legal protection.
What is brand equity and what does it measure and give an example?
brand equity adds value to brand beyond the actual product. It measures how much more customers will pay for thge product. Ex: clorox vs genereal blaoch and clorox priced higher.
What competive advatabges does high brand equity give?
- High awareness
- brand loyalty
- Less price sentivity
Give example of brand association?
- Submarine sandwhich - Subway
- Bottled water —Dasani, FOSS
- Coffe: TIm hortons, Starbucks
- Minivan – Honda, Dodge
What are levels of brand positioning and give example?
three levels of brand positioning are:
- Attributes: what product has
- Benefits: what it does for you
- Beliefs/values: emotional and lifestyle connection
Examples:
pizza nova focuses on fresh ingredients (attributes and benefits)
Cinnabon: sweat indulgent treat (emotional appeal and connextion)
What charcteristics does a good brand name selctin have?
- Suggests benefits/use
- Easy to say and recongnize
- distinctive
- Extendable to new products
- Translates well iternationally
- Can be legally protected
What is an example of bad brand identity and name selction?
- Burger king (doesn’t reflect the range of products they sell as they also sell hotdogs and salads)
- Pizza Pizza (also sells, fries, salds and sandwhiches)
What are three real branding stats of new products?
- 75% of innovative ideas never make it to store shelves
- 80% of restauraunts close whtin five yoears of it’s opening
- 80% of products launced are doxuntinued within 2 years
What is Propietary eponyms and give examples
proprietary eponyms are when produ ct name becomes the genric name for a product category. This is peak brand recognition and works best when created a prodcut created a new cateory. Ex: kleenex, google, band-aid, post-it notes
What are 4 branding devlopment strategies?
- Line extension: new falvour/sizes in same priduct category
- Brand Extension: new product categories under same brand
- Multi brands: new brands under same prudct category
- New brands: new brands under new product categories
What are some examples of failed brand extensions in real world?
Colgate frozen meals, frito lays lemonade, harley davidso n perfume, cheetos lip blm.
What are some fictional brand extensions that would fail and what do we learn from them?
- Td canda radio station
- Best wetsenr online casino
- Air canada book publisher
- Bell canda wine brand
Lesson: stick to your brand identity and don’t stretch it too far
