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MKT1002 > Lecture 8 Branding > Flashcards

Lecture 8 Branding Flashcards

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1
Q

What is marketing?

A

This is how you communicate, based on insight, knowing why you’re saying what you’re saying

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2
Q

What is brand?

A

How you are perceived and why you are better

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3
Q

What should be tackled first: marketing or brand?

A

The brand should be defined first and integrated thoroughly before it is articulated.

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4
Q

What are customers buying into?

A

A feeling, mood, value, idea

They want a reason to believe

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5
Q

What does branding help you do within a market?

A

It helps differentiate you within a market

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6
Q

What does a brand make associations with?

A

Attributes and feelings

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7
Q

What do successful brands do?

A

They create a strong, positive and lasting impression through their marketing communications and not just their functionality through use

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8
Q

What does branding provide information about?

A

Content, taste, durability, quality, price and performance without requiring the buyer to undertake time consuming comparison tests

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9
Q

How do brands allow organisations to communicate?

A

By using imagery only

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10
Q

What is a brand?

A

Brands are products and services that have added value which has been deliberately designed to augment an offering

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11
Q

What does Achenbaum (1993) say about brands?

A

Values and associations that are not only recognised by but are meaningful to their customers: a brand resides in the mind of the consumer

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12
Q

What do marketing managers have to do?

A

Create, sustain, protect and develop the identity of the brands for which they are responsible

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13
Q

Why are brands both about the organisation and the customer?

A

It is the organisation that creates the brand but the customer’s perception and the images they form of the brand and the meaning and value they give to the brand that is important.

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14
Q

What 4 things could the brand be represented by?

A

Name
Symbol
Word
Mark

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15
Q

What is Chernatony’s (2000) definition of a successful brand?

A

“A successful brand is an identifiable product, service, person or place augmented in such a way that the buyer or user perceives relevant, unique added values which match their needs most closely. Furthermore, its success results from being able to sustain these added values in the face of the competition”

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16
Q

What is Keller’s (2002) definition of a brand?

A

“A brand… adds other dimensions to differentiate it in some way from other products designed to satisfy the same need. These differences may be rational and tangible- related to the performance of the brand- or more symbolic, emotional and intangible- related to what the brand represents”

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17
Q

What are 8 reasons why consumers like brands?

A

They help us to identify preferred products
Reduce risk
Help identify level of quality
Reduce time spent shopping by making it easier to make decisions
Provide (psychological reassurance)
Help avoid brands we don’t like
Help us develop relationships based on trust (TRUST IS VERY IMPORTANT)
Non-verbal communication tool

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18
Q

What are 7 reasons why manufacturers and retailers like brands?

A

Enable premium pricing
Differentiate and provide a competitive advantage in crowded marketplaces whilst deterring competition from entering the market
Encourage cross selling to other brands owned by them e.g. Kellogs
Develop loyalty and retention
Assist integrated marketing communications and consistency of message
Contribute to corporate identity and to the bottom line
Extend the maturity of the product life cycle- brand extension

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19
Q

What are the 6 things to consider when creating a brand?

A 
Beliefs
Why
Personality
What
Who
How
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20
Q

What is belief when creating a brand?

A

Three core beliefs that keep you on track, values you will never break, no matter what

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21
Q

What is why when creating a brand?

A

The simple statement that sums up your core purpose

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22
Q

What is personality when creating a brand?

A

Three ways to express yourself to the world, this will inform your tone of voice

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23
Q

What is what when creating a brand?

A

A simple description of your product or service

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24
Q

What is who when creating a brand?

A

Overview/ attitude of your core customers

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25
What is how when creating a brand?
The points that differentiate you from competitors
26
What do brands trigger in our minds?
Associations
27
What do consumers search for in terms of brands?
Customers search for a brand with a personality that compliments their self-concept (McCraken, 1996)
28
When Belk says that brands offer a means of self-expression (1998) what are the 3 forms of this?
Who we want to be (desire self) Who we strive to be (ideal self) Who we think we ought to be (ought self)
29
What does brand provide a means for?
Brand provides a means for individuals to indicate to others their preferred personality as they relate to those self concepts
30
Explain Aaker's brand personality scale
Set of human characteristics that consumers associate with a brand Developed 5 dimensions of psychosocial meaning (42 traits) Consumers choose brands which they feel reflect their own personality and are consistent with their self concepts
31
What are Aaker's 5 dimensions?
``` Sincerity Excitement Competence Sophistication Ruggedness ```
32
What are some example traits of sincerity?
Wholesome, honest, down to earth
33
What are some example traits of excitement?
Exciting, imaginative, daring
34
What are some example traits of competence?
Intelligent, confident
35
What are some example traits of sophistication?
Charming, glamorous, smooth
36
What are some example traits of ruggedness?
Strong, masculinity
37
What did Jin and Sung (2011) say about brands?
A brand can be associated with various demographic characteristics They also cite human personality traits e.g. North Face shows ruggedness
38
What are the 12 main archetypes?
``` Caregiver Sovereign Creator Everyman Jester Lover Rebel Hero Magician Innocent Sage Explorer ```
39
What do brand logos help with?
Brand logos do not make the brand but they do help with the brand customer connection and can help support the brand's positioning and add personality to the brand
40
How can logos be kept fresh?
They can be adapted | Sometimes they need to be changed to meet the needs of new digital services and platforms
41
What does a powerful brand have?
High brand equity
42
What is brand equity?
A measure of how well the brand can capture consumer preference and loyalty. It is the differential effect that knowing the brand name has on the customers response to the product and its marketing
43
What is positive brand equity?
When consumers react more favourably to it that to a generic or unbranded version of the same product
44
What is negative brand equity?
This is if consumers react less favourably than to an unbranded version
45
What does a brand represent?
Everything that a product or service means to the customer
46
What does high brand equity provide a company with?
Many competitive advantages and a high level of consumer brand awareness and loyalty
47
What is customer equity?
The value of customer relationships that the brand creates- what a brand really represents is a profitable set of loyal customers
48
What is brand value?
This is the total financial value of a brand and is hard to measure
49
What is brand sponsorship not referring to?
It is NOT referring to when a brand sponsors an event- that's just sponsorship as part of the marketing communications of element of the marketing mix (promotion)
50
What are the 4 sponsorship options that a manufacturer developing a product has?
National brand Store brand Licensing Store branding
51
What is meant by national brand?
These are also called manufacturer brands and have long dominated the retail scene. They sell their products under their own brand names e.g. Heinz
52
What is meant by store brand?
Also know as private brands Becoming more popular Consumers buy them to give themselves a saving, consumers have become less brand conscious and more price conscious
53
What is meant by licensing?
Some companies license names or symbols previously created by other manufacturers, celebrities, characters from films etc. For a fee they can provide an instant and proven brand name Can be highly profitable and licensing companies can be multi-million
54
What is meant by co-branding?
When 2 established brand names of different companies are used on the same product. This creates broader consumer appeal and greater brand equity. 2 brands that operate in different categories get together (e.g. Nike and Apple iPod). Allows for one brand to expand into a category it otherwise might not have been able to enter on its own.
55
What are the 4 methods of brand development?
Line extension Brand extension Multibrands New brands
56
What is line extension?
This is when a company extends existing brand names to new forms, colours, sizes, flavours etc. of an existing product category
57
What are two advantages of line extension?
Low cost, low risk way to introduce new products | A good way to meet various consumer needs
58
What is a potential issue of line extension?
Could become over complicated and confuse customers
59
When does a line extension work best?
It works best when it takes sales away from competing brands not when it takes them away from its own sales.
60
What is brand extension?
This extends the current brand name to NEW or MODIFIED products in a NEW category but you can't just take a brand name and slap it on other products.
61
What is an advantage of brand extension?
It can create immediate familiarity and acceptance with lower development costs
62
What is a disadvantage of brand extension?
It can fail- if the consumer is confused about why a brand is in that category, is it appropriate?
63
What should a good brand extension do?
A good brand extension should fit the parent brand and the parent brand should give the extension competitive advantage in its new category
64
What is multibranding?
This is where companies market many different brands in a given product category, offers a way to establish different features that appeal to different segments
65
What is an advantage of multibranding?
They all effectively compete against each other in the same category, but this increases the market share of the company. This also means there is less shelf space for others and the company can benefit from brand switchers.
66
What is a disadvantage of multibranding?
It may lead to the company spreading resources too thinly and not be focused enough which would mean that no profit is made.
67
Give an example of a successful multibrand
Pepsi Co markets a wide range of soft drinks and each brand consists of lots of sub-brands
68
What are new brands?
Where a company develops a new brand, either when the current brand is struggling or when they are entering a new product category and none of their existing brand names are suitable.
69
What is a risk of creating a new brand?
Issues with spreading resources too thin
70
What does a new brand need to do?
Each brand needs to have a competitive advantage that it can differentiate itself upon
71
What product category and brand name does line extension have?
Existing product category | Existing brand name
72
What product category and brand name does brand extension have?
New product category | Existing brand name
73
What product category and brand name do multibrands have?
Existing product category | New brand name
74
What product category and brand name do new brands have?
New product category | New brand name
75
What are the 4 main stages of branding?
Brand positioning Brand name selection Brand sponsorship Brand development
76
What does brand positioning look at?
Attributes Benefits Beliefs and values
77
What does brand name selection look at?
Selection and protection

MKT1002 (17 decks)

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