M2 branding strategy and positioning

Question 1

ultimate goal of branding

Answer 1

set yourself apart from other companies who sell similar pdts

create strong positive brand equity

Question 2

when does a brand become valuable to a consumer

Answer 2

when it has an exclusive, prominent, and positive meaning in their mind

Question 3

8 functions/purposes of a brand from consumer’s perspective

Answer 3

1) identification
2) practicality
3) guarantee
4) optimization
5) characterization
6) continuity
7) hedonistic
8) ethical

Question 4

identification function of a brand

Answer 4

to see (quickly identify desired products) and be seen (eg. other people can identify you as an apple person)

Question 5

practicality function of a brand

Answer 5

identical repurchasing of same pdt/brand is practical-saves time and energy

Question 6

guarantee function of a brand

Answer 6

know that the same brand/label = the same quality

Question 7

optimization function of a brand

Answer 7

assure you that you’re buying the best pdt in its category - brand names are seen as better performing compared to generic

Question 8

characterization function of a brand

Answer 8

allow you to self-affirm or convey your identity to others

Question 9

hedonistic function of a brand

Answer 9

satisfaction from brand’s attractiveness, logo, communication, etc

• pleasure from aspects besides function

Question 10

ethical function of a brand

Answer 10

satisfaction from a brans’s values or behavior

• especially powerful and can outweigh the positives from the other 7 benefits of branding

Question 11

6 criteria of brand elements (name, logo, slogan, etc)

Answer 11

1) memorable: easy to read, say, remember

2) meaningful: conveys info to consumer

3) likable: create pos feelings

4) transferable: applicable to new regions, pdts, segments

5) adaptable: not limited by date/time or language/meaning

6) protectable: defend name, logo, slogan (TMs)

Question 12

3 components to brand function/how they bring benefits to consumers

Answer 12

brand culture, brand equity, brand value

Question 13

what is brand culture

Answer 13

stories/associations ppl make with your brand

Question 14

4 things that contribute to brand culture

Answer 14

1) the firm: company that owns the brand; organizes advertising; influences what ppl will associate you with (ads at a soccer game? or beauty pageant?)

2) customers: tell other customers about their interactions with your pdt (can lead to pos word of mouth/free advertising)

3) influencers: opinion leaders, experts, salespeople

4) pop culture: celebrities, TV, individuals promoting the brand on social media

Question 15

what is brand equity

Answer 15

pos or neg assets linked to the brand name that add/subtract value

Question 16

how to measure brand equity (2 ways)

Answer 16

1) compare how people rate generic pdt vs. your brand (ex. potato chips vs lay’s vs. pringles)

2) IAT
- show prime word/image quickly
- show target words/images and have ppl select which one matches the prime stimulus
- rxn time shows strength of association (faster = stronger)

Question 17

4 components of brand equity

Answer 17

1) brand awareness: ppl know who you are/what you stand for –> gives consumers confidence

2) perceived quality: known brands convey sense of good/bad and real/perceived quality –> point of differentiation btwn dif brands of same pdt

3) brand associations: subjective and emotional; creates brand personality and suggests when a brand is/is not appropriate

4) brand loyalty: strongest measure of equity
- benefits: decrease marketing cost, gives trade leverage, attracts new consumers, able to respond to competition

Question 18

grid of brand loyalty

Answer 18

• weak attitude, weak behavior: no loyalty
• strong attitude, strong behavior: true loyalty
• strong attitude, weal behavior: latent loyalty
• weak attitude, strong behavior: spurious loyalty

Question 19

3 dif sources of brand names

Answer 19

real words, coined words, phonemes

Question 20

4 types of real word name categories, examples

Answer 20

1) descriptive
- flat out describe the product
- minute rice, vitamin water

2) evocative
- metaphorical/suggest the experience you’ll get from the pdt
- patagonia, lush, bounce

3) lexical
- rely on play on words, puns, misspellings
- froot loops, laffy taffy, krispy kreme

4) founder
- based on founder’s name
- ford, calvin klein

Question 21

pros/cons of descriptive real word names

Answer 21

pro: less money on advertising; pdt description is clear

cons: can be hard to TM because the words are very common

limited creativity

Question 22

pros/cons of evocative real word names

Answer 22

con: may need to spend more on marketing

pro: easier to TM because the words are less common

Question 23

pros/cons of lexical real word names (I’m assuming-wasn’t mentioned)

Answer 23

pro: easy to TM

con: not appropriate for corporate business

Question 24

pros/cons of founder real word names

Answer 24

pro: easy to TM

con: lose the rights to your name if you sell it

Question 25

2 categories of coined word names, examples

Answer 25

1) invented - Google, Kodak, pixar 2) acronyms - afflac, geico, cvs

Question 26

pros/cons of invented coined word names

Answer 26

pros: creative freedom, easy to TM con: may need to spend more on marketing

Question 27

pros/cons of acronym coined word names

Answer 27

pro: often easier to memorize than long name that's many words cons: can be hard to remember actual meaning/name, probably need to spend more on marketing, can be hard to TM letters in a certain order

Question 28

how do phonemes affect brand names

Answer 28

different phonemes have different associations in consumers' minds - high/front sounds --> light, fast, small, lively - low/back sounds --> large, slow, heavy

Question 29

/B/ association

Answer 29

reliable/relaxing

Question 30

/E/ association

Answer 30

fast

Question 31

/Z/ association

Answer 31

fats

Question 32

/K/ association

Answer 32

daring, active

Question 33

/SS/ association

Answer 33

elegance

Question 34

short vowel association

Answer 34

crisp, small fast

Question 35

/V/ association

Answer 35

energetic/big

Question 36

vocal vibration association

Answer 36

luxury

Question 37

what does it mean if you choose to standardize your company

Answer 37

- sell dif pdts under same brand name - become a branded house

Question 38

pros/cons of branded house/standardization

Answer 38

pros: more brand recognition, you can broaden your consumer base, more efficient marketing, can strengthen your identity --> good for small/new businesses cons: not always possible especially if new pdt isn't in line with previous brand identity, 1 bad pdt can ruin your reputation

Question 39

what does it mean to diversity your company

Answer 39

- sell dif pdts under dif brand names - become house of brands

Question 40

pros/cons of house of brnads/diversification

Answer 40

pros: can target more audiences (especially if you keep brand ownership secret) --> dominante whole pdt category cons: more marketing, risk cannibalizing your own segments rather than growing/attracting new ones

Question 41

what are brand extensions

Answer 41

adding dif pdts under same brand name

Question 42

2 reqs in order for brand extensions to work

Answer 42

1) must be in line with current identity 2) must have enough consumer perceived similarity between the brand/old pdts and new extensions

Question 43

solution that combines benefits of standardization and diversification

Answer 43

house blend strategies - company may market some pdts under same brand name (standardization) and others under dif brand name (diversification) - Google owns Drive, Docs, Classroom, Gmail, Chrome, etc. but also owns YouTube)

Question 44

purpose of co-branding

Answer 44

helps both brands get more pos recognition if done correctly

Question 45

pros/cons of generic brands

Answer 45

pros: little marketing required–already know ppl buy the pdt because it's often from same supplier as brand name but possibly their lower-grade supply (not really noticeable) - after COVID, price is more important than brand/label so ppl are buying more generic/store brand pdts con: ppl may think generic brand is lower quality