Week 5 Quiz Flashcards
(22 cards)
What is the difference between Brand identity and brand imagery?
Firms strive to create brand identities; consumers give
brands imagery - Schultz & kitchen (2015)
What is brand identity?
Attributes specifically controlled by the brand owner.
What is brand imagery?
The subjective perception given by the consumer.
What shapes a brands perceptions?
Cues, messages and experiences given by the consumer, ultimately differentiating one brand from another. (eg. emotional pull)
Brands are not a physical product but…
a relationship with the customer, personified by company name/product.
What are three ways brands use to develop a relationships?
Financial incentives
Social bonds
Structural bonds
What is a financial incentive as a relationship builder?
Rewards cards (eg. woolies/coles rewards you for spending)
What is a social bond as a relationship builder?
form of social capital/relationship building initiative (eg. letting people test drive your new car)
What is a Structural bond as a relationship builder?
Make clients mored productive. everything in the structure of the company that facilitates the financial process. (eg. Paypal as an option on eBay)
What is a commodity slide?
The physical attributes become hard to tell apart and easy to copy. Undermining the value of the brand.
Eg. Milk industry
What are the two axis that make up a commodity slide.
Price differentiation (Low)
Production/image differentiation (Low)
Whats the difference between:
Product, Brand, and Branding
- Product = What you sell
- Brand = Perceived image of product
- Branding = The strategy you use to create that image
Do people use brands as a symbolic device?
Yes, especially high end brands. People will use brands as a means to express themselves to
others at a glance.
What is a status symbol?
Possession that is taken to indicate a person’s
wealth or high social or professional status
Who are the top 3 buyers of luxury brands?
Asia, Roughly tied with North America and then Western Europe
What does India, China, Britain and Indonesia value most when purchasing luxury brands?
India = What others will think of them
China = attitude are strained as luxury radio and TV ads are band
Indonesia = How you will judge yourself
Britain = Less attached to luxury brands
What are the most powerful brands according to their Brand Strength Index (BSI) score?
Lego (93.4)
PWC (91.8)
Redbull (91.1)
What makes global brands powerful?
Rarely is branding standardised. Positioning in the market might be similar, but the marketing and product mix will differ
What does brand identity include?
Logo, Symbols, Trademark, brand name, colours and shape.
What does the brand investment & performance scorecard consist of?
Three levels:
1. Brand inputs
2. Brand equity drivers and brand funnel
3. Brand-related business performance
What is lead medias best kept secret?
Advertising thru Packaging
4 mistakes brands do when entering China
- don’t understand the differences in the market
- They treat it as one market rather than areas
- Don’t know the drastic differences between age groups
- Don’t understand the gov.
