Brand Management (ch.2)
brand parity
occurs when consumers conclude that few tangible distinctions exist between competing brands in mature markets
cyber/domain squatting
practice of buying domain names that are valuable to specific people or businesses in the hopes of making a profit by reselling the name
stimulus codability
process in which successful logos elicit shared meanings among consumers
private brands
proprietary brands marketed by an organization and normally distributed exclusively within the organization's outlets
iconoclastic names
represent something unique, different, and memorable
overt names
reveal what a company does
brand logo
symbol used to identify a brand; should be designed to accentuate the brand name
trust
the customer's belief in the efficacy and reliability of the brand
revenue premium approach to brand equity
compares a branded product to the same product without a brand name
brand infringement
occurs when a company creates a brand name that closely resembles a popular or successful brand
intangible elements of brand image
- Corporate personnel (Ideals, Beliefs, Conduct) - Environmental policies - Corporate culture - Country location - Media reports
tactics used by manufacturers to combat private labels
- focus on core brands - increase advertising - introduce new products - focus on in-store selling and packaging - use alternative methods of marketing
tangible elements of brand image
-Goods or services sold -Retail outlets where the product is sold -Advertising -Marketing communications -Name and logo -Package and labels -Employees
salient
a product or brand that provides benefits consumers consider important and of higher quality than other brands enjoys salience
invisible and intangible elements
brand images contain these 2 types of elements
actual, implied, or visionary
brand names can be placed into four categories based on their ____, ____, or ____ meaning
conceptual names
capture the essence of what a company offers
brand equity
consumers view a good or service's brand name as different, better, and one that can be trusted
implied names
contain recognizable words or word parts that convey what a company does
flanker brand
development of a new brand sold in the same category as another product; used in international expansion
qualities of building a powerful brand
effective use of social media, creative use of mobile advertising, ethical actions of the company
financial value approach to brand equity
estimates the future cash flows of a brand based on its unique strength and characteristics, which will then be discounted to determine a net present value
stock market value approach to brand equity
financial value of the company is determined through stock valuation
family brands
group of related products sold under one name
rejuvenating
helps a firm sell new products and can attract new customers
brand metrics
measures of returns on brand investments
cooperative branding
the joint venture of two or more brands into a new product or service
complementary branding
the marketing of two brands together for co-consumption
co-branding
the offering of two or more brands in a single marketing offer
ingredient branding
the placement of one brand within another brand
changing a brand's image
this becomes necessary when target markets have begun to shrink or disappear or when the brand's image no longer matches industry trends and consumer expectations
brand alliance
two companies use brand strength to develop and co-market a new product featuring both names
tangible and intangible benefits
type of benefits a strong brand image provides
brand extension
use of an established brand name on products or services not related to the core brand