Branding

What is a brand and how are they born? What do they reflect?

A brand is a collection of perceptions in the mind of a customer. Brands are born of experiences and reflect reputation.

What causes Brand Extension? Why?

A parent brand. When an existing brand branches out to a brand extension they are the Parent Brand. If a Parent Brand is already associated with multiple products through brand extensions, it may also be called a Family Brand

What are the 5 stages of brand equity?

Brand Awareness, Brand Recognition, Brand Trial, Brand Preference. & Brand Loyalty

What are consumer catalysts of brand equity?

Brands are built by consumers, not companies, Therefore, brand equity is built by consumers too

What is brand awareness? What stage is this?

Consumers are aware of the brand; 1

What is Brand Loyalty? What stage is this?

Consumers demand the brand and will travel distances to find it. As loyalty increases so do emotional connections to find it. As loyalty increases so do emotional connections until there is no adequate substitute for the brand in the consumer's mind; 5

What is brand trial? What stage is this?

Consumers have tried the brand; 3

What is brand preference? What stage is this?

Consumers like the brand and become repeat purchasers. They begin to develop emotional connections to the brand; 4

What is brand recognition? What stage is this?

Consumers recognize the brand and know what it offers versus competitors; 2

What is Umbrella Branding?

Family Branding- involves marketing many related products under one brand name. Creating huge brand equity for a single brand. Common with FMCG goods.

What is Complementary Branding?

Form of Co-Branding where 2 products are marketed together to encourage consumer cross branding Tie-in between a snack food and soft drink

Why do we use branding strategies?

Leveraging the power of the brand name to cover the market more effectively & Brand associations

What does Brand Loyalty equal?

Market Share

What are the most common ways positive brand equity helps companies? Examples?

Most common ways positive brand equity helps companies: financial benefits which enable a company to charge a price premium for that brand EX: TIffany's brand equity = a price premium is expected

What is Brand Extension?

Occurs when a firm uses an established brand name to introduce a new product. When a brand is combined with an existing brand the brand extension can also be called a sub-brand

What is the purpose of a flanker brand?

The new brand is designed to compete in the category without damaging the existing item's market share by targeting a different group of consumers

What is positive and negative energy effects of band equity?

The organization, products, services, and bottom line can benefit or suffer from brand equity

What is Brand Equity?

The tangible and intangible value that a brand provides positively or negatively to an organization, its products, its services, and its bottom-line derived from consumer knowledge, perceptions, and experiences with brand

What is tangible and intangible value of brand equity?

This can be tangible value such as revenues and price premium or intangible value such as awareness and goodwill

What is Visual Identity?

Trademark, Slogan, and Logotype (Symbol, Text, Combo)

What is category extension? Example?

Using the same brand to enter into a completely unrelated product segment; Sony appliances

What are ways a positive brand equity can expand a company? Examples?

Ways a positive brand equity can expand a company- successful brand extensions and expansions, increase brand sales and revenues, helps reduce cost EX: little need for awareness of a brand w/ deep equity

What is a Flanker Brand?

a new brand introduced into the market by a company that already has an establishment brand in the same product category

What types of branding strategies are examples of sub-branding?

brand extension, sub-brands, and umbrella branding

What are example of durable goods?

cars, books, appliances, furniture, electronics, sports, equipment, jewelry, toys

What are example of non-durable goods?

cosmetics, cleaning products, food, fuel, medications, paper products, clothing, footwear

What is Sub-branding?

creating new brands which are part of the parent brand family- but has its own brand name also known as Brand extension and subsidiary brand

What is Line Extension? Examples?

the use of an established product brand for a new item in the same product category EX: New flavors, colors, added ingredients and package size, "Diet" or "Cherry flavored"

What is Ingredient Branding?

where a component or an ingredient of a product or service is pulled into the spotlight and given it's own identity