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