2.07 Brand Marketing Vocabulary Terms

Mission Statement

A brief summary of what a business owner wants a business to be doing.

Brand Promise

A business's agreement (spoken or unspoken) with customers that it will consistently meet their expectations and deliver on its brand characteristics and values

Brand Symbol

A business's distinctive logo, design, or group of letters that cannot be spoken but are used to establish brand identity; often used in conjunction with a brand name.

Warranty

A promise made by the seller to consumer that the seller will repair or replace a product that does not perform as expected.

Guarantee

A promise made by the seller to the consumer that the seller will refund the consumer's purchase price if the product doesn't perform as expected.

Product Recall

A request to return to the maker a batch of products or an entire production run of a product due to safety issues.

Vision Statement

A summary of what a business owner wants a business to become.

Expressed Warranty

A written warrantee expressed in a specific statementconcerning the quality of the product. (can be oral or written statement)

Touch Points

All oppportunities which businesses have to connect with customers and reinforce their brand value.

Brand

All the combined impressions and experiences associated with a particular company, good, or service.

Implied Warranty

An unwritten warranty unstated because it is understoodby both the consumer and the seller that the product will perform as expected. Ex. A toaster should toast.

Core Values

Brand values and beliefs or qualities that a brand stands for and is built around.

Brand Loyalty

Customers' allegiance and loyalty to a particular brand.

Selling Policies

Guidelines for selling in an organization. How products will be sold.

Service Policies

Guidelines for servicing customers.

Trademark

Legal method for protecting brands from misuse externally; represented by the registration mark or TM trademark.

U.S. Patent and Trademark Office

Office of the federal government responsible for issuing, administering, and enforcing U.S. patents and trademarks.

Grades

Ratings assigned to products that tell to what extent standards were met.

Standards

Specifications that are used as a basis for comparing or judging goods or services.

Brand Name

That part of the brand identity that can be spoken, including words, phrases, letters, numbers, or any combination of these.

Brand Champion

The person in a business who is responsible for making the brand come alive and for sustaining it; usually the business owner, president or CEO.

Limited Warrany

This warranty covers only certain repairs or parts.

Full Warranty

This warranty covers the ENTIRE product.

Brand Identity

Those elements that are instantly recognized as representing a particular business or product.

Terms-of-the-sale Policies

What conditions apply to each type of sale.