Branding and Brand Names Quiz

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Questions and Answers

What does the term 'brand' refer to?

The identity of a company, product, service, or entrepreneur.

What is the process called that involves integrating marketing strategies to build a product's identity?

Branding

Which of the following are considered 'Tangible Elements' of a brand?

  • Product itself (correct)
  • Price (correct)
  • Packaging (correct)
  • Location (correct)

What does 'Intangible' encompass in terms of a brand?

<p>The perception and relationship of customers with the brand.</p> Signup and view all the answers

What is considered a major differentiator for entrepreneurs against their competitors?

<p>Brand name</p> Signup and view all the answers

What are some key characteristics of a strong brand name?

<p>Easy to remember (A), Unique (B), Positive &amp; inspiring (C), Can describe product benefits (D), Extendable (E), Convertible to other languages (F)</p> Signup and view all the answers

What are some characteristics of an ideal brand name?

<p>Short &amp; simple (A), Pronounceable in only one way (B), Unlikely to become out -dated (C), Indicative of product benefits (D), Legally available for use (E), Non-offensive or negative (F), Easy to adapt (G), Easy to spell, pronounce &amp; remember (H)</p> Signup and view all the answers

Which type of brand name aims to clearly communicate the service offered by the company?

<p>Descriptive Brand Names (B)</p> Signup and view all the answers

Which type of brand name relies on wordplay for memorability?

<p>Lexical Brand Names (D)</p> Signup and view all the answers

Which of the following is NOT a characteristic of 'Modern Brand Names'?

<p>Short &amp; simple (B)</p> Signup and view all the answers

What is the primary function of a 'Business Model'?

<p>To describe how a company sells products to its customers.</p> Signup and view all the answers

What does 'Direct Selling' refer to?

<p>Selling products directly to customers.</p> Signup and view all the answers

What is the concept of 'Reselling'?

<p>Other businesses adding value to an existing product and then reselling it.</p> Signup and view all the answers

Describe the 'Franchising' business model.

<p>Using another company's successful business model in exchange for royalties or franchise fees.</p> Signup and view all the answers

How is 'Gross Profit' calculated?

<p>By subtracting direct costs (Cost of sales) from revenue.</p> Signup and view all the answers

What are 'Operating Expenses'?

<p>Expenses related to marketing, administration, and other operating activities.</p> Signup and view all the answers

How is 'Net Income' determined?

<p>By subtracting operating expenses from gross profit.</p> Signup and view all the answers

What is the definition of 'Value' in business?

<p>The worth, importance, or usefulness of a product or business.</p> Signup and view all the answers

Who are the driving force behind the creation of a business?

<p>Customers</p> Signup and view all the answers

Explain the concept of 'Value Proposition'?

<p>Identifying what makes a product unique and desirable in the market.</p> Signup and view all the answers

What are the key elements to consider in a 'Distribution Channel'?

<p>The means or methods used to deliver products or services to customers.</p> Signup and view all the answers

Why are 'Key Resources' essential for any business?

<p>They are the resources needed to operate and run a business.</p> Signup and view all the answers

What are 'Key Activities' in the context of a business?

<p>The essential actions or processes a business undertakes to achieve its value proposition.</p> Signup and view all the answers

What does 'Sales' aim to achieve in a business?

<p>Generate revenue by selling products or services.</p> Signup and view all the answers

Define 'Budgets' in the context of a business.

<p>The amount of money a business is willing to spend on its ventures.</p> Signup and view all the answers

What are 'Profits'?

<p>The amount of money a business earns after deducting all expenses from revenue.</p> Signup and view all the answers

What is the importance of 'Savings' for entrepreneurs?

<p>To set aside funds for future business growth and unexpected expenses.</p> Signup and view all the answers

Why is 'Business Registration' critical?

<p>To legalize and formalize a business operation, allowing it to operate legally and access government benefits.</p> Signup and view all the answers

Where should a single proprietorship be registered?

<p>Department of Trade and Industry (DTI)</p> Signup and view all the answers

What is the role of the Securities and Exchange Commission (SEC) in business registration?

<p>To register partnerships and corporations.</p> Signup and view all the answers

What is the purpose of a 'Barangay Clearance'?

<p>To ensure compliance with local rules and regulations.</p> Signup and view all the answers

Where does a business obtain a 'Mayor's Permit'?

<p>From the local municipality where the business is located.</p> Signup and view all the answers

What does a 'Statement of Assets, Liabilities, and Net Worth (SALN)' show?

<p>The financial worth of an individual or a business.</p> Signup and view all the answers

What is the key purpose of a 'Balance Sheet'?

<p>To present a summary of a business’s financial position at a specific point in time.</p> Signup and view all the answers

What does the 'Assets' section of a Balance Sheet represent?

<p>The resources that a business owns and uses to generate revenue.</p> Signup and view all the answers

What are the two main categories of cash assets?

<p>Cash-on-hand (physical cash available) and Cash-in-bank (funds held in bank accounts).</p> Signup and view all the answers

What does 'Inventory' consist of?

<p>Goods that a business intends to sell for profit.</p> Signup and view all the answers

Explain the meaning of 'Long-Term Assets'?

<p>Assets that a business retains for more than a year and are not easily converted into cash.</p> Signup and view all the answers

What is the significance of 'Liability' in a business?

<p>Obligations or debts that a business owes to external parties.</p> Signup and view all the answers

What do 'Equities' represent in the context of a company?

<p>The value of the company owned by the investors.</p> Signup and view all the answers

What is the most common form of trading business in the Philippines?

<p>Buy and Sell</p> Signup and view all the answers

Flashcards

Brand

The identity of a company, product, service, or entrepreneur.

Branding

Using marketing strategies to create a product's identity.

Tangible Elements

Physical aspects of a product like packaging, price, and location.

Intangible Elements

Customer perception and relationship with a brand.

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Brand Name

A unique identifier that separates an entrepreneur's product from competitors.

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Characteristics of a good brand name

Unique, extendable, easy-to-remember, descriptive, adaptable, positive, and not outdated.

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Descriptive Brand Name

Clearly explains a company's service in a simple way.

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Evocative Brand Name

A creative name that differentiates a brand, often singular and highlighting brand positioning.

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Invented Brand Name

A completely new name, unique and first in market.

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Lexical Brand Name

A brand name using wordplay (e.g., compound words, foreign words).

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Acronym Brand Name

Shortened form of a complete name (e.g., HP, KFC).

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Geographical Brand Name

Uses a location or geography as the brand name (e.g., Cebu Pacific).

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Founder Brand Name

A brand named after the founder (e.g., Ford, Disney).

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Alphanumeric Brand Name

Combining numbers and letters for a unique and memorable name (e.g. 7-Eleven).

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Modern Brand Name

Brand names that are compound and complex, having multiple meanings.

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Mixed Brand Name

Brand name made from different parts or multiple languages, ideas.

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Business Model

How a company sells to customers.

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Direct Selling

Selling directly to customers without intermediaries.

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Net Income

Profit after deducting costs (e.g., cost of sales).

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Value Proposition

The unique value a product offers compared to competitors.

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Distribution Channel

The ways a product reaches customers.

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Study Notes

Branding and Brand Names

  • Brand refers to the identity of a company, product, service, or entrepreneur.
  • Branding is the method of integrating marketing strategies to define a product's identity.
  • Tangible brand elements include the product itself, packaging, price, and location.
  • Intangible elements are the customer perception and relationship with the brand.
  • Brand name is a key differentiator against competitors.

Characteristics of a Good Brand Name

  • Unique: Distinct from other brand names.
  • Extendable: Capable of use across various products or services.
  • Easy to Remember: Memorizable and easily recalled.
  • Descriptive of Product/Service Benefits: Clearly communicates the product's advantages.
  • Adaptable to Other Languages/Dialects: Can be used in different linguistic variations.
  • Positive and Inspiring: Evokes positive feelings and emotions.

Ideal Brand Name Characteristics

  • Short and Simple
  • Easy to spell, pronounce, and remember

Types of Brand Names

  • Pronounceable (single way): easily spoken, avoids ambiguity
  • Indicative of product benefits: clearly highlights advantages
  • Adaptable: Can easily be adjusted to other contexts
  • Non-offensive/negative: Avoids negative connotations
  • Not likely outdated: Relevant and timeless
  • Legally available: Unique and not already in use
  • Descriptive: Explains the offered service/product
  • Evocative: Creates imagery and powerful associations
  • Invented: Unique and innovative brand names
  • Lexical (wordplay): uses words or word combinations to create memorable effects
  • Acronym: Brand names formed from initial letters of words
  • Geographical: Names derived from locations
  • Founder: Names after the company founder
  • Alphanumeric: Combines letters and numbers

Business Models and Financials

  • Business Model: The method a company uses to sell its products or services.
  • Bricks & Mortar: Offline retail experience
  • Clicks: Online business model
  • Direct Selling: Direct sales to consumers
  • Reselling: Reselling existing products or services to customers
  • Franchising: Using a successful business model with royalties
  • Gross Profit: Revenue after deducting direct costs
  • Operating Expenses: Expenses like marketing, administration
  • Net Income: Profit after deducting all expenses
  • Value Proposition: Unique aspects of a product/service
  • Distribution Channel: Methods of reaching customers
  • Key Resources: Necessary resources for business operation
  • Key Activities: Crucial tasks to achieve the value proposition
  • Sales: Revenue generated by product/service implementation
  • Budgets: Allocated funds for business operations
  • Profits: Revenue generated after deducting costs and expenses
  • Savings: Funds reserved for future use
  • Business Registration: Company registration with relevant government bodies
  • DTI: Department of Trade and Industry (for single proprietorship registration)
  • SEC: Securities and Exchange Commission (for partnerships/corporations)
  • Barangay Clearance: Verification from local government
  • Mayors Permit: Permission from local authority for business operation
  • SALN: Statement of Assets, Liabilities and Net Worth
  • Balance Sheet: Detailed summary of a company's financial position

Financial Statements and Assets

  • Assets: Company resources (cash, inventory)
  • Cash: Ready-available money
  • Inventory: Items ready for sale
  • Long-Term Assets: Assets used beyond one year (equipment)
  • Liabilities: Amounts owed by the company
  • Equities: Amounts invested in the company
  • Buy & Sell: Business model commonly used in various retail establishments

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