Branding and Brand Names Quiz

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• Not likely outdated: Relevant and timeless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