Podcast
Questions and Answers
What is one primary advantage for local brands over global brands?
What is one primary advantage for local brands over global brands?
- Higher marketing budgets
- Global operational support
- Adaptation to unique local tastes or needs (correct)
- Wider international recognition
Which factor influences a consumer's preference for global versus local brands?
Which factor influences a consumer's preference for global versus local brands?
- Brand advertising frequency
- Product availability
- Social media usage
- Desire to be different versus similar (correct)
What type of branding uses one brand name as a quality label for another brand name?
What type of branding uses one brand name as a quality label for another brand name?
- Ingredient branding
- Co-branding
- Endorsement branding (correct)
- Dual branding
What is a prerequisite for ingredient branding?
What is a prerequisite for ingredient branding?
Which strategy involves multiple brands cooperating in product development?
Which strategy involves multiple brands cooperating in product development?
What is one of the benefits of dual branding strategies?
What is one of the benefits of dual branding strategies?
What aspect does a company's strategy need to align with to effectively target their audience?
What aspect does a company's strategy need to align with to effectively target their audience?
What is ingredient branding primarily focused on?
What is ingredient branding primarily focused on?
What are the two main types of components that make up a brand?
What are the two main types of components that make up a brand?
Why is long-term investment in brand value often compromised?
Why is long-term investment in brand value often compromised?
How is brand equity defined?
How is brand equity defined?
What is the role of marketing communications in brand management?
What is the role of marketing communications in brand management?
Which element cannot be verbalized and represents part of a brand's identity?
Which element cannot be verbalized and represents part of a brand's identity?
What is often overlooked in modern marketing strategies despite its importance?
What is often overlooked in modern marketing strategies despite its importance?
What describes a brand portfolio?
What describes a brand portfolio?
What does a trademark indicate about a brand?
What does a trademark indicate about a brand?
What is one of the six strategic options that brands can choose?
What is one of the six strategic options that brands can choose?
Which strategy is considered more effective than waiting and doing nothing?
Which strategy is considered more effective than waiting and doing nothing?
What advantage does producing private labels provide to manufacturers?
What advantage does producing private labels provide to manufacturers?
Why might a company choose to produce private labels?
Why might a company choose to produce private labels?
What is a primary characteristic of generic brands?
What is a primary characteristic of generic brands?
What typically allows for the introduction of generics in pharmaceuticals?
What typically allows for the introduction of generics in pharmaceuticals?
What is often seen as a detrimental effect of reducing price gaps and introducing value-anchors?
What is often seen as a detrimental effect of reducing price gaps and introducing value-anchors?
Which of the following is a condition for successful brands?
Which of the following is a condition for successful brands?
What is a benefit of strong brands for manufacturers?
What is a benefit of strong brands for manufacturers?
Which factor is crucial for getting a brand into the evoked set of consumers?
Which factor is crucial for getting a brand into the evoked set of consumers?
How does brand awareness influence consumer buying behavior?
How does brand awareness influence consumer buying behavior?
What advantage do well-known brands have in retail distribution?
What advantage do well-known brands have in retail distribution?
What outcome does high perceived quality of a brand lead to?
What outcome does high perceived quality of a brand lead to?
How does brand imagery impact competitive positioning?
How does brand imagery impact competitive positioning?
What role does good product performance play in branding?
What role does good product performance play in branding?
What can a strong brand personality induce in consumers?
What can a strong brand personality induce in consumers?
What characterizes a brand community?
What characterizes a brand community?
How do brand communities influence customer loyalty?
How do brand communities influence customer loyalty?
What is one psychological benefit a consumer might derive from strong branding?
What is one psychological benefit a consumer might derive from strong branding?
What advantage does branding provide to retailers?
What advantage does branding provide to retailers?
Which of the following is NOT a benefit of strong branding for consumers?
Which of the following is NOT a benefit of strong branding for consumers?
What is a potential outcome of managing brand communities effectively?
What is a potential outcome of managing brand communities effectively?
What type of events does Jeep organize to foster its brand community?
What type of events does Jeep organize to foster its brand community?
Which of the following best describes the relationship between branding and innovation potential?
Which of the following best describes the relationship between branding and innovation potential?
What does 'commitment' in brand management primarily refer to?
What does 'commitment' in brand management primarily refer to?
How is 'responsiveness' defined in the context of brand management?
How is 'responsiveness' defined in the context of brand management?
What does 'differentiation' mean for a brand?
What does 'differentiation' mean for a brand?
Which statement best describes 'consistency' in brand experience?
Which statement best describes 'consistency' in brand experience?
Which of the following best represents 'presence' in branding?
Which of the following best represents 'presence' in branding?
What is meant by 'engagement' with a brand?
What is meant by 'engagement' with a brand?
What is the implication of having deep brand awareness?
What is the implication of having deep brand awareness?
Why is a well-known brand generally considered more valuable?
Why is a well-known brand generally considered more valuable?
Flashcards
What is a brand?
What is a brand?
A unique name, symbol, or design that identifies a product or service from competitors, creating a distinct identity. It's a set of tangible cues like logo and packaging, and intangible cues like brand personality and customer experience.
What is a trademark?
What is a trademark?
The legal protection that grants exclusive rights to use a specific brand name, logo, or design.
What is a brand mark?
What is a brand mark?
The unspoken part of a brand, typically a symbol, design, or specific packaging. It's what you see but can't say.
What is a brand name?
What is a brand name?
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What is brand equity?
What is brand equity?
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What is a brand portfolio?
What is a brand portfolio?
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What is the role of marketing communications in brand building?
What is the role of marketing communications in brand building?
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What is a good brand?
What is a good brand?
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Governance
Governance
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Differentiation
Differentiation
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Responsiveness
Responsiveness
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Consistency
Consistency
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Presence
Presence
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Engagement
Engagement
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Commitment
Commitment
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Relevance
Relevance
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Strategic Options for National Brands
Strategic Options for National Brands
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Increasing Distance Through Brand Equity
Increasing Distance Through Brand Equity
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Reducing the Price Gap
Reducing the Price Gap
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Introducing a Value-Anker
Introducing a Value-Anker
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Wait & Do Nothing
Wait & Do Nothing
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Producing (Premium) Private Labels
Producing (Premium) Private Labels
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Investing in Brand Image
Investing in Brand Image
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Generic Brands
Generic Brands
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Local-Minded Consumer
Local-Minded Consumer
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Global-Minded Consumer
Global-Minded Consumer
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Co-Branding
Co-Branding
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Ingredient Branding
Ingredient Branding
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Endorsement Branding
Endorsement Branding
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Local Brand Advantages
Local Brand Advantages
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Global Companies Acquiring Local Brands
Global Companies Acquiring Local Brands
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Targeting Consumer Mindset
Targeting Consumer Mindset
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Brand Community
Brand Community
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Brand Fests
Brand Fests
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Brand Loyalty
Brand Loyalty
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Brand Equity
Brand Equity
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Retailer Benefits of Branding
Retailer Benefits of Branding
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Reduced Perceived Risk in Purchasing
Reduced Perceived Risk in Purchasing
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Psychological Reward of Branding
Psychological Reward of Branding
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Branding and Innovation
Branding and Innovation
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What is Brand Awareness?
What is Brand Awareness?
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What is Perceived Quality?
What is Perceived Quality?
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What is Customer Loyalty?
What is Customer Loyalty?
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What is Brand Power?
What is Brand Power?
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How do brand equity components affect a brand's value?
How do brand equity components affect a brand's value?
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How does brand equity benefit consumers?
How does brand equity benefit consumers?
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How does brand equity benefit manufacturers?
How does brand equity benefit manufacturers?
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Study Notes
Brands
- Brands have always been important in marketing, crucial for long-term success in a changing market.
- Short-term profits are sometimes prioritized over long-term brand building.
- Brands are valuable assets, also known as brand equity.
- A brand is a name, term, sign, symbol, or design (or a combination of these) that identifies goods or services of one seller and differentiates them from competitors.
- A brand name can be spoken (e.g., BMW) and a brand mark cannot (e.g., Mercedes logo).
- A trademark is legal designation for exclusive use of a brand.
- Brands can add value (rational/tangible or symbolic/emotional/intangible).
- Brand associations include intrinsic (like performance, price) and extrinsic (like imagery, lifestyle).
- Brands are used by consumers to express self-expression, develop relationships, and gain loyalty.
- Brand names, logos, and other elements should be memorable, meaningful, likeable, adaptable, transferable, and protectable.
- They should be easily said, spelled, and remembered.
- Brands should be transferable across product categories and geographies, easily pronounced in different languages, and culturally neutral.
- Three main brand categories are: manufacturer (by manufacturer), own-label (by retailer or wholesaler), and generic (product category).
Successful Brands
- Successful brands are differentiated and perceived as having unique benefits.
- They are positioned on quality and added value; their superior quality is a key differentiator.
- Leading brands must constantly innovate to stay ahead of the competition.
- Complete commitment from leadership and employees is crucial for maintaining a positive brand image.
- Internal marketing (training and communication to staff) is essential.
Brand Strategies
- Decisions must be made about whether to brand a product, as this is not necessary for all categories.
- When a brand is chosen, various strategies can be implemented including: multi-branding, line extension, or global branding.
Brand Equity
- Brand equity represents the overall value of a brand, both for the company and consumers.
- Consumers develop values and relationships with brands.
- It can be financial, or measure the marketing strength behind a product.
- Various factors contribute to perceived value.
- Consumer-focused brand equity is more important than financial brand equity, and is the marketing value created from a brand.
Brand Communications
- Communications are essential, especially in the long term.
- Consistent marketing messages are important.
- Use of different channels (like TV and print) or communications tools is important.
- Avoid harmful activities like frequent pricing promotions.
Brand Performance and Imagery
- Alternating between performance and imagery communications helps create a richer brand network of associations.
- Performance-related factors can include product attributes and capabilities.
- Imagery-related factors can include brand personality and target user.
- Deeper and broader awareness is crucial to building brand equity.
Brand Portfolio
- A brand portfolio needs strategy to optimise market share with different products or brands.
- Products and brands must be distinctive and not overlap too much to avoid confusing customers.
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