Branding Midterm Exam 2

Brand Equity

The commercial value that derives from consumer perceptions of the brand, rather than the product or service itself; should always be from the perspective of the consumer

Brand Awareness

The extent to which consumers are able to recall or recognize a brand under different conditions; a source of brand equity and consists of brand recognition/aided awareness and brand recall/unaided awareness

Brand Associations

A mental connection a customer makes between a brand and a concept, image, emotion, experience, person, interest, or activity; types include attribute, interest, attitude, or celebrity based

Brand Image

Consumers’ perceptions about a brand as reflected by the brand associations

Brand Positioning

The act of designing the company’s offer and image so that it occupies a distinct and values place in the target consumers’ minds and allows for a company to differentiate itself from competitors; positioning strategies include customer service, convenience-based, price-based, quality-based, and differentiation

Target Customer/Audience

A component of brand positioning; the description of the behavior and demographic characteristics of the people you want to attract to your brand

Market Definition/Competitive Reference

A component of brand positioning; the market category in which a brand competes and what kind of consumer it relates to

Brand Promise/Unique and Important Claim

A component of brand positioning; the advantage (emotional/rational) your brand provides to your target consumers that no one else can take away or replicate

Reason to Believe

A component of brand positioning; proof that supports the claim that your brand is living up to its brand promise

Consumer Segmentation

Divides the market into distinct groups of homogenous consumers who have similar needs and consumer behavior

Points-of-Difference (PODs)

Attributes or benefits that are strongly associated with a brand and are often unique to a brand

Points-of-Parity (POPs)

Not unique to the brand but may be shared with other brands

Brand Elements

“Trademark-able” devices that serve to identify and differentiate the brand; includes logos, symbols, spokespeople, naming, packaging, slogans/taglines, URLs

Brand Identity

The entire set of brand elements and the contribution of all brand elements to awareness and image

Line Extension

A type of brand extension that adds a different variety, a different form or size, or a different application for the brand

Category Extension

A type of brand extension where marketers apply the parent brand to enter a different product category from the one it currently serves

Co-Branding

When two or more existing brands are combined into a joint product or are marketed together in some fashion

Licensing

Arrangements whereby firms can use names, logos, and characters of other brands to market their own brands for a fee

Marketing Communications

Means by which firms attempt to inform, persuade, and remind customers about the brands they sell

Integrated Marketing

A strategy for providing a cohesive, holistic brand narrative across all platforms where the brand chooses to advertise; ensures brand consistency regardless of where buyers would want to connect with the brand

Consumer Promotions

A type of promotion that is designed to change the choices, quantity, or timing of consumers’ product purchases

Trade Promotions

A type of promotion designed either to secure shelf space and distribution for a new brand, or to achieve more prominence on the shelf and in the store

Brand Architecture

Defines the role of each brand and acts as a guideline for the inter-relationship between the brands in an organization; helps marketers to determine which products and services to introduce and which brand elements to use

Branded House Strategy

Umbrella corporate or family brand for all its products, where each product feeds into the master brand’s identity

House of Brands Strategy

Collection of individual brands all with different names, where each brand is promoted separately

Sub-Brands

Brand extension in which the new product carries both the parent brand name and a new name

Brand Portfolios

Includes all brands sold by a company in a product category

Brand Hierarchy

A useful means of graphically portraying a firm’s branding strategy by displaying the number and nature of common and distinctive brand elements across a firm’s products

Brand Value

The worth of the brand in monetary terms, or the worth of the brand in the market

Quantitative Research

The process of collecting large amounts of data through surveys, questionnaires, and polling methods; purpose is to glean reliable, standardized facts and statistics to guide key business questions

Qualitative Research

Involves determining customer motivation through close observation, typically in a small group or face-to-face encounter; purpose is to go deeper into understanding insights into customer motivation and emotion