fashion brand exam 3

branding

branding

Branding is the process of using brand elements (e.g., name, symbol, design) to differentiate goods/services by providing distinct images, associations, and experiences related to the offerings and firms

brand image

the sum of a consumer's perceptions and feelings of a brand

brand elements

establish brand identity and personality

brand equity

the power of a brand lies in what consumers know about a particular brand

brand personality

human characteristics associated with a brand

brand salience

consumers' abilities to recognize, or have awareness of, any particular brand

consumer brand

brands for consumer use

industrial brand

brands working in business-to-business

private brand

produced by one entity and offered to consumers only through channels controlled by the entity

marketing strategies (4 waves)

mass marketing relationship marketing experiential marketing

merchandising

• Sourcing products

• Producing products

• Distributing products

• Selling products through retailing or wholesaling

Retailing vs. Wholesaling

retailing: is involved in the selling of goods to ultimate consumers for personal or household consumption wholesaling: is the sale and distribution of goods to retailers, or industrial, commercial, institutional, or other professional businesses

consumer behavior

is an ongoing process involved in obtaining, consuming, and disposing of products and services

4 consumer groups

gen y/millennials: 1981-1996, most willing to try new gen x: 1965-1980, smallest consumer group baby boomers: 1946-1964, largest group grey market: born before 1945, having $ to spend

risks of purchasing products

-Performance risks -Physical risks -Financial risks -Time risks -Social risks

brand knowledge

(awareness, image, familiarity) can reduce all of those risks of product decisions

what are factors influencing consumer behavior?

psychological social personal economic cultural

New Product Adoption Process

awareness- aware of product but lack of info interest- seeks info about new product evaluation- considers trying new product trial- tries new product adoption- consumer uses product regularly post-purchase evaluation- evaluations purchasing product

convenience product

• Regularly consumed • Low price level • Frequently purchased with little thought or planning • Alternative options are not considered • Examples: toothpaste, candy, water, soda, socks

shopping product

• Less frequently purchased than convenience products • Higher price level than convenience products • Planning and price/brand comparison are required • Alternative options are considered • Examples: TV, refrigerator, furniture, clothing (e.g., outerwear)

specialty product

• Less often purchased • High price level • Unique design • Brands are considered • Substitute products are not accepted • Examples: iPhone, iPad, designer label clothing, premium priced car, and upscale pen

unsought product

• Products consumers do not know or think to buy • Aggressive advertising and personal selling are needed • Examples: life insurance and cemetery plots

luxury product

are branded products driven by high quality, technical superiority, technological advancement, and unique craftsmanship

fashion product

are considered as shopping and specialty products • ex: apparel, shoes, accessory, cosmetics, and non-durable home goods

branding process (& 5 criteria)

1. Internal analysis

2. External analysis

3. Brand platform

4. Visual execution

5. Brand roadmap

brand briefs

written documents describing the essence of the brand to achieve strategic goals

creative briefs

A way to synthesize what the creative team needs to know in order to do responsible work aligned with the overall objectives of the project -Visually synthesize a brand

positioning briefs

finding the proper location in the minds of a group of consumers to earn financial profits

Brand Architecture

is hierarchy of brands within the company

4 types of brand architecture

monolithic: the body shop endorsed: polo/ralph lauren pluralistic: estee lauder, clinique subsidiary: nike's "air jordans"

Push vs Pull tactics

push: large number of items pull: limited number of items

Marketing 4 P's

product, price, promotion, and place

4 motivations

-Sensory motivations: how products appeal to physical perceptions -Social motivations: how the use of products will make users appear in relation to other people -Worrier or problem-solving motivations: how the use of products will solve or prevent perceived problem -Independent motivations: Other factors that will influence product use such as low price or extreme exclusivity

difference between Tangible and Intangible brand elements

tangible- physical intangible- abstract, beneficial

touch points are

places where brand elements are applied

Counterfeit goods vs knockoff

counterfeit- identical knockoff- similar

promotion

Marketing and advertising activities designed to communicate product and brand characteristics

sales promotion

Short-term incentives to encourage the purchase or sale of a product or service

advertisement

is thought of as any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor.

fashion brand experiences

are intentional, continuous, and uniform interactions between consumers and a fashion brand

4 E's (has picture on 2nd page of study guide)

entertainment esthetic educational escapist

brand extension

extending an existing brand name to new product categories

line extension

extension within the same product category. Adds a different variety, a different form or size, or a different application for the brand.

category extension

extension in a different product category. Applies the parent brand to enter a different product category from the one it currently serves.

brand value chain analysis

a structured approach to assessing the sources and outcomes of brand equity and the manner by which marketing activities create brand value

4 stages in brand value chain

Marketing Program Investment Customer Mindset Market Performance Shareholder Value

what are multipliers

are a set of separate variables found to affect how one stage of the brand value chain affects the next in the sequence

contributors to quality of marketing programs

clarity of the program relevance of the program distinctiveness of the program consistency of the program

6 main facets of brand relationship quality

• Love/passion • Self-concept connection • Interdependence • Commitment • Intimacy • Brand partner quality

market share

is the percentage of total sales volume in a market captured by a brand or company

shareholder value

is the price investors are willing to pay for a share of stock in a company

fashion brand portfolios

a collection of images of individual interior spaces, works of art, apparel or accessory items. In fashion, it includes illustrations, fabric swatches, photos, and artwork, but above all, it needs to tell a story.

multi-brand strategy/multiple branding

-Multi-brand strategy: marketing two or more similar brands owned by one company -Multiple brands provide similar products targeting similar groups of consumers

classification of types of portfolios

broad branding strategy: concerns how many and what kind of products are associated with one brand deep branding strategy: relates to the number of separate, distinct, individual brands offered by a company within one product group

fortification objectives

• Maintain positive brand associations among consumers • Keep consumers interested in the brand

leveraging objectives

Make the best use of available resources in the most efficient way

migration objectives

Establish a relationship with consumers

what do luxury brands focus on

craftsmanship exclusivity emotional experience heritage and experience hand-made by artisans rarity timeless innovation

conspicuous consumption vs symbolic consumption

• Conspicuous consumption refers to consumers' desires to provide prominent visible evidence of their ability to afford luxury goods • Symbolic consumption is a function of social stratification

fashion brand types (with examples)

mass fashion brand fast fashion brand massitge fashion brand fashion brand premium fashion brand luxury brand

hybrid brand

can be described as "affordable", "accessible," or "modern" paired with "luxury" ex: coach

marketing/sales funnel

consists of eight stages that represent different activities undertaken by consumers prior to their purchases

halo effect

the tendency for a related element benefit from being associated with the positive perception of its surrounding elements (e.g., J.Crew)

4 layers in marketing

awareness, familiarity, opinion, consideration

4 layers in sales

-choice analysis -destination decision -shopping experience -post purchase assessment

differences between revitalization, repositioning, rebranding

• Revitalization: Rejuvenation, keeping the same brand attributes targeting the same consumers, but seeking different messaging • Repositioning: Avoid changing brand attributes, seeking to reach new consumers • Rebranding: Reinvention, seeking a new name and new consumers, offering new products. It may use different channels of distribution

webroomers vs showroomers

• Webroomers: research products online, but purchase products in a physical store • Showroomers: visit physical stores to check out products and then buy them online

omni-channel retailing

Creating a seam-less cross-channel buying experience that integrates in-store, online, and mobile shopping

drivers in digital brand loyalty touchpoints

-Brand communities -Omnichannel communications -Social Influencers

social shopping

using the internet to communicate about product preferences with other shoppers