MKTG 300 Exam 2 (Brand Management)

Brand

A name, term, symbol, design, or combination thereof that identifies a seller's product and differentiates them from competitors' products

Brand Relationships

A symbol of the perceptions and feelings about a product and its peformance

Brand Equity

The positive differential effect that knowing the brand name has on customer response to the product or service

Brand Awareness

Consumers' ability to recognize and identify the brand

Image and Brand associations

The perception of the brand in people's minds (accurate or not)

Purpose of brands

Provide a sense of belonging, help signal and portray desired identities, provide a standard of quality, convenience

Brand Positioning

Making brand related decisions to ensure that the brand clearly represents a distinct position in the consumer mind

Product Attributes

Least effective way to position a brand, easy for others to copy, and is boring

Product Benefits

Creates an association with the brand and the desirable benefit

Beliefs and Values

Creating a deep emotional connection with the customer

Manufacturer/National Brands

Most brands are in this form; typically the owner of the brand also produces the brand

Private/Store Brands

Brands that retailers establish

Licensed Brands

A product that is using a different brand where the owner of the brand licenses its use out to producers/manufacturers to use on their own products

Co-Branding

Two or more brands teaming up to issue a new product/line extension

Brand Development and Strategic Branding Decisions

Knowing when to use an existing brand or invent a new brand

Line Extensions

Releasing a new product that is part of an existing product category that you are already involved in and using the same exact brand name

Brand Extension

Releasing a new product in a product category that you are currently not already involved in/not known for but using the same brand name you have been using in other product categories

Multi-Brands

Releasing products within a product category that you are already involved in but under a different brand name

New Brands

Releasing products within a product category that you are NOT already involved in (or not well known for) and under a different brand name/and or logo

Advantages of Perceptual Map

Helps spot gaps in the market, useful for analyzing competitors, useful to set up brand positioning strategy

Disadvantages of Perceptual Map

There is a "gap" does not mean there is a demand, the reliability of marketing research, the differences in the map cannot represent the real values because the map is based on customers' perception