Brand Management Course Review

These flashcards cover key terminology and concepts related to brand management, including definitions and relevance in marketing.

Brand

A name, term, sign, symbol, or design intended to identify and differentiate the goods and services of one seller or group from those of the competition.

Brand Equity

The value added to a product by having a well-known brand name.

Brand Strategy

The long-term plan for the development of a successful brand in order to achieve specific goals.

Brand Lifecycle

The stages of a brand’s existence in the market, including introduction, growth, maturity, and decline.

Brand Positioning

The process of positioning your brand in the mind of your customers.

Augmented Product

Additional attributes or benefits that distinguish a product from competitors.

Functional Risk

The risk associated with the product’s ability to perform its function.

Psychological Risk

The risk that a product may not meet the self-image or emotional needs of the consumer.

Brand Audit

A thorough examination of a brand’s position in the marketplace.

Digital Branding

The use of digital channels and platforms to build and manage a brand.

Consumer Promise

The expectation that a brand will deliver a specific experience or benefit.

Competitive Advantage

An advantage over competitors gained by offering consumers greater value.