Marketing Exam 3 Brands Wolter

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What is a brand?
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Terms in this set (17)
What is a brand?
Brand: the name or symbol (i.e. brand marks) that identifies a specific business' product or service
What is brand image, brand equity, and brand mark? (lecture and pgs 159-162)
o Branding: the process of endowing products with the power of a brand
o Brand image: the collection of associations, thoughts, and feelings that are evoked when exposed to a brand
o Brand equity: the financial value of a brand
o Customer- based brand equity: the differential effect of a brand on consumer responses to marketing
What does the Pespi Taste Challenge, Oldsmobile and Howard Johnsons, and Chevrolet, Levis, and Coca-Cola tell us about creating a powerful brand? (lecture)
o In coke vs pepsi taste study: when volunteers were told what they were drinking, Coke was the undisputed king (because of the volunteers' association with the brand)

o The coke slogan has been (more or less) focused around the same theme (happy, coke tastes good), whereas Levi's and Chevrolet are all over the map with their slogans
- What is brand awareness? Why does it matter (lecture)
o The extent a market recognizes or thinks of a brand. This is important because familiarity fosters liking
What are the three things a brand image can focus on?
Build image on leadership

Build image on key benefits

Build image around your customers
Building an image based on leadership
§ build image on leadership: brands that claim to be the biggest selling, the highest rated, the most popular, or some other legitimate type of leadership can add prestige to their brand image.
Building an image based on key benefits
§ Build image on key benefits: a common approach to branding is to strongly associate brands with certain key benefits. This is what Volvo did when it decided to tie its brand image to safety.
Building an image based around your customers
§ Build image around your customers: the brand seems consistent with their own self-images. Marketers can build brands to emphasize that their brands are right for certain types of people. Ex: Jif peanut butter has for years cultivated an image as the peanut butter for "choosy mothers"
Does brand image have to only focus on the brand?
NO
How do political stances affect consumers? Why is there more likely to be problems than benefits? What determines whether a political stance is more likely to be a net positive? (lecture)
More likely to be problems because the brand will no longer be able to capture customers who don't necessarily love the brand, but use it because of brand awareness.
§ Ex: P&G
What are brand extensions and co-branding? (lecture and pg 160-161)Co- brands: allow one branded product to feature another brand as a component part or ingredient o Brand extension: placing a brand name on multiple products § Ex: Breyers Reese's ice cream and Reese's peanut butterWhat are the different types of brand extensions?In-category and Out-categoryWhat is In-category brand extension?In-category (near-category): brand extensions that are in the same or very similar product categories as the original. Considered to be safe in the sense that consumers can easily connect the extension to the original productWhat is Out-category brand extension?Out-category: brand extension is in a completely different category as the original brand. Risky because as extensions get further away from the original, the connection between the extension and the original becomes weaker in consumers' minds. Example: virgin slide on pptWhat are the positive and negative outcomes of brand extensions?o Positive: improves odds of new product success. Positive feedback effects o Negative: brand dilution, negative feedback effectsWhat determines if a brand extension works?o Connection, strength of brand, and amount of successful connectionsHow can connection backfire?Trump example: Trump's brand's value started to shrink when he took office, leading all of his brand extensions to weaken as well