Marketing Exam 3 Brands Wolter

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What is a brand?
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Terms in this set (17)
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 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