marketing_StudyGuide - Marketing Study Guide Final Exam...

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Marketing Study Guide: Final Exam December 11 th 7-9:30pm Rm. 196 a) Branding, brand loyalty, brand equity Brand- a name, term, design, symbol or other feature that identifies a seller’s products and differentiates them from competitors’ products Brand name- the part of a brand that can be spoken, including letters, words, and numbers Brand mark- the part of a brand not made up of words, such as a symbol or design Trademark- a legal designation of exclusive use of a brand or a part of a brand; others are prohibited by law from using it Trade name- the full legal name of an organization Provides familiarity, comfort, lower risk, loyalty Loyalty: o Brand awareness/recognition o Preference o Insistence Requirements of an Effective brand name: o Easy to say o Easy to spell o Easy to recall o Communicates product benefit o Suggests uses or special features o Distinctive Name should be for customers including foreign buyers, indicated product’s major benefits, should be distinctive Service brand usually same as company name, establish strong brand recognition, use names to create image of value and friendly, timely, responsible, accurate, and knowledgeable customer base From most protectable to least, brand types: fanciful, arbitrary, suggestive, descriptive, generic Individual branding: a branding policy in which each product is given a different name; major advantage is if organization introduces poor product, negative images associated will not contaminate other products; facilitate market segmentation Family branding- branding all a firm’s products with the same name or part of the name promotion of one item within family promotes firm’s other products Brand extension- organization uses one of its existing brands to brand a new product in a different product category; may be opportunity to charge a premium price relative to comparable products when extending a strong brand in a new product category
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Co-branding: using two or more brands on one product; marketers use to capitalize on brand equity of multiple brands; effective use capitalizes on trust and confidence customers have in brands involved Co-branding- combination of 2+ brands; has shared risk if one aspect goes down, so does the other Any problem with one brand can tarnish the other Brand licensing- agreement whereby a company permits another organization to use its other organization to use its brand on other products for a licensing fee Brand equity- the marketing and financial value associated with a brand’s strength in a market Major elements of brand equity o Brand name awareness Leads to brand familiarity, results in level of comfort with brand o Brand loyalty Reduces brand’s vulnerability to competitors’ actions Allows org. to keep existing customers Loyal customers provide brand visibility and reassurance to potential new customers o Perceived brand quality Many cases customers can’t judge quality of product themselves
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marketing_StudyGuide - Marketing Study Guide Final Exam...

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