Products, services and brands: building customer value - Branding Strategy: Building Strong Brands
7 important questions on Products, services and brands: building customer value - Branding Strategy: Building Strong Brands
Name the decisions a company has to make regarding building a strong brand
- positioning
- brand name selection
distinctive, easy to remember and pronounce say something about good, legal protection
- brand sponsorship
store/ private brand
licensing
co-branding
national brand
- brand development
brand extension new product category, existing brand name
line extension existing product category, existing brand name
multi-brands existing product category, new brand name
new brands new product category, new brand
What is the difference between brand equity and customer equity and how are these two related?
Customer equity is the value of customer relationships that the brand creates.
These two are related in such a way the fundamental asset underlying brand equity is customer equity.
Name 4 strategies on how to build a strong brand?
2. Brand name selection
3. Brand sponsorship
4. Brand development
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Brand sponsorship can be achieved in 3 ways, which?
2. Licencing
3. Co-branding
Based on brand name and product category, we distinguish four brand development strategies: line extension, brand extension, multi brands and new brands. Elaborate on this.
Existing brand name, existing product category.
Existing brand names are changed to new forms, colors etc.
- Brand extension
Existing brand name, new product category
New or modified products are added in a new category.
- Multi brands
New brand name, existing product category
Market different brands in a given product category.
- New brands
New brand name, new product category
Power in existing brand is lower, so a new brand is needed.
Brand development can be achieved in 4 ways, which?
2. Brand extensions
3. Multibranding
4. New brands
On which four factors is brand equity build up on?
2) Brand loyalty
Loyalty reduces the vulnerability of the brand. It's about recognition, preference and instance.
3) Brand quality
4) Brand association
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
