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
   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?

Brand equity is the differential effect that knowing the brand name has on the customer response. It's the marketing and financial value associated with the brand in the market.

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?

1. Brand positioning
2. Brand name selection
3. Brand sponsorship
4. Brand development
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Brand sponsorship can be achieved in 3 ways, which?

1. Store brand
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.

- Line extension
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?

1. Line extensions
2. Brand extensions
3. Multibranding
4. New brands

On which four factors is brand equity build up on?

1) Brand awareness
2) Brand loyalty
Loyalty reduces the vulnerability of the brand. It's about recognition, preference and instance.
3) Brand quality
4) Brand association

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