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7.Branding & Loyalty
na
24
Marketing
Undergraduate 2
06/12/2011

Additional Marketing Flashcards

 


 

Cards

Term
What is Branding?
Definition
A marketing activity which usually functions as a Heuristic
Term
What is a brand?
Definition
The name associated by the manufacturer with their product. It allows for market differentition and it can often be a trademark
Term
What is brand equity?
Definition
A brand that has strong associations and commands a lot of loyalty
Term
5 Major drivers of brand equity
Definition

1. Name awareness

2. Perceived quality

3. Brand loyalty

4. Positive association

5. Other assets

Term
What is Brand Value?
Definition

Brand equity leads to brand value

Brand value is measured by the future cash flows generated by a brand

 

Term
What is a mega brand?
Definition
Well known brands that become global, culture icons well known and enjoy powerful advantage over other brands
Term
What is co-branding?
Definition

Double branding - 2 brand names are featured on 1 product

 

Usually done to use one brands equity to enhance anothers

Term
What is brand personality?
Definition
The traits people attribute to a product as if it were a real person
Term
What is brand personification?
Definition
Specific characteristics ascribed by people to different brands
Term
What are the 5 brand personality dimensions?
Definition

 

Sincerity
Excitement
Competence
Sophistication
Ruggedness
Term
How do consumers handle risk?
Definition

By seeking information

Consumers are brand loyal

Consumers select by brand image

Consumers rely on store image

Consumers buy the most expensive model

Consumers seek reassurance

Term
What is inertia?
Definition
The process where consumers decide what to buy out of habit and lacks the motivation to seek alternatives
Term
What is brand loyalty?
Definition
A form of repeat purchasing behaviour reflecting a conscious decision to decision to keep buying the same brand
Term
What is brand parity?
Definition
Consumers beliefs that there are no significant differences amoung brands
Term
What are the 4 types of loyalty?
Definition

          No loyalty - No purchase at all and no cognitive attachment to the brand

          Covetous loyalty - No purchase but strong attachment and predisposition toward the brand that was developed from the person’s social environment

          Inertia loyalty - Purchasing the brand because of habit and convenience but without any emotional attachment to the brand

          Premium loyalty -  High attachment to the brand and high repeat purchase

Term
What are the 4 types of brand relationship?
Definition

 

Self-concept attachment: The product helps to establish the user’s identity
Nostalgic attachment: The product serves as a link with a past self
Interdependence: The product is a part of the user’s daily routine
Love: The product elicits bonds of warmth, passion or other strong emotion
Term
What are the 4 patterns of loyalty?
Definition

          Undivided loyalty: Within a product category, the consumer buys just one of the brands

          Divided loyalty: The consumer buys from a repertoire of alternative brands in a product category on different buying occasions

          Unstable loyalty: Which is really brand switching because the consumer switches from ‘undivided’ loyalty to one brand to a similarly regular pattern for another brand

          No loyalty: The consumer doesn’t even buy from a repertoire of brands, but appears to buy haphazardly from all the brands available

Term
Who are brand switchers?
Definition

Consumers who show no brand loyalty

Those who seek to obtain bargains

Represent greater market potential than those who are already loyal

Term
What are consumer innovators?
Definition
A key segment who are usually a prime target for new products. They tend not to be brand loyal
Term
What are the keys to maintaining customer loyalty?
Definition

S.E.A.T

 

Switching costs

Emotional bonds

Alternatives

Time and effort

Term
What is a brand community?
Definition

    A set of consumers who share a set of social relationships based upon usage or interest in a product.

Term
What is a consumer tribe?
Definition

       A group of people who share a lifestyle and who can identify with each other because of a shared allegiance to an activity or product.

Term
What is brand fests?
Definition
Usually organized by companies to promote and celebrate their brands, and often used to encourage the development of brand communities in order to build brand loyalty and reinforce group membership
Term
What is the aim of a brand loyalty program?
Definition

To build loyalty by rewarding consumers on their cumulative purchases over time

 

To keep customers by providing them with value and satisfaction

 

To increase the spending of existing customers

 

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