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Definition
| A marketing activity which usually functions as a Heuristic |
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| The name associated by the manufacturer with their product. It allows for market differentition and it can often be a trademark |
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| A brand that has strong associations and commands a lot of loyalty |
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| 5 Major drivers of brand equity |
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Definition
1. Name awareness
2. Perceived quality
3. Brand loyalty
4. Positive association
5. Other assets |
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Brand equity leads to brand value
Brand value is measured by the future cash flows generated by a brand
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| Well known brands that become global, culture icons well known and enjoy powerful advantage over other brands |
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Double branding - 2 brand names are featured on 1 product
Usually done to use one brands equity to enhance anothers |
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| What is brand personality? |
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Definition
| The traits people attribute to a product as if it were a real person |
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| What is brand personification? |
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Definition
| Specific characteristics ascribed by people to different brands |
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| What are the 5 brand personality dimensions? |
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Definition
◦Sincerity
◦Excitement
◦Competence
◦Sophistication
◦Ruggedness |
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| How do consumers handle risk? |
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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 |
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Definition
| The process where consumers decide what to buy out of habit and lacks the motivation to seek alternatives |
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Definition
| A form of repeat purchasing behaviour reflecting a conscious decision to decision to keep buying the same brand |
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Definition
| Consumers beliefs that there are no significant differences amoung brands |
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Term
| What are the 4 types of loyalty? |
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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 |
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| What are the 4 types of brand relationship? |
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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 |
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| What are the 4 patterns of loyalty? |
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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 |
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Definition
Consumers who show no brand loyalty
Those who seek to obtain bargains
Represent greater market potential than those who are already loyal |
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| What are consumer innovators? |
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Definition
| A key segment who are usually a prime target for new products. They tend not to be brand loyal |
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| What are the keys to maintaining customer loyalty? |
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Definition
S.E.A.T
Switching costs
Emotional bonds
Alternatives
Time and effort |
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Term
| What is a brand community? |
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Definition
A set of consumers who share a set of social relationships based upon usage or interest in a product. |
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| What is a consumer tribe? |
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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. |
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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 |
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| What is the aim of a brand loyalty program? |
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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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