Term
| what do brands represent? |
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Definition
| consumers' perceptions and feelings aobut a product and its performance |
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Term
| what is a measure of a brand's equity? |
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Definition
| the extent to which customers are willing to pay more for the brand |
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Term
| what competitive advantages does high brand equity provide a company? |
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Definition
1. enjoy a high level of consumer brand awareness and loyalty
2. because consumers expect stores to carry the brand, the company has more leverage in bargaining with resellers
3. because the brand name carries high credibility, the company can easily launch line and brand extentions
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Term
| what is the fundamental asset underlying brand equity? |
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Definition
| customer equity--the value of the customer relationship that the brand creates |
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Term
| what are desirable qualitities for a brand name? |
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Definition
1. should suggest something about the product's benefits and qualities
2. should be easy to pronounce, recognize and remember (short names help)
3. brand name should be distinctive
4. should be extendable
5. should translate easy into foreign languages
6. should be capable of registration and legal protection
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Term
| what brand has dominated the retail scene? |
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Definition
| manufacturers' brand (or national brand) |
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Term
| what are line extentions? |
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Definition
| when a company introduces additional items in a given product category under the same brand name such as new flavors, forms, colors, ingredients, or package sizes |
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Term
| what is the risk of line extentions? |
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Definition
| overextended brand can cause consumer confusion or frustration |
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Term
| what is a brand extention? |
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Definition
involves the use of a successful brand name to launch new or modified products in a new category
gives a new product instant recognition and faster acceptance |
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Term
| what is the risk of brand extention? |
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Definition
may confuse the image of the main brand
if a brand extention fails, it may harm consumer attitudes toward the other products carrying the same brand name |
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Term
| what does multi-branding do? |
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Definition
offers a way to establish different features and appeal to different buying motives
it also allows a company to lock up more reseller shelf space |
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Term
| what is the drawback of multi-branding? |
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Definition
each brand might obtain only a small market share, and none may be very profitable
offering too many new brands can result in a company spreading its resources too thin |
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Term
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Definition
| store brands or distributor brands |
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Term
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Definition
| payments from the manufacturers before retailers will accept new products and find "slots" for them on their shelves |
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Term
| what brand yields higher profit margins for the reseller? |
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Definition
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Term
| what is the fastest growing licensing category, and how? |
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Definition
corporate brand licensing
more and more for-profit and not-for-profit organizations are licensing their names to generate additional revenues and brand recognition |
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Term
| what are the advantages of co-branding? |
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Definition
because each brand dominates in a different category, the combined brands create broader consumer appeal and greater brand equity
co-branding allows a company to expand its existing brand into a category it might otherwise have difficulty entering alone |
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Term
| what are the limitations of co-branding? |
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Definition
such relationships involve complex legal contracts and licenses
partners must carefully coordinate their advertising, sales promo, and other marketing efforts |
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