Branding

Question 1

What is Branding?

Answer 1

Branding is a business’ attempt to create a distinct identity for itself

Question 2

How does branding influence consumer purchasing decisions?

Answer 2

Branding creates automatic associations in consumer’s minds, making them more likely to buy from that company due to familiarity

Question 3

How is branding achieved by companies?

Answer 3

Most likely gained through promotion

Question 4

What are the advantages of branding?

Answer 4

• Stimulates sales
• Weakens economic threats (sales remaining consistent through recessions)
• Adds value to the company

Question 5

What are disadvantages of branding?

Answer 5

• HIgh costs
• Lack of flexibility (hard to react to social changes)
• Takes a lot of time and effort

Question 6

How can branding aid new product development?

Answer 6

Having a strong brand aids consumer’s willingness to trust a company’s new products due to existing trust and familiarity

Question 7

How can a strong brand name affect pricing strategies?

Answer 7

A company with a strong brand name can increase prices of their products due to the higher perceived quality of the company and trust.

Question 8

How does good branding affect competition

Answer 8

A strong brand name can demotivate new competitors to appear

Question 9

What advantage does a strong brand have during economic downturns?

Answer 9

Having a strong brand helps to maintain sales better during an economic downturn due to the fact that consumer trust the product

Question 10

What is Product Branding?

Answer 10

The use of a Unique name, design or symbol given to a product

Question 11

Own Brand product?

Answer 11

When the company’s name is associated with a product of theirs

Question 12

Corporate branding

Question 13

What is emotional branding?

Answer 13

It is the creation of brands that appeal to customer’s emotional side rather than their logical side