sept 2nd- class notes (chapter 1)

Question 1

What is a brand

Answer 1

Brand is not just the name/ logo but what it means to consumers in their minds
Under the label of the brand their is brand awareness brand associations- is the brand familiar to consumers (top of mind)Is there something unique about this brand compared to others?
Exists in the consumers mind → consumers awareness and associations of the brand

awareness and associations of the brand

Question 2

Brand vs product

Answer 2

different
product: need satisfying offer (bundle of attributes)
brand: exists in a consumers mind, awareness, association, difereinared all in the consumers mind

Question 3

Brands can be created for

Answer 3

Can apply to many different objects
Physical goods, services, ideas and causes, orgs, sports and entertainment, people
Brand is a named need-satisfying offering.. In consumers mind.. differentiated

Question 4

Physical goods

Answer 4

Most common
Mercedes-benz
Cadbury
Apple

Question 5

Services (intangible)

Answer 5

Ritz
Federal express
Swiggy
Bixi

Question 6

Digital services

Answer 6

Amazon - partly tangible because goods are delivered
Google
Meta

Question 7

Organizations

Answer 7

Red cross
Sierra club
Mcgill
P & g
Bombardier
The company making the offering is being branded
Brand architecture- portfolio of the brand, within these categories the goods have names (ford focus, ford explorer, etc)

Question 8

Sports arts and entertainment

Answer 8

Sports teams can be brands
Artists can be brands
Movies can be brands (marvel)

Question 9

Ideas and causes

Answer 9

Intangible
Say no to drugs
Remembrance day poppies
Aids ribbon
Movember

Question 10

Geographic locations

Answer 10

Countries
States
Cities
Gdp- some companies are very successful at tourism so destinations brand themselves- tag lines (what happens in vegas stays in vegas)
Launched a campaign about india and after the branding campaign, there were more tourists. But compared to other places there still wasnt that much tourism compared to china, thailand . there is work to be done so its not enough to build a brand but yu need to ensure that the brand experience is good, what happens once people choose a brand (how easy is it to buy a ticket to india, is it easy to get a taxi), can think about customer journey

Question 11

Gap between brand building and brand experience

Answer 11

Ex: jaguar, has a high quality association but you will have a lot of issues with it
Its a strong brand on the face of it but not in terms of customer experience
Ex: mini cooper, has nostalgic feel, looks different but it wasnt a good car

Question 12

History of branding

Answer 12

wine brands in ancient rome
Ancient rome can see they also sold stuff and branded the wines based on the vineyards they came from, farmers would brand their cattle
Industrial revolution (branding took off): markets with many options for consumers→ firms need to differentiate their offering from many competing offerings through branding
globalization/ e commerce- more options so branding is even more important

Question 13

who is branding important for

Answer 13

firms consumers employers

Question 14

Firms

Answer 14

Price premium over unbranded alternatives
Ability to extend a brand
Barriers to competition
Leverage in distribution channels
Value from licensing
High share price

Question 15

Price premium over unbranded alternatives

Answer 15

ex: aspirin vs store brand ( aspirin is much more expensive even though they have the same ingredients)
Can charge a price premium
Price premium varies
Can charge a big price premium for commodity items
People are willing to pay a price premium for a strong brand
Price premium can be some quantifiable compensation (not necessarily the price)

Question 16

Ability to extend a brand

Answer 16

Once you have a strong brand then need to decide which category you can go into ex: aircanada would not go an sell toilet paper
Strong brands can successfully launch new products under the same name because consumers already trust and recognize the brand. (chat)
ex: apple extending into AirPods and other accessories

Question 17

Barriers to competition

Answer 17

Strong brands deter other brands from coming into the market
Search engines- google is the most common so google profits are very high and this is a barrier to other companies because they are such a strong brand (people dont use other search engines)
Strong brands have deep pockets so they acquire rivals
Investors wont back alternative brands due to high investment required and risk of loss
Consumers wont try alternatives due to learning cost of switching from known brand

Question 18

Leverage in distribution channels

Answer 18

Bricks and mortar stores
Online stores
Leverage in distribution channels refers to the power and influence a brand has over retailers, wholesalers, or online platforms when deciding how products are stocked, displayed, and promoted.
In simple terms, it means strong brands get better treatment from distributors and retailers because they help drive traffic and sales (chat)

Question 19

Value from licensing

Answer 19

Brands get money from licensing
Ex: Apple; accessories and apps
There are many accessories a brand can buy- apple licensing out its brand name to different developers, app developers have to pay apple as well to be an “accessory” in the app store so its free money for apple
Ex: disney. They have different brands
As a brand manager, you have to think how can i make money in multiple ways

Question 20

high share price

Answer 20

Strong brands have high share price
Why should people buy a share of a company → can get good dividends from a company, if the company does well, the shares are high demand
Canada goose has high share price compared to other brands

Question 21

Consumers

Answer 21

Consumers make quick choices
Strong brands have high awareness of the brand logo
Ex: mcdonalds, doesnt even need to put logo and people know the brand
Simplifies consumer choice when theres a strong brand
signals customer identity→ can think about what need the customer is trying to satisfy (satiate hunger (narrrow need) or show other people and stand out from others (wider need))

assures qualoty/ reduces risk to consumers
simplifies consumer choice
signals consumer identity

Question 22

Employers

Answer 22

marketing: branding for product development
consulting: branding for clients
finance: branding for financial services
entrepreneurship: branding the startup and founder

brand expertise important for professional success

Question 23

How can we build a strong brand

Answer 23

Calculate, build, maintain a strong brand
Have to quantify the strength of the brand
Mist valuable brands are ranked by a number

1) Brand marketing programs
Traditional media (television)
Digital meda (social media)
2) Brand consumption experience
Own experience (customer satisfaction)
Others experience (product reviews )

Question 24

How can we calculate brand strength

Answer 24

1) Psychological measures- consumer survey based
awareness/ top of mind recall
SFIU associations
Brand personalty
2) Financial measures- financial based data
Discounted cash flow
Net income *brand multiplier

Question 25

Need to maintain a strong brand over time

Answer 25

Brands have disappeared over time Market leaders are apple and samsung it used to be motorola but over the years became much less relevant

Question 26

How can we monetize a brand

Answer 26

Brand pricing Brand extensions brand licensing Co branding Global branding Digital branding