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D373 Terms
Marketing in the Digital Era Section #1 Lesson #2
| Term | Definition |
|---|---|
| What is a brand? | A name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers. |
| Brand Promise | The marketer's vision of what the brand must be and do for consumers. |
| Brand Architecture | The hierarchy of brands within the company; how a brand family is delineated. |
| Brand Equity | The ownership a brand has in the marketplace as measured by the value of the brand and the collective perception of the brand. |
| Brand Extension | The use of the same brand name for new products being introduced to the same or new markets. |
| Brand Storytelling | Weaving the narrative of the brand - the why, purpose, the reason - with emotions and feelings that entice people to follow or care about a brand beyond just the products and services it sells. |
| Brand Value | The real and perceived value that a brand brings to the organization. |
| Co-branding | Two or more well-known brands are combined into a joint product or marketed together in some fashion. |
| Customer Lifetime Value (CLV) | A metric that determines how much a customer is worth to an organization over their lifetime of doing business with the company. |
| Differentiation | Distinguishing one brand from another. |
| Down Market | Creating a product that appeals to a different audience at a lower price point. |
| Flanker Brand | A new brand introduced into the market by a company that already has an established brand in the same product category. |
| Line Extension | The use of the same brand name within the same product line and represents an increase in a product line's depth. |
| Positioning Statement | An expression of a product's positioning that is internally developed and maintained in order to support the development of marketing communication that articulates the target market, the brand benefits, and how it is differentiated from competitors. |
| Inelastic Demand | Demand in which changes in price have little or no effect on the amount demanded. |
| Up Market | Creating a product that appeals to a different audience at a higher price point. |
| Brand Identity Elements | Company name, Logo, Tagline or Slogan, Color, Graphics, Sound, Taste, Smell, Shape, Character, Packaging, Movement. |
| Brand Benefits | Functional, Habitual, Emotional, Social, Self-Expressive. |
| Brand Loyalty | Consistent preference for one brand over all others (even those less expensive). |
| Switching Opportunity | Motivating consumers to switch brands with the hopes of establishing a brand preference. |
| Brand Personality | Set of traits people attribute to a product as if it were a person. |
| Three Types of Co-Branding | Equal Play (both brands featured prominently). Sponsorship (collaboration for a charitable cause or event). Ingredient branding (a brand features another brand in its product). |
| Brand Awareness | How familiar people are with a brand. |
| Brand Preference | The degree of brand loyalty in which a customer prefers one brand over competitive offerings. |
| Categories | Classification of products and services; example is the "soda" category. |
| Category Leader | Brand that is the identifiable leader in its respective category. |
| Subcategories | Classification of products and services within a category; example is colas, diet sodas, and citrus-flavored sodas in the soda category. |
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crazy08
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