Brand Basics
The process of creating and maintaining a unique identity for a product in the market.
What is branding?
The study of how people select, buy, and use products.
What is consumer behavior?
A partnership between two brands.
What is co-branding?
The way Hermès maintains exclusivity.
What is limited distribution and high pricing?
If your company wants to promote a new smartphone, which type of advertising campaign would you most likely run: a "teaser campaign" or a "reminder campaign"?
What is a teaser campaign, to build anticipation before the launch ?
The three levels of a product
What is Core product, actual product, augmented product?
The four steps of the consumer decision journey.
What are initial consideration, active evaluation, purchase, and post-purchase?
A method used by cosmetic companies where customers try before they buy.
What is product sampling?
The reason luxury brands avoid discounts.
What is maintaining prestige?
In response to economic downturns, Ridgeway Plaza shops introduces these to drive foot traffic.
What are exclusive in-store promotions?
An example of a brand element.
What is a logo, slogan, mascot, etc.?
A type of loyalty where a consumer buys without considering other brands.
What is active loyalty?
The difference between influence and manipulation.
What is influence informs and manipulation deceives?
A key primary brand association of Hermès.
What is craftsmanship, tradition, or exclusivity?
The marketing stunt where Tesla launched this product into space, generating massive PR.
What is the Tesla Roadster?
The human-like traits associated with a brand.
What is brand personality?
The reason "New Coke" failed.
What is consumers valued brand experience over taste?
The process of dividing a market into distinct groups of buyers with different needs or behaviors.
What is market segmentation?
The system where customers must buy other products before gaining access to exclusive items.
What is the inventory allocation mechanism?
This luxury fashion brand expanded its market by collaborating with a popular streetwear brand. What company used this strategy?
What is Louis Vuitton collaborating with Supreme.
The most difficult element for marketers to change, as it is closely tied to the product in the minds of consumers.
What is a brand name?
A purchase made spontaneously due to emotions or promotions.
(What is an impulse purchase?)
The reason companies use celebrity endorsements.
What is boosting credibility and attracting fans?
The way Hermès uses experiential marketing.
What are exclusive events and art exhibitions?
A bold campaign where this luxury brand burned millions of dollars worth of its own products to maintain exclusivity.
What is Burberry?