Assignment #7 Chapter 7 PDF

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Assignment over Chapter 7 questions...

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1.

Why are products branded? Do branded products have more or less value? Why? For customers, products are branded because brands convey information to customers. When a brand name is considered reliable, customer’s decision-making is made easier. Brands can reduce customer risk and they confer status. For the company, brands allow firms to charge premium price, depending on the brand, and they help to enhance loyalty with their customers. According to marketers, brands have value that is above and beyond the benefits that their products offer. It is the name of brands that invoke certain images and is considered a portfolio of qualities associated with the name.

2.

Describe each and provide examples of a) brand associations, b) brand personality, c) brand community, d) umbrella brands, e) house brands, f) brand extensions, g) co-branding, h) store brands, and i) global brands. a) Brand associations: Brand associations are what the company helps the customer connect to its brand through intangible cognitive and emotional associations. These are considered an expression of customers’ ideal selves and promises they can help a customer achieve their desired persona. An example of this could be a young executive driving an expensive car as a symbol of being on the road to achievement. b) Brand personality: Brand personalities are how marketers get customers to relate to their brand. There are five types of brands: sincere, competent, exciting, sophisticated and rugged. One example includes Campbell’s being considered sincere. This means they use quality ingredients that come from fair trade sources. c) Brand community: Brand communities occur when customers have extreme attachments to a certain company, such as Apple or Nintendo. One example would be Lego fans who build with one another. These customers are brought together through a brand. d) Umbrella brands: Umbrella brands are brands that use the same name for all of its products. This approach makes it easier for the customer to understand and accept their brand. An example of this is Nike. Nike uses the same brand name and symbol on all their shoes, bags and apparel. e) House brands: House brands occur when a company introduces a new brand name for every major line of product it produces. These brands and products have no apparent connections among them. An example of this is Proctor & Gamble. They produce major brands such as Crest, Gillette, Pringles, Tide etc. f) Brand extensions: Brand extensions occur when marketers use the good name of a brand to entice their customers into buying something new. An example of this is Disney using the film “Frozen” to create toys, books and even food.

g) Co-branding: Co-branding occurs when two companies collaborate to create a good or service for their customers. Co-branding also implies symmetry between providers. One example is Tevlar fabric being used when selling protective body gear such as helmets and bicycle tires. h) Store brands: Store brand are brands created by their store. These brands are considered less expensive than an innovative brand. Many customers don’t recognize store brands because their packaging and quality is up to par with big national brands. Their advertising is also very inexpensive. Some store brands include “Sam’s choice” from Walmart and “Archer Farms” from Target. i) Global brands: In global brands, at least 30% of a brand’s revenue has to come from other countries. When going global, some companies create different brand names in different countries. True global brands carry one name and logo and is available in most markets in the world, such as Apple or Amazon.

3.

What are your three favorite brands in apparel purchase? Why are they your favorite brands? What are the three brands you would never use? Why? My three favorite brands in apparel are Adidas, Columbia and Ray Ban. Although Adidas may be a bit high in price, I enjoy the quality, designs and comfort of their clothes and shoes. Columbia also has clothes that are made from high quality material and their clothing is great active outdoor wear. As an owner of Ray Bans, I have had the same pair of glasses for about 3 years and have not had any problems with their quality and very much enjoy the design of their glasses. The three brands I would never use are Puma, Fashion Nova and Forever 21. When it comes to Puma, for my taste, the quality of their clothing was not the greatest and I was not a big fan of their designs. Although Fashion Nova’s prices are on the cheap side, the quality of their clothes is as cheap as their prices. Forever 21’s clothing is made of basic quality, but the designs of their clothing do not interest me.

4.

Which brand personality best describes your current job, firm, or organization? Why? Is that the image your current job, firm, or organization should have? What would it take to change the personality to a potentially more desirable one? As I do not currently have a job, I will describe the brand personality of my most recent job which was at Kohl’s. From my perception, I would consider Kohls’ brand personality as just being simple and elegant. There is nothing very exaggerant or exciting about the company, it is just a simple place to go to when you want to shop. Depending on what type of brand personality the company wants to have, the marketers would have to reposition their brand to attract certain customers and risk losing their identity and current customers in the process....