Glossary
Unit 28: Branding
Learning Aim A: Investigate the Role of Branding in a Selected Business
Advocates - People who have made repeated purchases of a brand's products and recommend it to their acquaintances.
Brand - A distinctive name, symbol, or shape that distinguishes a product from those offered by competitors.
Brand awareness - The degree to which consumers are familiar with the qualities or image of a specific company and its products.
Brand equity - The value added to by the addition of a brand.
Brand extension - A marketing strategy in which a company selling a well-known product uses the same brand name in a different product category.
Brand loyalty - The tendency of some consumers to repeat purchasing products from the same brand rather than exploring the offerings of rival brands.
Brand portfolio - The collection of all brands and brand lines offered by a specific company. Brand protection - Measures that a company can take to prevent other companies from using its branding.
Brand recognition - The degree to which a customer can identify a company and its products based on its branding, such as its logo, colours, fonts, slogans, and theme music.
Brand value - The total monetary worth of a brand if its was to be sold.
Branding - The process of shaping a customer's perception of a company and/or its products. Clients - People who have purchased a brand's products on multiple occasions and may continue to do so in the future.
Copyright - The right to copy, distribute, adapt, display, and perform a creative work for a set period of time
Customer equity - The average value of each customer multiplied by the amount of customers.
Customer loyalty ladder - A model used to categorise customers from suspects to advocates based on their level of engagement with a brand.
Customers - First-time customers of a brand who are currently using their products.
Intellectual Property - A set of intangible assets that have been created by a business such as inventions, images and artwork that can be legally protected.
Patent - The legal ownership of a product or process invention that prevents others from using it without permission from the owner.
Perceived qualities - A customer's assumption about the standard of products offered by a brand without actually experiencing them.
Product - A good or a service made available to a customer by a business.
Product extension - Using the brand name of an established product on a new product in the same category.
Prospects - People have been impressed by the organization's promotions and are strongly considering purchasing products.
Sub-brand - When a company creates another brand within its own that has its own voice and personality.
Suspects - Potential customers for an organisation who are aware of the organisation's promotional campaigns but are not currently purchasing products.
Target audience - The group of people identified as potential customers for a brand.
Trademark - An easily recognisable symbol, phrase, or word that denotes a specific brand.
Types of brand - Business name, products, product ranges and people.