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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.

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