Fashion Branding Final UPDATED Exam
Questions and CORRECT Answers
where did the concept of a brand originate? - CORRECT ANSWER- Greece
where does the word brand come from? - CORRECT ANSWER- The word 'brand' is derived
from the Old Norse word 'brandr', which means 'to burn' as brands were and still are the
means by which owners of livestock mark their animals to identify them.
brand - CORRECT ANSWER- a name, term, sign, symbol, or design, or a combination of
them, intended to identify the goods and services of one seller or group of sellers and to
differentiate them from those of its competitors
how do you identify a brand? - CORRECT ANSWER- a name, logo, symbol, package design
or other characteristic that identify a product and distinguishes it from others.
brand vs products - CORRECT ANSWER- brand is an idea created to solve a need. products
and services are the core of a brand that solves the brand's purpose. a brand might produce
multiple products or might even innovate and change their current product offerings, but the
brand itself does not change.
can anything be branded? - CORRECT ANSWER- Marketers can benefit from branding
whenever there is a situation involving consumer choice. The idea of branding is to create a
sense of perceived difference among different options available in the market, and help
consumers to choose one option over another.
value - CORRECT ANSWER- that additional thing that brands provide and that which
satisfies us both rationally and or emotionally. For example, we might like owning a Michael
Kors bag just because it is a higher status symbol or we perceive it to be of higher quality,
even though we might be paying a higher price. We believe that the brand is the best in
delivering that value to us.
benefits - CORRECT ANSWER- not just functional but symbolic too, allowing consumers to
project their self-image. Certain brands are associated with certain types of people and thus
can reflect various traits and values (eg. Luxury brands). Consuming such products is a
,means by which consumers can communicate to others, or themselves, the type of person
they are or aspire to be.
functional risk - CORRECT ANSWER- the risk of products not performing up to
expectations.
physical risk - CORRECT ANSWER- Physical risk is if the product poses a threat to the
physical well-being or health of the user or others.
financial risk - CORRECT ANSWER- if the product is not worth the price paid. Social risk is
if the product results in embarrassment from others.
psychological risk - CORRECT ANSWER- if the product affects the mental well-being of the
user
time risk - CORRECT ANSWER- if the failure of the product results in an opportunity cost
of finding another satisfactory product
what do brands offer to firms? - CORRECT ANSWER- Fundamentally they serve an
identification purpose, to simplify product handling and tracing. Operationally, brands help
organize inventory and accounting records. A brand also offers the firm legal protection for
unique features or aspects of the product. Especially, in the fashion industry, designs are
considered too ubiquitous to be able to be copyrighted. Therefore, brands, through use of
logos/ symbols or other identifying means, help protect unique features of products since the
brand elements can be legally protected. The brand name can be protected through registered
trademarks, manufacturing processes can be protected through patents and packaging can be
protected through copyrights and designs.
triple bottom line - CORRECT ANSWER- According to the Triple Bottom Line theory, a
brand is truly sustainable if it is socially, environmentally as well as economically
brand equity - CORRECT ANSWER- consists of marketing effects uniquely attributable to a
brand. That is, brand equity explains why different outcomes result from the marketing of a
branded product or service than if it were not branded.
, brand building and management process - CORRECT ANSWER- involves the design and
implementation of marketing programs and activities to build, measure, and manage brand
equity.
The process consists of the following steps: Identifying branding plan and developing brand
positioning strategy, Developing brand identity, Brand communications, Brand audit/
evaluation, and, Brand growth.
The process starts with a clear understanding of what the brand is to represent and how it
should be positioned with respect to competitors. In the next step, we will build brand equity
that requires properly positioning the brand in the minds of customers and achieving as much
brand resonance through various brand communications as possible. Next, to manage their
brands profitably, managers must successfully design and implement a brand audit system to
understand the effectiveness of a brand's positioning strategy. Finally, it is needed to
understand how branding strategies should reflect corporate concerns and be adjusted, if at
all, over time or over geographical boundaries or multiple market segments.
brand concept - CORRECT ANSWER- The concept or idea needs to be fresh and unique
enough to convince potential customers of its role and significance in their lives.
The concept could be in the form of a different proposal to solving a problem, a new use of
fabrics, a new distribution system (flip flops through a vending machine!), a new
interpretation or styles, etc
influencers of brand concept: company - CORRECT ANSWER- The company creates a
brand for financial gain by consistently satisfying customer needs. The company remains the
sole legal owner of the brand and all its copyrightable elements such as the name, logo, or
technology. The company is also the brand's major investor and financial backer (through its
owners and shareholders). Accordingly, it is also the major risk taker from a financial,
marketing, and social perspective.
influencers of brand concept: customer - CORRECT ANSWER- The customer plays an
important role in the shaping of the brand throughout the branding process. The brand is
meant to address a user's need. Every brand is built with a target customer in mind. Such
targeting can be based on various segmentation criteria, such as demographic, geographic,
psychographic, lifestyle, etc. Bases of segmentation might differ based on the product type
(such as women's wear, children's wear, active-wear) and brand category (luxury vs mass
market). In all cases, it is about targeting and satisfying unmet customer needs, whether these
needs are functional or emotional (such as status).
