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Summary Activity 4.5.4 Answers
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Activity 4.5.4 Answers for IBM Textbook with ISBN 4
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Activity 4.5.4 – British Airways “Is King of UK Brands”1. Define the term “brand”.
The term “brand” refers to the name, symbol, logo or image that can set a
company’s products from its competitors.
2. Explain two reasons why brand awareness is important to a business.
Firstly, brand awareness is important to a business as it can guarantee sales and the
success of the product. By increasing brand awareness, also means that the brand is
more easily recognized In the market, therefore higher chances of increasing sales.
Secondly, increasing brand awareness can also help distinguish a business from its
competitors. By enhancing a company’s brand awareness, more customers are
aware of the company’s presence in the market, therefore with large awareness,
would much prefer and trust more the products sold by the business.
3. Analyze two factors that contribute to a successful brand.
One of the factors that contribute to a successful brand would be high sales, which
can be achieved when consumers have high satisfaction with the product. This is
because when consumers are satisfied with the products they have purchased, they
will be more willing to repurchase their products as well as gaining their loyalty. This,
in turn, can be very effective in attracting more potential buyers as the exiting
consumers can promote the business to their relatives or acquaintances.
Another factor contributing to a successful brand would be using the right methods
of promotion and maintaining a good image of the company in the market. With
effective marketing and promotion, it will be likely for consumers to be interested in
trying the brand, which ultimately increases the rate of success of the business. For
instance, after a launch of a new product, a business ought to promote their
products as soon as possible in the right market and to the right target audience.
4. Compare and contrast company/corporate branding and own-label branding.
Company branding is a term used to describe a brand that is used to name all of the
products offered by a business as well as its brand name. Unlike company branding,
own-label branding is a term used to describe retailers that create names for each of
their products. In this context, the difference between company branding and own-
label branding is being discussed.
Firstly, the number of brands differ. While company branding uses only one brand
name for all of their products that vary, own-label branding creates a brand name
for every products offered by the business. This means it is likely for products of the
same business that uses own-label branding to not be recognized by the consumers
to be originating from the same brand. For instance, retailer stores such as Walmart
or Target would sell products of their own using a different brand name, making
them unrecognizable as a product offered originally by Walmart or Target
themselves.
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