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MRKT 438 > 3: Brand Challenges and CBBE > Flashcards

3: Brand Challenges and CBBE Flashcards

1
Q

what is customer-based brand equity (CBBE)/what does it do (3 things)

A
  • Approaches brand equity from the perspective of the consumer
  • Stresses that the power of a brand lies in what resides in the minds and hearts of customers
  • Differential effect that brand knowledge has on consumer response to the marketing of that brand
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2
Q

3 key ingredients of CBBE

A
  1. Differential effect
  2. Brand knowledge
  3. Consumer response to marketing
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3
Q

marketing advantages of strong brands (11)

A
  1. Improved perceptions of product performance
  2. Greater loyalty
  3. Less vulnerability to competitive marketing actions
  4. Less vulnerability to marketing crises
  5. Larger margins
  6. More inelastic consumer response to price increases
  7. More elastic consumer response to price decreases
  8. Greater trade cooperation and support
  9. Increased marketing communication effectiveness
  10. Possible licensing opportunities
  11. Additional brand extension opportunities
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4
Q

brand equity (regular definition and from consumer perspective)

A

defined as the marketing effects or outcomes that accrue to a product with its brand name compared with those that would accrue if the same product did not have the brand name.

The shift in consumer’s mind when brand element is present

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5
Q

associative network memory model

A

Views memory as a network of nodes and connecting links:
* Nodes—Represent stored information or
concepts
* Links—Represent the strength of association between the nodes

posits that memory consists of a
network of nodes and connecting links where nodes represent stored information or concepts and links represent the strength of the associations between this information or
concepts.

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6
Q

Brand associations are ________ _____linked to the
brand node in memory

A

informational nodes

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7
Q

what are the two main components of brand knowledge

A
  1. Brand awareness
  2. Brand image
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8
Q

what does brand awareness consist of?

A

brand recognition and brand recall performance

*it’s the strength of the brand node

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9
Q

brand recognition

A

Consumer’s ability to confirm prior exposure to the brand when given the brand as a cue

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10
Q

brand recall

A

Consumers’ ability to retrieve the brand from memory when given:
* The product category
* The needs fulfilled by the category, or
* A purchase or usage situation as a cue

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11
Q

why is brand image a driver of brand equity

A

Relates to consumers’ perceptions of a brand as reflected by the brand associations held in the consumers’ memory.

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12
Q

advantages of brand awareness

A
  • Learning advantages
  • Consideration advantages
  • Choice advantages:
    Consumer purchase motivation
    **     Consumer purchase ability
    **     Consumer purchase opportunity
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13
Q

when does brand equity occur

A
  • Consumers have high levels of awareness (recognition and recall) with the brand.
  • Consumers hold SURF associations: strong, unique, relevant, and favorable associations in memory.
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14
Q

what does (brand) recognition do?

A

relates to the ability of consumers to confirm prior exposure to the brand (or more precisely the brand element

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15
Q

what happens when a sufficient level of brand awareness is created

A

Marketers can put more emphasis on crafting a brand image

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16
Q

how to create a positive brand image

A

Takes marketing programs that link strong, favorable, and unique associations to the brand in memory

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17
Q

Brand associations may be either brand _______ or _______

A

attributes or benefits

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18
Q

More deeply a person thinks about product information and relates it to existing brand knowledge, stronger is the resulting __________________

A

brand association

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19
Q

favourability of brand associations is higher when ______

A

a brand possesses relevant attributes
and benefits that satisfy consumer needs and wants

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20
Q

uniqueness of brand associations

A

*“Unique selling proposition” of the product
* Provides brands with sustainable competitive advantage

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21
Q

brand image reflects _______

A

all of the associations that
consumers have for the brand in memory

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22
Q

Brand Image is created by marketing efforts that link ________ to the brand in memory

A

SURF associations

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23
Q

SURF

A

strong
unique
relevant
favourable

24
Q

strength (SURF)

A

Associations vary in their strength of
connection to the brand node.

Strength is a function of both the quantity/
amount of processing of information and the quality /nature of that processing

25
Q

two factors that directly impact the
strength of the association:

A
  1. Personal relevance of the
    information
  2. Consistency with which the
    information is presented over time.
26
Q

uniqueness (SURF)

A

It is essential to associate a meaningful unique point-of-difference to the brand – I.e. the unique reason why consumers should buy it.
–> helps consumer choose the brand

Some brand associations function as points-of- parity in consumers’ minds to negate potential points-of-difference for competitors.

Some points-of-parity are requirements for a brand to compete in the category. (e.g. “my money is secure”) association for a bank

27
Q

relevance (SURF)

A

The brand needs to possess meaningful attributes and benefits that satisfy the needs and wants of the target consumer.

Associations are not valued equally.
Some have more importance than others.

Meaningful associations will enable positive attitudes towards the brand

28
Q

favourability (SURF)

A

Those associations that are desirable to
the consumers (and are successfully
delivered by the product and conveyed by
the supporting marketing program for the
brand).

Favorable associations drives liking (or even love) for the brand

29
Q

brand positioning

A
  • Act of designing the company’s offer and
    image so that it occupies a distinct and valued place in the target customers’ minds
  • Finding the proper “location” in the minds of consumers or market segment
  • Allows consumers to think about a product or service in the “right” perspective
30
Q

target market

A

Divides the market into distinct groups of homogeneous consumers who
have similar needs and consumer behavior

31
Q

criteria of identifying segmentation bases

A
  • Identifiability
  • Size
  • Accessibility
  • Responsiveness
32
Q

what does a competitive analysis consider, what does it help marketers do

A
  • Resources, capabilities, and likely intentions of various other firms
  • This competitive analysis helps marketers to choose markets for their own products or services
33
Q

When choosing a market, marketers must consider what two things

A
  • Indirect competition
  • Multiple frames reference

“can we get to them” (have to examine competition)

34
Q

what does a marketer need to do to get to the right positioning?

A

requires establishing correct points-of-
difference and points-of-parity
association

35
Q

points-of-difference (PODs)

A

Formally defined as attributes
or benefits that consumers
strongly associate with a brand

8have to be distinctive and superior (and credible)

36
Q

points-of-parity (POPs)

A

Not necessarily unique to the
brand but may be shared with
other brands

(competition, correlationary (negative perception), category)

37
Q

what are the 6 positioning guidelines

A
  1. Defining and Communicating the Competitive Frame of Reference
  2. Choosing Points-of-Difference
  3. Establishing Points-of-Parity and Points-of- Difference
  4. Straddle Positions
  5. Updating Position Overtime
  6. Developing a Good Positioning
38
Q

describe Defining and
Communicating the Competitive
Frame of Reference

A

Communicating category benefits:
* Marketers use product benefits to announce category membership

Exemplars:
* Well-known, noteworthy brands in a category can also be used as exemplars to specify a brand’s category membership

Product descriptor:
* Product descriptor that follows a brand name is often a very compact means of conveying category origin

39
Q

describe choosing PODs (what are the three types of criteria)

A

brand must offer a compelling and credible reason for choosing it over the other options:

What attribute or benefit can serve as point- of-difference?
* Desirability criteria
* Deliverability criteria
* Differentiation criteria

40
Q

describe Establishing Points-of- Parity and Points-of-Difference (what are some approaches to address the problem of negatively correlated POPs and PODs)

A

At times, an inverse relationship between POP and POD may exist in the minds of consumers:

Approaches to address the problem of negatively correlated POPs and PODs include:
* Separating the attributes
* Leveraging equity of another entity
* Redefining the relationship

41
Q

describe straddle positions

A

Type of positioning where a company is able to straddle two frames of reference:
* With one set of points-of-difference and points-of- parity
* The points-of-difference in one category:
* Become points-of-parity in the other
* And vice-versa for points-of-parity

42
Q

describe updating positions over time

A
  • Generally, positioning should be fundamentally changed
    very infrequently:
  • And only when circumstances significantly reduce the effectiveness of existing POPs and PODs
  • Yet, positioning will evolve to better reflect market opportunities or challenges
  • P O D or P O P may be refined, added, or dropped as situations dictate
43
Q

laddering

A
  • Deepening the meaning of a brand to permit further expansion
  • Often useful to explore underlying consumer motivations
44
Q

reacting

A
  • Responding to competitive actions that threaten an existing positioning
  • Competitive actions are often directed at eliminating points-of-difference to make them points-of-parity:
  • Or to strengthen or establish new points-of-difference
45
Q

describe brand values (ie what do they do and the strength of associations)

A
  • Not all associations are equal.
  • The associations that characterize the 2 or 3 most important aspects or dimensions of a brand are called
    the core brand values. (Keller, 2012)
  • These core brand values form the positioning of the brand.
  • The best core values are highly intangible.
46
Q

what is an approach to extracting brand values

A

compiling the set of associations for the brand- and then organizing collapsing the set of associations into buckets of the 2 or 3 most important dimensions – these are the core brand values.

47
Q

what is the ABA model of brand associations (attributes - benefits- attitutudes)

A
  • Attributes are descriptive features about the brand.
  • Benefits are the personal meanings attached to the brand.
  • Attitudes are the overall evaluations about the brand’s attributes and benefits
48
Q

describe why internal alignment is important

A

Members of the organization need to be properly aligned with the brand and what it represents.

The core values need to be
communicated internally and lived within the organization.

49
Q

describe developing a good positioning (4 key things)

A
  1. Has a foot in the present and a foot in the future:
    ***Needs to be somewhat aspirational so that the brand has room to grow and improve
  2. Is careful to identify all relevant points-of-parity:
    **Don’t overlook or ignore crucial areas where the brand is potentially disadvantaged
  3. Should reflect a consumer point of view in terms of the benefits that consumers derive from the brand
  4. Recognizes that a duality exists in the positioning of a brand:
    ** Rational and emotional components
50
Q

describe defining a brand mantra

A

Brands may span multiple product categories and may have multiple distinct—yet related—positionings

As brands evolve and expand across categories:
* Marketers will want to craft a brand mantra that reflects the essential heart and soul of the brand

51
Q

brand mantra

A
  • Short, three-to five-word phrase:
    *** Captures the irrefutable essence or spirit of the brand positioning
  • Provides guidance about:
  • ***What products to introduce under the brand
  • ***What ad campaigns to run
  • ***Where and how the brand should be sold

heart and soul of your brand
- similar to brand essence/core brand promise
- externally, they understand fundamental representation of brand

52
Q

describe what it means to think and act like a brand manager

A
  • A brand manager needs to understand the associations (and feelings) in the target consumers’ minds – and take action to boost recognition & recall,
    and create the strong, unique, relevant, and favorable associations.
  • In short, the brand manager is managing the nodes and links in the brain
53
Q

the more your consumers experiences your brand/brand elements will help increase familiarity, thus ____________

A

brand recognition and recall

54
Q

what forms the positioning of the brand

A

core brand values

  • best are intangible
  • ex. Magnum –> pleasure and premium
55
Q

what are the modifiers that a brand has (to do with brand mantra)

A
  • emotional modifier
  • descriptive modifier
  • brand function

MRKT 438 (12 decks)

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