5: Analytics for Brand Management Flashcards

1
Q

Why do brands matter: Firm perspective)

A
  • simplify product handling and tracing
  • help organising inventory and accounting records
  • Offer the firm legal protection for unique features or aspects of the product
  • Provide predictabiliity and security of demand
  • Provide powerful means to secure competitive advantage
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2
Q

What do Brands signal?
(consumer perspective)

A

brands signal product chracteristics and attributes

classified:
- search goods
- experience goods
- credence goods (glaubwürdigkeitsgüter)

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3
Q

What are the risk in Product decisions? (6)

A

Brands reduce risks in product decisions:
- functional
- financial
- physical
- psychological
- social
- time

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4
Q

What are the Marketing Advantages of Strong brands?

A
  • improveed perceptions product peformance
  • Greater loyalty
  • Less vulnerability to competitivee markt. actions
  • less vulnerability to markeitng crises
  • Larger margins
  • more inelastic consumer respon to price increases
  • Possible licensing opportunities
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5
Q
  1. What is Brand Resonance?
A

= refers to the relationship that a consumer has with the product and how well he can relate to it

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6
Q

What is the Brand Resonance model?
looks at…

A

looks at building strong brand requires a series of steps as part of branding ladder

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7
Q

What is Customer based equity?

A

= is the differential effect that brand knowledge has on consumer response to the marketing of that brand

–>Brand equity can be positive or negative

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8
Q

What is the BAV model?

A

focuses on understanding and evaluating brand strength and consumer perceptions across various dimensions.

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9
Q

What are the four pillars of the BAV model?

A
  1. Differentiation: extent to which brand is seen as different
  2. Relevance: extent to which consumer find brand relevant
  3. Esteem: extent to which consumer respect and regard a brand
  4. knowledge: consumer understand and are familiar with brand
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10
Q

BAV model: Concept of brand strength?

A

= shos future growth value

–>if brands stands out –>consumers more likely to choose this brand over competitors

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11
Q

BAV model: Brand stature?

A

= show current operating value
–>the more consumerrs respect the brand the more likely they purchase

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12
Q

What is Brand knowledge?

A

Brand awareness: consumer ability to identify the brand

Brand image: consumer perception about a brand as reflected by brand associations

–>both are sources of brand equity

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13
Q

What is Brand awareness?

A

Brand recognition: consumer ability to confirm prior exposure

Brand recall performance consumer ability to retrieve the brand from memory

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14
Q

Approaches to measure brand awareness

A
  1. Brand recall brand the first in mind?
  2. Organic traffic:brand visible on search engines
  3. social mentions: positively or negatively?
  4. Visitor loyalty: how recent and frequent
  5. E-mail engagement: measuring average viewing time
  6. Content reach: is target audience responding to messagees?
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15
Q

Problems of current applied brand evaluation methods and what is the goal?

A

must rely on large research firms

Disadvantages:
- Cost intensive
- Potentially outdated
- Survey bias

Goal to develop new approaches of brand value measurements

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16
Q

What is Real time brand reputation tracker? tool that…

A

tool that monitors and analyzes online conversations, mentions, and sentiment about a brand in real-time

17
Q

Real time brand reputationt tracker: Social Media text mining methodology steps

A
  1. define dictionary
  2. Collect data
  3. asess brands (Brand equity, value equity)
18
Q

Advantages of Real time Brand reputation trackers?

A
  • inexpensive method –>freely available data
  • monitor and manage brand continous
  • enables timely strategic adaptions
  • potential usage of Carryover effects
19
Q

What is Social listening?

Brand audit through social listening

A

= process of identifying and assessing what is beeing said about a company, individual, product or bradn across all social media channels

–>information provides real time reasearch used for intelligence

20
Q

Why should companies use Social listening?

A
  • real time consumer insight
  • Industry trends
  • competitive intelligence
  • Sales leads
  • Marketing opportunities
21
Q

How can Social Listening help?

A
  1. Creates lists of social outlets where c communicate
  2. enables connectedness: locate relevant conversations
  3. decrease volume of support calls
  4. Enables conversation
  5. captures information
22
Q

What is *social media monitoring?

A

strategy to monitor and collect mentions of brands

23
Q

What are the tasks of Social Media monitoring?

A
  • idntify brand mentions
  • collect the content
  • respond to brand mentions
24
Q

What is the difference between Social listening and Social Monitoring?

A

Social listening:
- Macro scale
- Proactive
- Automated

Social Monitoring:
- Micro scale
- Reactive
- Manual

25
Q

Key Social Media Monitoring Benefits

A
  • Increase operational efficiency
  • Generate more qualified leads
  • identify and create nnew partnerships
  • improve brnad reputation
  • improve customer engagement, satisfaction, retention
  • shorten sales cyle
26
Q

Brand resonance model: 6 building blocks?

A
  1. Salience
  2. Performance
  3. Imagery
    4.Judgements
  4. Feelings
  5. Resonance
27
Q

How is Brand value in real-time Brand reputation tracker splitted ?

A

Value equity: Rational and objective aspects (price, Service and goods quaality)

Brand Equity: Subjective feeliing of the customer (Cool, exicitng)

relationship equity. Brand community and personal connection (friendly, trustworthy)