brad equity

Question 1

what is a brand

Answer 1

distinguished name, logo, trademark that aims to identify the goods or services of a specific order

Question 2

what is brand equity

Answer 2

set of brands and liabilities linked to a brand, its name, symbol that add or subtract value from the company

Question 3

how does brand equity give value to customers

Answer 3

-processing the information
-confidence in the purchase decision
-use satisfaction

Question 4

how does brand equity give value to the firm

Answer 4

-efficiency
-brand loyalty
-prices/margins
-brand extension
-trade leverage
-competitive advantage

Question 5

what is brand awareness

Answer 5

ability of recognising or recalling that a brand is a member of a specific product category

Question 6

difference between brand recall and brand recognition

Answer 6

brand recall is the ability of recalling brands
Brand recognition a brand that we are going to recognise when when we are faced with them

Question 7

what is brand loyalty

Answer 7

measure of attachment a consumer has with the brand

Question 8

5 levels of brand loyalty

Answer 8

1- commited buyer
2-likes the brand
3-satisfied buyer with switching costs
4- satisfied
5-indifferent (no loyalty)

Question 9

3 ways to measure loyalty

Answer 9

1- repurchase rates
2-% of purchases
3- number of brands purchased

Question 10

why is brand equity and brand loyalty important

Answer 10

1-reduced marketing costs
2-trade leverage
3-attracting new customers
4-time to respond to competitive threats

Question 11

5 factors that affect decision making

Answer 11

1. Reason to buy
   2.Differentiate
   3.Price Premium
   4.Channel member interest
   5.Brand Extension

Question 12

what is brand association

Answer 12

anything linked in the consumers memory about a brand
ex: chocolate associated with Switzerland besides not being the best quality chocolate ever