Brand and Brand Management

Question 1

Brand

Answer 1

A name, term, sign, symbol, or design or combination of them (ie. brand elements), intended to (1) identify the goods/services of the seller and to (2) differentiate them from those of the competition

Question 2

Product

Answer 2

Anything that can be offered to the market to satisfy a need/want (this is where brands differentiate)

Question 3

Levels of Meaning for a Product (5)

Answer 3

1. Core Benefit Level - fundamental need/want
2. Generic Product Level - basic version w/ only attributes absolutely necessary for functioning
3. Expected Product Level - set attributes that buyers normally expect of the product
4. Augmented Product Level - includes attributes/benefits that makes it distinguishable (competition here*)
5. Potential Product Level - All future augmentations/transformations

Question 4

Branding Challenges (5)

Answer 4

1. Savvy customers
2. Economic downturns
3. Increased competition
4. Increased costs
5. Increased accountability

Question 5

Branding Opportunities (3)

Answer 5

1. Brand proliferation
2. Resilience during crises
3. Media transformation

Question 6

Functions of a Brand: Consumers (7)

Answer 6

1. Identification of product source
2. Assignment of responsibility
3. Risk reducer
4. Search cost reducer
5. Promise/pact w/ maker of product
6. Symbolic device (communication)
7. Signal of quality

Question 7

Types of risk (6)

Answer 7

F2P2ST

1. Functional Risk - performance not up to expectation
2. Financial Risk - not worth the price
3. Physical Risk - poses a threat to physical well-being
4. Psychological Risk - affects mental well-being
5. Social Risk - results in embarrassment in front of others
6. Time Risk - opportunity cost of finding a replacement product

Question 8

Types of goods (3)

Answer 8

1. Search Goods - some attributes can be evaluated/compared before purchase (ex. groceries)
2. Experience Goods - attributes assessed through experience (ex. tires)
3. Credence Goods - attributes are rarely learned (ex. life insurance)

Question 9

Functions of a Brand: Firms (6)

Answer 9

1. Tracing/handling
2. Legally protecting unique associations
3. Signal of quality
4. Endowing products w/ unique associations
5. Source of comp advantage (brand loyalty)
6. Source of financial returns

Question 10

Branding a Commodity (KSF)

Answer 10

Convincing consumers that all product offerings in the category are NOT the same (ex. De Beers “a diamond is forever”)

Question 11

Push v. Pull Strategy

Answer 11

Push Strategy - taking the product directly to consumers, ensuring they are aware of the brand (ex. trade show, direct sales, POS displays)
Pull Strategy - motivating customers to seek out your brand (ex. advertising, word-of-mouth, sales promotion)

Question 12

Strategic Brand Management (Def’n)

Answer 12

Involves the design and implementation of marketing programs/activities to build, measure, manage brand equity

Question 13

Strategic Brand Management (Steps, 4)

Answer 13

1. Identify and develop brand positioning (STP, brand equity, brand resonance)
2. Plan and implement brand marketing programs (brand elements, secondary associations, marketing activities)
3. Measure and interpret brand performance (brand audits, tracking, equity management system)
4. Grow and sustain brand equity (brand-product matrix, portfolios, expansion, reinforcement/revitalization)