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MRKT438 > Brand Challenges, CBBE, Drivers of Strong Brands, + TB Chapters 2 & 3 > Flashcards

Brand Challenges, CBBE, Drivers of Strong Brands, + TB Chapters 2 & 3 Flashcards

1
Q

Customer-based brand equity (CBBE)

A

Brand equity from the POV of the customer
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

Three key components of CBBE

A

Differential effect
Brand knowledge
Consumer response to marketing

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3
Q

The benefits of strong brand equity

A

Improved perceptions of product performance
Greater loyalty
Less vulnerability to competitive marketing actions
Less vulnerability to marketing crises
Larger margins
More inelastic consumer response to price increases
More elastic consumer response to price decreases
Greater trade cooperation and support
Increased marketing communication effectiveness
Possible licensing opportunities
Additional brand extension opportunities

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4
Q

Brand equity

A

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

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5
Q

Associative network memory model (ANMN)

A

Views memory as a network of nodes and connecting links

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6
Q

Nodes

A

Represent stored information and concepts

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7
Q

Links

A

Represents the strength of association between nodes

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8
Q

2 components of brand knowledge

A

Brand awareness
Brand image

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9
Q

Brand awareness

A

Related to the strength of the brand node or trace in memory, which we can measure as the consumer’s ability to identify the brand under different conditions

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10
Q

Brand image

A

Consumers’ perceptions about a brand, as reflected by the brand associations held in consumer memory

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11
Q

2 components of brand awareness (RR)

A

Brand recognition
Brand recall

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12
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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13
Q

Brand recall

A

Consumers’ ability to retrieve the brand from memory when given:

The product category
The needs fulfilled by the category
A purchase or usage situation as a cue

eg: Coffee –> Starbucks

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14
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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15
Q

Brand equity occurs when consumers hold SURF associations

A

Strong
Unique
Relevant
Favourable

^ Associations in memory

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16
Q

Strength (SURF)

A

Influenced by personal relevance and brand consistency over time

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17
Q

Uniqueness (SURF)

A

Meaningful unique point-of-difference to the brand / the reason why consumers should buy from this brand
eg: Ferrari for its history

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18
Q

Relevance (SURF)

A

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

19
Q

Favourable (SURF)

A

Those associations that are desirable to the consumers
eg: Porsche = class, performance, and fuckin taste

20
Q

4 components of identifying and establishing brand positioning

A

Basic concept
Target market
Nature of competition
PODs and POPs

21
Q

Basic concept of 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

22
Q

Target market in brand positioning (I see a rat)

A

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

Segmentation bases of:
Identifiability
Size
Accessibility
Responsiveness

23
Q

Nature of comp in brand positioning

A

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

Must consider:
Indirect competition
Multiple frames reference

24
Q

Points-of-difference (POD)

A

Formally defined as attributes or benefits that consumers strongly associate with a brand
eg: Tesla autopilot

25
Q

Points-of-parity (POP)

A

Not necessarily unique to the brand but may be shared with other brands
eg: banks need to offer a range of services that other banks have - cashback, high interest return

26
Q

Defining and communicating the competitive frame of reference

A

Marketers use product benefits to announce category membership
Uses exemplars

27
Q

Exemplars

A

Specific products or services that serve as a model or representation of a brand’s ideal qualities and characteristics
eg: Apple iPhone - represents the brands focus on innovation, design, UX, and cutting edge technology

28
Q

Product descriptor

A

Follows the brand name is often a very compact means of conveying category origin
eg: USAir changed its name to US Airways to divert from a poor reputation while transforming the carrier to an national instead of regional brand

29
Q

Choosing PODs (3Ds criteria)

A

Desirability
Deliverability
Differentiation

30
Q

Removing negatively correlated POP and POD

A

Separate the attributes
Leverage equity of another entity
Redefining the relationship to be positive

31
Q

Straddle position

A

Positioning where a company is able to straddle two frames of reference
eg: Adidas - athletic apparel and casual apparel

32
Q

2 ways of updating positioning over time

A

Laddering
Reacting

33
Q

Laddering (position)

A

Deepening the meaning of brand to further expand
eg: Patagonia

34
Q

Reacting (position)

A

Responding to competitive actions that threaten an existing positioning
Often, competitive actions aim at eliminating PODs and making them POPs

35
Q

Brand value

A

The associations that characterize the 2 or 3 most important aspects or dimensions of a brand are called the core brand values
The best brand values are intangible

36
Q

ABA model of brand associations

A

Attributes (descriptive features)
Benefits (personal meanings attached to the brand)
Attitudes (overall evaluations of attributes and benefits)
eg: Lululemon - attributes (product-related), benefits (functional, experiential), attitudes (overall evaluation)

37
Q

Developing a good position

A

Has considerations for present and future
Identifies all relevant POPs
Considers consumer POV

38
Q

Brand mantra

A

A short phrase that captures the irrefutable essence or spirit of the brand positioning. Often consists of an emotional modifier, descriptive modifier, and a brand function
eg: shit nike mantra - authentic, athletic, performance

39
Q

Brand salience

A

Measures various aspects of the awareness of the brand and how easily and often the brand is evoked under various situations or circumstances
Measures to the extent the top-of-mind brand is made aware, what specific cues are required

40
Q

Brand performance

A

Describes how well the product or service meets customers’ more functional needs

41
Q

5 attributes under brand performance

A

Primary ingredients and supp features
Product reliability, durability, serviceability
Service effectiveness, efficiency, empathy
Style and design
Price

42
Q

Brand feelings

A

Customers’ emotional responses and reactions to the brand. Six types of emotions:
Warmth
Fun
Excitement
Security
Social approval
Self-respect

43
Q

Brand resonance (4 subcomponents)

A

Describes the nature of this relationship and the extent to which customers feel that they are in sync with the brand. 4 subcomponents:
Behavioural loyalty
Attitudinal attachment
Sense of community
Active engagement

eg: Apple, Ferrari

44
Q

Brand value chain

A

A structured approach to assessing the sources and outcomes of brand equity and the manner by which marketing activities create brand value

MRKT438 (11 decks)

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