Brand Equity

Question 1

Taste Text Experiment

Answer 1

Taste / other perceptions are different when you KNOW what you have in front of you (Beer example)
(Projection map when you know: dispersed - When you don’t; All products approximately at the same location).

Question 2

Consumers

Answer 2

Respond more favourably when the brand element is present compared to when it is not. (Or the opposite)

Question 3

Brand Equity

Answer 3

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.

Question 4

Or, brand equity is also

Answer 4

the shift in the consumer’s mind when the brand element is present versus when it is not
OR added Value of the product when the brand element is present versus when it is not

Question 5

Associative Network Memory Model (ANMM)

Answer 5

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

Question 6

Brand Knowledge

Answer 6

Managing a brand requires understanding the associations that are linked to the brand node

Question 7

Strength and Organization

Answer 7

of Brand associations OR (depth and width) will be important determinants of the information that can be retrieved about the brand to influence customer response and brand- related decisions

Question 8

Underlying Drivers and Brand Equity

Answer 8

Brand Awareness
–> Brand Recognition
–> Brand Recall
Brand Image

Question 9

Brand Awareness

Answer 9

Relates to the prominence of the brand node and the strength of the brand node or trace in memory, as reflected by the consumers’ ability to identify the brand under different conditions

Question 10

Brand Recognition

Answer 10

Reflects the ability of consumers to confirm prior exposure to the brand

Question 11

Brand Recall

Answer 11

Reflects the ability of consumers to retrieve the brand when given a cue (category / needs fulfilled by the category)

Question 12

Brand Image

Answer 12

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

Question 13

Brand Equity occurs when

Answer 13

Consumers have HIGH levels of awareness (Recognizer and recall)

& Consumers hold SURF associations: Strong Unique Relavant Favorable Associations in memory

Question 14

Related to recall questions:

Answer 14

Where do customers think of the brand?
When do they think about the brand?
How easily do they think about the brand?
How often do they think of the brand?

Question 15

How to increase Brand Awareness

Answer 15

• Attention getting brand elements for brand recognition
• Common structures to develop brand Recall
• Repeated exposures can increase the familiarity of the brand element (and brand) which is especially important for brand recognition
• Strengthen the links between brand element and the appropriate category or other relevant purchase or consumption cues to build brand recall

Question 16

Brand Image

Answer 16

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

Question 17

Strength

Answer 17

Function of both quantity an amount of processing of information and the quality of that processing

Impacted by:
-Personal Relevance of information

Consistency: with which the information is presented over time

Question 18

Uniqueness

Answer 18

It is essential to associate a meaningful unique Point-Of-Difference to the brand - the unique reason why consumers should buy it

• 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 (bank is secure)

Question 19

Relevance

Answer 19

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

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

–> Meaningful ones: Positive attitudes towards the brand

Question 20

Favourability

Answer 20

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 association drives liking (or even love) for the brand

Question 21

Core Brand Values

Answer 21

Associations that characterize the 2 or 3 most important aspects or dimensions of a brand

Question 22

Positioning

Answer 22

Core brand values form the positioning of the brand

Question 23

Best core values

Answer 23

Highly intangible

Question 24

Brand Narrative

Answer 24

Story about a brand that can be created using core values and supporting associations

Question 25

To differentiate associations

Answer 25

use Keller Model, or ABA approach (Attributes / Benefits / Attitudes)

Question 26

ABA model

Answer 26

Aim is to find SURF of the associations , regardless of the categorization

Attributes: Descriptive features about the brand

Benefits: Personal meanings attached to the brand

Attitudes: Overall evaluations about the brand’s attributes and benefits

Question 27

Attributes (ABA model)

Answer 27

Product related, non product related, Brand personality,

Packaging / colors

Question 28

Benefits (ABA model)

Answer 28

Functional, Symbolic, Experiential

Question 29

Attitudes (ABA model)

Answer 29

Overall beliefs about attitudes and benefits

Question 30

Internal Alignment

Answer 30

Core values communicated internally

It is critical that employees have an up-to-date and deep understanding of the brand