Brand Management

Question 1

Branding

Answer 1

a name, term, sign, symbol or design intended to identify goods or services of one seller or group of sellers

Question 2

Brand equity

Answer 2

differential effect that knowing the brand name has on customer response to product and marketing (positive brand equity vs. negative brand equity)

Question 3

Financial brand equity

Answer 3

measurability of intangible asset; possibility of selling brand to third party; costs and future expected sales

Question 4

Marketing brand equity

Answer 4

brand strength along consumers perceptions; customer based brand equity; marketing expenditures

Question 5

Brand awareness

Answer 5

‘brands exist only if they are able to conquer stable shares within consumers’ minds’

Question 6

CBBE

Answer 6

customer based brand equity (awareness, image, loyalty)

Question 7

Brand recall

Answer 7

spontaneous awareness; unaided ability of consumers to correctly generate and retrieve brand in memory (aka household name)

Question 8

Brand recognition

Answer 8

aided awareness; extent to which a consumer can correctly identify a brand just by receiving simple marketing stimulus

Question 9

Brand loyalty pyramid

Answer 9

switchers/price sensitive (no brand loyalty) -> satisfied/habitual buyer (no reason to change) -> passively loyal (with switching costs) -> fence sitters (considers it a friend) -> committed (advocacy, love brands)