BRAND/MARKETING

Question 1

Brand equity

Answer 1

the commercial value a brand provides to a firm through its effects on the attitudes and behaviours of its stakeholders.

Question 2

Brand identity

Answer 2

a name, symbol or design that identifies a product, service or entity from others.

Question 3

Brand image

Answer 3

a set of associations attached to a brand identity in the minds of its stakeholders.

Question 4

Brand promise

Answer 4

the customer value proposition or benefits communicated by the brand to the customer and/or consumer.

Question 5

Brand purpose

Answer 5

this answers the question of why a brand exists with respect to the positive difference it aims to make in people’s lives.

Question 6

Brand valuation

Answer 6

the Net Present Value (NPV) of future cash flows stemming from the brand as an intangible (separable) asset, for example, as estimated in the avoided royalty payments through ownership of a trademark and associated intellectual property (e.g., brand guidelines).

Question 7

Brand value

Answer 7

the incremental Net Present Value (NPV) of future cash flows stemming from a branded compared an unbranded business and product via its effect on all stakeholders (e.g., customers, employees, suppliers, financiers, channel partners, etc.). In simpler terms, what deploying the brand is worth to management, the bottom line, and shareholders.

Question 8

Branding

Answer 8

the creation of names, symbols, characters, and slogans that (1) help identify a product and (2) create unique positive associations that differentiate it from the competition by (3) creating additional meaning (value) in consumers’ minds.

Question 9

Consumer

Answer 9

a person or entity that makes use of a good or service.

Question 10

Culture

Answer 10

the tone and way in which things are done around the organisation.

Question 11

Customer

Answer 11

a person or entity that purchases goods or services.

Question 12

Customer-based brand equity

Answer 12

“the differential effect of brand knowledge on consumer response to the marketing of the brand” (Keller, Journal of Marketing, 1993).

Question 13

Customer/consumer experience

Answer 13

a customer’s and/or consumer’s holistic perception of their interactions with an organization and its products and services over the duration of their relationship.

Question 14

Consumer/customer journey

Answer 14

the mapping of the customer experience across all touchpoints (in particular those “moments-that-matter”) between the customer and/or consumer.

Question 15

Customer value proposition (CVP)

Answer 15

the sum total of benefits which a seller promises a customer will receive in return for the payment or other value-transfer.

Question 16

Differentiation

Answer 16

relevant associations or the net value of customer perceptions of a brand, product, or service that sets it apart from the competition.

Question 17

Employee-based brand equity

Answer 17

“the value a brand provides to a firm through its effects on the attitudes and behaviours of its employees” (Tavassoli, Sorescu & Chandy, Journal of Marketing Research, 2014).

Question 18

Employee branding

Answer 18

the process by which employees learn about, commit to and are are motivated and enabled to deliver the proised brand experience to customers and consumers.

Question 19

Employee Value Proposition (EVP)

Answer 19

the benefits promised by an organisation in return for the talent, experience and engagement employees bring to the organisation.

Question 20

Employer brand

Answer 20

the image of an organisation as a great place to work in the minds of potential and current employees.

Question 21

Experience

Answer 21

the perceptions of an event, episode or encounter that leave an impression.

Question 22

Intangible asset

Answer 22

a non-physical asset such as a patent, trademark, or goodwill recognized in business combination.

Question 23

Mission statement

Answer 23

a simply written statement of the current business purpose to provide direction and guide decision making: what business are we in, i.e., what do we aim to provide for our customers and other stakeholders?

Question 24

Net Present Value (NPV)

Answer 24

the future cash receipts associated with an investment, discounted by a specified rate of return.

Question 25

Positioning

Answer 25

the strategic intent (aim) or design for a differentiated brand image within a specific target audience.

Question 26

Royalties

Answer 26

rent-like payments made to the legal owner of a brand (or other asset) by those who wish to make use of it, for example, to generate revenue.

Question 27

Sales funnel

Answer 27

the visual representation, in the form of an inverted funnel or pyramid, of the customer relationship with a brand, product or service ranging from “customer states” such as awareness, to consideration, to trial, to repeat purchase, to adoption (e.g., habit or loyalty), or other sales outcomes such as up-selling and cross-selling.

Question 28

Trademark

Answer 28

a distinctive mark or feature particularly characteristic of or identified with a person or thing.

Question 29

Values

Answer 29

these describe your desired culture and can be “who values” that describe the organisation’s character or spirit, often anchored in its heritage; what or “end” values that link to the organisational purpose; and how or “means” values that are a code of behaviour that defines the manner in which the organisation intends to accomplish its aims, the emphasised norms, principles, or common set of beliefs.

Question 30

Vision statement

Answer 30

based on the organisational purposes, this describes why a business is doing what it is doing and where a well-executed mission will take them. Best done as an inspiring image of a possible and desirable future state, in order to unite and inspire all stakeholders.

Question 31

Living Stage

Answer 31

Awareness of a Need

Question 32

Planning Stage

Answer 32

Creation of Interest About Considered Brands

Question 33

Shopping Stage

Answer 33

Desire for the Right Branded Product

Question 34

Experiencing Stage

Answer 34

Purchase and Repurchase

Question 35

Showrooming

Answer 35

process in which a customer conducts the planning or pre-purchase stage offline in a brick-and-mortar store (such as Best Buy) and then makes the purchase online at a site such as Amazon.

Question 36

Brand activation

Answer 36

Term that refers to a campaign, event, or interaction through which your brand generates awareness and builds lasting connections with your target audience. Most brand activations are interactive, allowing audiences to engage directly with a brand and its products.