Branding and Brand Management

Question 1

CROWDCULTURE

CULTURAL BRANDING

Answer 1

The community that connects around authentic, purposeful businesses, and ideologies.

Question 2

5 STEPS IN CULTURAL BRANDING

Answer 2

1. Map the cultural orthodoxy
2. Locate the cultural opportunity
3. Target the crowdculture
4. Diffuse the new ideology
5. Innovate continually using cultural flashpoints.

Question 3

BRAND PURPOSE

Answer 3

A reason for a brand to exist beyond making profit.

Question 4

PURPOSE DRIVEN MARKETING

Answer 4

Basing the image of the brand with a specific mission statement or value proposition.

Question 5

TAGLINE

Answer 5

Statement about the brand as a whole, used consistently by the company.

Question 6

CLAIMS

Answer 6

Refers to specific moments, campaigns, products, business units.

Question 7

BRAND PERSONALITY

Answer 7

Human characteristics attributed to a brand name. (the way a brand speaks and behaves)

Question 8

5 CORE DIMENSIONS DESCRIBING BRAND PERSONALITY

Answer 8

1. Sincerity
2. Excitement
3. Competence
4. Sophistication
5. Ruggedness

Question 9

BRAND IDENTITY

Answer 9

Represents the desired meaning that the company authors for the brand. Translates the values and strategic vision of a company into a consistent image that consumers become familiar with.

Question 10

BRAND IDENTITY PRISM

Answer 10

Allows marketers to evaluate the strengths and weaknesses of the brands. Identifies two dimensions:

1. Sender & Recipient
2. Externalization & Internalization

Question 11

EXTERNALIZATION

BRAND IDENTITY PRISM

Answer 11

Elements which give tangible/intangible characteristics of the brand:

1. Physical features, symbols, colors.
2. Relationship: handshake b/w consumer & organization.
3. Reflection: makes reference to the user of the brand.

Question 12

INTERNALIZATION

BRAND IDENTITY PRISM

Answer 12

Elements which give tangible/intangible characteristics of the brand:

1. Personality: brands character.
2. Culture: set of values the firm stands for.
3. Self-Image: mirror of the consumer as a user of the brand.

Question 13

BRAND IMAGE

Answer 13

Concerned with what a brand stands for and the implied promises it delivers. Developed over time through marketing tacts and is authenticated through the consumers’ direct experience.

Question 14

BRAND BUILDING BLOCKS

Answer 14

1. Identity: who are you?
   - Objective; Deep, broad brand awareness
2. Meaning: what are you?
   - Obj; Points of parity & difference
3. Response: what about you?
   - Obj; Accessible, positive reactions
4. Relationships: what about you and me?
   - Obj; Intense, active loyalty

Question 15

BRAND EQUITY

Answer 15

A set of assets and liabilities linked to a brand (name/symbol) that add or subtract to the value provided by a product/service, to a firm, and/or to that firm’s customers.

1. Brand Awareness
2. Brand Attributes & Association
3. Perceived Quality
4. Brand Loyalty

Question 16

BRAND AWARENESS

UNDER EQUITY

Answer 16

Recognition and identification; customers know about the existence of a brand and recall what category it’s part of. Measured by two components:

1. Top-of-Mind (Un-aided)
2. Aided Recalls

Question 17

TOP-OF-MIND (UN-AIDED)

BRAND AWARENESS

Answer 17

The customer names the brand once a category (or country) is mentioned.

Question 18

AIDED RECALLS

BRAND AWARENESS

Answer 18

Customers can recognize the brand among a list of brands in the category/country.

Question 19

BRAND ASSOCIATIONS

UNDER EQUITY

Answer 19

Anything connected to the customer’s memory about the brand. Not only formed by interactions with the organization, but also from what others tell us about the brand.

Question 20

BRAND ASSOCIATION PYRAMID

Answer 20

1. Functional value: what the brand does for the consumer.
2. Emotional Value: what the brand makes the consumer feel.
3. Self-Expressive Value: what the brand says about the consumer.

Question 21

PERCEIVED QUALITY

UNDER EQUITY

Answer 21

General approval of the brand not tied to specific performance benefits. In assessing quality, consumers take into consideration the performance of the brand on parameters that are important to them.

Question 22

BRAND LOYALTY

UNDER EQUITY

Answer 22

How much a customer loves the brand. Customers who exhibit brand loyalty are devoted to a product or service, which is demonstrated by their repeat purchases despite competitors’ efforts to lure them away.

Question 23

MEASURES OF BRAND LOYALTY

Answer 23

1. Net Promoter Score (NPS)
2. Repurchase Ratio
3. Upselling Ratio
4. Customer Loyalty Index (CLI)
5. Customer Engagement Numbers

Question 24

NET PROMOTER SCORE (NPS)

MEASURE OF BRAND LOYALTY

Answer 24

Likelihood a customer is to refer the brand on a scale of 1-10. Three categories:

1. Detractors (1-6): unhappy clients
2. Passives (7-8): indifferent clients
3. Promoters (9-10): enthusiastic clients

NPS = % Promoters - % Detractors

Question 25

OUTCOMES OF BRAND EQUITY

Answer 25

1. Less vulnerability to competitive marketing actions & crises 2. Larger margins (prices) 3. Licensing opportunities 4. Brand extension opportunities

Question 26

BRAND VALUE

Answer 26

NPV of future CF's from a product/service minus the NPV of future CF's from a similar unbranded product. What the brand is worth to management and shareholders.