Building A Brand: Marketing Programs, Product Price Place, + TB Chapter 5

Question 1

SURF associations

Answer 1

Strong
Unique
Relevant
Favourable

In memory. Most important to have the right SURF associations after marketing

Question 2

A brand manager has to get all 6 components of the product right

Answer 2

Designed
Manufactured
Delivered
Services
Experienced
After-marketing

Question 3

Experiential marketing

Answer 3

Promotes a product by communicating features and benefits and connecting it with unique interesting consumer experiences
Eg: Canada goose’s cold room

Question 4

Relationship marketing

Answer 4

Transcend an actual product or service to create stronger bonds with consumer
Maximizes brand resonance
(loyalty programs create stronger bonds)

Question 5

Mass customization

Answer 5

Making products to fit customers’ exact specifications
Enabled due to digital-age technology

Question 6

Permission marketing

Answer 6

Marketing to consumers only after gaining their expressed permission

Question 7

Brand experience scale components

Answer 7

Sensory (engaged 5 senses)
Affective (engaged emotionally)
Behavioural (engaged physically)
Intellectual (engaging in thinking)

Question 8

Pricing to build brand equity

Answer 8

Pricing creates associations in the consumer’s mind which can build (or damage) brand equity
Brander needs to understand the premium that is perceived in the brand
Pricing can change people’s experiences with a product

Question 9

Setting prices to build brand equity components

Answer 9

Value pricing
Communicating value
Price segmentation
Everyday low pricing
Reasons for price stability

Question 10

Value pricing

Answer 10

Objective is to uncover the right blend of product quality, product costs, and product prices that:
Fully satisfied the needs and wants if consumers
Satisfied profit targets if the firm

Should strike a balance among:
Product design and delivery
Product costs
Product prices

Question 11

Communicating value

Answer 11

Brands need to make sure that consumers understand and appreciate the value of the brand

Question 12

Price segmentation

Answer 12

Sets and adjusts prices for appropriate market segments
eg: iPhone 14 vs iPhone 14 Pro Max

Question 13

Everyday low pricing

Answer 13

Avoids the sawtooth pattern of alternating prices increases and decreases
Avoids discounts

Question 14

Reasons for price stability

Answer 14

Forward buying, allowing retailers to buy in bulk
Diverting, retailers pass along discounted products to sell it outside their designated areas

Question 15

Channel strategy

Answer 15

Channel design structured with direct channels and indirect channels

Question 16

Direct channels

Answer 16

Selling through personal contacts form the company to prospective customers (mail, phone, electronic means, or in-person visits)

Question 17

Indirect channels

Answer 17

Selling through third-party intermediaries (wholesalers or distributors, retailers, etc)

Question 18

Indirect channel benefits

Answer 18

Retailers tend to have the most visible and direct contact with customers (has the greatest opportunity to affect brand equity
Has the greatest opportunity to affect brand equity:
Push and pull strategies
Channel support
Retail segmentation
Cooperative advertising

Question 19

Direct channel issues

Answer 19

Manufacturers may choose to sell directly to consumers
Brand equity issues if selling through direct channels:
Company owned stores (inconsistent experience = brand dilution)
Limited reach
Stores within a store
Other means may be by phone, mail, digital etc