Chap 4: Brand experiences

Question 1

Brand definition (AMA)

Answer 1

A name, term, sign, symbol, or design or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.

Question 2

Brand definition (Lemon, 2016)

Answer 2

A multidimensional construct that involves cognitive, emotional, behavioral, sensorial and social components during the customer’s entire purchase journey.

Question 3

The role of brand (5)

Answer 3

• Identify the product provider and allow consumers to assign responsibility for its performance to a particular manufacturer or distributor.
• Simplify consumer’s decision making and reduce risk.
• Perform valuable functions for the firm: simplify product handling tracing, organize inventory and accounting records, legal protection for intangible property rights.
• Signal the level of quality.
• Secure competitive advantage

Question 4

Brand equity

Answer 4

the added value endowed on products and services.

Question 5

Marketing advantage of a strong brand (3C, 1E, 5F)

Answer 5

• Improved perceptions of product performance
• Greater loyalty
• Less vulnerable to competitive mkt actions/mkt crisis
• Larger margins, greater financial market returns
• More inelastic consumer response to price increases. It’s elastic when price decreases.
• Greater trade cooperation and support
• Increased marcomm effectiveness
• Possible licensing and additional brand extension opportunities
• Improved employee recruiting and retention

Question 6

Customer-based brand equity

Answer 6

the differential effect brand knowledge has on consumer response to the marketing of that brand

Question 7

Brand knowledge

Answer 7

all thoughts, feelings, images, experiences, and beliefs associated with the brand.

Question 8

Brand promise

Answer 8

the marketer’s vision of what the brand must be and do for consumers.

Question 9

Brand resonance model

Answer 9

1st: Salience - identify
2nd: Performance and Image - associate
3rd: Judgements and Feelings - evoke
4th: Resonance - loyalty

Question 10

Holistic marketing activities

Answer 10

• Integrated marketing
• Internal marketing
• Performance marketing
• Relationship marketing

Question 11

How to build brand equity

Answer 11

1. Choosing brand elements
2. Design holistic marketing activities
3. Leveraging secondary associations
4. Internal branding (ex: IBM)
5. Brand communities (ex: H.O.G)

Question 12

How to measure brand equity

Answer 12

Brand audit and Brand tracking studies

Question 13

How to manage brand equity

Answer 13

Brand reinforcement

Brand revitalization