Chapter 1 Brand Terms

Question 1

AMA Definition “name, term, sign, symbol, or design or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from the competition.”

Answer 1

brand

Question 2

“Something that has actually created a certain amount of awareness, reputation, prominence, and so on in the marketplace.”

Answer 2

Brand (with a big B)

Question 3

The different components of a brand that differentiate it.

Answer 3

Brand Elements

Question 4

Anything we can offer to a market for attention, acquisition, use, or consumption that might satisfy a need or want.

Answer 4

Product

Question 5

The fundamental need or want that consumers satisfy by consuming the product or service.

Answer 5

Core Benefit Level

Question 6

The basic version of the product containing only those attributes or characteristics absolutely necessary for functioning but with no distinguishing features. This is basically a stripped down, no-­‐frills version of the product that adequately performs the product function.

Answer 6

Generic Product Level

Question 7

A set of attributes or characteristics that buyers normally expect and agree to when they purchase a product.

Answer 7

Expected Product Level

Question 8

Includes additional product attributes, benefits, or related services that distinguish the product from competitors.

Answer 8

Augmented Product Level

Question 9

Includes all the augmentations and transformations that the product might ultimately undergo in the future.

Answer 9

Potential Product Level

Question 10

A broad term which includes all types of customers, including individuals and organizations.

Answer 10

Consumer

Question 11

Goods for which consumers can evaluate product attributes like sturdiness, size, colour, style, design, weight and ingredient composition by visual inspection (eg, groceries).

Answer 11

Search Goods

Question 12

Goods for which consumers cannot assess product attributes like durability, service quality, safety, and ease of handling or use so easily by inspection and actual product trial and experience is necessary (eg automobile tires).

Answer 12

Experience Goods

Question 13

Goods for which consumers may rarely learn product attributes (eg life insurance).

Answer 13

Creedence Goods

Question 14

The amount of a value measured in dollars that a brand contributes to a firm’s market capitalization. Can also be expressed as a percentage.

Answer 14

Brand Value

Question 15

A product so basic that it cannot be physically differentiated from a competitors in the minds of consumers.

Answer 15

Commodity

Question 16

Retailers offering their own brands, either alongside of or instead of manufacturers’ brands, in order to increase customer loyalty and generate higher margins of growth.

Answer 16

Store brands and private label brands.

Question 17

The marketing effects uniquely attributable to the brand.

Answer 17

Brand equity.

Question 18

The design and implementation of marketing programs and activities to build, measure, and manage brand equity.

Answer 18

Strategic brand measurement process.

Question 19

A model of brand planning that describes how to guide integrated marketing to maximize competitive advantages.

Answer 19

Brand positioning model.

Question 20

A model of brand planning that describes how to create intense, activity loyalty relationships with customers.

Answer 20

Brand resonance model.

Question 21

A means to trace the value creation process for brands, to better understand the financial impact of brand marketing expenditures and investments.

Answer 21

Brand value chain.

Question 22

A set of research procedures designed to provide timely, accurate, and actionable information for marketers so that they can make the best possible tactical decisions in the short run and the best strategic decisions in the long run.

Answer 22

Brand equity measurement system.

Question 23

A comprehensive examination of a brand to assess its health, uncover its sources of equity, and suggest ways to improve and leverage that equity.

Answer 23

Brand audit.

Question 24

Collecting information from consumers on a routine basis over time, typically through quantitative measures of brand performance on a number of key dimensions marketers can identify in the brand audit or other means.

Answer 24

Brand tracking studies.