chapter 10

Question 1

Chapter 10

Answer 1

Building Strong Brands

Question 2

one of the most valuable intangible assets of a firm, and it is incumbent on marketers
to properly manage their value

Answer 2

brands

Question 3

combines the design and implementation of marketing activities and
programs to build, measure, and manage brands to maximize their value.

Answer 3

Strategic brand management

Question 4

as “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

Answer 4

brand

Question 5

The ultimate purpose of the brand is to create,
for consumers, the company, and its collaborators, value that goes beyond the value created by the
product and service aspects of the offering.

Question 6

the process of endowing products and services with the power of a brand. It’s all about
creating differences between product

Answer 6

Branding

Question 7

brand is a promise the firm makes to the consumer. It is a
means to set consumers’ expectations and reduce their risk

Answer 7

Brands’ Role for Consumers.

Question 8

Brands also perform valuable functions for firms.10 First, they simplify
product handling by helping to organize inventory and accounting records.

Answer 8

Brands’ Role for Firms.

Question 9

The monetary value of a brand and reflects the premium that is placed on a company’s valuation because of its ownership of the brand

Answer 9

brand equity

Question 10

the monetary value of all
intangible assets of a company

Answer 10

goodwill

Question 11

three most common methods of measuring brand
equity

Answer 11

financial approach
cost approach,
market approach,

Question 12

also referred to as customer-based brand equity, is the ancillary
value contributed by the brand to a product or a service

Answer 12

Brand Power

Question 13

Measuring Brand Power

Answer 13

1. brand audit is a focused series of procedures to assess the health of the brand, uncover its sources of brand equity, and suggest ways to improve and leverage its equity.
2. brand tracking, the brand audit is used as input to collect quantitative data from consumers

Question 14

three- to five-word articulation of the heart
and soul of the brand and is closely related to other branding concepts like “brand essence” and “core
brand promise.”

Answer 14

brand mantra

Question 15

several factors to consider when choosing brand elements

Answer 15

memorable,
meaningful
likable
transferable
adaptable
protectable

Question 16

the specific mix of human traits that we can attribute to a particular brand.

Answer 16

brand
personality

Question 17

reflects the way in which a company’s brands are related to a company’s prod-
ucts and services, as well as to one another

Answer 17

brand hierarchy

Question 18

the set of all brands and brand lines that a particular firm offers for sale in
a particular category or market segment

Answer 18

brand portfolio

Question 19

Three general brand portfolio strategies

Answer 19

house-of-brands strategy
branded-house strategy
sub-brand strategy

Question 20

one that best represents or embodies the brand as a whole to consumers. It
often is the first product by which the brand gained fame, a widely accepted best-seller, or a highly
admired or award-winning product

Answer 20

flagship product

Question 21

also called dual branding—involves two or more brands marketed together.

Answer 21

Cobranding

Question 22

The Essence of Cobranding

Answer 22

same-company cobranding
joint-venture cobranding
multiple-sponsor cobranding

Question 23

special case of cobranding. It creates brand equity
for materials, components, or parts that are necessarily contained within other branded products.

Answer 23

Ingredient Branding

Question 24

Most brands don’t stay the same; they evolve over time

Answer 24

Brand Dynamics

Question 25

two most common ways in which brands
evolve

Answer 25

brand repositioning and brand extensions.

Question 26

to make impressive comebacks in recent years
Often, the first thing to do in repositioning a brand is to understand what the sources of brand
equity were to begin with.
Sometimes the actual marketing program is the source of the problem because it fails to deliver
on the brand promise. Then a “back to basics” strategy may make sense.

Answer 26

brand repositioning

Question 27

When a firm uses an established brand to introduce a new product in a different category or price
tier, the resulting offering is called

Answer 27

brand extension

Question 28

Priced significantly higher than typical items in their categories, luxury brands for years were about
social status and who a customer was—or perhaps wanted to be.

Answer 28

luxury brands