Chapter 12 - Branding strategy

Question 1

diffusion of innovations depends on:

Answer 1

1. relative advantage of new over old product
2. compatibility with consumers’ beliefs
3. perceived risks
4. ease to try

Question 2

brand equity management

Answer 2

establish a strong brand increases (1) trust and (2) repeated purchase
Through Identity -> Meaning -> Responses -> Relationship

Question 3

brand identity

Answer 3

strength of association

Question 4

brand meaning

Answer 4

association of quality and performance

Question 5

brand responses

Answer 5

feelings and judgment that come to mind

Question 6

brand relationship

Answer 6

after a brand identity, meaning, and responses are understood

Question 7

brand equity

Answer 7

accrued value:

1. higher margin
2. leverage with trade
3. protection against competitor’s actions
4. brand loyalty even with extensions

Question 8

young & rubicam brand asset valuator

Answer 8

Brand Strength = difference (unique) x relevance (useful)

Brand Stature = esteem (best) x knowledge (clear consistent)

Question 9

market leaders prevent change by

Answer 9

1. remind what works for consumer

2. increase ambiguity to prevent easy comparison

Question 10

underdogs encourage change by

Answer 10

1. challenge notion of current beliefs
2. make easy comparison
3. decrease switching cost and increase opportunity to trial

Question 11

Diffusion of innovation

Answer 11

rate of product spreading into market