Chapter 7 COMPLETED

Question 1

Brand expansion strategies

Answer 1

Fighter brands
Product positioning

Question 2

Fighter brands

Answer 2

Employed by brands to fight against competitor brands to maintain sales

eg: Intel launching a lower priced brand to battle entering cost-cutting competitor AMD without lowering its prices for Intel’s original brand

Question 3

Product positioning

Answer 3

Strategically placing a product in the minds of consumers relative to competitors to create a distinct and desirable image in the market

Question 4

2 components of market share

Answer 4

Product positioning x Marketing effort

Question 5

3 types of product positioning strategies (DP, BB, BPL)

Answer 5

Differentiation and product positioning strategies
Branding and brand management strategies
Brand and product line strategies

Question 6

4 types of differentiation and product positioning strategies (PSBL)

Answer 6

Product differentiation
Service differentiation
Brand differentiation
Low cost of purchase

Question 7

4 types of branding and brand management strategies (BBBB)

Answer 7

Brand identity
Brand encoding
Brand assets & liabilities
Brand equity

Question 8

4 types of brand and product line strategies (UPBP)

Answer 8

Umbrella & flanker brands
Product line extensions
Bundling & unbundling
Product elimination

Question 9

When customers value price, firms use ?

Answer 9

Low cost of purchase strategy

Question 10

When customers value differentiation, firms use ?

Answer 10

Product, service, brand differentiation strategies

Question 11

Product performance and differentiation

Answer 11

Product quality (reliability)
Product performance differentiators (improvements/durability)
Product performance enhancements (options/serviceability)
Product performance emotional enhancements (appearance, reputation)

Question 12

Service quality and differentiation

Answer 12

Service quality (reliability/assurance)
Service quality differentiators (performance/responsiveness)
Service quality enhancements (extended services/customer empathy)
Service quality emotional enhancements (appearance/reputation)

Question 13

Brand identity

Answer 13

Having a defined product positioning and value proposition

Question 14

Brand encoding

Answer 14

Incorporation of distinctive brand elements to reinforce brand identity

Question 15

Umbrella brands and subbrands

Answer 15

Umbrella brand: VW Auto
Subbrand: Audi
Subbrand of subbrand: Q series (Q5, 6, 7, 8)

Question 16

5 kinds of brand naming (FFIEE)

Answer 16

Founder
Functional
Invented
Experiential
Evocative

Question 17

5 ways to protect brand name and intellectual property (CTPLA)

Answer 17

Copyright
Trademark
Patents
Licensing
Assignments

Question 18

5 components of brand assets (BEBPP)

Answer 18

Brand awareness
Emotional connection
Brand loyalty
Product line extensions
Price premium

Question 19

5 components of brand liabilities (CPQPN)

Answer 19

Customer dissatisfaction
Product or service failures
Questionable practices
Poor record or social issues
Negative associations

Question 20

Brand equity

Answer 20

Brand assets - brand liability

Question 21

Product line extension

Answer 21

Eg: Toyota in cars -> Lexus models, Toyota models covering a large range of customer preferences

Question 22

4 benefits to product line extension (BKMP)

Answer 22

Brand awareness
Known quality
Market reach
Product experience

Question 23

Horizontal brand extensions

Answer 23

Eg: GE -> home electric -> jet engines

Question 24

Vertical brand extensions

Answer 24

Eg: Casual cuisine adding pizza to existing burgers

Question 25

Cobranding

Answer 25

A business can leverage a strong brand by entering another product-market with cobranding

Question 26

New Product-Market Brand Extensions

Answer 26

Eg: Honda expanding to lawn applicances

Question 27

Pure product bundling strategy

Answer 27

Two or more products sold together at a lower price than if one were to purchase them independently