General Brand management fundamentals Flashcards

1
Q

What is a brand?

A

Answer depends on perspective. In business -> source for competitive advantage

Generally:
a set of mental associations held by the consumer which add to the perceived value of a product or service

Also:

  • A brand is a shared desirable and exclusive idea embodied in products, services, places and/or experiences.
  • Brand is a name with the power to influence buyers
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2
Q

What is a brand touchpoint?

A

”Anything you might interact with that features some recognizable part of the brand’s identity.”

A point of interaction with the brand

ex:
The product/service itself
The store/distribution channel The people – employees, other
customers…
Support instructions and guides
Customer service
Market communication – advertisement, social media…

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3
Q

Explain the two aspects of Brand awareness

A

Awareness depth -> the likelihood of ease/recall/recognition

  • Brand recall -> generate brand from memory
  • Brand recognition -> to identify the brand on cue

Awareness breadth -> the range of usage and purchase situations where the brand comes into effect

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4
Q

What are the two perspectives on Brand equity?

A

Financial brand equity:
The financial value of the brand, the net discounted cashflows attributable to the brand

Consumer-based brand equity:
The value added by the brand; the differential effect that consumers’ brand knowledge has on their response to the marketing of that brand

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5
Q

Explain Keller’s model for customer-based brand equity (Hint: 3-2-1)

A

Choosing brand elements (names, logo, slogan) +
developing marketing campaigns (product, price, distribution channels) +
leverage secondary associations (company, country of origin, event, endorsers)

LEADS TO

Brand awareness (Depth, breadth) + brand associations (strong, favourable, unique)

LEADS TO

Brand equity (The differential effect that consumers’ brand knowledge has on their response to the marketing of that brand)

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6
Q

What factors influence consumer buying behaviour?

A

Cultural, social, personal and psychological

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7
Q

What is the differences between Brand identity and brand image?

A

Brand identity: The brand owners intention of the brand

Brand image: Perceptions about a brand reflected by the brand associations held in customer memory

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8
Q

What are the common market segmentation made today?

A
  • Brand loyalty (Brand loyals, Favourable brand switchers, Other-brand switchers, Other-brand loyals, New category users)
  • Benefits sought (flavor,price,decay etc) and
  • Usage rate(heavy/light)
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9
Q

Explain Brand promise

A

BRAND PROMISE: What value will the brand create. Defines: What it is, what is does or doesnt do for value, why it matters

Example: FedEx:’Your’package’will’get’there’overnight.’Guaranteed
Nike:’To’bring’inspiration’and’innovation’to’every’athlete’in’the’world.

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10
Q

What is a brand purpose

A

BRAND PURPOSE: What is the brands reason to exist?

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11
Q

Give an example of a descriptive concept

A

Volvo XC60 - A sport utility vehicle
Facebook - A social utility
Microsoft kinect - A controller free gaming device
Android - a platform for mobile devices

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12
Q

What is the practical impact of the descriptive concept?

A
  1. Define boundaries for TM (think classification)
  2. Protect against TM degeneration (generisize)
  3. Signaling intended utility or usage of ofer
  4. defining segments and competition
  5. Signaling differentiation & promoting uniqueness
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13
Q

What are the basic choices when designing a descriptive concept?

A
  1. Using an already existing term (Vanish: a fabric stain remover)
  2. Modifying an already existing term or creating subterm (tumblr: a microblogging platform)
  3. Creating a completely new term (Segway: a self-balancing personal transporter)
  4. Avoid using a descriptive term altogether (iPad)
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