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Question 1

What is brand equity?

Answer 1

It must be derived in the marketplace from the words and actions of consumers. Consumers decide with their purchases, based on whatever factors they deem important, which brands have more equity than other brands.

Question 2

What is the source of brand equity?

Answer 2

Brand knowledge structures in the mind of consumers.

Question 3

What is an example of definition of brand equity?

Answer 3

‘the differential effect that brand knowledge has on consumer response to marketing activity’.

Question 4

What is the explanation to that definition?

Answer 4

A brand is thought to have positive equity to the extent that consumers respond more favourably to marketing activities when the brand is identified, compared to when it is not.

Question 5

What is the research priority?

Answer 5

How brand knowledge sttructures are created and how they influence consumer behaviour.

Question 6

What is the associative network memory model?

Answer 6

A brand will have a node in memory that may be associated with a variety of other nodes. All types of brand nodes may be linked to the brand to make up its brand associations in memory. Moreover, there are a number of dimensions by which these different kinds of associations may be characterised.

Question 7

How does brans associations vary?

Answer 7

+ Content and whether they are related to the product or not.
+ Level of abstraction (Concrete/specific or abstract/general)
+ How stronglly linked they are to the brand and its other associations
+ How unique or common
+ How Favourably consumers regard them

Question 8

What is the costumer-based brand equity framework?

Answer 8

It is used as a means of identifying the existence of marketing advantages for strong brands.

Question 9

How has high equity brands been conseptualized?

Answer 9

via familiarity (prior knowledge, ownership or exposure
to the brand) or through outcome-oriented measures (market share leader, dominant brand or high-quality brand).

Question 10

What is AIDA?

Answer 10

It is the hierarchy of effects model, Attention, Interest, desire, action

Question 11

What is the attention and learning stage?

Answer 11

The building of brand knowledge structures.

Question 12

What advantage is strong brands thought to have over unknown brands?

Answer 12

Memory encoding and storage advantage in building brand awareness and image. For brands with more elaborate memory structures will faciltate the formation of linkages of new associations.

Question 13

What can be said about the linkages which forms strong brands?

Answer 13

There is a greater likelihood that the links that make up this knowledge will be uniquely associated with the brand.

Question 14

What can be said about the linkages which forms weak brands?

Answer 14

Associations may end up being stored under the product category and not the specific brand.

Question 15

What is the accessibility advantage?

Answer 15

Brands with a greater number of associations in a wide variety of contexts implies familiar brands are more likely to be in consumers’ consideration sets.

Question 16

What could be said about selective attension and strong brands?

Answer 16

+ Information about strong brands is more easily noticed
+ The frequency of advertising of strong brands may create favourablr associations even in the absence of volontary processing
+ Consumers will selectively pay more attention to advertising for well-known brands

Question 17

What are direct effects on how consumers interpret and evaluate brands and marketing information?

Answer 17

Direct effects occur when brandrelated information is input directly into the decision process.

Question 18

What is loss aversion?

Answer 18

With loss aversion, the losses of switching away from a known brand loom larger than the potential gains from using another, lesser-known brand: This leads to an advantage for leading brands.

Question 19

What is the halo effect in the situation of advertising?

Answer 19

The positive feelings towards a brand can positively bias the evaluation of advertising of the brand.

Question 20

How does consumer directly evaluate and choose strong brands?

Answer 20

Consumer are likely to directly use both the confidence associated with familiarity as well as affect transfer when evaluating and selecting strong brands.

Question 21

When are indirect effects evoked?

Answer 21

when there is uncertainty or ambiguity in the decision environment

Question 22

How does confirmation bias affect the consumers’ decision making?

Answer 22

confirmation biases can lead to favourable evaluations in the presence of ambiguous information

Question 23

How does brand recognition work as a choice heuristic?

Answer 23

When the consumer have limited prior knowledge of a product category, its a way of dealing with risk to choose a name that’s familiar - sometimes toghether with a higher price and availability.

Question 24

How does brand name influence consumers preception of quality?

Answer 24

Brand name had a positive influence on subjects’ perceptions of quality in all conditions.

Question 25

What has reaserch about brand extension shown?

Answer 25

how well-known and well-regarded brands can extend more successfully and into more diverse categories.

Question 26

Which brands have shown to be especially extendible?

Answer 26

Brands with varied product category associations through past extensions

Question 27

How does brand extensions affect the parent brand?

Answer 27

Strengthes the parent brands and aids in other ways.

Question 28

What are the advantages regarding price of having a strong brand?

Answer 28

that brand leaders can command greater price differences and are more immune to price increases.

Question 29

When does a leading brand benefit the most from a discount?

Answer 29

When the price is still above the price of other brands.

Question 30

How does consumers react to repetition in advertisement?

Answer 30

Negative reaction with unknown brands as opposed to strong brands.

Question 31

What are the marketing advatages in brand familiarity of a strong brand?

Answer 31

Awareness

Question 32

What are the marketing advatages in brand knowledge of a strong brand?

Answer 32

Strong, favourable and unique brand associations

High quality brand

Question 33

What are the marketing advatages in brand performance of a strong brand?

Answer 33

Market share leader, dominant brand

Question 34

What are the marketing advatages post purchase of a strong brand?

Answer 34

Extension evaluation and loyalty

Question 35

What are the marketing advatages in the product of a strong brand?

Answer 35

more favourable attribute and benefit perceptions, overall preferance

Question 36

What are the marketing advatages in the exentions of a strong brand?

Answer 36

More favourable consumer respons, more efficient marketing programme

Question 37

What are the marketing advatages in the pricing of a strong brand?

Answer 37

Greater price premiums, more favourable response to price increases and decreases.

Question 38

What are the marketing advatages in the communication of a strong brand?

Answer 38

Pay greater attention, react more positively, retain more information