Importance of Brands, Brands vs Products, + TB Chapter 1

Question 1

Brand

Answer 1

Name, term, sign, symbol, or design, or a combination of them, intended to identify and differentiate a brand from competitors

Question 2

Product

Answer 2

Is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or want

Question 3

Brand elements

Answer 3

Name, logo, slogan, symbol, packaging design, or other attribute that identifies a product and distinguishes it from all others

Question 4

5 levels of meaning of a product

Answer 4

Core benefit
Generic product level
Expected product level
Augmented product level
Potential product level

Question 5

Core benefit (product)

Answer 5

The fundamental need or want that consumers satisfy by consuming the product or service
eg: water bottle bought for holding water

Question 6

Generic product level

Answer 6

Is a basic version of the product containing only those attributes or characteristics absolutely necessary for its functioning but with no distinguishing features
eg: basic larq water bottle

Question 7

Expected product level

Answer 7

A set of attributes or characteristics that buyers normally expect and agree to when they purchase a product
eg: expect quality material, sleek design of larq water bottle

Question 8

Augmented product level

Answer 8

Includes additional product attributes, benefits, or related services that distinguish the product from competitors
eg: larq self-cleaning UVC light

Question 9

Potential product level

Answer 9

Includes all the augmentations and transformations that a product might ultimately undergo in the future
eg: water tracking feature in water bottle

Question 10

5 types of products

Answer 10

Physical product
Service
Person
Organization
Idea

Question 11

Functions brands provide to consumers

Answer 11

Identity of the product
Simplify product decisions
Lower search costs
Set reasonable expectations

Question 12

Functions brands provide to firms

Answer 12

Simplify product handling and tracing
Help organizing inventory and accounting records
Offer the firm legal protection for unique features or aspects of the product
Provide predictability and security of demand for the firm and creates barriers of entry for competitors
Provide a powerful means to secure competitive advantage

Question 13

Physical goods

Answer 13

Traditionally associated with brands and include many of the best-known and highly regarded consumer products
eg: Mercedes

Question 14

Service (Branding)

Answer 14

Branding a service can be an effective way to signal to consumers that a firm has designed a particular service offering that is special and deserving of its name
eg: British Airways

Question 15

Retailers and distributors as brands

Answer 15

Can generate consumer interest, patronage, and loyalty
Create an image and establish positioning within an industry
Yield higher price margins, increased sales volumes, and greater profit
eg: Kirkland

Question 16

Digital brands

Answer 16

Harder to create awareness or perception of products or services offered
eg: Amazon

Question 17

People and organizations as brands

Answer 17

Often well-defined images that are easily understood by consumers
eg: Lady Gaga, Canadian Red Cross

Question 18

Sport, arts, entertainment

Answer 18

A special case of marketing people and organizations as brands exists in the sports, arts, and entertainment industries
eg: movies will feature the same recurring characters and ongoing stories

Question 19

Geographic locations (cities, sites, etc)

Answer 19

Increased mobility of both people and businesses and growth in the tourism industry have contributed to the rise of place marketing
eg: visit Newfoundland

Question 20

Ideas and causes

Answer 20

Numerous ideas and causes have been branded, especially by nonprofit organizations
They may be captured in a phrase or slogan and even be represented by a symbol, such as AIDS ribbons

Question 21

Strongest brand attributes

Answer 21

Best-known
Most highly regarded
Maintaining brand relevance and differentiation

Question 22

Winner-takes-all market

Answer 22

A winner-take-all market is likely to permeate other industries and categories outside of sports and entertainment
eg: Amazon

Question 23

4 steps in strategic brand management process

Answer 23

Identifying and Developing Brand Plans
Designing and Implementing Brand Marketing Programs
Measuring and Interpreting Brand Performance
Growing and Sustaining Brand Equity

Question 24

Customer-centricity

Answer 24

Customer’s loyalty and satisfaction are the main drivers of business, especially with easier access to personal reviews

Question 25

Identifying and developing brand plans

Answer 25

The strategic brand management process starts with a clear understanding of what the brand is to represent and how it should be positioned with respect to competitors

Mental maps, PODs, frame of reference, brand mantra

Question 26

Designing and implementing brand marketing programs

Answer 26

Requires properly positioning the brand in the minds of customers and achieving as much brand resonance as possible

Leveraging secondary associations, mix and match brand elements

Question 27

Measuring and interpreting brand performance

Answer 27

Successfully design and implement a brand equity measurement system

Brand value chain, audit, tracking, equity management system

Question 28

Growing and sustaining brand equity

Answer 28

Understanding how branding strategies should reflect corporate concerns and be adjusted, if at all, over time or over geographical boundaries or multiple market segments

Brand architecture, portfolios and hierarchies, expansion strategies, reinforcement and revitalization