Innovation lecture4

Question 1

Brand

Answer 1

Name, design, a symbol that identifies a seller’s good or service

Question 2

Benefits of brand for customes

Answer 2

Reduce risk
Save time and effort
Means of self-expression

Question 3

Benefits of brand for companies

Answer 3

Consumer acceptance of new product
Lower marketing expenses
Intangible assets

Question 4

Brand management is as difficult as ever

Answer 4

Quickly changing consumer needs
Globalization and mobility of customers
Increased competition
Growth of store brands

Question 5

What does a brand represent

Answer 5

Attributes
Benefits 
Values 
Culture 
Peronality 
User

Question 6

Brand vs product

Answer 6

Core benefit level (need or want)
Generic product level (stripped-down version of the product) 
Expected product level 
Augmented product level 
Potential product level

Question 7

Brand equity

Answer 7

A marketing term that describes a brands value

Question 8

Determinants of customer-based brand equity

Answer 8

The customer is aware of and familiar with the brand

Customer holds some strong, favorable and unique brand associations in memory

Question 9

The strategic brand management process

Answer 9

identifying and developing brand plans
Designing and implementing brand marketing programs
Measuring and interpreting brand performance
Growing and sustaining brand equity

Question 10

identifying and developing brand plans

Answer 10

A clear understanding of what is brand representing and how should it be positioned

Question 11

Designing and implementing brand marketing programs

Answer 11

Properly positioning the brand in minds of customers

Knowledge building process

Question 12

Measuring and interpreting brand performance

Answer 12

Brand audits
Brand tracking
Brand equity management system

Question 13

Growing and sustaining brand equity

Answer 13

Defining brand architecture
Managing brand equity over time
Managing brand equity over geographic boundaries, vultures and market segment