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Brand Management > Lecture Notes > Flashcards

Lecture Notes Flashcards

1
Q

What is a brand, and what are the three benefits of a brand to consumers?

A

Brands are: a term, a sign, a design, a symbol (or a combination) that identifies the product or service.

Brands add dimensions to products that serve the same need.

  • functional
  • hedonic
  • self-expression
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2
Q

What do brands tell consumers, and what effects do they create amongst consumers?

A

The brand unites consumers and tells them about what they’re selecting.

  • Information about price
  • Information about quality
  • Community
  • Loyalty
  • Personality
  • Engagement
  • Experience
  • Symbolism
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3
Q

Brand Personality

What are the five dimensions, aka types of personality?

A
  • Sincere // Nivea
    Down to earth, Honest, Cheerful
  • Excitement // Red-Bull
    Daring, Spirited, Imaginative, Up-to-date
  • Competence // BMW
    Reliable, Intelligence, Successful
  • Ruggedness // Marlboro
    Outdoorsy, Tough
  • Sophisticated // Montblanc
    Upper class, Luxurious
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4
Q

What do Young & Rubicam propose are the two facets of CBBE?

A

Brand Strenght
- Differentation & Relevance

Brand Stature
- Esteem & Knowledge

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5
Q

Which 2 elements does J. Aaker propose to supplement Brand Personality with?

A

Community Driven (Ben & Jerry’s)

Classic (Ray Ban)

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6
Q

What is the ultimate goal of Brand Management?

What are the (4) steps in creating this concept?

What does Brand Equity create?

A

Achieve: Brand Equity

Steps:

1) Establish Positioning
2) Implement marketing campaigns
3) Measure performance
4) Grow band equity

Moves the demand curve right, increasing demand at each price level.

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7
Q

What are the (2) business and (4) consumer values of Brand Equity?

A

Consumer Perspective

  • Incentives
  • Information
  • Rewards
  • Brand UX

Company Perspective

  • Ease of new product launches
  • Higher profit potential
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8
Q

What are Brand Challenges and Opportunities? (4)

A
  • (+) Brand proliferation, it’s easy to do brand extensions 😁
  • (+/-) Savvy customers have more information (from social media and reviews) 🥴
  • (+/-) Media Fragmentation (Content, platform and device proliferation) 🥴
  • (-) Increasing competition and costs 😭
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9
Q

What are the (4) steps in the strategic brand management process?

A

1) Identify and establish brand positioning
(Mental maps, Competitive frames of reference, Points

2) Plan & Implement Brand Marketing Program
(Mix of brand elments, Integrate brand marketing activites, & leverage secondary associations)

3) Measure & Interpret Brand Performance
(Brand value chain, Brand audit, Brand tracking, Brand equity management systems)

4) Grow and sustain Brand Equity
(Brand product Matric, Brand portfolios & hierarchies, Brand expansion strategies, Brand reinforcement & revitalisation)

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10
Q

What are the advantages of Brand Awareness & Brand Associations

A 
1) Brand Awareness 
\+ Learning advantages, 
\+ Consideration advantages, 
\+ Choice advantages
\+ Recall

2) Brand Associations
+ Strength
+ Favorability
+ Uniqueness

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11
Q

What are the four levels of Brand Awareness, and the two dimensions?

NB: This is a “Brand Awareness Pyramid” question, not a CBBE Pyramid.

A

(4) Levels
- Top of Mind
- Recall
- Recognition
- Unaware

(2) Dimensions
- Breadth of Awareness
(Range of situations where brand would be bought)
- Depth
(How easily does the consumer name your brand?)

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12
Q

What are the (4) steps you take towards customers in the CBBE creation model?

A

Step 1: Associate brand in customer mind

Step 2: Associate things to brand

Step 3: Elicit customer repsonse

Step 4: Convert brand response to loyalty

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13
Q

In the Brand Pyramid (that oddly complicated model), what are the (4) stages called and what are the (2) methods of attaining them?

A

1: Awareness
- Salience

2: Brand Image:
- Cognitive Image & Performance
- Emotional Imagery

3: Brand Responses
- Judgement
- Feelings

4: Brand Relationship
- Resonance

Methods:

1) Rational
2) Emotional

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14
Q

What are the (2) factors in Step one “Awareness” of the Brand Pyramid? “Salience”.

A

Customers can identify the category, and the brand satisfies their needs

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15
Q

What are the factors behind step 2 of the Brand Pyramid: “Brand Image”, consisting of: “Cognitive Performance” (3) and “Emotional Imagery” (3)

A

“Cognitive Performance”

  • Primary characteristics and secondary features.
  • Reliability, serviceability & durability
  • Service effectiveness * design

“Emotional Imagery”

  • User Profiles
  • Purchase & Usage situations
  • History & Experience
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16
Q

In stage 3 of the Brand Pyramid: “Brand Response”, what are “Judgements” and “Feelings” constructs?

A

“Judgements”

  • Quality
  • Credibility
  • Consideration
  • Superiority

“Feelings”

  • Warmth
  • Fun
  • Excitement
  • Security
  • Social Approval
  • Self Respect
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17
Q

In stage 4 of the Brand Pyramids, “ Brand Relationships”, how is Resonance created?

A

“Resonance”

  • Loyalty
  • Attachment
  • Community
  • Engagement
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18
Q

What are Brand Associations, and what construct do they create?

A

Brand traits rooted in Customer-mind. Goal is to be linked with positive brand associations.

Positive brand associations create brand equity and brand quality.

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19
Q

What positive impacts do Customer-Based Brand Equity create for the company?

A 
\+ Customer Loyalty
\+ Premium Price
\+ Better distribution
\+ Better licensing opportunities
\+ Facilitates Brand extensions
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20
Q

Define Brand Knowledge

A

Brand Awareness + Brand Associations.

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21
Q

What is the result of customer knowledge on marketing performance

A

When the customer has brand knowledge (Awareness & Associations), they respond more effectively to marketing initiatives.

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22
Q

Name the four steps in creating strong CBBE

A

1) Establishing (Proper brand identity)
2) Creating (Appropriate brand meaning)
3) Eliciting (Right brand response)
4) Forging (Appropriate relationship with the customer)

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23
Q

What are the (3) circles in Simon Sinek’s Golden Circle?

A

Brands that outperform tell customers: 1) Why, 2) How, 3) What

“We change your life, with excellent technology, by selling you hardware devices” We are Apple.

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24
Q

Define Brand positioning

A

Designing the company’s offer and image so it is distinct and valuable in the minds of target customers.

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25
Q

Outline the (4) steps to launch a brand so that the brand positioning is correct.

A

1) Segmentation: Identify groups of customer who respond in a similar way to a given set of marketing efforts
2) Targeting: Process of evaluating each market segment’s attractiveness and selecting one or more to enter.
3) Positioning: Arranging for a brand to occupy a CLEAR, DISTINCTIVE, and DESIRABLE place relative to competing brands in the mind of the customer
4) Differentiation: Actually differentiating the offering to create superior customer value

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26
Q

Define Segmentation, and which (3) criteria are used

A
  • Divide the market into smaller segments by: Needs, Characteristics, and Behaviours
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27
Q

When you identify segments, what must each of them be?

A
  • Identifiable
  • Sizable
  • Accessible
  • Responsive
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28
Q

What are the (5) different segmentation methods?

A
  • Geographic
  • Psychographic
  • Hybrid
  • Behavioural
  • Demographic
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29
Q

Name (5) key factors & (5) identifiers in Geographic segmentation

A

FACTORS

  • Language
  • Payment System
  • Climate
  • National Competition
  • Regulations

IDENTIFIERS

  • Nations
  • States
  • ‘hoods
  • Cities
  • Regions
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30
Q

What are the Key Challenges & Advantages of Geographic Segmentation?

A

+ Its easy

  • Not always predictive of behavior
  • Assumes uniformity, no pockets
31
Q

Name (5) key identifiers of Demographic Segmentation

A

IDENTIFIERS

  • Age
  • Gender
  • Income
  • Profession
  • Nationality
32
Q

What are the Key Challenges & Benefits of Demographic Segmentation?

A
  • Assumes cultural uniformity

+ Easy

33
Q

Explain the Factors behind Behavioural Segmentation

A

FACTORS

  • Purchase Frequency
  • Use of Product
  • Occasions of Use
  • Purchase Channel
34
Q

What are the key challenges of Behavioural Segmentation

A
  • Disconnected from Underlying needs & wants

- Requires deep analytical expertise

35
Q

Outline the Behavioural Segmentation Conversion Model

A

Consumers can be grouped by:

  • -> Consumers
  • Convertibles: Almost changing brand
  • Shallow: Considering change of brand
  • Average: Unlikely to switch soon
  • Entrenched: Not changing, loyal to brand

–> Non Consumers
- Verry Unavailable: Highly prefer current brand
- Unavailable: Not strong preference
- Ambivalent
Attracted to other brands
- Available
Prefer another brand, but not yet switched

Strategies by User Status

  • Non Users: Make Aware of the problem you solve
  • Prospects: Convince them your product is best
  • Regulars: Introduce supplementary purchases
  • Defectors: Former customers that may return if you fix their key issue
36
Q

Outline the Factors behind Psychographic Segmentation

A

FACTORS

  • Social Class
  • Lifestyle
  • Personality
  • Opinions
  • Interests
37
Q

What are the Key Challenges of Psychographic segmentation?

A
  • Costly to measure
  • Data analysis
  • Segment Accessibility
  • Not possible for small firms
38
Q

What are the big five Human Personalities?

A
  • Openness
  • Extraversion
  • Agreeableness
  • Conscientious
  • Neuroticism
39
Q

Outline the most important Hybrid Segmentation Type

A
  • VALS (Combines Demographic and Psychological variables).
40
Q

In the VALS model what are the (4) elements of the analysis? Also, what does the VALS strive to determine?

A

VALS determines PRIMARY MOTIVATIONS.

1) Ideals
2) Achievement
3) Self-Expression
4) Resources

41
Q

How do you evaluate the value of addressing a target?

A

Evaluate based on:

  • Segment Size
  • Expected Growth
  • Purchase Frequency
  • Brand Loyalty
  • Competition Strength
  • CLV for Segment
42
Q

Define “The Target Market”

A

Set of buyers with common characteristics which a company decides to serve.

43
Q

What are the (4) Targeting Strategies

A
  • Undifferentiated
  • Differentiated
  • Concentrated/Niche
  • Micro Marketing
44
Q

Explain and evaluate Undifferentiated Targeting

A

Target the whole market with one offer, focusing on common needs

+ Cost-effective
+ Great for commodities
- Competition from specifics
- Cannot address specific needs

45
Q

Explain and evaluate Differentiated Targeting

A

Target several segments with several designs & offers

\+ Good for growth
\+ Defends market share in competitive mass markets
\+ Helps new & related markets
\+ Address customer diversity
- More costly, less efficient
- Confuse customers
- Cannibalization
- Tied to segment accuracy
46
Q

Concentrated/Niche, explain and evaluate this Targeting strategy

A 
Target lucrative, small parts of a larger market. 
\+ Great for small firms with limited means
\+ Specialised
\+ Needs fewer resources
- Need expertise
- Limited growth opportunities
- Niche must survive
- Attractive niches breed competition
47
Q

Micro Market, Explain and evaluate this targeting method

A

Individuals are segments

\+ Hyper Customized
\+ Loyalty
- Inefficient
- Needs great data
- Limited growth opportunities
48
Q

Which (4) constraints determine Targeting strategy choice

A

1) Product/Market viability
2) Company Resources
3) Competitor Strategies
4) Product Life Cycle stage

49
Q

Define Brand Positioning

A

The act of designing the brand offer so that it occupies a distinct position in the mind of the target customer

50
Q

In Brand Positioning, What are the four questions we ask?

A

1) Who are our customers? (Segment/Target)

2) Who are the competitors?
(Competitive nature)

3) How is the Brand Similar? (PoP)
4) How is the Brand Different? (PoD)

51
Q

How do you implement Brand Positioning?

What are the Brand Positioning Guidelines?

A

1) Define the Competitive Frame
2) Communicate the Competitive Frame
3) Choose elements of Differentiation
4) Establish these elements
5) Update over time (iterate)

52
Q

What are the (3) Considerations and Questions regarding Competition?

How do you establish the Competitive Frame of Reference

A
  • What other companies target this segment?
  • What are the consumer preferences for Brands?
  • What are the indirect competitors like? New cars compete with new houses for example.
Levels of Competitive Frame
1) Category Membership (coke with pepsi)
2) indirect membership 
(coke with tea)
NB: Less relevant for established brands
53
Q

Define Points of Parity

A

Associations which are not unique, this is where companies should be at least as good as competitors

54
Q

Define Points of Difference

A

Associations where a brand is unique. This is the USP, for which consumers choose your brand.

55
Q

How should PoP be treated in new product introductions?

A

These are required traits for the category and should be upheld for the new product.

56
Q

What should you consider in implementing your Brand’s PoD?

A

PoD’s should be:

  • Desirable (Relevant, distinct, & Believable)
  • Deliverable (Communicatable, Sustainable, Feasible).

PoD’s ought to be considered:
- Strong: Relevant & Feasible

  • Favorable: Credible & Creat a sustainable advantage
  • Unique: Superior & Distinct
57
Q

What are the three Association categories in Brand Positioning?

A
  • Functional (does job?)
  • Performance (quality?)
  • Imagery (Americana?)
58
Q

What are the Challenges associated to PoD’s and PoP’s?

A

One must periodically update PoD’s and PoP’s

  • Deepen meaning over time to tap into core brand awareness, or add abstract criteria (laddering)
  • Respond to competitive threats
59
Q

What are the (3) stances to react to a competitive entrant assuming a PoD, or closing in on your segment?

A
  • Do nothing
    …
  • Defensive Stance
    Concentrate PoD, or attack competitor PoD.
  • Offensive Stance
    This means to change something to respond to the threat
60
Q

What are the (2) motives for Brand Element choice, and the corresponding (3) criteria for each?

A

Brand building

  • Memorable
  • Meaningful
  • Likable

Brand preserving

  • Transferability between products
  • Adaptability
  • Protectability (IP)
61
Q

How do you measure Brand Equity? Name that tool!

A

Conjoint Analysis: Utility of Brand Attributes

Brand Inventory: Comprehension profile of Utility Drivers

62
Q

How is Exploratory Analysis used to determine Brand Equity

A

Qualitative analysis of Brand Equity drivers:

  • Free Association
  • Role Playing
  • Metaphor Elicitation
63
Q

Which Quantitative methods can you use to determine Brand Equity?

A

Aided & Unaided Methods

  • Brand Awareness: Recall
  • Brand Image: Strength, Favour, Uniqueness
  • Brand Response: Purchase intent (Watch out for social desirability)
  • Brand Relationships (Loyalty)
64
Q

What are the (2) Methods for Market Performance Measurement?

A
  • Comparative Method
    • Brand Based
    • Market Based
    • Conjoint Analysis
  • Holistic Method
    • Scanner Pannel
    • Choice Experiments
    • Multi-Attribute Attitude models
65
Q

What is Brand Based Comparative Approach to Market Performance Measurement

A

Compared to other Brands (real or fictional) how do we stack up?

Elicit a consumer response to changes in brand identification in response to a set marketing stimulus

66
Q

What is Marketing Based Comparative Approach to Market Performance Measurement

A

Hold brand constant and observe changes based on marketing program change

67
Q

What does Conjoint Analysis do in Market Performance Analysis?

A

Combines Brand based and Marketing Based comparative models to estimate utility based on a set of combinations of attributes.

68
Q

What does Conjoint Analysis allow you to do, and how do you do it?

A

Assess Trade-offs among characteristics. Allows segment-level optimal product or marketing configurations. Thereby, allows us to estimate brand equity.

Analyse through Choice Based or Rating Based Conjoint analysis.

69
Q

What are the problems with Conjoint Analysis?

A

Conjoint analysis relies on self-surveyed findings, which may differ significantly from actual behaviour.

70
Q

What are the (4) steps in Conjoint Analysis?

A

1) Identify Attributes through qualitative techniques
2) Define levels for attributes (binary or up to six tends to be good) (Prices must be realistic)
3) Design study, with limited configurations. Use “Fractional Factorial Design”, a number of “cards” that represents largely the decision set.
4) Collect data, configure, maybe include a dummy “I would not buy”
5) Prepare data, observe part worth plots
6) Make simulations to project share of market, and expected utility

71
Q

What are the tradeoffs between using Choice and Rating methods of Conjoint Analysis

A

Choice:

  • More sophisticated analysis
  • More sample size
  • Logit regression, worst!
  • But more realistic

Rating:

  • Estimates part worths of attributes
  • OLS regression, good!
  • Less realistic
72
Q

How is Holistic Model conducted, and what does it propose as driving Brand Equity?

A
  • Done with supermarket scanner data
  • Estimates value assigned by consumers to each brand in a category

Sources of brand equity

  • Tangible
  • Intangible
73
Q

How does the Multi-Attribute model estimate preference?

A

It sums importance of attribute multiplied by the perception that you have this attribute, for each attribute under investigation

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