mg1006 chapter 8,9

Question 1

what is branding?

Answer 1

the process which allows companies to distinguish their product offerings from the competition

Question 2

why are brands imporant?

Answer 2

company value
barrier to competition
high profits
trust
quality certification

Question 3

what are benefits of brands to organisations?

Answer 3

• enables premium pricing
• helps differentiate their product from their competition
• develops customer loyalty
• provides some legal protection

Question 4

benefits of brands to consumers

Answer 4

• Provides psychological reassurance or reward
• Symbolic value
• reduces the risk in purchasing
  simplifies the purchase decision
• communicates features and benefits

Question 5

what is brand equity?

Answer 5

a measure of value and strength of a brand

Question 6

what do we find in brand equity?

Answer 6

• brand awareness
• patent
• brand image
• channel relationships

Question 7

How do you build a brand?

Answer 7

by augmenting the core product
example: Singapore Airlines augmented its brand with superior service

Question 8

what are some Factors associated with building strong brand?

Answer 8

• quality
  -positioning
  -reposition
  -integrated marketing communications
  -being first
  -long term perspectives

Question 9

what do we find in the anatomy of brand positioning ?

Answer 9

Brand domain:
Brand heritage:
Brand values:
Brand assets:
Brand personality:
Brand reflection

Question 10

what are other key branding decisions?

Answer 10

-branding name strategies and choices
- brand development strategies
-brand extension and stretching
-rebranding
-co branding
-branding relationships and co creation

Question 11

what are some brand development strategies?

Answer 11

multi brand
new brand
product line extension
brand extension/stretching

Question 12

what is brand stretching?

Answer 12

Established brand is used for unrelated markets i.e. Yamaha pianos and motorcycles

Question 13

what is brand extension?

Answer 13

use of established brand name on a new brand in the same broad market

example
mcdonalds launched a mccafe, a coffee house style food chain

Question 14

what is co branding?

Answer 14

The marketing of a product or service under two or more brand names.

Question 15

What are services and why are they important?

Answer 15

a service is any act or performance offered by one party to another that is essentially intangible

Question 16

what are characteristics of services?

Answer 16

intangibility
variability
inseparability
perishability

Question 17

tell me about intangability?

Answer 17

Services cannot be seen, smelled, tasted, touched, heard before purchase

Question 18

tell me about inseparability?

Answer 18

Production and consumption of the service happens concurrently.

Question 19

tell me about varability?

Answer 19

Service performances can be variable.

Question 20

tell me about Perishability

Answer 20

• Services cannot be stored and therefore they can also expire.

Question 21

what are all the 7P’s

Answer 21

product
price
promotion
place
process
people
physical evidence

Question 22

marketing mix 7 physical evidence 2 types?

Answer 22

1) peripheral evidence: actually possessed as part of purchase of a service, add value (cheque book)

2) critical evidence: cannot be possessed (appearance and layout of a hotel)