MKTG 448 Exam 1 - FLASHCARDS - Branding and Brand Management
What allow firms to establish a position in the marketplace?
Brands
True or false: brands are important in only service industries?
False. Brands are important in both goods and service industries
True or false: without brands, firm offerings become commodities and compete on price?
TRUE
What is the value of a brand to its company?
Brand equity
What is defined as a set of brand assets and liabilities?
Brand equity
What is linked to the brand’s name and symbol?
Brand equity
True or false: brand equity can subtract from, as well as add to, the value provided by a product or service?
TRUE
True or false: brand equity provides value to only customers and not the firm?
False. Provides value to customers as well as to a firm
What are the major categories of brand loyalty?
- Brand loyalty
- Brand awareness
- Perceived brand quality
- Brand associations in addition to perceived quality
- Other proprietary brand assets—e.g., patents, trademarks, channel relationships
What is the extent to which consumers are familiar with the distinctive qualities or image of a particular brand of goods or services?
Brand awareness
What is the single most important contributor to return on investment among most firms?
Perceived quality
True or false: business managers identify perceived quality as a sustainable competitive advantage of their firm?
TRUE
What are a mental connection a customer makes between a brand and various concepts, images, emotions, experiences, etc?
Brand associations
True or false: brand associations can help customers process or retrieve information, be the basis for differentiation and extensions, provide a reason to buy, and create positive feelings?
TRUE
What is a term used to describe marketing activities to develop, maintain, improve, and bring awareness to the wider value and reputation of a brand over time?
Brand management
What is a type of value claim that offers a prospective customer a specific, unique, and superior reason to purchase a product?
USP
True or false: Brand managers need to consider whether they should craft positioning statements to focus on a single, most important claim that distinguishes the product from the competition, or whether to build a bundle of attributes, benefits, and values offered by the brand?
TRUE
What are common brand personalities that are developed?
- Sincerity: down-to-earth, honest, wholesome, cheerful
- Excitement: daring, spirited, imaginative, up-to-date
- Competence: reliable, intelligent, successful, hard-working
- Sophistication: upper class, charming, glamorous, feminine
- Ruggedness: outdoorsy, tough, masculine, western
True or false: One of the essential elements of strong brand positioning is being distinctive (i.e., distinct from competitors)?
TRUE
