NOT ON THE MIDTERM! 15 - Understanding Brand Equity

Question 1

Brand Equity Importance

Answer 1

Charge price premiums
Ability to extend brand within the same category
Barriers against competitors
Leverage in distribution channels
Value from licensing
High share price

Question 2

Brand Equity

Answer 2

Brand knowledge that influences consumer response to the brand

Question 3

Brand Equity

Answer 3

Brand knowledge that influences consumer response to the brand

Question 4

Brand equity components

Answer 4

Brand awareness
Brand association

Question 5

Brand associations (SFIU)

Answer 5

Strong (easy to recall)
Favourable (good for the brand)
Important (relevant for consumers)
Unique (vs. competitors, has PODs)

Question 6

POD

Answer 6

Offers unique attributes versus alternatives. Reason to buy
Can be turned into a POP if competitors match offering

Question 7

POP

Answer 7

Brand offers necessary but not necessarily sufficient category features (banks offer ATMs, otherwise the bank would not be suitable - however all other banks do too)

Question 8

Human personality traits

Answer 8

Basic characteristics of people
Big 5 traits:
Openness
Conscientiousness
Extroversion
Agreeableness
Neuroticism

Question 9

Brand personality

Answer 9

Consumers see brands as having personality traits
Aaker’s big 5:
Excitement
Sincerity
Sophistication
Ruggedness
Competence

Question 10

Excitement (aaker’s)

Answer 10

Daring, outgoing, active, fun, unique, imaginative
Eg: Red Bull, GoPro, Adidas

Question 11

Sincerity (aaker’s)

Answer 11

Thoughtfulness, realness, considerate, sincere, down-to-earch
Eg: Hallmark, Patagonia

Question 12

Sophistication (aaker’s)

Answer 12

Glamorous, international, persistent, leader, luxury
Eg: Mercedes, Rolex, Tiffany & Co

Question 13

Ruggedness (aaker’s)

Answer 13

Western, outdoorsy, rugged, strong
Eg: Jeep, Ram, Arcteryx

Question 14

Competence (aaker’s)

Answer 14

Reliable, hard working, solutions, technical, resourceful (high tech)
eg: McGill, IBM, Apple

Question 15

Brand elements

Answer 15

Trademarkable devices used by brands to differentiate itself against competitors

Question 16

Logo

Answer 16

Colour, font, wording, and shape should fit brand name/associations
eg: Baskin Robins (31 flavours)

Question 17

3 brand touchpoints in the customer journey

Answer 17

Pre purchase experience (business card, ads, website)
Purchase experience (Product packaging, sales reps, payment)
Post purchase experience (quality, customer service, follow up outreach)