Session 1

Question 1

Customer centricity -

Answer 1

the ability of people in an organization to understand customers’ situations, perceptions, and expectations.

Question 2

Persuasion vs Manipulation

Answer 2

Persuasion is the act of causing people to do or believe something, which will usually bring positive outcomes. On the other hand, manipulation is the act of controlling or playing upon someone by artful, unfair, or insidious means, especially to one’s own advantage.

Question 3

Influence -

Answer 3

informing, educating consumers about a product or brand consumers with true information and facts that could help consumers make an informed choice (purchase choice).

Question 4

What is a brand?

Answer 4

A name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition.

Question 5

Product vs Brand

Answer 5

A product satisfies a basic need (caffeine intake) while a brand satisfies the same basic need + other needs we call psychological needs.

Question 6

What does influence our choice?

Answer 6

1. Rational elements
2. Non-Rational (Emotional) elements

Question 7

Rational factors:

Answer 7

1. Economics
2. Risk
3. Strategic fit
4. Compliance
5. Politics

Question 8

Non-Rational factors:

Answer 8

1. Hopes and fears
2. Emotions and the ego
3. Experiences and expectations
4. Attitudes and beliefs
5. Behaviours and styles
6. Social and political

Question 9

3 levels of product:

Answer 9

1. Core product/core benefit - the fundamental need or want that consumers satisfy by consuming the product or service (example for a car: free mobility from point A to point B).
2. Actual product - advanced features shared with other brands. It’s a composite of several factors: the more advanced features and capabilities offered, for example: quality and durability, design, and product styling (example for a car: speed fuel consumption, design, safety).
3. Augmented product - unique, distinctive features not shared with other brands. Inclusion of additional features, benefits, attributes, or related services serve to differentiate the product from its competitors (example for a car: extended warranty, unique technology, assistance in the whole world).

Question 10

Brand equity -

Answer 10

differential effect that brand knowledge has on consumer response to the marketing of that brand.

Question 11

Differential effect:

Answer 11

brand equity arises from differences in consumer response. If no difference: Product is a commodity, or a generic version and competition based on price.

Question 12

Brand knowledge:

Answer 12

the differences are a consequence of the brand knowledge.

Question 13

Consumer response:

Answer 13

could be preferences, perceptions, and behaviors.

Question 14

The basic premise of the Customer-Based Brand Equity model:

Answer 14

The power of a brand lies in what resides in the minds of customers. Sum of what customers have learned, felt, seen, and heard about the brand.

Question 15

Creating a positive Brand image passes through creating positive brand associations about:

Answer 15

1. Brand Attributes - are those descriptive features that characterize a product or a service (Example Starbucks: good coffee made with savoir-faire and selected raw materials)
2. Brand Benefits - are the personal value and meaning that consumers attach to the product or service (Example Starbucks : you can find a welcoming place (home out of home) where you can spend some good time in a relaxing and comfy atmosphere sipping a good coffee)