Test 1 Flashcards
what is a product?
anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or want
what is a brand?
a name, term, symbol, or design, or combination of them intended to identify the goods and services of one seller to differentiate them from those of competition
- Brands can have rational/tangible or symbolic/emotional/intangible appeal
- The brand resides in the mind (and gut) of the consumer
why is a brand more than a product?
A brand is more than a product since it can have dimensions that differentiate it from other products
what is a brand element?
a name, logo, slogan, symbol, packaging design, or other attribute that identifies a product and distinguishes it from others
what are functions provided by brands to consumers?
- Identify the source or maker of the product
- Simplify product decisions
- Lower than search costs for products internally and externally
- Helps set reasonable expectations about what consumers may not know about the brand
On the basis of attributes products can be classified as:
- Search goods
- Experience goods
- Credence goods
Brands can reduce risks in product decision, which can be:
Functional, physical, financial, social, psychological, and time
what valuable functions do brands provide to firms?
- Simplify product handling and tracing
- Help organizing inventory and accounting records
- Offer the firm legal protection for unique features or aspects of the product
- Provide predictability and security of demand for the firm and creates barriers of entry for competitors
- Provide a powerful means to secure competitive advantage
how do you teach consumers who the product is?
- Giving it a name and using other brand elements to help identify it
- What the product does and why consumers should care
what is brand equity?
the marketing effects or outcomes that accumulate to a product with its brand name compared with those that would accumulate if the same product did not have the brand name
what is the associative network memory model?
the memory consists of a network of nodes and connecting links where:
- nodes represent stored info or concepts
- links represent the strength of the associations between this info or concept
what is customer-based brand equity (CBBE)?
- Approaches brand equity from the perspective of the consumer
- Stresses that the power of a brand lies in what resides in the minds and hearts of consumers
what are the 3 key ingredients of CBBE?
- Differential effect
- Brand knowledge
- Consumer response to marketing
name some marketing advantages of strong brands
- Improved perceptions of product performance
- Greater loyalty
- Less vulnerability to competitive marketing actions
- Less vulnerability to marketing crises
what is brand awareness?
consists of brand recognition and brand recall
what is brand recognition?
consumer’s ability to confirm prior exposure to the brand when given the brand as a cue
Branding a service can be an effective way to:
signal to consumers that a firm has designed a particular service offering that is special and deserving of its name
how do brands benefit retailers and distributors?
- Can generate consumer interest, patronage, and loyalty
- Create an image and establish positioning
within an industry - Yield higher price margins, increased sales
volumes, and greater profits
Retailers can introduce their own brands by:
- Using their store name
- Creating new names
- Some combination of the two
Brands that are the “strongest” are the brands that are:
- best known
- most highly regarded
explain a winner-takes-all market
Brands which are market leaders within categories are likely to be chosen at an even greater rate
what is brand recall?
consumer’s ability to retrieve the brand from memory when given:
- The product category
- The needs fulfilled by the category, or
- A purchase or usage situation as a cue
what are advantages of brand awareness?
- Learning advantages
- Consideration advantages
- Choice advantages:
- Motivation
- Ability
- Opportunity
brand equity occurs when:
- Consumers have high levels of AWARENESS (recognition and recall) with the brand
- Consumers hold SURF associations: strong, unique, relevant, and favourable associations in memory