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MRKT 438 > Test 1 > Flashcards

Test 1 Flashcards

1
Q

what is a product?

A

anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or want

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2
Q

what is a brand?

A

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

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3
Q

why is a brand more than a product?

A

A brand is more than a product since it can have dimensions that differentiate it from other products

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4
Q

what is a brand element?

A

a name, logo, slogan, symbol, packaging design, or other attribute that identifies a product and distinguishes it from others

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5
Q

what are functions provided by brands to consumers?

A
  • 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
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6
Q

On the basis of attributes products can be classified as:

A
  • Search goods
  • Experience goods
  • Credence goods
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7
Q

Brands can reduce risks in product decision, which can be:

A

Functional, physical, financial, social, psychological, and time

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8
Q

what valuable functions do brands provide to firms?

A
  • 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
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9
Q

how do you teach consumers who the product is?

A
  • Giving it a name and using other brand elements to help identify it
  • What the product does and why consumers should care
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10
Q

what is brand equity?

A

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

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11
Q

what is the associative network memory model?

A

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

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12
Q

what is customer-based brand equity (CBBE)?

A
  • 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
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13
Q

what are the 3 key ingredients of CBBE?

A
  • Differential effect
  • Brand knowledge
  • Consumer response to marketing
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14
Q

name some marketing advantages of strong brands

A
  • Improved perceptions of product performance
  • Greater loyalty
  • Less vulnerability to competitive marketing actions
  • Less vulnerability to marketing crises
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15
Q

what is brand awareness?

A

consists of brand recognition and brand recall

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16
Q

what is brand recognition?

A

consumer’s ability to confirm prior exposure to the brand when given the brand as a cue

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17
Q

Branding a service can be an effective way to:

A

signal to consumers that a firm has designed a particular service offering that is special and deserving of its name

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18
Q

how do brands benefit retailers and distributors?

A
  • 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
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19
Q

Retailers can introduce their own brands by:

A
  • Using their store name
  • Creating new names
  • Some combination of the two
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20
Q

Brands that are the “strongest” are the brands that are:

A
  • best known
  • most highly regarded
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21
Q

explain a winner-takes-all market

A

Brands which are market leaders within categories are likely to be chosen at an even greater rate

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22
Q

what is brand recall?

A

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

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23
Q

what are advantages of brand awareness?

A
  • Learning advantages
  • Consideration advantages
  • Choice advantages:
  • Motivation
  • Ability
  • Opportunity
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24
Q

brand equity occurs when:

A
  • Consumers have high levels of AWARENESS (recognition and recall) with the brand
  • Consumers hold SURF associations: strong, unique, relevant, and favourable associations in memory
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25
Q

What is brand image?

A

Reflects all of the associations that consumers have for the brand in memory

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26
Q

what does creating a positive brand image take?

A

Takes marketing programs that link:
- Strong
- Favorable
- Unique
associations to the brand in memory

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27
Q

Favourability of Brand Associations is higher when:

A

a brand possesses relevant attributes and benefits that satisfy consumer needs and wants

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28
Q

what is a strength?

A
  1. Personal relevance of the information
  2. Consistency with which the information is presented over time
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29
Q

what is brand positioning?

A

Finding the proper “location” in the minds of consumers or market segment

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30
Q

what is market segmentation?

A

Divides the market into distinct groups of homogeneous consumers who have similar needs and consumer behavior

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31
Q

what are the criteria of market segmentation?

A
  • Identifiability
  • Size
  • Accessibility
  • Responsiveness
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32
Q

When choosing a market, marketers must consider:

A
  • Indirect competition
  • Multiple frames reference
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33
Q

what are Points-of-difference (PODs)?

A

characteristics of a product or service that distinguish it from competitors

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34
Q

what are Points-of-parity (POP)?

A
  • Not necessarily unique to the brand but may be shared with other brands
  • Easier to achieve than points of difference
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35
Q

Marketers use product benefits to announce:

A

category membership

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36
Q

Approaches to address the problem of negatively correlated POPs and PODs include:

A
  • Separating the attributes
  • Leveraging equity of another entity
  • Redefining the relationship
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37
Q

what is straddle positioning?

A

when a brand markets a product in two niches
- PODs in one category become POPs in the other (& vice versa)

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38
Q

what is laddering?

A
  • Deepening the meaning of a brand to permit further expansion
    (once target market understands how the brand related to alternatives in same category)
  • Often useful to explore underlying consumer motivations
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39
Q

what is reacting?

A

Responding to competitive actions that threaten an existing positioning

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40
Q

what are core brand values?

A

The associations that characterize the 2 or 3 most important aspects or dimensions of a brand

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41
Q

explain the ABA model of brand associations/attributes/benefits/attitudes

A
  • Attributes are descriptive features about the brand
  • Benefits are the personal meanings attached to the brand
  • Attitudes are the overall evaluations about the brand’s attributes and benefits
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42
Q

what is the brand narrative?

A

creating a story about the brand using core values and supporting associations

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43
Q

a good positioning:

A
  • Is thinking aspirationally
  • Is careful to identify all relevant points-of-parity
  • Should reflect a consumer point of view in terms of the benefits that consumers derive from the brand
  • Recognizes that a duality exists in the positioning of a brand (rational and emotional)
44
Q

what is a brand mantra?

A

Reflects the essential heart and soul of the brand
- short 3-5 word phrase
Provides guidance about:
- What products to introduce under the brand
- What ad campaigns to run
- Where and how the brand should be sold

45
Q

what do we need to measure?

A
  • Awareness (quantitative measures)
  • Recognition
  • Recall
  • Image (quantitative and qualitative measures)
  • Strong, unique, relevant, favourable associations
46
Q

what is a distorted cue test?

A

show a portion of the logo and see if they can identify it

47
Q

what is more important at point-of-purchase vs away from point-of-purchase?

A
  • If research reveals that many consumer decisions are made at the point-of-purchase = BRAND RECOGNITION important
  • If research reveals that consumer decisions are mostly made in settings away from the point-of-purchase = BRAND RECALL more important
48
Q

what is a simple free association test?

A

Consumers receive a stimulus, and they write down words that come to mind
- Helps determine range of associations, the strength of associations, the relevance of associations & to some extent favourability

49
Q

what is a probed free association test?

A

EX: What do you like best about the brand? What are its positive aspects? What do you dislike about the brand?

50
Q

what are projective techniques?

A

complete image and interpret

51
Q

what is a comparative task?

A

ex: If Olay was an animal what would it be?

52
Q

what is the ZMAT?

A

Uncovers hidden consumers’ knowledge
- participants to collect a set of images from their own sources that represent their thoughts and feelings about the research topic
- after an interview, researchers identify key themes or constructs, code the data, and assemble a consensus map of the most important constructs

53
Q

what are the advantages of ZMAT?

A
  • Especially well-suited for sensitive topics
  • Remarkably well-suited when the customer has difficulty communicating his/her thoughts/feelings
  • Helpful to uncover deep personal motivations/beliefs
54
Q

what is Aaker’s big 5?

A

SINCERE - down-to-earth, honest, wholesome, cheerful
EXCITING - daring, spirited, imaginative, up-to-date
COMPETENT - reliable, intelligent, successful
SOPHISTICATED - upper-class, charming
RUGGED - outdoorsy, tough

55
Q

what is the dialogue test?

A

ex: If Absolut vodka and Smirnoff spoke to each other what would they say?

56
Q

what are the drawbacks of qualitative research?

A
  • Small sample sizes
  • Subjectivity/findings require interpretations
57
Q

what are scaling associations?

A

Helps to power uniqueness
ex: to what extent do these associations describe Smirnoff?
- scale from disagree to agree

58
Q

what is brand loyalty?

A

characterized by repeat purchases and higher volume of purchase

59
Q

what is brand engagement?

A

time and energy spent on the brand

60
Q

what is brand community?

A

a sense of belonging to a club can engender favorable attitudes and intentions

61
Q

what is brand resonance?

A

when the consumers believe that they are in synch with the brand

62
Q

what is the key to a person or organization as a brand?

A

The key to a person or organization as a brand is that people outside your industry know who you are and recognize your skills talent and attitude

63
Q

What has contributed to the rise in place marketing?

A
  • Increased mobility of people
  • Increased mobility of businesses
  • Growth in tourism
64
Q

brand awareness measurement for both recall and recognition is always:

A

survey-based

65
Q

what are overall brand equity proxies?

A

they can be effective at is tracking the changes in equity over time

66
Q

what kinds of measurements do you use for brand awareness vs brand image?

A
  • brand awareness: qualitative
  • brand image: qualitative and quantitative
67
Q

what is a mental blindspot?

A

inability to perceive particular objects or understand certain concepts

68
Q

what are company night blind spots?

A

Occurs when marketers do not have enough information about their customers to make effective branding decisions

69
Q

_________ ultimately determines a brand’s meaning

A

marketplace

70
Q

what is an important question to ask when reorienting brand measure?

A

Ask: “what evokes the brand?” not “what does the brand evoke?”

71
Q

what are forward associations?

A

start from the brand and spread outward, determine a brand’s meaning

72
Q

what are reverse associations?

A

start outside with a cue and move inward to brand, determine a brand’s dominance in a category

73
Q

what is the goal when simplifying the brand focus?

A

own one single, relevant benefit in the consumer’s mind

74
Q

give examples of brand elements

A
  • Brand names
  • Logos
  • Symbols / designs
  • Characters
  • Jingles
  • Slogans
  • Colors
75
Q

Brand elements are the identity to which:

A

associations are linked

76
Q

How do you evaluate a brand element?

A
  • Memorable (offensive): easily recalled, high awareness, attention-getting
  • Meaningful (offensive): important determinant of awareness, image, positioning and salience
  • Transferable (defensive): how useful is the brand element for other category extensions, geographic boundaries, and market segments
  • Likeable (offensive): builds brand equity
  • Adaptable (defensive)
  • Protectable (defensive): brand elements that can be legally protected internationally
77
Q

how is the brand name fundamentally important?

A

Often captures the central theme or key associations of a product in a compact, economical fashion

78
Q

what is the most difficult element for marketers to change?

A

Brand name closely tied to the product in the minds of consumers

79
Q

brand names have to be:

A
  • Simple and easy to pronounce or spell
  • Familiar
  • Meaningful
  • Different, distinctive, and unusual
80
Q

how do you improve recall and pronounceability of brand names?

A
  • Alliteration
  • Assonance (repetition of vowel – Ramada)
  • Consonance (Hamburger Helper)
  • Rhythm (Better Business Bureau)
81
Q

what are the naming procedures of a brand name?

A
  • Define objectives
  • Generate names
  • Screen initial candidates
  • Study candidate names
  • Research the final candidates
  • Select the final name
82
Q

what are logos?

A
  • Indicate origin, ownership, or association
  • Range from corporate names or trademarks written in a distinctive form, to abstract designs
83
Q

what are symbols?

A
  • Nonword mark logos
  • Like names, abstract logos can be distinctive and recognizable
84
Q

what are slogans?

A
  • Short phrases that communicate descriptive or persuasive information about the brand
85
Q

how do you properly update slogans?

A
  • Recognize how it contributes to brand equity through enhanced awareness or image
  • Decide how much of this equity enhancement, if any, is still needed
  • Retain needed or desired equities still residing in the slogan
86
Q

explain the significance of packaging

A
  • Assists in storage
  • Provides temporary edge on competition
  • Can improve demand
87
Q

what is brand identity?

A

Contribution of all brand elements to awareness and image

88
Q

The creation of brand equity requires that the design of a product satisfies:

A

consumer wants and needs

89
Q

A brand manager has to get all of the components of product right:

A
  • Designed
  • Manufactured
  • Delivered
  • Serviced
  • Experienced
  • After-marketing
90
Q

what is experiential marketing?

A
  • Promotes a product by communicating features and benefits and connecting it with unique and interesting consumer experiences
  • “Idea is not to sell something, but to demonstrate how a brand can enrich a customer’s life.”
91
Q

what is the carry-over effect?

A

when you see something about a brand that carries over in the future to when you want to buy it

92
Q

what is relationship marketing?

A
  • Transcend an actual product or service to create stronger bonds with consumer
  • Maximize brand resonance
93
Q

explain the brand experience scale

A
  • Sensory: makes a strong impression on senses
  • Affective: induces feelings and sentiments
  • Behavioural: I engage in physical actions and behaviours when I use this brand
  • Intellectual: I engage in a lot of thinking when I encounter this brand
94
Q

what is permission marketing?

A

The practice of marketing to consumers only after gaining their express permission

95
Q

Choosing a pricing strategy to build brand equity means determining:

A
  • A method for setting current prices, and
  • A policy for choosing the depth and duration of promotions and discounts
96
Q

what is value pricing?

A

Objective is to uncover the right blend of product quality, product costs, and product prices:
* That fully satisfies the needs and wants of consumers
* As well as the profit targets of the firm

97
Q

Successful value-pricing strategy should strike a balance among:

A
  • Product design and delivery
  • Product costs
  • Product prices
98
Q

what is price segmentation?

A
  • Sets and adjusts prices for appropriate market segments
99
Q

what is everyday low pricing?

A
  • Avoids the sawtooth pattern of alternating price increases and decreases
  • Avoids discounts
  • In favor of a more consistent set of “everyday” base prices on products
100
Q

what is forward buying?

A

buying more than they intend to sell

101
Q

what is diverting?

A

sell the discounted products to retailers outside of their selling area

102
Q

what are direct channels?

A

Selling through personal contacts from the company to prospective customers
* Mail, phone, electronic means, or in-person visits

103
Q

Brand equity issues of selling through direct channels include:

A
  • Company-owned stores
  • Store-within-a-store
  • Other means may be by phone, mail, or electronic means
104
Q

what are indirect channels?

A

Selling through third-party intermediaries
* Agents, broker representatives, wholesalers or distributors, or retailers or dealers

105
Q

what is mass customization?

A

Making products to fit customers exact specifications

MRKT 438 (4 decks)

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