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
What is brand image?
Reflects all of the associations that consumers have for the brand in memory
what does creating a positive brand image take?
Takes marketing programs that link:
- Strong
- Favorable
- Unique
associations to the brand in memory
Favourability of Brand Associations is higher when:
a brand possesses relevant attributes and benefits that satisfy consumer needs and wants
what is a strength?
- Personal relevance of the information
- Consistency with which the information is presented over time
what is brand positioning?
Finding the proper “location” in the minds of consumers or market segment
what is market segmentation?
Divides the market into distinct groups of homogeneous consumers who have similar needs and consumer behavior
what are the criteria of market segmentation?
- Identifiability
- Size
- Accessibility
- Responsiveness
When choosing a market, marketers must consider:
- Indirect competition
- Multiple frames reference
what are Points-of-difference (PODs)?
characteristics of a product or service that distinguish it from competitors
what are Points-of-parity (POP)?
- Not necessarily unique to the brand but may be shared with other brands
- Easier to achieve than points of difference
Marketers use product benefits to announce:
category membership
Approaches to address the problem of negatively correlated POPs and PODs include:
- Separating the attributes
- Leveraging equity of another entity
- Redefining the relationship
what is straddle positioning?
when a brand markets a product in two niches
- PODs in one category become POPs in the other (& vice versa)
what is laddering?
- 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
what is reacting?
Responding to competitive actions that threaten an existing positioning
what are core brand values?
The associations that characterize the 2 or 3 most important aspects or dimensions of a brand
explain the ABA model of brand associations/attributes/benefits/attitudes
- 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
what is the brand narrative?
creating a story about the brand using core values and supporting associations
a good positioning:
- 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)
what is a brand mantra?
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
what do we need to measure?
- Awareness (quantitative measures)
- Recognition
- Recall
- Image (quantitative and qualitative measures)
- Strong, unique, relevant, favourable associations
what is a distorted cue test?
show a portion of the logo and see if they can identify it
what is more important at point-of-purchase vs away from point-of-purchase?
- 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
what is a simple free association test?
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
what is a probed free association test?
EX: What do you like best about the brand? What are its positive aspects? What do you dislike about the brand?
what are projective techniques?
complete image and interpret
what is a comparative task?
ex: If Olay was an animal what would it be?
what is the ZMAT?
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
what are the advantages of ZMAT?
- 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
what is Aaker’s big 5?
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
what is the dialogue test?
ex: If Absolut vodka and Smirnoff spoke to each other what would they say?
what are the drawbacks of qualitative research?
- Small sample sizes
- Subjectivity/findings require interpretations
what are scaling associations?
Helps to power uniqueness
ex: to what extent do these associations describe Smirnoff?
- scale from disagree to agree
what is brand loyalty?
characterized by repeat purchases and higher volume of purchase
what is brand engagement?
time and energy spent on the brand
what is brand community?
a sense of belonging to a club can engender favorable attitudes and intentions
what is brand resonance?
when the consumers believe that they are in synch with the brand
what is the key to a person or organization as a brand?
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
What has contributed to the rise in place marketing?
- Increased mobility of people
- Increased mobility of businesses
- Growth in tourism
brand awareness measurement for both recall and recognition is always:
survey-based
what are overall brand equity proxies?
they can be effective at is tracking the changes in equity over time
what kinds of measurements do you use for brand awareness vs brand image?
- brand awareness: qualitative
- brand image: qualitative and quantitative
what is a mental blindspot?
inability to perceive particular objects or understand certain concepts
what are company night blind spots?
Occurs when marketers do not have enough information about their customers to make effective branding decisions
_________ ultimately determines a brand’s meaning
marketplace
what is an important question to ask when reorienting brand measure?
Ask: “what evokes the brand?” not “what does the brand evoke?”
what are forward associations?
start from the brand and spread outward, determine a brand’s meaning
what are reverse associations?
start outside with a cue and move inward to brand, determine a brand’s dominance in a category
what is the goal when simplifying the brand focus?
own one single, relevant benefit in the consumer’s mind
give examples of brand elements
- Brand names
- Logos
- Symbols / designs
- Characters
- Jingles
- Slogans
- Colors
Brand elements are the identity to which:
associations are linked
How do you evaluate a brand element?
- 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
how is the brand name fundamentally important?
Often captures the central theme or key associations of a product in a compact, economical fashion
what is the most difficult element for marketers to change?
Brand name closely tied to the product in the minds of consumers
brand names have to be:
- Simple and easy to pronounce or spell
- Familiar
- Meaningful
- Different, distinctive, and unusual
how do you improve recall and pronounceability of brand names?
- Alliteration
- Assonance (repetition of vowel – Ramada)
- Consonance (Hamburger Helper)
- Rhythm (Better Business Bureau)
what are the naming procedures of a brand name?
- Define objectives
- Generate names
- Screen initial candidates
- Study candidate names
- Research the final candidates
- Select the final name
what are logos?
- Indicate origin, ownership, or association
- Range from corporate names or trademarks written in a distinctive form, to abstract designs
what are symbols?
- Nonword mark logos
- Like names, abstract logos can be distinctive and recognizable
what are slogans?
- Short phrases that communicate descriptive or persuasive information about the brand
how do you properly update slogans?
- 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
explain the significance of packaging
- Assists in storage
- Provides temporary edge on competition
- Can improve demand
what is brand identity?
Contribution of all brand elements to awareness and image
The creation of brand equity requires that the design of a product satisfies:
consumer wants and needs
A brand manager has to get all of the components of product right:
- Designed
- Manufactured
- Delivered
- Serviced
- Experienced
- After-marketing
what is experiential marketing?
- 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.”
what is the carry-over effect?
when you see something about a brand that carries over in the future to when you want to buy it
what is relationship marketing?
- Transcend an actual product or service to create stronger bonds with consumer
- Maximize brand resonance
explain the brand experience scale
- 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
what is permission marketing?
The practice of marketing to consumers only after gaining their express permission
Choosing a pricing strategy to build brand equity means determining:
- A method for setting current prices, and
- A policy for choosing the depth and duration of promotions and discounts
what is value pricing?
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
Successful value-pricing strategy should strike a balance among:
- Product design and delivery
- Product costs
- Product prices
what is price segmentation?
- Sets and adjusts prices for appropriate market segments
what is everyday low pricing?
- 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
what is forward buying?
buying more than they intend to sell
what is diverting?
sell the discounted products to retailers outside of their selling area
what are direct channels?
Selling through personal contacts from the company to prospective customers
* Mail, phone, electronic means, or in-person visits
Brand equity issues of selling through direct channels include:
- Company-owned stores
- Store-within-a-store
- Other means may be by phone, mail, or electronic means
what are indirect channels?
Selling through third-party intermediaries
* Agents, broker representatives, wholesalers or distributors, or retailers or dealers
what is mass customization?
Making products to fit customers exact specifications
