Textbook 1 Flashcards
what are the 5 levels of meaning for a product?
(1) The core benefit level (fundamental need or want)
(2) The generic product level (basic version of the product)
(3) The expected product level (set of attributes buyers expect)
(4) The augmented product level (additional attributes that distinguish from competitors)
(5) The potential product level (all the augmentations that it might undergo in the future)
what are search goods?
consumers can evaluate product attributes by visual inspection
- ex: grocery produce
what are experience goods?
actual product trial and experience is necessary
- ex: automobile tires
what are credence goods?
consumers may rarely learn product attributes
- ex: insurance
what is disintermediation?
the reduction or elimination of intermediaries from the channel of distribution, including entities such as agents, brokers, and wholesalers
what is reintermediation?
the introduction of new intermediaries that perform some of the same functions or have additional roles in the channel of distribution
branding is all about:
creating differences
what are the keys steps in the Strategic brand management process?
(1) Identifying and developing brand plans
(2) Designing and implementing brand marketing programs
(3) Measuring and interpreting brand performance
(4) Growing and sustaining brand equity
what is the brand positioning model?
POP and POD
describes how to guide integrated marketing to maximize competitive advantages
what is the brand resonance model?
describes how to create intense loyalty and strong customer relationships with customers
what is the brand value chain model?
a means to trace the value creation process for brands, to better understand the financial impact of brand marketing expenditures and investments
what are the important considerations when Designing and Implementing Brand Marketing Programs?
- Choosing brand elements
- Integrating the Brand into Marketing Activities and the Supporting Marketing Program
- Leveraging secondary associations
what are the 3 key steps in implementing a brand equity measurement system?
conducting brand audits, designing brand tracking studies, and establishing a brand equity management system
what is a brand audit?
a comprehensive examination of a brand to assess its health, uncover its sources of equity, and suggest ways to improve and leverage that equity
- requires understanding sources of brand equity from the perspective of both the firm and the consumer
what are brand tracking studies?
collect information from consumers on a routine basis over time, typically through quantitative measures of brand performance on a number of key dimensions marketers can identify in the brand audit or other means
what is a brand equity management system?
a set of organizational processes designed to improve the understanding and use of the brand equity concept within a firm
what is a brand portfolio?
the set of different brands that a particular firm offers for sale to buyers in a particular category
what is a market?
set of all actual and potential buyers
For brand to achieve POP on an attribute, consumers must believe:
that the brand is “good enough” on that dimension
3 main ways to convey category membership:
(1) Communicating category benefits
(2) Exemplars
(3) Product descriptor
what are 3 things to consider when choosing a POD?
- Desirability (customer’s POV)
- Deliverability (company’s inherent capabilities)
- Differentiation (relative to competitors)
explain means-end chains
attributes, lead to benefits, in turn leads to value (look at more abstract values and motivations, implications)
what are 3 possible reactions towards competitive action?
(1) Do nothing - if competitive action seems unlikely to capture POD
(2) Go on the defensive - if competitive action has potential to disrupt, add reassurance in product or advertising to strengthen POPs and PODs
(3) Go on the offensive - if competitive action has potential to be damaging, aggressive, reposition brand to address threat, launch product extension or ad campaign fundamentally challenging the meaning of the brand
how do you design a brand mantra? (3 things)
(1) Brand function - describes nature of product/service/experience/benefit, concrete or abstract
(2) Descriptive modifier - clarifies its nature, help delineate brand boundaries
(3) Emotional modifier - power and usefulness from collective meaning
what is the goal of a brand mantra?
communicate, simplify, inspire
what is the difference between qualitative and quantitative measurements?
- Qualitative: Unstructured measurement approaches with a wide range of responses that are used to uncover brand associations
- Quantitative: Employs scale questions so that numerical representations and summaries can be made
difference between aided vs unaided recall
Unaided recall test
- When you think of restaurants, which comes to mind?
Aided recall test
- When you think of healthy restaurants, which comes to mind?
explain scaling associations
Once the key associations are uncovered from the qualitative research, we build a survey using the uncovered associations and phrases
- How much do the following associations describe absolut vodka (scale from 1-10)
what is brand attachment?
attachment relates to deep positive feelings
what is the net promoter score (NPS) formula?
%promoters - %detractors
what are managers pressured to do?
- Reduce their time and resources used in brand building
- Expand their brands portfolio of products and services
what is brand inventory?
A complete up to date profile of how all the products and services sold by a company are marketed and branded
what is a brand hierarchy?
Means of organizing brands under a larger parent umbrella
what are characters?
Special type of brand symbol
- One that takes on human or real life characteristics
- Introduced through advertising
what is channel support?
A variety of services provided by channel members can enhance the value to consumers of purchasing and consuming a brand name product
what is cooperative advertising?
A manufacturer pays for a portion of the advertising that a retailer runs to promote the manufacturer’s product
explain depth and breadth in terms of brand awareness
- Depth: likelihood that customers can recognize or recall the brand
- Breadth: variety of purchase and consumption in situations where the brand comes to mind
what are the steps of the brand resonance model?
(1) Establishing brand identity
(2) Creating appropriate brand meaning
(3) Eliciting right brand responses
(4) Forging appropriate brand relationships with customers
what are the 6 brand building blocks in the brand resonance model?
- brand salience
- brand performance
- brand imagery
- brand judgments
- brand feelings
- brand resonance
what are the brand metrics for the brand value chain model?
- marketing activity
- consumer mindset
- market performance
- shareholder value
what are the 6 key outcomes of customer reaction?
price premiums, price elasticities, market share, brand expansion, cost structure, and brand profitability
what are the multipliers that moderate the transfer between the marketing program and the three value stages?
- the program multiplier
- the customer multiplier
- the market multiplier
what are the 3 indicators of value for a brand?
- stock price
- price/earnings multiple
- overall market capitalization for the firm
what are comparative methods?
use experiments that examine consumer attitudes and behavior toward a brand, to more directly assess the benefits arising from having a high level of awareness and strong, favorable, and unique brand associations
what are holistic methods?
attempt to place an overall value on the brand in either abstract utility terms or concrete financial terms (determine unique contribution of brand)
