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MRKT 438 > Textbook 1 > Flashcards

Textbook 1 Flashcards

1
Q

what are the 5 levels of meaning for a product?

A

(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)

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2
Q

what are search goods?

A

consumers can evaluate product attributes by visual inspection
- ex: grocery produce

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3
Q

what are experience goods?

A

actual product trial and experience is necessary
- ex: automobile tires

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4
Q

what are credence goods?

A

consumers may rarely learn product attributes
- ex: insurance

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5
Q

what is disintermediation?

A

the reduction or elimination of intermediaries from the channel of distribution, including entities such as agents, brokers, and wholesalers

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6
Q

what is reintermediation?

A

the introduction of new intermediaries that perform some of the same functions or have additional roles in the channel of distribution

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7
Q

branding is all about:

A

creating differences

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8
Q

what are the keys steps in the Strategic brand management process?

A

(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

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9
Q

what is the brand positioning model?

A

POP and POD
describes how to guide integrated marketing to maximize competitive advantages

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10
Q

what is the brand resonance model?

A

describes how to create intense loyalty and strong customer relationships with customers

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11
Q

what is the brand value chain model?

A

a means to trace the value creation process for brands, to better understand the financial impact of brand marketing expenditures and investments

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12
Q

what are the important considerations when Designing and Implementing Brand Marketing Programs?

A
  • Choosing brand elements
  • Integrating the Brand into Marketing Activities and the Supporting Marketing Program
  • Leveraging secondary associations
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13
Q

what are the 3 key steps in implementing a brand equity measurement system?

A

conducting brand audits, designing brand tracking studies, and establishing a brand equity management system

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14
Q

what is a brand audit?

A

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

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15
Q

what are brand tracking studies?

A

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

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16
Q

what is a brand equity management system?

A

a set of organizational processes designed to improve the understanding and use of the brand equity concept within a firm

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17
Q

what is a brand portfolio?

A

the set of different brands that a particular firm offers for sale to buyers in a particular category

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18
Q

what is a market?

A

set of all actual and potential buyers

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19
Q

For brand to achieve POP on an attribute, consumers must believe:

A

that the brand is “good enough” on that dimension

20
Q

3 main ways to convey category membership:

A

(1) Communicating category benefits
(2) Exemplars
(3) Product descriptor

21
Q

what are 3 things to consider when choosing a POD?

A
  • Desirability (customer’s POV)
  • Deliverability (company’s inherent capabilities)
  • Differentiation (relative to competitors)
22
Q

explain means-end chains

A

attributes, lead to benefits, in turn leads to value (look at more abstract values and motivations, implications)

23
Q

what are 3 possible reactions towards competitive action?

A

(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

24
Q

how do you design a brand mantra? (3 things)

A

(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

25
Q

what is the goal of a brand mantra?

A

communicate, simplify, inspire

26
Q

what is the difference between qualitative and quantitative measurements?

A
  • 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
27
Q

difference between aided vs unaided recall

A

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?

28
Q

explain scaling associations

A

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)

29
Q

what is brand attachment?

A

attachment relates to deep positive feelings

30
Q

what is the net promoter score (NPS) formula?

A

%promoters - %detractors

31
Q

what are managers pressured to do?

A
  • Reduce their time and resources used in brand building
  • Expand their brands portfolio of products and services
32
Q

what is brand inventory?

A

A complete up to date profile of how all the products and services sold by a company are marketed and branded

33
Q

what is a brand hierarchy?

A

Means of organizing brands under a larger parent umbrella

34
Q

what are characters?

A

Special type of brand symbol
- One that takes on human or real life characteristics
- Introduced through advertising

35
Q

what is channel support?

A

A variety of services provided by channel members can enhance the value to consumers of purchasing and consuming a brand name product

36
Q

what is cooperative advertising?

A

A manufacturer pays for a portion of the advertising that a retailer runs to promote the manufacturer’s product

37
Q

explain depth and breadth in terms of brand awareness

A
  • Depth: likelihood that customers can recognize or recall the brand
  • Breadth: variety of purchase and consumption in situations where the brand comes to mind
38
Q

what are the steps of the brand resonance model?

A

(1) Establishing brand identity
(2) Creating appropriate brand meaning
(3) Eliciting right brand responses
(4) Forging appropriate brand relationships with customers

39
Q

what are the 6 brand building blocks in the brand resonance model?

A
  • brand salience
  • brand performance
  • brand imagery
  • brand judgments
  • brand feelings
  • brand resonance
40
Q

what are the brand metrics for the brand value chain model?

A
  • marketing activity
  • consumer mindset
  • market performance
  • shareholder value
41
Q

what are the 6 key outcomes of customer reaction?

A

price premiums, price elasticities, market share, brand expansion, cost structure, and brand profitability

42
Q

what are the multipliers that moderate the transfer between the marketing program and the three value stages?

A
  • the program multiplier
  • the customer multiplier
  • the market multiplier
43
Q

what are the 3 indicators of value for a brand?

A
  • stock price
  • price/earnings multiple
  • overall market capitalization for the firm
44
Q

what are comparative methods?

A

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

45
Q

what are holistic methods?

A

attempt to place an overall value on the brand in either abstract utility terms or concrete financial terms (determine unique contribution of brand)

MRKT 438 (4 decks)

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