week 9 - measuring outcomes of brand equity

Question 1

what is quantitive research deisgn: survey

Answer 1

Survey is structured data collection from a sample of a target population to provide facts and estimates relating to customers, offerings, competitors, environmental factors or other phenomena:
to make accurate predictions about relationships between market factors and customer behaviours & characteristics
Understand the relationships and differences
validate existing relationships

Question 2

if data in survey is collected at a single point in time

Answer 2

cross sectional study

Question 3

if data from server is collected repeatedly through time

Answer 3

longgitudinal study

Question 4

the multidimensionality of brand equity and the importance of multiple methods to measure it.

Answer 4

brand awarness e.g. 
brand peformance
brand imagery
brand judgements
brand feelings
brand peformance - loyalty to a certain brand, wom liklihood to recomend

stonrgly agree, agree etc

Question 5

measures of marekting peformance - brand peformance

Answer 5

market share
brand extension sucess
brand sales revenue per unit

Question 6

measures of marketing peformance - customer oriented

Answer 6

customer loyalty
customer retention
share of wallet

Question 7

measures of marketing - financial measures

Answer 7

gross profit
net profit margin
return on assets
customer life-time value
customer equity

Question 8

define comparative methods

Answer 8

use expirements that examnie consumer attitudes toward a brand, to more directly assess the benefits arising from having a high level of awarness and strong, favourable and unique brand associations

Question 9

3 types of comparative methods

Answer 9

brand based comparative approach
marketing based comparative approaches
conjoint analysis

Question 10

define brand based comparative approach

Answer 10

expierements in which one group of consumer reposnts to an elements of the marketing program when it is attributed to the brand and another group responds to that same element when it is attributed to a competitive or fictiously named brand

Question 11

define marekting based comparative approach

Answer 11

expirements in which consumers respond to changes in elemnts of the marekting program for the brand or competitive brand

Question 12

define conjoint analysis

Answer 12

survey based multivariate technique that enables marketers to profile the consumer buying deicion process with respect to products and brands

Question 13

explain brand based comparative approaches

Answer 13

Competitive brands used as benchmarks by consumers
Exemplar: Category leader or some other brand that consumers feel is representative of the category, like their most preferred brand
Consumption research for new or existing products
Useful to determine brand equity benefits related to price margins and premiums

Question 14

advantages + disadvantages of brand based comparative approaches

Answer 14

Advantages
Isolates the value of a brand in a very real sense
Applicable when the marketing activity under consideration represents a change from past marketing of the brand
Achievement of realism

Disadvantage
Simulations and concept statements may distort the results.

Question 15

explain marketing based comparative approaches

Answer 15

Hold the brand fixed and examine consumer response based on changes in the marketing program
Assessing consumer response to different advertising strategies.
Explore potential brand extensions by collecting consumer evaluations of a range of concept statements.

Advantage
Ease of implementation

Disadvantage
Difficult to discern whether consumer responses are caused by brand knowledge or by more generic product knowledge

Question 16

advantage and disadvantage of marketing based comparative approaches

Answer 16

Advantage
Ease of implementation

Disadvantage
Difficult to discern whether consumer responses are caused by brand knowledge or by more generic product knowledge

Question 17

explain conjoint analysis

Answer 17

Used to estimate the relative importance consumers attach to salient attributes, and the utilities they attach to the levels of attributes
The underlying assumption is that brands are evaluated by consumers as a bundle of attributes
Derived from consumers’ evaluation of product profiles composed of attributes and their levels
Consumers are presented with product profiles with different combinations of attribute levels
Consumers evaluate each product profile in terms of its desirability
For each respondent, conjoint procedures assign utility values to each attribute level
Allows identification of the most preferred combination of features

Question 18

Application of conjoint analysis

Answer 18

Brand image analysis:
The relative contribution of each product attribute can be determined for use in marketing and advertising decisions

Segmentation analysis:
Groups of potential customers who place different levels of importance on the product features can be identified for use as high and low potential market segments

Question 19

benefits of conjoint analysis

Answer 19

Study different brands and different aspects of the product or marketing program simultaneously.

Ability to provide utility estimates for individual levels of each product attribute

Ability to estimate non-linear relationships among attribute levels

Outcome allows to communicate the most preferred combination of features

Question 20

limitations of conjoint analysis

Answer 20

Marketing profiles may violate consumers’ expectations
Difficult to specify and interpret brand attribute levels
Consumers may have difficulty making choices or indicating preferences among large numbers of profiles