Week ONE: Brand Equity Enhancement Flashcards

1
Q

Brand equity can be built by integrating the promotional and marketing mix. What is brand equity and why is it important?

A

= the equity (value) that an established brand has built over its history

  • Results in consumers willing to pay more for a product, talk positively about it, and buy a newly released product (eg. iphone)
  • Is a function of:
  • > Brand awareness (recognition and recall)
  • > Strong, unique and positive brand associations
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2
Q

What are the components of brand equity?

A
Brand knowledge (made up of brand awareness -> recall and recognition
and brand image -> associations (attributes eg. product and non-product related), uniqueness, favourability (benefits and attitude eg. functional, symbolic, experiential)
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3
Q

What are the components of brand awareness?

A

Brand recognition
= relatively low level of awareness of a particular brand, where the consumer may be able to identify a brand if given prompts

Brand recall
= relatively high level of awareness of a particular brand, where a brand is so well known that many consumers can recall the brand without prompts

Top of mind awareness
= this pinnacle of brand-name awareness occurs when a company’s brand is the first brand that consumers recall when thinking of a particular product category

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4
Q

Outline, with examples, the types of benefits that comprise brand associations

A

Functional

  • Provides solutions for practical problems
    eg. Faster processing power on your laptop, More memory for files

Symbolic

  • provides self-image enhancement, identity and belongingness benefits
    eg. Having the newest iphone to signal trendiness and wealth, Wearing your footy’s team colours on game day

Experiential

  • provides sensory, cognitive and/or affective stimulation
    eg. Rollercoasters and skydiving, Watching sad movie
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5
Q

Outline the five ways that IMC helps achieve equity

A
  1. Profile the target market
    - Determine message/positioning
  2. Use relevant media channels
    - Reach target consumer
  3. Achieve communication synergy
    - Speak with one voice, build brand equity
  4. Influence target market
    - Sales, awareness, loyalty, behaviour
  5. Build customer relationships
    - Repeat purchases, positive WoM, community
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6
Q

Briefly outline the IMC Model

A
Program evaluation (measureing results, provide feedback, take corrective action) =>
marketing communications program is fundamental decisions (positioning, targeting, set objectives) & Implementation decisions (mixing elements, create messages, select media)
=> outcomes -> enhance brand equity & affect behaviour
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7
Q

How does traditional media and social media differ in the following:

  • market research
  • customer interactions
  • brand positioning
  • targeting
A

MARKET RESEARCH
TM:
- surveys or focus groups conducted infrequently with limited customers
SM:
- continuous, detailed feedback from customers using online communities

CUSTOMER INTERACTIONS
TM:
- one-way marketing from the company, two way dialogue in stores
SM:
- customers expect brands to listen and engage with them on a regular basis

POSITIONING
TM:
- brand positioning created with agency and dictated to consumers
SM:
- brand positioning created and shared with most engaged, loyal customers

TARGETING
TM:
- TV ad created for the masses, some minimal targeting via program selection
SM:
- digital campaigns reach consumers in an entirely personalised manner

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