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Brand Management > All > Flashcards

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1
Q

What is a brand ?

A

The face of a business
Any feature identifying a companies goods and services

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2
Q

What is the definition of a brand ?

A

A brand is a bundle of benefits with sustainable differentiation consisting of functional benefit components and symbolic utility

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3
Q

What are functional benefit components ?

A

Quality, function, taste, characteristics
What does the brand offer
Extrinsic value

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4
Q

What is symbolic utility ?

A

Psychological and emotional additional benefit
Intrinsic value

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5
Q

What two components does a brand consist of ?

A

Functional benefits
Symbolic utility

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6
Q

What are benefits of brand management ?

A

Builds preferences and differentiates
Positions for target group
Creates customer loyalty
Increases probability of success for future products
Creates pricing leeway

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7
Q

What is the identity based brand approach ?

A

Brand identity & brand image
Creating a brand that reflects the companies core beliefs, mission and purpose

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8
Q

What is brand identity ?

A

Image of the brand from the inside

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9
Q

What is the brand image ?

A

Image of brand by external individuals

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10
Q

What is the best case scenario for identity based brand approach ?

A

Brand identity and image are aligned and fit together leading to a company being trustworthy

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11
Q

What is the inside out perspective ?

A

Interpretation of company based on experience or perspective
(placement of association)

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12
Q

What is the outside in perspective ?

A

Interpretation based on external factors
(perception of accusation)

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13
Q

What are the 4 elements of a strong brand identity ?

A

Reciprocity
Continuity
Consistency
Individuality

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14
Q

What is reciprocity ?

A

Delivering value to customers and stakeholders to build a better brand relationship and brand identity

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15
Q

What is continuity ?

A

Maintaining core elements of the brand over time

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16
Q

What is consistency

A

Consistency of brand identity throughout whole company

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17
Q

What is individuality ?

A

Unowned of essential brand elements differentiating from competing products

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18
Q

What are the 4 stages of the brand life cycle ?

A

Introduction
Growth
Maturity
Decline

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19
Q

During what stages of the brand life cycle can growth stages be added ?

A

Maturity and growth stage

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20
Q

What are the 4 steps of the decision making process ?

A

Consideration of initial set of brands
Adding/subtracting brands based on needs
Brand selection
Post purchase experience

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21
Q

What is the loyalty loop ?

A

Skipping phase 1-3 of the customer decision making process due to loyalty of customer

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22
Q

What is the result of a well managed brand ?

A

Trustworthy
Worth paying for
Cool to have
Giving direction for future product

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23
Q

What are the 3 types of managing a brand ?

A

Launch of a brand
Relaunch of a brand
Line category extension

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24
Q

What is the launch of a brand and during what phase is it done ?

A

Entering market with a new brand
Introduction and growth phase

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25
Q

What is relaunch of a brand and during what phase is it done?

A

Changing design and/or formula of existing brand
Maturity and decline phase

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26
Q

What is line category extension and during what phase is it used ?

A

Adding new variances/products to already existing product line
Maturity and decline phase

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27
Q

What is concept writing ?

A

A structure to rationalise an idea aimed for market success

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28
Q

What are Skills driving innovative ideas ?

A

Associating
Questioning
Observing
Experimenting
Networking

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29
Q

What is meant by associating ?

A

Connecting unrelated ideas or concepts

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30
Q

What is questioning ?

A

Constantly asking
Why? Why not? What if ?

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31
Q

What is observing ?

A

Data collection of Problem or solution

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32
Q

What is experimenting?

A

Prototypes
Launching pilots

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33
Q

What is networking ?

A

Meeting people with different perspectives and ideas

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34
Q

What is concept structure ?

A

Who is the customer/what’s consumer problem or wish
What does the product offer to consumer(USP formula)
Which technology enables product to solve issue
How to phrase benefit in understandable way to consumer

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35
Q

What should be included in a typical persona?

A

Name
Age/life stage
Occupation
Family situation
Hobbies and interest
Attitudes towards technology
Key values
Media interests(newspaper,movies)

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36
Q

What is insight trinity ?

A

Truth: I do
Need: because
Friction: but

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37
Q

What is an example of insight trinity ?

A

I wash my hair because it gets dirty but it gets dry when I do it to often

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38
Q

What is the USP formula ?

A

If I use: product
I will get: benefit
Because of: source of benefit

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39
Q

5 factors to develop a good concept

A

Relevance of product
USP formula
insight trinity
Wow factor
Market of hope

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40
Q

What is cost based pricing ?

A

Pricing based on production costs

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41
Q

What is value based pricing ?

A

Pricing based on perceived value to consumer

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42
Q

What is competitive pricing ?

A

Price based on competitors price

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43
Q

What is price penetration ?

A

Low pricing to gain market share and later increasing price

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44
Q

What is price skimming strategy ?

A

Starting with a high price then lowering

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45
Q

Name 5 main pricing strategies

A

Cost based
Value based
Competitive
Penetration
Price skimming

46
Q

What are the 5 steps of brand management ?

A

Inspiration for concept
Identification of Business potential
Concept development
Concept optimisation
Concept implementation

47
Q

What does CCEE stand for ?

A

Consistent
Credible
Exciting
Emotional

48
Q

What is consistent in CCEE?

A

Consistency of brand in all activities

49
Q

What is credible in CCEE?

A

Convincing brand

50
Q

What is exciting in CCEE?

A

Sell what is wanted

51
Q

What is emotional in CCEE?

A

Listening to consumer need

52
Q

What is inspiration for concept ?

A

Consumer insights
trends
mistakes/success of past
Competitive launched

53
Q

What is Identification of business potential ?

A

Factors identifying potential:
Target group size
Market size
Competition

54
Q

What is concept development ?

A

Marketing campaign
Matching target group

55
Q

What is concept optimisation ?

A

Optimising a concept with:
Feedback
Testing
Developing

56
Q

What is Concept implementation ?

A

Final retail price
Selling story
Finalising product

57
Q

What is the IPM Approach ?

A

Integrated process oriented marketing approach

58
Q

What does the IPM approach stand for ?

A

Marketing towards all stakeholders(integrated) aligned with the management(process oriented) by the help of marketing tools

59
Q

What is marketing communication ?

A

All action taken to promote a product to their customer

60
Q

What is the importance of communication according to NIE?

A

Cuts down transaction costs
Builds trust
Reduces information asymmetries
Decreases buyer uncertainty

61
Q

What does can’t sell anything if you can’t tell anything mean ?

A

Customers need to be excited for a product

62
Q

What are the 4 P‘s of marketing ?

A

Product
Price
Place
Promotion

63
Q

Which of the 4 P‘s is in marketing communications ?

A

Promotion

64
Q

What is the purpose of Promotion?

A

Create, maintain or increase demand for a product

65
Q

What are typical marketing challenges ?

A

Budget
Understanding market trends
Crisis management

66
Q

What is the zero moment of truth ?

A

Online Research of product
First step of decision making

67
Q

What is meant by Brand experience ?

A

All touchpoints for consumers
Overall perception of brand

68
Q

What is Moment marketing ?

A

Promotions at a certain time or place
(Christmas)

69
Q

What are Receptivity moments ?

A

Moments where consumers are most open to advertising

70
Q

What is meant by Meaningful relationships ?

A

Trust
Shared values
Loyalty to a brand

71
Q

What are the 5 stages of a customer journey ?

A

1.pre awareness
2.consideration
3.Evaluation
4.Purchase
5.After Sales Services & Usage

72
Q

What is the simple communication process ?

A

Sender->Message->Receiver->Feedback

73
Q

What is the AIDA Formula ?

A

Attention
Interest
Desire
Action

74
Q

What is meant by Attention in AIDA Formula?

A

Getting a product seen/ talked about

75
Q

What is meant by Interest in the AIDA Formula and how is it achieved ?

A

Create ab understanding of benefits ->
Advertising, PR, sponsoring, online marketing

76
Q

What is meant by Desire in the AIDA Formula?

A

Fulfill a need

77
Q

What is meant by action in the AIDA formula and how can it be achieved ?

A

Purchase-> personal selling, sales promotions, direct marketing

78
Q

What does the Hierachy of effects model say ?

A

Consumers go through Three phases when purchasing a product.
Each phase start fewer consumers

79
Q

What are the 3 phases of the hierarchy model ?

A

Cognitive phase (awareness, knowledge)
Affective phase (liking, preference)
Behavioural phase (Purchase)

80
Q

What is 360 communication ?

A

Marketing approach using as many touchpoints as possible during all phases of the customer journey

81
Q

What is the Promotional triad ?

A

Most important promotional tools
1.Advertising
2.Public Relations
3.Consumer Sales Promotion

82
Q

What does advertising aim at ?

A

Aims at transaction increases for single products

83
Q

What does public relations aim at ?

A

Building trust for the company as a whole

84
Q

What does sales promotion aim at ?

A

Approaching the target group at the point of sale

85
Q

What PR techniques are there ?

A

Media relations
Publications
Corporate communications
Public affairs
Lobbying

86
Q

What is POS communication ?

A

Point of sale communication
Displays and packaging marketing

87
Q

What are some online marketing tools ?

A

Display advertising
Data base marketing
Affiliate marketing
Social Media Marketing
SEM

88
Q

What is omni channel marketing ?

A

Marketing to customer via multiple channels with a consistent experience

89
Q

What is human perception ?

A

The way we interpret stimulations

90
Q

What is Römern psychology?

A

Louder/flashier ads are easier to perceive

91
Q

What is figure psychology ?

A

Easy to perceive ads are more powerful

92
Q

What is holistic psychology?

A

First look/timing of ad is crucial to success

93
Q

What is social perception ?

A

Ads need to combine familiarity and newness to be interesting

94
Q

What are the advertising Design golden rules ?

A

Activation process
Comprehensibility
Credibility
Avoidance of reactance
Reduction of cognitive dissonance

95
Q

What impulses are included in the activation process ?

A

Emotional
Cognitive
Physical

96
Q

What are emotional impulses ?

A

Small child pattern
Eroticism

97
Q

What can cognitive impulses be ?

A

Conflict
Contradiction
Surprise

98
Q

What can physical impulses be ?

A

Doge
Color
Sound

99
Q

What is meant by comprehensively ?

A

Easy understanding and interpreting by target group

100
Q

What is meant by avoidance of reactance ?

A

Disapproval or feeling of manipulation

101
Q

What is meant by cognitive dissonance ?

A

Contradiction of own beliefs
Post decision regret
Cognitive intrusion

102
Q

How can cognitive dissonance be reduced ?

A

Enhancement of information
Post purchase ads
Testimonials

103
Q

What is meant by integrated in the IPM approach ?

A

All stakeholders are targeted with all marketing measures

104
Q

What is meant by process oriented in the IPM approach ?

A

Management of the whole exchange process
Consistency throughout all of the company

105
Q

What is meant by marketing in the IPM approach ?

A

An instrument used for market oriented thinking and actions

106
Q

What is the pre awareness stage in the customer journey ?

A

Need/ Problem recognition

107
Q

What is the consideration stage in the customer journey ?

A

Information search

108
Q

What is the evaluation stage in the customer journey ?

A

Evaluation of alternatives

109
Q

What is the purchase phase in the customer journey ?

A

Choice and purchase decision

110
Q

What is the after sales stage of the customer journey ?

A

Post purchase use and evaluation

Brand Management (1 decks)

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