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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
What is relaunch of a brand and during what phase is it done?
Changing design and/or formula of existing brand Maturity and decline phase
26
What is line category extension and during what phase is it used ?
Adding new variances/products to already existing product line Maturity and decline phase
27
What is concept writing ?
A structure to rationalise an idea aimed for market success
28
What are Skills driving innovative ideas ?
Associating Questioning Observing Experimenting Networking
29
What is meant by associating ?
Connecting unrelated ideas or concepts
30
What is questioning ?
Constantly asking Why? Why not? What if ?
31
What is observing ?
Data collection of Problem or solution
32
What is experimenting?
Prototypes Launching pilots
33
What is networking ?
Meeting people with different perspectives and ideas
34
What is concept structure ?
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
35
What should be included in a typical persona?
Name Age/life stage Occupation Family situation Hobbies and interest Attitudes towards technology Key values Media interests(newspaper,movies)
36
What is insight trinity ?
Truth: I do Need: because Friction: but
37
What is an example of insight trinity ?
I wash my hair because it gets dirty but it gets dry when I do it to often
38
What is the USP formula ?
If I use: product I will get: benefit Because of: source of benefit
39
5 factors to develop a good concept
Relevance of product USP formula insight trinity Wow factor Market of hope
40
What is cost based pricing ?
Pricing based on production costs
41
What is value based pricing ?
Pricing based on perceived value to consumer
42
What is competitive pricing ?
Price based on competitors price
43
What is price penetration ?
Low pricing to gain market share and later increasing price
44
What is price skimming strategy ?
Starting with a high price then lowering
45
Name 5 main pricing strategies
Cost based Value based Competitive Penetration Price skimming
46
What are the 5 steps of brand management ?
Inspiration for concept Identification of Business potential Concept development Concept optimisation Concept implementation
47
What does CCEE stand for ?
Consistent Credible Exciting Emotional
48
What is consistent in CCEE?
Consistency of brand in all activities
49
What is credible in CCEE?
Convincing brand
50
What is exciting in CCEE?
Sell what is wanted
51
What is emotional in CCEE?
Listening to consumer need
52
What is inspiration for concept ?
Consumer insights trends mistakes/success of past Competitive launched
53
What is Identification of business potential ?
Factors identifying potential: Target group size Market size Competition
54
What is concept development ?
Marketing campaign Matching target group
55
What is concept optimisation ?
Optimising a concept with: Feedback Testing Developing
56
What is Concept implementation ?
Final retail price Selling story Finalising product
57
What is the IPM Approach ?
Integrated process oriented marketing approach
58
What does the IPM approach stand for ?
Marketing towards all stakeholders(integrated) aligned with the management(process oriented) by the help of marketing tools
59
What is marketing communication ?
All action taken to promote a product to their customer
60
What is the importance of communication according to NIE?
Cuts down transaction costs Builds trust Reduces information asymmetries Decreases buyer uncertainty
61
What does can’t sell anything if you can’t tell anything mean ?
Customers need to be excited for a product
62
What are the 4 P‘s of marketing ?
Product Price Place Promotion
63
Which of the 4 P‘s is in marketing communications ?
Promotion
64
What is the purpose of Promotion?
Create, maintain or increase demand for a product
65
What are typical marketing challenges ?
Budget Understanding market trends Crisis management
66
What is the zero moment of truth ?
Online Research of product First step of decision making
67
What is meant by Brand experience ?
All touchpoints for consumers Overall perception of brand
68
What is Moment marketing ?
Promotions at a certain time or place (Christmas)
69
What are Receptivity moments ?
Moments where consumers are most open to advertising
70
What is meant by Meaningful relationships ?
Trust Shared values Loyalty to a brand
71
What are the 5 stages of a customer journey ?
1.pre awareness 2.consideration 3.Evaluation 4.Purchase 5.After Sales Services & Usage
72
What is the simple communication process ?
Sender->Message->Receiver->Feedback
73
What is the AIDA Formula ?
Attention Interest Desire Action
74
What is meant by Attention in AIDA Formula?
Getting a product seen/ talked about
75
What is meant by Interest in the AIDA Formula and how is it achieved ?
Create ab understanding of benefits -> Advertising, PR, sponsoring, online marketing
76
What is meant by Desire in the AIDA Formula?
Fulfill a need
77
What is meant by action in the AIDA formula and how can it be achieved ?
Purchase-> personal selling, sales promotions, direct marketing
78
What does the Hierachy of effects model say ?
Consumers go through Three phases when purchasing a product. Each phase start fewer consumers
79
What are the 3 phases of the hierarchy model ?
Cognitive phase (awareness, knowledge) Affective phase (liking, preference) Behavioural phase (Purchase)
80
What is 360 communication ?
Marketing approach using as many touchpoints as possible during all phases of the customer journey
81
What is the Promotional triad ?
Most important promotional tools 1.Advertising 2.Public Relations 3.Consumer Sales Promotion
82
What does advertising aim at ?
Aims at transaction increases for single products
83
What does public relations aim at ?
Building trust for the company as a whole
84
What does sales promotion aim at ?
Approaching the target group at the point of sale
85
What PR techniques are there ?
Media relations Publications Corporate communications Public affairs Lobbying
86
What is POS communication ?
Point of sale communication Displays and packaging marketing
87
What are some online marketing tools ?
Display advertising Data base marketing Affiliate marketing Social Media Marketing SEM
88
What is omni channel marketing ?
Marketing to customer via multiple channels with a consistent experience
89
What is human perception ?
The way we interpret stimulations
90
What is Römern psychology?
Louder/flashier ads are easier to perceive
91
What is figure psychology ?
Easy to perceive ads are more powerful
92
What is holistic psychology?
First look/timing of ad is crucial to success
93
What is social perception ?
Ads need to combine familiarity and newness to be interesting
94
What are the advertising Design golden rules ?
Activation process Comprehensibility Credibility Avoidance of reactance Reduction of cognitive dissonance
95
What impulses are included in the activation process ?
Emotional Cognitive Physical
96
What are emotional impulses ?
Small child pattern Eroticism
97
What can cognitive impulses be ?
Conflict Contradiction Surprise
98
What can physical impulses be ?
Doge Color Sound
99
What is meant by comprehensively ?
Easy understanding and interpreting by target group
100
What is meant by avoidance of reactance ?
Disapproval or feeling of manipulation
101
What is meant by cognitive dissonance ?
Contradiction of own beliefs Post decision regret Cognitive intrusion
102
How can cognitive dissonance be reduced ?
Enhancement of information Post purchase ads Testimonials
103
What is meant by integrated in the IPM approach ?
All stakeholders are targeted with all marketing measures
104
What is meant by process oriented in the IPM approach ?
Management of the whole exchange process Consistency throughout all of the company
105
What is meant by marketing in the IPM approach ?
An instrument used for market oriented thinking and actions
106
What is the pre awareness stage in the customer journey ?
Need/ Problem recognition
107
What is the consideration stage in the customer journey ?
Information search
108
What is the evaluation stage in the customer journey ?
Evaluation of alternatives
109
What is the purchase phase in the customer journey ?
Choice and purchase decision
110
What is the after sales stage of the customer journey ?
Post purchase use and evaluation

Brand Management (1 decks)

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