Brand and category mgmt

Question 1

What are brand elements?

Answer 1

Different components that identifies and differentiates a brand:

• name
• logo
• symbol
• package design
• other characteristic

Based on:

• people
• places
• things
• abstract images

Question 2

What is difference between brand and product?

Answer 2

Brand: has dimensions that differentiate it in some way from other products designed to satisfy the same need
Can be differentiated on the basis of: 
- Packaging
- Services provided
- Customer advice
- Financing
- Delivery arrangements
- Warehousing
- Other things valued by the customers

Product: Anything available in the market for use or consumption, that may satisfy a need or want
Can be categorized into five levels namely:
- Core benefit level
- Generic product level
- Expected product level
- Augmented product level
- Potential product level

Question 3

Why are brands important for consumers?

Answer 3

Consumers:

• Identification of source of product
• Assignment of responsibility
• Risk reducer
• Search cost reducer
• Promise, bond, pact with maker
• Symbolic device
• Signal of quality

Question 4

How do you devise brand strategy?

Answer 4

1. Brand positioning
2. Brand resonance
3. Brand value chain

Question 5

What is customer based brand equity?

Answer 5

The DIFFERENTIAL EFFECT that BRAND KNOWLEDGE has on CONSUMER RESPONSE to the marketing of that brand

Question 6

What is the associative network memory model?

Answer 6

Views memory as a network of nodes and connecting links
- Nodes - Represent stored information or concepts
- Links - Represent the strength of association between the nodes
Brand associations are informational nodes linked to the brand node in memory

Question 7

What are the segmentation bases?

Answer 7

Business:

• nature of good: kind, where used, type of buy
• buying condition: purchase location, who buys, type of buy
  demographic: SIC code, # employees, # production workers, annual sales volume, # establishments

Consumer:

• behavioural: user status, usage rates, usage condition, brand loyalty, benefits sought
• Demographic: income, age, sex, race, family
• psychographics: value, opinions and attitudes, activities and lifestyle
• geographic: international, region