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Strategic Brand Management > Chapter 1-6 > Flashcards

Chapter 1-6 Flashcards

1
Q

A product is…

A

Anything we can offer to a market for attention, acquisition use or consumption that might satisfy a want or need.

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2
Q

What is the five levels of meaning for a product?

A
  • Core benefit level
  • Generic product level
  • Expected product level
  • Augmented product level (that distingue the product from the competition)
  • Potential product level
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3
Q

A brand is….

A

a name, term, sign, symbol, or design, or a combination of them, intended to identify the products of one seller or a group of sellers and to differentiate them from those of competitors. Brand elements separate the brand.

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4
Q

A brand reduces which risks in the product decision?

A
  1. Functional risk
  2. Physical risk
  3. Financial risk
  4. Social risk
  5. Psychological risk
  6. Time risk
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5
Q

What is the key to branding?

A

Customers perceive differences among brands in the same product category

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6
Q

What is brand equity?

A

Brand equity is marketing effects attributed to the brand

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7
Q

The strategic brand management process consists of…

A
  1. Identify and establish brand positioning and values
  2. Plan and implement a brand marketing plan
  3. Measure and interpret brand performance
  4. Grow and sustain brand equity
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8
Q

Consumer-based brand equity is…

A

The differential effect that brand knowledge has on consumer response to the marketing of the brand

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9
Q

Brand knowledge consists of…

A

Brand notes. Also, it creates the brand meaning (image) and brand awareness

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10
Q

What is the advantages of brand awareness?

A
  1. Learning advantages
  2. Consideration of advantages
  3. Choice advantages
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11
Q

Brand associations needs to be…

A

Strong, favorable, and unique

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12
Q

What is the four steps in brand building?

A
  1. Ensure identification of the brand with customers and an association of the brand in customers’ mind
  2. Establish the totality of brand meaning in the minds of consumers
  3. Elicit the proper customer responses to the brand identification and brand meaning
  4. Convert brand response to create an intense, active, loyal relationship between customers and the brand
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13
Q

What is the four questions customers ask of brands?

A
  1. Who are you? (brand identity)
  2. What are you? (brand meaning)
  3. What do I think or feel about you? (brand responses)
  4. What about you and me? What kind of associations and how much of a connection would I like to have with you? (brand relationships)
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14
Q

Define the customer-based brand equity model (also known as the brand resonance pyramid)

A

Explained from the top down:
- Top: Consumer brand resonance
- Third layer: Consumer judgment and consumer feeling
- Second layer: Brand performance and brand image
- First layer: Brand salience

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15
Q

What is a CRM system

A

Customer Relationship Management system

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16
Q

What is CLV?

A

Customer Lifetime Value

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17
Q

What does CLV consists of?

A
  1. Value equity
  2. Brand equity
  3. Relationship equity
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18
Q

What is POP?

A

Points-of-parity

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19
Q

What is POD?

A

Points-of-difference?

20
Q

That is a target market?

A

A set of actual and potential buyers who have interest in, income for, and access to a product

21
Q

What is a brand mantra?

A

The brand mantra captures the essence of the brand (often three words)

22
Q

What is brand salience?

A

It measures various aspects of the awareness of the brand. Also, it looks a how easily and often the brand is evoked under different situations.

23
Q

What is brand performance?

A
  1. How well the product meets the customers’ functional needs
  2. How well the product rates on objective quality assessments
  3. How well the product satisfies customers’ utilitarian, aesthetic, and economic wants and needs in the category
24
Q

What is brand image?

A

Brand image is the main driver of brand meaning. It depends on the extrinsic properties of the product and four key intangibles that can be linked to the brand:
1. User profiles
2. Purchase and usage situations
3. Brand personality & values
4. Brand history, heritage, and experiences

25
Q

What is brand judgement?

A

A customer’s personal opinions and evaluations of a brand

26
Q

What is brand feeling and the six types of brand building feelings?

A

The brand feeling is customers’ emotional responses and reactions to the brand.
The six important types of brand-building feelings are: Warmth, fun, excitement, security, social approval, self-respect

27
Q

What is brand resonance?

A

A high level of identification and relationship that a customer has with a brand. There are four categories of brand feeling, which are: Behavioral loyalty, attitudinal attachment, sense of community, and active engagement.

28
Q

The four value stages in the brand value model are?

A
  1. Marketing program investment
  2. Customer mind set
  3. Market performance
  4. Shareholder value
29
Q

The three multipliers in the brand value chain model are?

A
  1. Program quality multiplier
  2. Marketplace conditions multiplier
  3. Investor sentiment multiplier
30
Q

What does scotoma means?

A

Blind spont (connected to selection bias)

31
Q

What is the 6 criteria for choosing brand elements?

A
  1. Memorabke
  2. Meaningfull
  3. Likable
  4. Transferable
  5. Adoptable
  6. Protactiable
32
Q

For a brand element to be memorable, it needs to…

A

facilitate reconition and recall in the mind of the consumer

33
Q

Name the classic six types of brand elements

A
  1. Brand name
  2. URLs
  3. Logos & symboles
  4. Characters
  5. Slogans
  6. Packaging
34
Q

Name the six stage brand naming procedure

A
  1. Define objectives
  2. Generate names
  3. Scan initial candidates
  4. Study candidate names
  5. Research the final candidates
  6. Select the final name
35
Q

Name the three relationship marketing avenues

A
  1. Experiential marketing (focus on customer experience)
  2. One-to-one marketing
  3. Permission marketing
36
Q

Name the five steps in one-to-one marketing

A
  1. Identify target consumers
  2. Differentiate them by value and needs
  3. Interact with them more cost-effciently and effectively
  4. Customize some aspects of the firm’s behaviour
  5. Brand the relationships
37
Q

Name the five steps in permission marketing

A
  1. Offer the prospect an incentive to volunteer
  2. Offer a curriculum that educates the consumers
  3. Reinforce the inventive to guarantee that the prospect continues to grant permission
  4. Offer additional incentives to get more permission from the consumers
  5. Leverage the granted permission to change consumer behavior and increase profits
38
Q

What is the difference between direct and indirect channels?

A

Direct channels is when you are selling directly to the customer. Indirect is when you sell to the customers through a third party vendor.

39
Q

What is a pull strategy?

A

When you create the demand for your product at the stage of the consumers, thus they start requesting your product throughout the supply chain

40
Q

What is a push strategy?

A

When you push a promotinal message/offer through the supply chain, thus pushing it to the vendors, which push it to the customers afterwards.

41
Q

What is the promotional mix? (name all six types)

A
  1. Avertising
  2. Sales promotion
  3. Personal selling
  4. PR
  5. Direct marketing
  6. Sponsorships
42
Q

What is the six stages in the information processing model of communication?

A
  1. Exposure
  2. Attention
  3. Comprehension
  4. Yielding
  5. Intentions
  6. Behaviour
43
Q

Which two areas is sales promotion split into?

A

Consumer promotion and trade promotion

44
Q

Why do you invest in sponsorships?

A

To get brand awareness and to build on top of others brand equity

45
Q

What is the six stages in the evaluation process of IMC programs?

A
  1. Converage: What proportion of the target market was reached.
  2. Cost: What is the per capita expense?
  3. Contribution: The collective effect on brand equity in terms of enhancing the depth and breadth of awareness, and improving the strength, favorability, and uniqueness of brand associations.
  4. Commonality: The extend to which information conveyed by different communication options share meaning.
  5. Complementarity: The extend to which different associations and linkages are emphasized across communication options
  6. Versatility: The extend to which information contained in a communication option works with different types of consumers.
46
Q

What is the 8 guidelines for marketing communication?

A
  1. Be analytical
  2. Be curious
  3. Be single-minded
  4. Be integrative
  5. Be creative
  6. Be observant
  7. Be realistic
  8. Be patient

Strategic Brand Management (3 decks)

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