CUSTOMER-BASED EQUITY AND BRAND POSITIONING

Question 1

When consumers react more favorably to a product and the way it is marketed when the brand is identified than when it is not.

Answer 1

Positive customer-based brand equity

Question 2

When consumers react less favorably to marketing activity for the brand compared with an unnamed or fictitiously named version of the product.

Answer 2

Negative customer-based brand equity

Question 3

The three key ingredients of CBBE

Answer 3

Differential effect
Brand knowledge
Consumer response to marketing

Question 4

can be used by brands that have a range of products that all target a specific demographic segment.

Answer 4

Differentiated marketing

Question 5

Is the process of distinguishing your brand from competitors by emphasising the unique aspects, attributes, or benefits your brand, service or product, offers. It’s crucial because, in today’s competitive market, customers are often faced with multiple options.

Answer 5

Brand Differentiation

Question 6

is all the associations the brand has with consumers – such as thoughts, feelings, images, perceptions, beliefs, attitudes and experiences.

Answer 6

Brand Knowledge

Question 7

include luxury items and certain food and beverages, as price changes can have an impact on demand to a great extent. – You can always go for other options.

Answer 7

Elastic Goods

Question 8

may include items such as tobacco and prescription drugs, as demand often remains constant despite price changes.

Answer 8

Inelastic Goods

Question 9

5 Types of Brand Awareness

Answer 9

1. Recognition Awareness
2. Recall Awareness
3. Top-of-Mind Awareness
4. Aided Brand Awareness
5. Emotional Brand Awareness

Question 10

Represent stored information or
concepts

Answer 10

Nodes

Question 11

Represent the strength of
association between the nodes

Answer 11

Links

Question 12

4 main types of positioning strategies

Answer 12

1. Competitive Positioning
2. Product Positioning
3. Situational Positioning
4. Perceptual Positioning

Question 13

involves comparing your product or service with that of the competitors.

Answer 13

Competitive Positioning

Question 14

includes creating benefits for customers by aligning those features with specific needs.

Answer 14

Product Positioning

Question 15

includes positioning your product as a solution to the specific needs of targeted customers.

Answer 15

Situational positioning

Question 16

includes changing how people feel about their situation by altering perceptions.

Answer 16

Perceptual positioning

Question 17

(How to establish and maximize Competitive Advantage in the minds of customers)

Answer 17

Brand Positioning model

Question 18

(How to create intense and actively loyal customers; Customer Loyalty)

Answer 18

Brand Resonance model

Question 19

(How to trace the value creation process to better understand the Financial Impact of marketing expenditures and investments)

Answer 19

Brand Value Chain model

Question 20

Consumers’ ability to identify the brand under different conditions; it is the familiarity of the brand to the consumer

Answer 20

Brand Awareness

Question 21

Consumers’ perceptions about the brand

Answer 21

Brand Image

Question 22

Consumers’ ability to confirm prior exposure to the brand when given the brand as a cue.

Answer 22

Brand Recognition

Question 23

Consumers’ ability to retrieve the brand from memory when given the product category, the needs fulfilled by the category, or a purchase or usage situation as a cue.

Answer 23

Brand Recall

Question 24

Requires strong favourable and unique brand associations.

Answer 24

Positive Brand Image

Question 25

Descriptive features that characterize a product or service.

Answer 25

Brand Attributes

Question 26

The personal value and meaning that consumers attach to the product or service attributes.

Answer 26

Brand Benefits

Question 27

Act of designing the company’s offer and image so that it occupies a distinct and valued place in the target customers’ minds

Answer 27

Brand Positioning

Question 28

e.g. purchasing habits, spending habits, user status, and brand interactions)-requires you to know about your customer’s actions. These activities may relate to how a customer interacts with your brand or to other activities that happen away from your brand.

Answer 28

Behavioral Segmentation

Question 29

(e.g. age, gender, income, location, family situation, education, ethnicity, etc.)

Answer 29

Demographic Segmentation

Question 30

(e.g. personality traits, values, attitudes, interest, lifestyles, psychological influences, subconscious and conscious beliefs, motivations, and priorities)

Answer 30

Psychographic Segmentation

Question 31

(ZIP code, City, Country, Radius around certain location, Climate, Urban or Rural)

Answer 31

Geographic Segmentation

Question 32

Attributes shared with other brands ex. they are two very famous fresh soft drinks

Answer 32

Points of Parity (POP)

Question 33

Attributes or benefits that consumers strongly associate with a brand ex. pepsi is more trendy and cool with an image of young people and celebrities while coca cola is an emotional brand. This is due to the advertising campaigns they both spreas

Answer 33

Points of Difference

Question 34

Divides the market into distinct groups of homogeneous consumers who have similar needs and consumer behavior

Answer 34

Market Segmentation

Question 35

-Considers resources, capabilities and likely intentions of other firms. -Allows marketers to choose markets where consumers can be profitably served.

Answer 35

Competitive Analysis

Question 36

Even if a brand does not face direct competition in its product category, and thus does not share performance related attributes with other brands, it can still share more abstract associations and face indirect competition in a more broadly defined product category.

Answer 36

Indirect Competition

Question 37

Result of broader category competition or the intended future growth of a brand.

Answer 37

Multiple Frames of Reference

Question 38

-Companies who sell closely the same products to the same market.

Answer 38

Direct Competitiors

Question 39

-Companies who sell somehow related products to the same market.

Answer 39

Indirect Competitors

Question 40

Companies or organizations who are capable of producing and offering the same products to the same market in the future.

Answer 40

Future Competitors