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MBA 674 Exam 2 > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

Brand Identity

A

The outward expression of a brand – including its name, trademark, communications, and visual appearance – is brand identity.

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2
Q

Brand Consistency

A

The ability of the brand to remain consistent throughout all brand usage.

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3
Q

Product Modifications

A

Quality Improvements
Feature Improvements
Style Improvements

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4
Q

Product Life Cycle

A

Introductory Stage
Growth Stage: Largest sales growth, largest profit
Maturity Stage: lower profit, highest sales
Decline Stage: Decline in sales and profits

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5
Q

Subcultures

A 
Each culture consists of smaller subcultures that provide more specific identification and socialization of their members.
Nationalities
Religions
Racial Groups
Geographic Regions
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6
Q

Reference Groups

A 
Reference groups influence members in at least three ways.  They expose an individual to new behaviors and lifestyles, they influence attitudes and self-concept, and they create pressures for conformity that they may affect product and brand choices.  People are also influenced by groups to which they do not belong.
Membership Groups
Primary Groups
Secondary Groups
Aspirational Groups
Disassociative Groups
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7
Q

Membership Groups

A

Groups having a direct influence are called membership groups

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8
Q

Primary Groups

A

Some of these are primary groups with whom the person interacts fairly continuously and informally, such as family, friends, neighbors, and coworkers.

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9
Q

Secondary Groups

A

Religious, professional, and trade-union groups, which tend to be more formal and require less continuous interaction.

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10
Q

Aspirational Groups

A

Groups a person hopes to join

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11
Q

Disassociative groups

A

Groups whose values or behavior an individual rejects

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12
Q

Motivational Theories

A

Sigmund Freud
Abraham Maslow
Frederick Herzberg

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13
Q

Sigmund Freud

A

assumed the psychological forces shaping people’s behavior are largely unconscious, and that a person cannot fully understand his or her own motivations. Someone who examines specific brands will react not only to their stated capabilities, but also to other, less conscious cues such as shape, size, weight, material, color, and brand name. (Behavior is also guided by subconscious motivations)

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14
Q

Abraham Maslow

A

Sought to explain why people are driven by particular needs at particular times. His answer is that human needs are arranged in a hierarchy from most to least pressing-psychological needs, safety needs, social needs, esteem needs, and self actualization. (Behavior is driven by lowest, unmet needs).

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15
Q

Frederick Herzberg

A

Developed a two-factor theory that distinguishes dissatisfies (factor that cause dissatisfaction) from satisfiers (factors that cause satisfaction). The absence of dissatisfies is not enough to motivate a purchase, satisfiers must be present. (Behavior is guided by motivating and hygiene factors).

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16
Q

Perception

A

The process by which we select, organize, and interpret information inputs to create a meaningful picture of the world. It depends not only on physical stimuli, but also on the stimuli’s relationship to the surrounding environment and on conditions within each of us. Because we cannot possibly attend to all these, we screen most stimuli out-a process called selective attention.

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17
Q

Selective Attention

A

Marketers must work hard to attract consumer’s notice. Even noticed stimuli don’t always come across in the way the senders intended.

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18
Q

Selective Distortion

A

The tendency to interpret information in a way that fits our preconceptions. Consumers will often distort information to be consistent with prior brand and product beliefs and expectations.

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19
Q

Selective Retention

A

We’re likely to remember goods points about a product we like and forget good points about competing product.

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20
Q

Subliminal Perception

A

Subliminal messages

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21
Q

Purchase Decision Making Process

A 
Problem Recognition
Information Search
Evaluation of Alternatives
Purchase Decision
Post Purchase Behavior
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22
Q

Brand Personality

A 
Sincerity (honest, wholesome)
Excitement (daring, spirited)
Competence (reliable, successful)
Sophistication (upper class)
Ruggedness  (outdoorsy, tough)
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23
Q

Benefits of branding

A
  • Improved perceptions of product performance
  • Greater loyalty
  • Less vulnerability to competitive marketing actions
  • Less vulnerability to crises
  • Larger margins
  • More inelastic consumer response
  • Greater trade cooperation
  • Increased marketing communications effectiveness
  • Possible licensing opportunities
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24
Q

Brand Equity Model

A

Brand Identity
Brand Meaning
Brand Response
Brand Relationship

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25
Brand Identity
Who are you?
26
Brand Meaning
What are you?
27
Brand Response
Resonance. What do I think or feel about you?
28
Brand Relationship
How much of a connection would I like to have with you?
29
Brand Asset Valuator
Energized differentiation Relevance Esteem Knowledge
30
Energized differentiation
Measures the degree to which a brand is seen as different from others, and its perceived momentum and leadership
31
Relevance
Measures the appropriateness and breadth of a brand's appeal
32
Esteem
Measures perceptions of quality and loyalty, or how well the brand is regarded and respected.
33
Knowledge
measures how aware and familiar consumers are with the brand
34
Brand Consists of
``` Presence Relevance Performance Advantage Bonding ```
35
Brand Presence
Active familiarity based on past trial, saliency, or knowledge of brand promise.
36
Brand Relevance
Relevance to consumer's needs, in the right price range or in the consideration set
37
Brand Performance
Belief that it delivers acceptable product performance and is on the consumer's short-list.
38
Brand Advantage
Belief that the brand has an emotional or rational advantage over other brands in the category.
39
Brand Bonding
Rational and emotional attachments to the brand to the exclusion of most other brands.
40
Brand Resonance Model
``` Ensuring customers identify the brand and associate it with a specific product class or need. Firmly establishing the brand meaning in customers' minds by strategically linking a host of tangible and intangible brand association. Eliciting the proper customer responses in terms of brand-related judgement and feeling. Converting customers' brand response to an intense, active loyalty. ```
41
Brand Elements
Devices, which can be trademarked, that identify and differentiate the brand. Include: Brand name, slogan, character, symbol, logo, and URL.
42
Brand Element Choice Criteria
1. Memorable: How easily do consumers recall and recognize the brand elements, and when-at both purchase and consumption? 2. Meaningful: Is the brand element credible? Does it suggest the corresponding category and a product ingredient or the type of person who might use the brand? 3. Likable: How aesthetically appealing is the brand element? 4. Transferable: Can the brand element introduce new products in the same categories? 5. Adaptable: How adaptable and updatable is the brand element? 6. Protectable: How legally protectable is the brand element? How competitively protectable?
43
Brand Extensions
Many firms have decided to leverage their most valuable asset by introducing a host of new products under their strongest names. Most new products are in fact line extensions
44
Advantages of Brand Extensions
Improvement of new product success | Positive feedback effects
45
Disadvantages of Brand Extension
Brand Dilution: occurs when consumers no longer associate a brand with a specific or highly similar set of products and start thinking less of the brand.
46
Brand Positioning
The act of designing the company's offering and image to occupy a distinctive place in the mind of the target market.
47
Perceptual Map
Perceptual Maps are visual representations of consumer perceptions and preference. They provide quantitative portrayals of market situations and the way consumers view different products, services, and brands along various dimensions.
48
Points-of-Parity
Associations that are not necessarily unique to the brand but may be shared with other brands.
49
Points-of-Difference
Attributes of benefits consumers strongly associate with a brand, positively evaluate, and believe they could not find to the same extent with a competitive brand.
50
Brand Mantra
Provide guidance about what products to introduce under the brand, what ad campaigns to run and where and how the product should be sold.
51
Product Levels
``` Core Benefit Basic Product Expected Product Augmented Product Potential Product ```
52
Core Benefit
The service or benefit the customer is really buying. A hotel guest is buying rest and sleep.
53
Basic Product
Market must turn core benefits into a basic product. Thus a hotel room includes a bed, bathroom, and so on.
54
Expected Product
A set of attributes and conditions buyers normally expect when the purchase this product. Hotel guests minimally expect a clean bed and fresh towels.
55
Augmented Product
That exceeds customer expectations. In developed countries, brand positioning and competition take place at this level. In developing countries, competition starts at expected product level.
56
Potential Product
Encompasses all the possible augmentations and transformations the product or offering might undergo in the future. Here is where companies search for new ways to satisfy customers and distinguish their offering.
57
Product Classification
Nondurable goods Durable Goods Services
58
Nondurable Goods
tangible goods normally consumed in one or a few uses, such as beer and shampoo. (Make them available in many places, charge only a small markup, and advertise heavily).
59
Durable Goods
Tangible goods that normally survive many uses: refrigerators, machine tools, and clothing. (Require more personal selling and service, command a higher margin, and require more seller guarantees).
60
Services
Intangible, inseparable, variable, and perishable products that normally require more quality control, supplier credibility, and adaptability.
61
Consumer Goods Classifications:
Convenience Goods Shopping Goods Speciality Goods Unsought Goods
62
Convenience Goods
Frequently, immediately, and with minimal effort. (Soft drinks)
63
Shopping Goods
The customer characteristically compares on such bases as suitability, quality, price, and style. (furniture, cloth)
64
Speciality Goods
Have unique characteristics or brand identification for which enough buyers are willing to make a special purchasing effort. (Cars, men's suits)
65
Unsought Goods
The consumer does not know about or normally think of buying, such as smoke detectors or life insurance.
66
Product Differentiation
``` Product Form Features Customization Performance Conformance Durability Reliability Reparability Style ```
67
Product Form
size, shape, or physical structure of a product
68
Conformance
degree to which all produced units meet promised specifications
69
Product Mixes and Lines
``` Product System Product Mix Length of Mix Depth of Mix Consistency of mix ```
70
Product System
group of diverse but related items that function in a compatible manner.
71
Product Mix
(assortment) the set of all products and items a particular seller offers for sale.
72
Length of a Product Mix
total number of items in the mix
73
Depth of a Product Mix
how many variants are offered of each product in the line
74
Consistency of the Product Mix
Describes how closely related the various product lines are in end use.

MBA 674 Exam 2 (1 decks)

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