MKTG 4030 Exam 1

A strong brand _______ for the organization/firm.

provides strategic protection

A strong brand grows not only with the depth of the customer allegiance, but also with _______

reach across market segments

When tracking brands via social media, the 4 basic dimensions are:

reach, sentiment, passion, and strength

Brand Positioning

the act of designing a company's brand strategy to occupy a distinctive place in the mind of target consumers, to maximize the potential benefit to the firm typically shown in a "positioning map: in two dimensions with the brand location marked relative to competing brands start with the target customer

When considering a brand's value proposition the first consideration is

the consumer segment being targeted

Questions Practiced in Class

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A strong brand improves the company's ability to

All of the above (enter new markets, increase channel leverage, prevent competitors form entering the market)

A brand's image includes

Both positive and negative associations

A strong brand reduces _______ for the customer

Both psychological and functional risk

What two concepts are used to describe how strong a brand is

Brand Equity/depth of the brand (how strong you feel for the brand/ brand loyalty) Brand Value/reach of the brand

Brand Identity

Combination of name, logo, symbols, design, packaging, and image of associations held by consumers

The brand equity pyramid stages occur in the following order:

Consumer recognition, consumer perception, consumer response and then consumer bonding.

Amazon's Customer Reason "Why" is to offer the absolute lowest price always!

False

Brand stickiness is a synonym for brand loyalty

False

When Tide focuses on their Points of Difference (PODs) the goal is to naturalize all negatives

False

In a Positioning Map, Dewey's pizza can only compete with other Pizza brands.

False, they can compete with other restaurants that make any type of food, all depends on what the target customer wants

When considering the backstory of the Google "Parisian Love" commercial, the brand group attributed a key reason for the commercial's positive response to

Finding a unique way to bring to life the difference Google makes in people's lives

Value Proposition

For _______ (target customers) Who Value ___________(statement of need or opportunity) (Brand Name) is a ___________ (product category) That ______ (statment of benefit) You know this because ________ (reason to believe)

What is the highest level a brand can achieve with customers in the brand equity pyramid?

Loyalty/Consumer Bonding

The coffee pods used with a Keurig coffeemaker represent a purchase based on

Stickiness

The Golden Middle

Strong brand = Reach x Depth

Brand Image

The idea/ impression/ image that customers have in their minds about the brand.

Brand equity can be defined as the added value from a brand that makes a customer prefer one product over another, even thought they are otherwise indistinguishable.

True

Brand's use traditional message to control the message/content that they want to get to the consumer

True

When choosing a target positioning, the three considerations include "what people", "what brands" and "what's important".

True

When considering the role of digital media versus traditional media for the brand, the power shifts from the consumer to the brand

True

Three considerations for target positioning

What people: the target segment what brands: the relevant competitors what's important: the salient attributes to stress when positioning the brand

The focus of the three golden circles was to explain

Why it's important for a brand to be clear on its purpose, before determining what products/ services to provide and how they should be provided

The positioning map represents

a mental map of consumer's perception of the brand versus it competition

A positioning map represents:

a mental map of consumers' perception of the brand versus the competition

________ can be defined as a measure of allegiance to the brand from its target segment

brand equity

A brand is comprised of the following elements

brand identity, brand image, and brand personality

The initial objective of the introductory campaign for a new brand always includes

creating awareness of the brand

for a consumer to chose a brand, the consumer first must believe that the brand will:

function as promised and expected

The purpose of a positioning graph or perceptual map is to

graphically reflect the attributes deemed important by a target market as well as the relative strength of individual brands when measured against those attributes

What are your main takeaways from the Beer Preferences article that we discussed in class?

how much an influence a brand has on preferences... article showed how in a blind taste test consumers couldn't identify their favorite beer.

Brand positioning activities begin by

identifying which customers to target

Tracking the penetration process for evaluating the success of a new brand introduction

includes recognition, perception, evaluation, and response.

Simon Sinek's golden circle works best when

inside out/ remarkable

What are 4 things that a brand does for consumers?

1. Reduce Functional Risk 2. Reduce Psychological Risk 3. Simplifies things (decision making process) 4. Self Expression

A strong brand grows not only with the depth of customer allegiance, but also with

Reach across markets

What does Coke's brand identity include?

Red, cursive (old school) lettering logo, open happiness, Christmas, glass bottle, brown bubbly drink, new modern lettering logo.

Which form of media allows customers to have more control of the message?

Social Media

The Brand Equity Pyramid consists of both rational and _______ factors

emotional

The brand equity pyramid reflects consumer preferences for a specific brand versus competitive products

false

Walmart and Target make the same promise to customers: a good product at a fair price.

false

the process of launching a new brand

involves the prelaunch, launch, and postlaunch stages

Channel

line of distribution (ex: grocery stores)

The three major factors to consider when selecting a brand's target position are:

the relative competitors, the target segment, and the salient attributes along which to position the brand

What is the definition of a brand value proposition?

the unique value a brand provides to consumers over competing brands why we choose to buy one brand over another why how what-simon senek

The brand's value proposition is

the unique value it provides customers over competing brands

Brand Value can be defined as ________

the value of the brand as a business asset, and can be seen as the dollar price that one would pay to acquire the brand name and logo