MKT 574: Chapter 9: Build the Brand

A summary of unique qualities attributed to the brand is called:

brand identity

Which of the following are basic strategic decisions in defining a brand?

1. licensing 2. co-branding 3. stand alone or family branding 4. national or store

category extension

Using the parent brand in a different product category

When customers want to use products out of the box, package labeling is the most convenient place for

initial use instructions

co-branding

join's two or more well-known brands in a common product or takes two brands and markets them in partnership

brand awareness

the most basic form of brand equity is simply being aware of the brand. Awareness is the foundation of all the brand relationships. It signals a familiarity and potential commitment to the brand.

Loyal customers are strong advocates for a brand. To reinforce this, marketing managers have come to increasingly really on:

1. blogs 2. online communities

5 dimensions of brand equity

1. brand awareness 2. brand loyalty 3. perceived quality 4. brand association 5. brand assets

two primary customer advantages from brand associations

1. customers process, store, and retrieve product information by brand 2. strong brands generate a more positive attitude toward the product

two kinds of warranties

1. general 2. specific

Loyalty to the brand offers 4 distinct benefits that represent real market advantages to the brand sponsor

1. helps reduce long term marketing costs, giving the brand sponsor more flexibility in the marketing budgets 2. branded products give sponsors additional channel leverage 3. brand loyal customers are vocal and tell others about their experiences, which attracts new customers 4. brand loyal customers are forgiving, which enables companies to respond to a negative experience

Companies constantly evaluate their warranties to measure the benefits versus the costs. This evaluation considers:

1. length of time 2. return/refund policies 3. nature of product performance

Package design encourages product use in several ways:

1. packages frequently show the product being used by a happy customer, which supports the marketing message 2. in many cases, packages visually demonstrate a product 3. marketers and package designers make extensive use of blister packs and other package designs to visibly present and protect the product

Which of the following are dimensions of brand equity?

1. perceived quality 2. brand association 3. brand loyalty 4. brand awareness 5. brand assets

3 benefits of high brand equity

1. perceived quality 2. brand connections 3. brand loyalty

Which of the following are benefits of brand equity?

1. perceived quality 2. brand loyalty 3. brand connections

3 primary roles of a brand

1. the brand conveys information about the product 2. brands educate the customer about the product. 3. brands help reassure the customer in the purchase decision

Which of the following are customer brand roles? Select all that apply.

1. the brand helps reassure the customer in the purchase decision 2. the brand educated the customer about the products 3. the brand conveys information about the product.

Perceived quality of a brand provides three distinct benefits:

1. the perception of a brand's quality enables companies to extend the product range 2. the perception of quality can lead to a price premium opportunity 3. the perception of quality is an excellent differentiation in the market

Which of the following are ways in which package design can promote product use? Select all that apply.

1. visually presents and protects the product 2. visually demonstrates a product 3. shows the product being used by a happy customer

store brand

Brands created by retailers for sale only in their store locations.

brand

a name, term, design, symbol, or any other feature that identifies one seller's goods or services as distinct from those of other sellers.

brand equity

a set of assets (and liabilities) linked to a brand's name and symbol that adds to (or subtracts from) the value provided by a product or service to a firm or that firm's customers.

brand identity

a summary of unique qualities attributed to a brand

Brand ____ are other possessions such as trademarks and patents that represent a significant competitive advantage

assets

Brand _____ is a number of emotional, psychological, and performance associations with a brand.

association

Brand _______ is bring conscious of the brand.

awareness

Market-leading brands provide competitors with a(n) ________ against which to compete.

benchmark

A(n) ______ is a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.

brand

________ strategy is an integral part of the product development process because companies know that successful new products result from well conceived brand planning.

brand

Match the term to its benefit

brand awareness: signals a familiarity and potential commitment to the brands brand loyalty: enables a company to reduce marketing costs and leverage trade relationships perceived quality: differentiates the product and create higher price points brand association: a primary purchase driver brand assets: possessions, such as trademarks and patents, that represent a significant competitive advantages

A set of assets linked to a brands name and symbol that adds to the value provided by a product or service to a firm or that firm's customers is called:

brand equity

A commitment to repeat brand purchases is called:

brand loyalty

All things being equal, the ______ product gives customers a reason to buy.

branded

perceived quality

brands convey a perception of quality that is either positive or negative. Companies use a positive perceived quality to differentiate the produce and create higher price points.

brand assets

brands possess other assets such as trademarks and patents that represent a significant competitive advantage.

______-_________ joins two or more well-known brands in a common product or takes two brands and markets them in partnership.

co-branding

Typically the package label is the last marketing opportunity before the customer purchases; therefore, as much label space as possible is allocated to marketing ______.

communications

Offering legal protection for the product through a trademark and offering an effective and efficient methodology for categorizing products are ______ brand roles.

company

Packaging plays an especially important role in which of the following types of products?

consumer

When a company is designing its packaging, the challenge is balancing how much product protection to offer with its associated _____.

cost

brand association

customers develop a number of emotional, psychological, and performance associations with a brand. In many cases, these associations become a primary purchase driver, particularly with brand-loyal uses.

high brand equity...

delivers a number of benefits to the customers and manufacturers, retailers, and distributors or brand sponsors who control the brand.

Because of customer brand connections, marketing managers generally want to:

extend the brand to new products

_________ brands do not separate the company from the brand, which creates synergy among members of the brand.

family

Because of customer loyalty, marketing managers with a strong brand have greater ______ in their marketing budgets.

flexibility

The brand promise about product performance and customer satisfaction is called a: _____.

general warranty

________ must meet federal, state, and local rules and regulations, like providing detailed nutritional information.

labels

_________ is offering other manufacturers the right to use the brand in exchange for a set fee of percentage of sales.

licensing

Brand-_________ customers do not spend as much time searching for new information and as a result, generally spend less time in the purchase decision process.

loyal

When customers are _____ to a brand, it creates an additional barrier to entry for new brands.

loyal

general warranties

make broad promises about product performance and customer satisfaction - generally open to customers returning the products for a broad range of reasons beyond specific product performance problems.

Branding that sells products around the country under the same brand is called:

national branding

specific warranties

offer explicit product performance promises related to components of the product.

licensing

offering other manufacturers the right to use the brand in exchange for a set fee or percentage of sales

A recognition of quality that is either positive or negative is called:

perceived quality

The manufacturer's promise of _____ helps define the brand for the customer.

performance

stand alone brands

separate the company from the brand, which insulated the company if there is a problem with the brand - expensive to create and maintain as there is little or no synergy between company brands

national brands

sold around the county under the same brand - enable manufacturers to leverage marketing resources by creating efficiencies in marketing communications and distribution

A ______ states that explicit product performance promises related to components of the product.

specific warranty

Extending the product range, price premium opportunity, and differentiation in the market are benefits to the _______ from perceived high quality of a brand.

sponsor

Reducing long term marketing costs, thereby ensuring more flexibility in marketing budgets, is an advantage of brand loyalty for the _____.

sponsor

Branding that separates the company from the brand and insulates the company if there is a problem with the brand is called:

stand alone branding

Branding that is created by retailers to market their own products is called:

store branding

brand strategy

the unique elements of a brand that define the products sold by a firm

4 basic strategic decisions in defining a brand

1. stand alone or family branding 2. national or store branding 3. licensing 4. co-branding

family branding

there is synergy among members of a brand family, but a negative event with one product often leads to negative publicity for the entire brand family

brand loyalty

this is the strongest form of brand equity and reflects a commitment to repeat purchases. Loyal customers are reassured by the brand and are often ambassadors to new customers. Loyal customers enable a company to reduce marketing costs, leverage trade relationships, and speak to competitive threats with greater success.

The seller's commitment to the product is most clearly articulated in the product's ______ and service agreements.

warrenties

Which of the following questions must a company answer to validate the value proposition for customers, justifying a price premium?

what makes this procure different?