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