MKT 304 CH 9 HW
Which of the following are benefits of brand equity? -product features - value proposition - brand loyalty - brand connections -perceived quality
- brand loyalty - brand connections -perceived quality
which of the following are benefits of brand loyalty and represent real market advantages to the brand sponsors? - it gives sponsors additional channel leverage - customers are forgiving, which enable companies to respond to a negative customer experience - it reduces long-tern marketing costs - customers are vocal and tell other about their experiences - marketing managers have constant marketing budgets
- it reduces long-tern marketing costs - it gives sponsors additional channel leverage - customers are vocal and tell other about their experiences - customers are forgiving, which enable companies to respond to a negative customer experience
which of the following are types of co-branding relationships? -a company combines two of its products - multiple companies come together to create a new branded product - a company licenses a product to another company - joint venture between two companies
- joint venture between two companies -a company combines two of its products - multiple companies come together to create a new branded product
which of the following are companies brand roles? - the brand offers an effective methodology for categorizing products. - the brand demonstrates competitive advantage -the brand offers legal protections for the product - the brand educates the final customer
- the brand offers an effective methodology for categorizing products. -the brand offers legal protections for the product
Which of the following are customers advantages resulting from brand associations? select all that apply. -Customer process, store, and retrieve product information by brand, which is a big advantage for strong brands - strong brands generates a more positive attitude toward the product - brand associations limit the fit of the target market's perception of the brand - brand associations create an additional competitive barrier to entry for new brands
-Customer process, store, and retrieve product information by brand, which is a big advantage for strong brands - strong brands generate a more positive attitude toward the product
which of the following are customer brand roles? -the brand conveys information about the product - the brand helps reassure the customer in the purchase decision - the brand warranties the product performance - the brand educates the customer about the product
-brand conveys the information about the product - brand also educates the customer about their product - brand helps reassure the customer in the purchase decision
which of the following does perceived quality of product provide to the sponsoring company? -opportunity for new advertising campaign -price premium opportunity -differentiation in the market -extend product range
-price premium opportunity -differentiation in the market -extend product range
Brand awareness brand loyalty perceived quality brand association brand assets
-signals a familiarity and potential commitment to the brand -enables a company to reduce marketing costs and leverage trade relationships -differentiates the product and create higher price points -a primary purchase driver -possessions, such as trademarks and patents, that represent a significant competitive advantage
which of the following are distinct of perceived quality to the company? -the perception of quality is an excellent differentiator in the market in the market -the perception of quality can lead to a price premium opportunity -the perception of quality ensures supplier cooperation -the perception of quality enables companies to extend the product range
-the perception of quality enables companies to extend the product range -the perception of quality can lead to a price premium opportunity -the perception of quality is an excellent differentiator in the market in the market
market-leading brands provide competitors with a(n) __________ against which to compete.
Benchmark
Other possessions such as trademarks and patents that represent a significant competitive advantage are called:
Brand assets
A number of emotional, psychological, and performance with a brand is called:
Brand association
_________ _________ is an integral part of the product development process bc companies know new products result from well-conceived brand planning
Branding Strategy
______-______ joins two or more well-known brands in a common product or takes two brand and markets them in partnership.
Co-branding
_______ brands do not separate the company from the brand, which creates synergy among members of the brand.
Family
________ is offering other manufacturers the right to use the brand in exchange for a set fee or percentage of sales
Licensing
________ quality conveys a recognition of quality that is either positive or negative
Perceived
True of false: As part of the purchase contract with the customer, manufacturer's are required by law to state the reasonable expectations for product performance.
True
A commitment to repeat brand purchases is called:
brand Loyalty
Being conscious of the brand is called:
brand awareness
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 customer is called:
brand equity
A summary of unique qualities attributed to the brand is called:
brand identity
A(n) ________ ________ occurs when a company uses its brand to expand into new product catgories
category extension
For consumer products, packaging plays a critical role in the company's overall marketing ________ strategy.
communications
extending the product range, price opportunity, and differentiation in the market are benefits to the _____________ from perceived high quality of a brand
company
offering legal protection for the product through a trademark and offering an effective and efficient methodology for categorizing products are ______ brand roles/
company
when customers identify with a brand and transfer that loyalty to a product, it can:
create additional barrier to entry for new brands
because of customer brand connections, marketing managers generally want to:
extend the brand to new products
True or false" because of customer loyalty, marketing managers with a strong brand have less flexibility in their marketing budgets.
false: Because of customer loyalty, marketing managers with a strong brand have greater flexibility in their marketing budgets
_____ ______ make broad promises about the product performances and customer satisfaction
general warranties
companies constantly evaluate their warranties to measure the benefits versus the costs. This evaluation considers: nature of product performance misuse of product return/refund policies improper installation length of time
length of time return/refund policies nature of product performance
Brand-______ customers do not spend as much time searching for new information and as a result, generally spend less time in the purchase process.
loyal
when customers are ______ to a brand, it creates an additional barrier for new brands
loyal
Which of the following can be a component of a brand? -delivery -name -sign -symbol -design -price
name, design, symbol, sign(along with term, or any other feature that identifies one seller's goods or services as distinct from those of other sellers)
______ brands are sold around the country under the same brand
national
the manufacturer's promise of ______ helps define the brand for the customer.
performance
A ______ states the explicit product performance promises related to components of the product.
specific warranties
Which of the following are basic strategic decisions in defining a brand? national or store branding stand-alone or family branding co-branding licensing identity distinction consumer or business brands
stand- alone or family branding national or store branding licensing co-branding
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
Coordination must exist between the product package an all other marketing mix elements and is an extension of the product's marketing
strategy
a visually appealing package must be directed at the _______ to be successful.
target audience
True of false: Warranties can play a significant role in the final product choice.
true
True or false: To be successful, marketing strategy must build quality into their entire customer experience
true