MBA 882

Match the dimension of brand equity with its corresponding benefit.

Brand awareness - Signals a familiarity and potential commitment to the brand 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 advantage

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

Branding or Brand

_____ - _____ can involve any one of several relationships: a joint venture between two companies, combining two of its own products, or bringing multiple companies together to form a new brand.

Co-Branding

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

Co-Branding

Brand strategy is a summary of unique qualities attributed to the brand.

False

True or false: Because of customer loyalty, marketing managers with a strong brand have less flexibility in their marketing budgets.

False

True or false: Color does not play a significant role in either package design or branding strategy.

False

True or false: When you extend a brand, you do not need to fit the target market's perception of the brand.

False

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

Family

The broad promise about product performance and customer satisfaction is called a

General Warranty

Which of the following are benefits of brand loyalty and represent real market advantages to the brand sponsor?

It gives sponsors additional channel leverage. It reduces long-term marketing costs. Customers are forgiving, which enables companies to respond to a negative customer experience. Customers are vocal and tell others about their experiences.

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

Labels or Labeling

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

Licensing

_____ brands are sold around the country under the same brand.

National

_____ quality conveys a recognition of a brand's quality that is either positive or negative.

Perceived

The most important function of packaging is to _____ the product.

Protect

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

Specific

_____ brands are brands created by retailers to market their own products.

Store

Which of the following are customer advantages resulting from brand associations?

Strong brands generate a more positive attitude toward the product. Customers process, store, and retrieve product information by brand, which is a big advantage for strong brands.

No other single product element conveys more information about the company than its

The brand helps reassure the customer in the purchase decision. The brand educates the customer about the product. The brand conveys information about the product.

Which two of the following are company brand roles?

The brand offers legal protection for the product through a trademark. The brand offers an effective and efficient methodology for categorizing products.

Which of the following are distinct benefits of perceived quality to the company?

The perception of quality is an excellent differentiator in the market. The perception of quality can lead to a price premium opportunity. The perception of quality enables companies to extend the product range.

What are two disadvantages of national brands?

They are expensive to develop. They face strong competition from store brands.

What are three advantages of national brands?

They are perceived as being higher in quality. They can be sold for a higher price. They enable manufacturers to leverage marketing resources

Which of the following is true of brand-loyal customers?

They generally spend less time in the purchase decision process.

A customer's equity with a brand is the difference between the perceived benefits and costs associated with the brand.

True

True or False: The goal of designing a product's package is that it provides an integrated message and look with other marketing communications.

True

True or false: As part of the purchase contract with the customer, manufacturers are required by law to state the reasonable expectations for product performance.

True

True or false: To be successful, marketing strategy must build quality into the entire customer experience.

True

True or false: Warranties can play a significant role in the final product choice.

True

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

What makes this product different?

If all products are perceived to be equal, it will be more difficult to create ______ that will summarize the unique qualities attributed to the brand.

a brand identity

What are three advantages of licensing?

ability to extend the brand and create more brand associations opportunity to generate incremental revenue little risk to the brand sponsor

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

The most basic form of brand equity is brand _____ which simply means being conscious of the brand.

awareness

What two things does a company evaluate in offering a warranty?

benefits costs

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

blogs online communities

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

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

brand

Other possessions such as trademarks and patents that represent a significant competitive advantage are called

brand assets

A number of emotional, psychological, and performance associations with a brand is called

brand association

The foundation of all other brand relationships is ______, which means being conscious of the brand.

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 customers is called

brand equity

A commitment to repeat brand purchases is called

brand loyalty

Barriers of entry to competitors are created when customers have

brand loyalty

Which of the following are dimensions of brand equity?

brand loyalty brand assets perceived quality brand association brand awareness

All things being equal (value proposition, product features), the______ product gives customers a reason to buy.

branded

Stand-alone or family, national or store, and licensing are three strategic decisions related to

branding

When a company can use its brand to expand into new product categories, it is engaged in

category extension

Joining two or more well-known brands in a common product or taking two brands and marketing them in partnership is called

co-branding

Loss of control and overexposure are two disadvantages of

co-branding

The ability to open products up to new markets as well as lower costs incurred by sharing marketing communication expenses are two advantages of

co-branding

ore BrandingStore Branding

co-branding

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

co-branding national or store branding licensing stand-alone or family branding

An essential part of a marketing manager's job is moving customers from brand awareness to brand loyalty. This is accomplished by doing which two tasks?

communicating the offering to the target market developing a strong value offering

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, promotions, or promotion

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

company

Market-leading brands provide with a(n) _____ benchmark against which to compete.

competitors

For which type of product does packaging play an especially important role in the company's overall marketing communications strategy?

consumer

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

costs or cost

When customers identify with a brand and transfer that loyalty to a product, it can

create an additional barrier to entry for new brands

Conveying information about the product, educating the customer about the product, and reassuring the customer in the purchase decision are all elements of ______ brand roles.

customer

Which of the following does perceived quality of product provide to the sponsoring company?

differentiation in the market extend product range price premium opportunity

Brand _____ is 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.

equity

Perceived quality, brand connections, and brand loyalty are all benefits of brand

equity

Because of customer brand connections, marketing managers generally want to

extend the brand to new products

A(n) category _____ occurs when a company uses its brand to expand into new product categories.

extension

Branding that does not separate the company from the brand, which creates synergy among members of the brand, is called

family branding

_____ warranties make broad promises about product performance and customer satisfaction.

general

A brand _____ is a summary of unique qualities attributed to the brand. (Enter one word in the blank)

identity

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

initial use instructions

Which of the following elements of package labeling do consumers find particularly helpful?

initial use instructions product precautions assembly information

The _____ on a package often allocates dominant space to brand name, logo, product image, and other relevant marketing messages.

label, labeling, or labelling

Consumer advocacy groups and government agencies evaluate _____ to identify misleading products, and there is a history of legal prosecution for inappropriate, unethical, and illegal product information.

labels or labeling

In industries with strong market brands, competitors design and build products targeted specifically at the market

leader

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

licensing

Two advantages of ______ are that there is very little risk to the brand sponsor and there is the ability to generate incremental revenue.

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 or loyalty

The strongest form of brand equity is brand _____ because it reflects a commitment to repeat purchases.

loyalty

When customers identify with a brand and then transfer their brand _____ to the product, it creates an additional barrier to entry for new brands, especially for smaller firms that lack brand recognition.

loyalty

At the point of purchase, the package reinforces ______ by connecting advertising images (logo, pictures on the package) to the customer.

marketing communications

Which of the following are types of co-branding relationships?

multiple companies come together to create a new branded product a company combines two of its own products joint venture between two companies

Which three items can be a component of a brand?

name design symbol

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

national branding

Companies constantly evaluate their warranties to measure the benefits versus the costs. This evaluation considers which three factors?

nature of product performance length of time return/refund policies

A recognition of a brand's quality that is either positive or negative is called

perceived quality

Warranties convey a powerful message to the customer about ______ and manufacturer commitment to customer satisfaction.

perceived quality

Which of the following are benefits of brand equity?

perceived quality brand loyalty brand connections

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 warranty

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

sponsor

_____ - _____ brands separate the company from the brand, which insulates the company if there is a problem with the brand.

stand-alone

Branding that separates the company from the brand and insulates the company if there is a problem with the brand is referred to as

stand-alone branding

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

store branding

A visually appealing package must be directed at the ______ to be successful.

target audience

At the point of sale, the last marketing communication the customer will see before purchasing a product is

the product's package

What three dimensions of brand equity have implications for marketing managers?

understanding customers' perceptions about a brand in order to change their attitudes about a product moving customers from brand awareness to brand loyalty protecting the firm's brand assets to maintain a competitive advantage

Because _____ play a significant role in product choice, companies spend a lot of time creating and communicating to the customer about them.

warranties or warranty

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

warranties or warranty