MKTG 4343 EXAM 1 Voss

Where is the Indus Valley culture on the historical timeline?

3000-1500 BC

Difference between a brand and a product

A brand name can be applied to a variety of products. Strong brand names can exist for decades after the original product is obsolete

. What is a core benefit?

A core benefit is the fundamental need that the customer satisfies when they buy the product

What is market segmentation?

A divider of the market into distinct groups of homogenous consumers who have similar needs and consumer behavior, and who thus require similar marketing mixes

What is a Hierchy effects model?

A model of how advertising influences a consumers decision to purchase or not purchase a product or service

What is a brand?

A name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition.

What is internal branding?

A philosophy that focuses on bringing the companys core culture, identity and premise to its employees and consumers

What is a product?

A product is a bundle of attributes that generate satisfaction for the consumer A Product is anything we can offer to a market for attention, acquisition, use, or consumption that might satisfy a need or want A product may be a physical good, a service, a retail outlet, a person, an organization, a place, or even an idea.

What is brand image?

A set of associations that consumers hold about the brand

Marlboro Friday

April 2nd 1993 Philip Morris reduced prices on Marlboro products by 20% His stock sank 14 points and pulled down the stocks of other consumer-goods companies

Organizations that offer certification programs for brand managers

Association of International product marketing and management (AIPMM), Society for Marketing Executive International (SMEI), and American Marketing Association (AMA)

Common themes in job ads for brand managers

Communication skills, analytical skills, planning, build relationships, strategic thinking

What is the key to branding?

Consumers perceive differences among brands in a product category

What are the brand building implications

Customers own brands, don't take shortcuts with brands, brands should have duality, brands should have richness, brand resonance provides important focus

What is a brand mantra?

Encapsulates the competitive frame of reference, the points of difference, the points of parity, and everything else about your brand into one thought

What are the 4 steps in the branding ladder?

Ensure identification of the brand with customers and an association of the brand in customers minds, establish the totality of brand meaning in the minds of consumers, elicit the proper customer responses to the brand identification and brand meaning, convert brand response to create an intense, active loyalty relationship between customers and the brand

What are the three characteristics we want brand image?

FSU (favorable, strong, unique)

Basis for segmentation

Geographic, Demographic, phychographic, benefit, multiple (combination)

4 criteria we use to judge if the scheme is good or bad

Identifiable, responsive, size, accessibility

What is the brand value chain model and how does it compare to the pyramid?

It has a broader prospective than the CBBE model. The value of the brand resides with the consumer, value creation begins with markeing program, linking factors determine whether value created at one stage is transferred to the next stage.

Associative memory networks

Memory consists of series of nodes, nodes are connected by links

Points of parody and what are the 3 types

Points of differences that competitors have over your brand that you need to counteract. The three types are Category, Correlational, and Competitive

Consumer responses to marketing/branding

RECALL of copy points from and ad, EVALUATIONS of a proposed brand extention, RESPONSE to a sales promotion, CHOICE of a brand

What is consumer based brand equity?

The differential effect that brand knowledge has on consumer response to the marketing of that brand

What is brand positioning?

The heart of the marketing strategy. The act of designing the companys offer and image so that it occupies a distinct and valued place in the target customers minds

What is a market?

The set of all actual and potential buyers who have sufficient interest in, income for, and access to a product

T or F? Brand Knowledge is composed of brand awareness and brand image?

True

T or F? Products are combinations of goods and services

True

What is a belief?

Two nodes with a link between them. Beliefs can be combined to create a schema

what is brand loyalty?

a favorable attitude toward and consistent purchase of a single brand over time

Criteria for choosing points of parody and points of difference

a point of parity is any area where your business is the same as your competitors to be a buying consideration for your customers. Points of difference refers to the factors of products or services that establish differentiation

What are the 3 characteristics of brand mantra?

a single focused message, differentiation of the brand from competitors, and an evocation of customer experience with the brand.

Relationship between target market and set of competitors and how we relate that to positioning

adapting a marketing mix so that the target market will perceive the product as meeting important wants or needs

Correlational points of parody

attributes that could potentially be negative due to inversely related positive attributes

What is brand awareness composed of?

brand recognition and brand recall

Salience

category identification needs satisfied. Measures awareness of the brand

The feelings block

describes customers emotional responses/reactions to the brand

Judgement block

describes customers personal opinion about and evaluation of the brand

What is the imagery block addressing

how people think of the brand abstractly

What is the Performance block addressing

how well the product meets customers financial needs

Strategic brand management process steps:

identify and establish brand positioning and values, plan and implement brand marketing programs, measure and interpret brand performance, grow and sustain brand equity

Points of difference

refers to the factors of products or services that establish differentiation

One simple way we can go about building brand awareness

repeated exposure. Create memory associations with product category and with purchase or consumption cues

European craftsmans guild

required tradesman to place differentiated marks on every product made, policies of the era laid the basis for modern trade-mark law

Criteria that firms use for selecting target markets

size of the target market, growth, competition in the segment, cost of reaching the segment, organizational resources

What is brand equity?

the added value a brand name gives to a product beyond the functional benefits provided

What is brand insistence?

the degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute