Amul Market Leader Quiz

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Questions and Answers

What are the four main steps in strategic brand management?

The four main steps are: identifying and establishing brand positioning, planning and implementing brand marketing, measuring and interpreting brand performance, and growing and sustaining brand value.

What is the ultimate purpose of a brand?

The ultimate purpose of a brand is to create, for consumers, the company, and its collaborators, value that goes beyond the value created by the product and service aspects of the offering.

Branding creates mental structures that help consumers organize their knowledge about products and services in a way that clarifies their decision making.

True (A)

What are some of the important roles that brands play in today's world?

Brands play a number of important roles that improve consumers' lives and enhance the financial value of firms. These include: providing impetus for brand creation, informing consumers "who" and "what" the product is and why consumers should care, creating meaningful differences among brands in the product category, creating competitive advantages through non-product-related means, and creating relevant and appealing imagery around their products. Signup and view all the answers

What are some of the reasons why branding strategies may not be successful?

Branding strategies may not be successful if consumers aren't convinced that there are meaningful differences among brands, or if the product itself does not create these differences. Signup and view all the answers

What is one of the most valuable skills of a professional marketer?

One of the most valuable skills of a professional marketer is their ability to create, maintain, enhance, and protect brands. Signup and view all the answers

Match the brand traits with their personality trait.

Sincerity = Down-to-earth, honest, wholesome, and cheerful. Excitement = Daring, spirited, imaginative, and up- to- date. Competence = Reliable, intelligent, and successful. Sophistication = Upper-class and charming. Ruggedness = Outdoorsy and tough. Signup and view all the answers

Brand equity is the monetary value of a brand and reflects the premium that is placed on a company's valuation because of its ownership of the brand.

True (A) Signup and view all the answers

What is included in the accounting term "Goodwill"?

Goodwill not only documents the company's tangible assets, such as property, infrastructure, trademarks, patents, copyrights, but also incorporates the intangible assets that companies own, including brands, inventions, know-how, licenses, brand names, company culture, and management practices. Signup and view all the answers

What are the three most common methods of measuring brand equity?

The cost approach, the market approach, and the financial approach. Signup and view all the answers

What is brand power?

Brand power, also referred to as customer-based brand equity, is the ancillary value contributed by the brand to a product or a service. Signup and view all the answers

What are brand audits used for?

Brand audits are used to assess the health of the brand, uncover its sources of brand equity, and suggest ways to improve and leverage its equity. Signup and view all the answers

What is brand tracking used for?

Brand tracking is used as input to collect quantitative data from consumers over time, providing consistent, baseline information about how brands and marketing programs are performing. Signup and view all the answers

The quality of brand knowledge investments is more important than quantity.

True (A) Signup and view all the answers

What are the two general approaches to assessing brand power?

The two general approaches are complementary, and marketers can employ both: a direct approach that assesses the actual impact of brand knowledge on customer response to different aspects of the marketing and an indirect approach that assesses the health of the brand, uncover its sources of brand equity, and suggest ways to improve and leverage its equity. Signup and view all the answers

What is the difference between brand equity and brand valuation?

Brand equity is the monetary value of a brand, while brand valuation is the job of estimating the total financial value of the brand. Signup and view all the answers

What is a brand mantra?

A brand mantra is a three- to five-word articulation of the heart and soul of the brand and is closely related to other branding concepts like "brand essence" and "core brand promise." Signup and view all the answers

What is the purpose of a brand mantra?

The purpose of a brand mantra is to guide the actions of all employees within the organization, and of all external marketing partners, by ensuring that they understand what the brand fundamentally should represent to consumers. Signup and view all the answers

What are the three key criteria for a good brand mantra?

(1) A good brand mantra should communicate what is unique about the brand. It may also need to define the brand's category (or categories) and set brand boundaries. (2) It should simplify the essence of the brand: It should be short, crisp, and vivid in meaning. (3) Finally, it should inspire by staking out ground that is personally meaningful and relevant to as many employees as possible. Signup and view all the answers

What are brand elements?

Brand elements are devices that identify and differentiate the brand. Signup and view all the answers

What factors determine a brand element’s appropriateness?

A brand element should be memorable, meaningful and transferable, adaptable, and protectable. The first three are important for brand-building. The latter three are defensive; they help maintain leverage and preserve brand equity against challenges. Signup and view all the answers

Brand extensions are distinct from line extensions.

True (A) Signup and view all the answers

What are some examples of companies that use a house-of-brands strategy?

General Mills, Swift and Company. Signup and view all the answers

What are some examples of branded-house strategy?

Heinz, GE, and Campbell Soup. Signup and view all the answers

What is a sub-brand strategy?

A sub-brand strategy combines two or more corporate, family, or individual product brand names. Signup and view all the answers

What is a flagship product?

A flagship product is one that best represents or embodies the brand as a whole to consumers. Signup and view all the answers

What is a brand extension?

Brand extensions occur when a firm uses an established brand to introduce a new product in a different category or price tier. Signup and view all the answers

What is a sub-brand?

A sub-brand is a new brand that is combined with an existing brand. Signup and view all the answers

What is a parent brand?

The existing brand that gives birth to a brand extension or sub-brand is the parent brand. Signup and view all the answers

What is a master brand or family brand?

A master brand or family brand is a parent brand that is already associated with multiple products through brand extensions. Signup and view all the answers

What is ingredient branding?

Ingredient branding is a special case of cobranding; it creates brand equity for materials, components, or parts that are necessarily contained within other branded products. Signup and view all the answers

What are some examples of successful ingredient brands?

Successful ingredient brands include Dolby noise-reduction technology, the GORE-TEX water-resistant fibers, and Scotchgard fabrics. Vibram is the world leader in high-performance rubber soles for outdoor, work, military, recreation, fashion, and orthopedic shoes. Signup and view all the answers

What is co-branding?

Cobranding, also called dual branding, involves two or more brands marketed together. Signup and view all the answers

What is a brand hierarchy?

Brand hierarchy reflects the way in which a company's brands are related to a company's products and services, as well as to one another. Signup and view all the answers

What are the three general brand portfolio strategies?

House-of-brands, branded-house, and sub-brand. Signup and view all the answers

A flagship product is always the first product the company ever created.

False (B) Signup and view all the answers

Brand extensions can always be successful.

False (B) Signup and view all the answers

What is a brand crisis?

A brand crisis occurs when a company experiences a damaging event that can negatively impact sales, reputations, and the overall relationship with customers. Signup and view all the answers

What are some examples of companies that have experienced brand crises?

Chick-fil-A, BP, Domino's, Toyota, Bank of America, JPMorgan, AIG, and other financial services firms have all experienced damaging-and potentially crippling-brand crises. Signup and view all the answers

What are some things companies can do to manage brand crises?

Companies can protect the brand by ensuring a strong brand and corporate image, especially for credibility and trustworthiness, having a well-managed crisis management program, engaging in empathetic responses toward customers, and taking quick action to mitigate reputational damage. Signup and view all the answers

Flashcards

Brand Management

Managing the value of a brand as a crucial intangible asset for a company.

Strong Brand

A brand that commands consumer loyalty, rooted in a great product/service.