Podcast
Questions and Answers
Which of the following is a consumer benefit of a strong brand?
Which of the following is a consumer benefit of a strong brand?
- Increased market share
- Reduced search costs (correct)
- Brand extension potential
- Improved employee retention
What is a key organizational benefit derived from brand loyalty?
What is a key organizational benefit derived from brand loyalty?
- Elimination of competition
- Engine of customer lifetime value (correct)
- Guaranteed market dominance
- Decreased marketing costs
What does a strong brand provide in terms of market value?
What does a strong brand provide in terms of market value?
- Automatic financial valuation
- Market value based on intangible assets (correct)
- Guaranteed stock price increase
- Exemption from market regulations
What is one way a strong brand benefits Human Resource Management (HRM)?
What is one way a strong brand benefits Human Resource Management (HRM)?
What consumer benefit allows individuals to show who they are through the brands they purchase?
What consumer benefit allows individuals to show who they are through the brands they purchase?
What is the concept of using an existing brand name to introduce a new product in a different category called?
What is the concept of using an existing brand name to introduce a new product in a different category called?
What is reduced when a company has achieved a strong brand?
What is reduced when a company has achieved a strong brand?
Besides customer retention, which of the following is considered an organizational benefit?
Besides customer retention, which of the following is considered an organizational benefit?
What is a key indicator of brand attachment?
What is a key indicator of brand attachment?
What is a benefit of strong brands for consumers?
What is a benefit of strong brands for consumers?
What can strong brands charge due to customer loyalty?
What can strong brands charge due to customer loyalty?
What do strong brands reduce for consumers?
What do strong brands reduce for consumers?
What do strong brands allow consumers to express?
What do strong brands allow consumers to express?
Strong brands can provide or increase what for consumers?
Strong brands can provide or increase what for consumers?
Strong brands can influence how we are perceived and help us achieve what?
Strong brands can influence how we are perceived and help us achieve what?
According to the McKinsey Germany source, what is a high importance for B2B customer benefits:
According to the McKinsey Germany source, what is a high importance for B2B customer benefits:
What does Net Promoter Score indicate?
What does Net Promoter Score indicate?
What is a key aspect of a successful brand?
What is a key aspect of a successful brand?
What is the main point of the Toyota Corolla vs. Geo Prizm example?
What is the main point of the Toyota Corolla vs. Geo Prizm example?
What happens to the prices of drugs when generic versions become available after a patent expires?
What happens to the prices of drugs when generic versions become available after a patent expires?
Which of the following is a benefit of strong brands for sellers?
Which of the following is a benefit of strong brands for sellers?
Which of the following is part of the 'Marketing' graphic displayed in the content?
Which of the following is part of the 'Marketing' graphic displayed in the content?
A brand is intended to do which of the following?
A brand is intended to do which of the following?
What is the main component of customer-based brand equity?
What is the main component of customer-based brand equity?
What do brands primarily encode?
What do brands primarily encode?
Brand equity allows a brand to earn:
Brand equity allows a brand to earn:
What is the core idea of a brand often referred to as?
What is the core idea of a brand often referred to as?
What does 'brand recognition' involve?
What does 'brand recognition' involve?
What should a brand's core idea primarily drive?
What should a brand's core idea primarily drive?
What is the purpose of 'association measures'?
What is the purpose of 'association measures'?
What is a key aspect of 'Branding as Strategy'?
What is a key aspect of 'Branding as Strategy'?
What is considered important for strong brands?
What is considered important for strong brands?
Which of the following is a qualitative association measure?
Which of the following is a qualitative association measure?
A brand can be thought of as a shorthand because it:
A brand can be thought of as a shorthand because it:
What should a company avoid doing to maintain its brand integrity?
What should a company avoid doing to maintain its brand integrity?
Where do brands ultimately reside?
Where do brands ultimately reside?
What does 'brand recall' involve?
What does 'brand recall' involve?
Besides communication, what else requires consistency for strong brands?
Besides communication, what else requires consistency for strong brands?
What is the best definition of brand equity?
What is the best definition of brand equity?
As a metaphor, a brand identifies as a:
As a metaphor, a brand identifies as a:
What three things do brands need to be?
What three things do brands need to be?
What can brand-driven management be considered as?
What can brand-driven management be considered as?
Flashcards
Consumer Brand Benefits
Consumer Brand Benefits
Benefits a brand offers to consumers, like risk reduction or self-expression.
Organizational Brand Benefits
Organizational Brand Benefits
Advantages for the company, such as customer retention or brand extension potential.
Customer Retention (Brand)
Customer Retention (Brand)
Customers stay loyal, increasing their lifetime value to the company.
Brand Extension Potential
Brand Extension Potential
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Financial Valuation of Brands
Financial Valuation of Brands
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Brand Impact on HRM
Brand Impact on HRM
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Organizational Benefits Examples
Organizational Benefits Examples
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Consumer Benefits Examples
Consumer Benefits Examples
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Net Promoter Score (NPS)
Net Promoter Score (NPS)
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Brand as Miser
Brand as Miser
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Strong Brand Pricing
Strong Brand Pricing
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Brands reduce risk & search costs
Brands reduce risk & search costs
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Brands & Self-Identity
Brands & Self-Identity
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Brands & Self-Esteem
Brands & Self-Esteem
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Brands & Social Status
Brands & Social Status
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B2B vs. B2C Customer Benefits
B2B vs. B2C Customer Benefits
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Expect to Pay More
Expect to Pay More
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Reduced risk and search costs
Reduced risk and search costs
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What do brands encode?
What do brands encode?
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"Branding as Strategy"
"Branding as Strategy"
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Core Idea's impact?
Core Idea's impact?
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Brand promise directs?
Brand promise directs?
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Branding as a template?
Branding as a template?
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Branding Timeframe?
Branding Timeframe?
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Brand Consistency?
Brand Consistency?
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Betraying Promise impact?
Betraying Promise impact?
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Brand Value?
Brand Value?
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Brand necessities?
Brand necessities?
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What is a Brand?
What is a Brand?
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What is Brand Equity?
What is Brand Equity?
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Benefits of Brands
Benefits of Brands
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Brand Strategies
Brand Strategies
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Generic Drug Prices
Generic Drug Prices
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Brand (Definition)
Brand (Definition)
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Brand Equity
Brand Equity
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Customer-Based Brand Equity
Customer-Based Brand Equity
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Brand Awareness
Brand Awareness
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Brand Recognition
Brand Recognition
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Brand Recall
Brand Recall
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Qualitative Association Measures
Qualitative Association Measures
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Quantitative Association Measures
Quantitative Association Measures
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Beliefs & Attitudes
Beliefs & Attitudes
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Brand Personality
Brand Personality
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Study Notes
- VO Management I - Marketing (MA) is discussed in week 6 which focuses on Brands and Branding.
- The course framework proceeds in stages.
- The prerequisites include marketing research and consumer behavior.
- These lead to a marketing strategy consisting of segmentation, targeting, and positioning.
- The marketing strategy informs the marketing plan consisting of product, price, promotion, and place.
- Course Agenda:
- What is a brand
- Brand equity
- Benefits of brands for buyers and sellers
- Brand strategies
Marketplace Examples
- Comparing the Toyota Corolla and the Geo Prism
- The Toyota Corolla commanded a premium of $300-$1850.
- Toyota Corolla’s unit sales were five times greater despite having a smaller dealer network.
- Toyota earned more operating profits than General Motors.
- The Geo Prism was discontinued in 2001.
- Both cars were essentially identical and produced in Fremont, CA by the same workers, in a plant co-owned by Toyota and GM.
- When generic drugs become available after a 20-year patent monopoly, the wholesale price per prescription decreases.
Three Metaphors of Brands
- IDENTIFIES: The brand as trademark
- SUMMARIZES: The brand as shorthand
- ABSTRACTS: The brand as symbol
Defining a Brand
- A brand is a name or symbol intended to identify the goods and services of one seller and differentiate them from the competition.
- Brands include both the brand symbolic value and the product characteristics within a halo.
Brands and Products: Beer Taste Tests
- In blind taste tests where drinkers are unaware of the brand, taste perceptions of beers are closely clustered.
- When drinkers know the brand, taste perceptions are more dispersed based on brand associations.
Guess the Price
- This can be increased by brand equity
- "This is brand equity" and shows a black Prada bag.
- Brand equity refers to the set of associations and behaviors that permits the brand to earn greater volume or margins than it could without the brand name.
- Customer-based brand equity = Brand awareness + brand associations.
Awareness Measures
- Brand recognition uses a list of logos/brands/ads and asking consumers if they recognize them, or completing words like “L_G_, R_EB_ _.”
- Brand recall involves asking people to name business schools or if they remember any commercials for toys the previous night and the brands advertised.
Association Measures for Brands
- Qualitative association measures:
- Interviews
- Focus groups
- Free associations
- Projective techniques
- Collages
- Quantitative association measures:
- Measuring image and associations through approaches such as beliefs and attitudes.
- Brand personality and association maps.
Net Promoter Score
- Used for referral value
- Serves as an Indicator of brand attachment
- Customer referrals becoming increasingly key success factor
- Net Promoter Score® = % of Promoters - % of Detractors
Benefits of Brands
- Strong brands simplify decision-making and offer availability heuristics.
- Strong brands can charge higher prices and exhibit inelastic demand.
- Strong brands reduce risk and the need for extensive searching.
- Strong brands say something about who we are.
- Strong brands express who we are and can repair or increase our self-esteem.
- Strong brands can change how others perceive us
Customer Benefits Differences
- B2B: Risk reduction, information efficiency and Image benefits are important
- B2C: Image benefits, information efficiency and Risk reduction are important
- Brand loyalty serves as the engine of customer lifetime value.
Customer Retention
- Commodity mindset includes promotions
- Brand can act as a "beachhead" in a market with a domino effect
- Benefits include reduced establishment costs, new revenue and increased potential for success.
Organizational Benefits
- Financial Valuation: market value based on intangible assets
- HR: lower costs of acquisition, decreased salary, improved performance, and increased retention.
The Virtuous Cycle of Branding
- Consumer benefits such as risk management, reduced search costs, self-enhancement, and self-expression lead to increased brand equity.
- Brand equity results in organizational benefits such as higher margins, inelastic demand, customer retention, brand extension potential, sales effectiveness, equity in channels, financial valuation, and HR advantages.
- These in turn contribute to efficiency of marketing communications, market orientation, and strategic focus.
Strategic Brand Management
- Brands encode what a firm does and what it stands for.
- "Branding as Strategy" is contrasted with branding as merely an aspect of product image or cosmetic style.
- A core brand idea/promise determines marketing strategies, exemplified by Southwest as "THE low-fare airline".
- This core idea should drive decisions throughout the company.
- The phrase serves as a template for all customer touchpoints.
Consistency is Key
- Maintaining consistency is important for brands.
- It's also important not to betray the brand promise.
- Brands are generally more successful when they are long term oriented
Key Takeaways
- Brands are valuable assets consisting of associations in customers’ heads.
- Strong brands require consistency in communication and product performance.
- Brands must be maintained, managed, and measured.
- Ultimately brand-driven management is a valuable business strategy.
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Description
Explore the consumer and organizational advantages of a strong brand. Questions cover brand loyalty, market value, human resource benefits, and brand extension. Learn about consumer identity, reduced risk, and premium pricing.
