Podcast
Questions and Answers
What are two strategic options to revitalize brands?
What are two strategic options to revitalize brands?
- Only expanding the depth or breadth of brand awareness
- Changing brand elements and repositioning the brand
- Expanding the depth or breadth of brand awareness, or improving strength, favorability, and uniqueness of the brand associations (correct)
- Only improving strength, favorability, and uniqueness of the brand associations
What is the goal of changing brand elements?
What is the goal of changing brand elements?
- To retain only loyal customers
- To signal that a brand has taken on new meaning (correct)
- To convey old information about the brand
- To increase brand awareness without improving brand image
Why may repositioning the brand be necessary?
Why may repositioning the brand be necessary?
- To reduce the brand's strength
- To reduce the brand's uniqueness
- To establish a point-of-parity on some key image dimension (correct)
- To decrease the brand's favorability
What are key target market segments in brand revitalization?
What are key target market segments in brand revitalization?
What is an example of expanding brand awareness?
What is an example of expanding brand awareness?
What is the purpose of fine-tuning the supporting marketing program?
What is the purpose of fine-tuning the supporting marketing program?
What are examples of brands that have successfully repositioned their brands?
What are examples of brands that have successfully repositioned their brands?
Why is improving brand image necessary?
Why is improving brand image necessary?
What is the main goal of a brand migration strategy?
What is the main goal of a brand migration strategy?
Why is managing brand transitions especially important in some markets?
Why is managing brand transitions especially important in some markets?
What is the primary challenge of acquiring new customers?
What is the primary challenge of acquiring new customers?
Why may some brands be worth retiring?
Why may some brands be worth retiring?
What is the result of not keeping up with changes in the marketplace?
What is the result of not keeping up with changes in the marketplace?
What is the purpose of brand reinforcement strategies?
What is the purpose of brand reinforcement strategies?
What is the primary goal of brand revitalization strategies?
What is the primary goal of brand revitalization strategies?
What is the main challenge of brand management in rapidly changing markets?
What is the main challenge of brand management in rapidly changing markets?
What is the primary focus of maintaining brand consistency?
What is the primary focus of maintaining brand consistency?
Why is it essential to preserve existing sources of brand equity?
Why is it essential to preserve existing sources of brand equity?
What is the consequence of not preserving sources of brand equity?
What is the consequence of not preserving sources of brand equity?
What is the primary objective of fortifying brand equity?
What is the primary objective of fortifying brand equity?
Why is it important to fine-tune the supporting marketing program?
Why is it important to fine-tune the supporting marketing program?
What is the outcome of not maintaining brand consistency?
What is the outcome of not maintaining brand consistency?
What is the primary difference between fortifying and leveraging brand equity?
What is the primary difference between fortifying and leveraging brand equity?
What is the primary goal of managing brands over time?
What is the primary goal of managing brands over time?
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Study Notes
Managing Brands Over Time
- Maintaining brand consistency involves two key aspects: consistency of marketing support and consistency of brand associations.
Reinforcing Brands
- Protecting sources of brand equity is crucial, as they are of enduring value.
- Marketers can design marketing programs to either fortify or leverage brand equity, but must prioritize preserving and defending existing sources of brand equity.
- Fine-tuning the supporting marketing program involves adjusting product-related performance associations and nonproduct-related imagery associations.
Revitalizing Brands
- Brands can fall on hard times or disappear, but some, like Microsoft, GE, and Old Spice, have successfully repositioned their brands.
- Two strategic options for revitalizing brands: expanding the depth or breadth of brand awareness, or improving the strength, favorability, and uniqueness of brand associations.
Expanding Brand Awareness
- Identifying additional or new usage opportunities for the brand can expand brand awareness.
- Identifying new and completely different ways to use the brand can also expand brand awareness.
Improving Brand Image
- Identifying the target market is key to improving brand image, including retaining vulnerable customers, recapturing lost customers, identifying neglected segments, and attracting new customers.
- Repositioning the brand may require more compelling points-of-difference or repositioning to establish a point-of-parity on some key image dimension.
- Changing brand elements may be necessary to convey new information or signal that a brand has taken on new meaning.
Adjustments to the Brand Portfolio
- Migration strategies help consumers understand how various brands in the portfolio can satisfy their needs as they change over time.
- Acquiring new customers involves trade-offs between attracting new customers and retaining existing ones.
- Retiring brands may be necessary if sources of brand equity have dried up or damaging new associations have been created.
Obsoleting Existing Products
- Discontinuing brands (or deliberate obsoleting) may be necessary due to technological changes and shifting consumer tastes, paving the way for introducing innovative new brands.
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