Brand Management and Equity

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Questions and Answers

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?

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?

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?

Retaining vulnerable customers, recapturing lost customers, identifying neglected segments, and attracting new customers Signup and view all the answers

What is an example of expanding brand awareness?

Identifying additional or new usage opportunities Signup and view all the answers

What is the purpose of fine-tuning the supporting marketing program?

To revitalize a brand that has fallen on hard times Signup and view all the answers

What are examples of brands that have successfully repositioned their brands?

Microsoft, GE, and Old Spice Signup and view all the answers

Why is improving brand image necessary?

To establish a strong brand image Signup and view all the answers

What is the main goal of a brand migration strategy?

To help consumers understand how various brands in the portfolio can satisfy their needs Signup and view all the answers

Why is managing brand transitions especially important in some markets?

Because of the rapidly changing and technologically intensive nature of the market Signup and view all the answers

What is the primary challenge of acquiring new customers?

Developing strategies to attract new customers, especially younger ones Signup and view all the answers

Why may some brands be worth retiring?

Because the sources of brand equity may have dried up Signup and view all the answers

What is the result of not keeping up with changes in the marketplace?

Discontinuing brands Signup and view all the answers

What is the purpose of brand reinforcement strategies?

To maintain the brand image Signup and view all the answers

What is the primary goal of brand revitalization strategies?

To revitalize old brands Signup and view all the answers

What is the main challenge of brand management in rapidly changing markets?

Managing brand transitions Signup and view all the answers

What is the primary focus of maintaining brand consistency?

Achieving consistency of marketing support and brand associations Signup and view all the answers

Why is it essential to preserve existing sources of brand equity?

Because they are of enduring value Signup and view all the answers

What is the consequence of not preserving sources of brand equity?

The brand itself may not continue to yield valuable benefits Signup and view all the answers

What is the primary objective of fortifying brand equity?

To preserve and defend existing sources of brand equity Signup and view all the answers

Why is it important to fine-tune the supporting marketing program?

To improve brand awareness and image Signup and view all the answers

What is the outcome of not maintaining brand consistency?

The brand equity is negatively affected Signup and view all the answers

What is the primary difference between fortifying and leveraging brand equity?

Fortifying focuses on preserving existing sources of brand equity, while leveraging focuses on maximizing brand awareness and image Signup and view all the answers

What is the primary goal of managing brands over time?

To reinforce and build brand equity Signup and view all the answers

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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Description

This quiz covers the importance of maintaining brand consistency, protecting brand equity, and designing marketing programs to reinforce brands. Learn how to preserve and defend existing sources of brand equity.