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Questions and Answers
What is the goal of brand positioning?
What is an example of a source of brand equity?
What is the difference between brand image and brand awareness?
What is the purpose of segmentation?
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What is an example of a demographic factor used in segmentation?
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Study Notes
- Brand equity is the differential effect that brand knowledge has on customer response.
- Sources of brand equity include creating strong, favorable and unique associations, which includes descriptive features as attributes and values and meanings the consumer attaches to the product as its benefits.
- Brand image is the differential effect that brand knowledge has on customers' responses to a product.
- Brand awareness is the differential effect that brand knowledge has on customers' responses to a product.
- Brand image is the differential effect that brand knowledge has on customers' responses to a product.
- Brand positioning is the process of designing the company's offer and image so that it occupies a distinct and valued place in the mind of the target customer.
- Segmentation is the process of dividing the market into identifiable groups, based on demographic (age, gender, income), behavioral (user status, usage rate and brand loyalty), and geographic (location, country, etc.) factors.
- Targeting is the process of choosing which group of customers to focus on.
- Based on segment attractiveness, the company will decide which segments to focus on and which products and/or services to offer.
- The goal of brand positioning is to create a meaningful connection between the company and its target customer, which will result in increased sales and loyalty.
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Description
Test your knowledge of brand equity, brand image, brand awareness, brand positioning, segmentation, and targeting with this quiz. Explore the concepts of creating strong brand associations and designing a distinct place in the minds of target customers.
