Marketing Management Chapter 14

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Questions and Answers

What are the two key aspects involved in maintaining brand consistency?

Consistency of product quality and pricing strategy

Consistency of sales promotions and advertising mediums

Consistency of marketing support and brand associations (correct)

Consistency of customer service and distribution channels

Which of the following is a primary focus when protecting sources of brand equity?

Changing the brand's target audience

Launching aggressive marketing campaigns

Creating new brand associations

Preserving and defending existing sources (correct)

What is the primary goal of brand revitalization?

To focus solely on digital marketing strategies

To enhance customer retention and attract new clients (correct)

To reduce brand awareness

To completely change the brand identity

What do fortifying strategies primarily aim to achieve?

Capitalize on brand awareness and image Signup and view all the answers

Which strategy focuses on understanding how different brands in a portfolio can meet consumer needs?

Brand migration strategy Signup and view all the answers

Which of the following does NOT describe a step in managing a brand crisis?

Ignoring public sentiment Signup and view all the answers

What is a key component of improving a brand's image?

Changing brand elements Signup and view all the answers

Which type of brand revitalization has been exemplified by brands like Old Spice?

Strategic repositioning Signup and view all the answers

What may a brand need to establish when repositioning?

Compelling points-of-difference Signup and view all the answers

What is the key outcome of fine-tuning a supporting marketing program?

Enhancing both product-related and nonproduct-related associations Signup and view all the answers

Which of the following is NOT a target market segment to consider in a brand revitalization strategy?

Attracting older customers Signup and view all the answers

In brand management, leveraging refers to which of the following strategies?

Using brand equity to enter new markets Signup and view all the answers

What is a trade-off firms face when acquiring new customers?

Attracting new customers vs. retaining existing ones Signup and view all the answers

What should brands prioritize when seeking new sources of brand equity?

Keeping stability in existing branding Signup and view all the answers

In rapidly changing markets, managing brand transitions is important mainly because it helps consumers:

Organize brands in their minds Signup and view all the answers

What should firms do to attract new customers, especially younger ones?

Proactively develop strategies to engage new clients Signup and view all the answers

Study Notes

Chapter 14: Managing Brands Over Time

This chapter discusses managing brands over time, including brand reinforcement and revitalization.
Learning objectives include understanding brand reinforcement considerations, describing brand revitalization options, outlining strategies to improve brand awareness and image, and defining steps in managing brand crises.

Reinforcing Brands

Maintaining Brand Consistency: involves consistency in marketing support and brand associations.
Protecting Sources of Brand Equity: don't deviate from successful positioning; prioritize preserving and defending existing sources of brand equity, which are valuable assets.
Fortifying Versus Leveraging: marketing programs focus on maximizing brand awareness and image, leveraging existing brand equity.
Fine-Tuning the Supporting Marketing Program: includes product-related performance associations and nonproduct-related imagery associations.

Revitalizing Brands

Examples of prominent brands that have faced challenges and even disappeared exist in every product category.
Revitalizing strategies include:
- Expanding brand awareness (depth or breadth, or both.)
- Improving brand associations (strength, favorability, uniqueness).

Expanding Brand Awareness

Identify additional or new usage opportunities.
Identify new and completely different ways to use the brand.

Improving Brand Image

Identify the target market (retaining, recapturing lost customers, identifying neglected segments, attracting new customers).
Repositioning the brand.
Changing brand elements.

Identifying the Target Market

Key market segments include: retaining vulnerable customers, recapturing lost customers, identifying neglected segments, attracting new customers.

Repositioning the Brand

May require more compelling points-of-difference.
May need to reposition to establish a point-of-parity on some key image dimension.

Changing Brand Elements

May need to convey new information; and may need to signal that a brand has taken on a new meaning due to a marketing program change.

Adjustments to the Brand Portfolio

Migration Strategies: helps consumers understand portfolio brands to satisfy their needs, especially in rapidly changing, technology markets.
Acquiring New Customers: firms strategically attract new customers, particularly younger ones.
Retiring Brands: some brands lack sufficient brand equity, are obsolete, or have damaging associations.

Obsoleting Existing Products

Technological changes, shifts in consumer tastes, and market changes can challenge brands. Discontinuing brands, in some cases, can pave the way for innovative new brands.

Brand Reinforcement Strategies (Figure 14-9)

Brand Awareness: considers what the brand represents, what benefits it supplies, and what needs it satisfies.
Brand Image: considers how the brand makes products stand out, strong favorable, and unique associations that exist in customers' minds.
Innovation: in product design, manufacturing, and merchandising.
Consistency: in the amount and nature of marketing support.
Continuity: in brand meaning and changes in marketing tactics.
Protecting Sources of Brand Equity: maintaining consistency and trading off marketing activities.
Relevance in user and usage imagery.

Brand Revitalization Strategies (Figure 14-10)

Refresh old sources of brand equity.
Create new sources of brand equity.
Expand brand awareness: depth or breadth or both.
Increase quantity/frequency of consumption.
Identify additional opportunities.
Identify completely new ways to use brand.
Improve strength, favorability, uniqueness of brand associations.
Bolster fading associations; and neutralize negative associations.
Retaining vulnerable customers; reclaiming lost customers.
Identify neglected segments; attract new customers.
Create new associations.

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Description

This chapter focuses on managing brands over time, delving into brand reinforcement and revitalization strategies. It covers key objectives like enhancing brand awareness, preserving brand equity, and addressing brand crises. Learn how to maintain brand consistency and effectively revitalize brands for long-term success.