Marketing Studies I Overview

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Questions and Answers

What percentage of the final evaluation is based on individual performance in the mid-term exam?

20% (correct)

50%

30%

40%

Which of the following aspects is NOT a learning objective of the program?

Formulating solutions to business issues

Demonstrating leadership skills

Improving individual work efficiency (correct)

Analyzing globalization effects

What type of learning format includes public speaking and brand management presentations?

Workshops with local instructors (correct)

Independent study

eLearning modules

Group presentations

How many international campuses are mentioned as part of the Brand Pro Experience?

4 Signup and view all the answers

Which of the following does the Brand Pro simulation directly engage students in?

Team-based competitive strategies Signup and view all the answers

What skills are students expected to improve through participating in the given workshops?

Team collaboration and public speaking Signup and view all the answers

What is a key focus of the eLearning module related to public speaking?

Speech delivery and presentation skills Signup and view all the answers

Which of the following is part of the Brand Pro experience timeline?

2 x 3h lectures and 4 x 3h workshops Signup and view all the answers

What is one of the primary reasons consumers use brands?

To simplify their purchasing decisions Signup and view all the answers

On average, how many messages is a consumer exposed to in one day?

300 to 600 Signup and view all the answers

According to branding principles, what might happen if a business does not establish its brand?

It risks losing its customers to competitors Signup and view all the answers

What is the typical range of messages consumers effectively perceive each day?

30 to 80 Signup and view all the answers

Why do companies rely on branding, according to Robert Faletra?

To prevent competitors from taking their customers Signup and view all the answers

What percentage of messages are typically memorized by consumers each day?

Less than 10 Signup and view all the answers

What is one benefit brands provide to customers?

They create a group identity Signup and view all the answers

What does brand management aim to achieve for consumers?

Simplicity and clarity in options Signup and view all the answers

How does exposure to numerous messages affect consumer behavior?

Consumers are likely to forget most brands Signup and view all the answers

Why is branding considered essential for businesses?

It establishes a unique market presence Signup and view all the answers

What aspect of branding is primarily beneficial for businesses?

It differentiates products from competitors. Signup and view all the answers

Which historical evidence indicates the use of branding before mass marketing?

Chinese porcelain. Signup and view all the answers

What is one main purpose of branding for customers?

Creates group identity. Signup and view all the answers

What does branding help to increase for a business?

Margin. Signup and view all the answers

Which of the following was NOT a traced use of branding in ancient times?

Handcrafted textiles in the Middle Ages. Signup and view all the answers

What differentiates a product from a brand?

Products are tangible; brands are intangible. Signup and view all the answers

What is a negative aspect of branding mentioned in the materials?

It can create false expectations. Signup and view all the answers

Which civilization is cited as having the earliest indications of branding?

Chinese. Signup and view all the answers

What was the primary driver for the emergence of national manufacturer brands?

Mass marketing. Signup and view all the answers

Which of the following best describes a product?

Anything offered to a market to satisfy needs. Signup and view all the answers

Which factor does NOT contribute to brand credibility?

Brand loyalty Signup and view all the answers

What does brand superiority indicate?

Customer view of the brand as unique and better than competitors Signup and view all the answers

Which of the following best describes the concept of brand resonance?

The emotional connection customers feel with the brand Signup and view all the answers

Which aspect is NOT typically associated with behavioral loyalty?

Feelings of attachment Signup and view all the answers

Which element is included in the concept of brand consideration?

The likelihood of being included in a customer's choice set Signup and view all the answers

What is one of the key characteristics that differentiates a brand from a generic product?

Dimensions that cater to specific needs Signup and view all the answers

Which of the following best represents the psychological aspect of a brand?

Image in the mind of people Signup and view all the answers

Which of the following types of brands is associated directly with the retailer?

Retailer Brands Signup and view all the answers

How can a brand reduce risk and search costs for consumers?

By establishing a recognizable quality standard Signup and view all the answers

What element is considered a physical manifestation of a brand?

Brand name versus brand symbol Signup and view all the answers

Which statement correctly describes a national manufacturer brand?

It is created by a manufacturer to be sold in various retail outlets. Signup and view all the answers

What is the primary role of color and typography in branding?

To create a memorable brand sign Signup and view all the answers

What differentiates retailer brands from generic brands?

Retailer brands are marketed by specific retailers. Signup and view all the answers

What is the possible consequence of not having a brand?

Ambiguity in consumer choice Signup and view all the answers

Which aspect of branding helps in establishing a set of shared values among consumers?

Symbolic device representation Signup and view all the answers

What is brand superiority?

The extent to which customers view the brand as unique and better than others. Signup and view all the answers

What does brand resonance mean?

The extent to which customers feel 'in sync' with the brand. Signup and view all the answers

Which of the following are elements of brand resonance? (Select all that apply)

Sense of community Signup and view all the answers

What is an example of brand equity in IKEA?

IKEA loyalty card or IKEA hackers community. Signup and view all the answers

How does IKEA build brand equity?

By providing good deals, convenient service, and strong brand associations. Signup and view all the answers

Customer-based brand equity refers to the monetary value of a brand.

False Signup and view all the answers

What financial measures are used to evaluate brand equity?

Financial brand equity measures, which indicate the monetary value of a brand. Signup and view all the answers

What are the components of Brand Equity?

Behavioral components (e.g., loyalty) and image components (e.g., affect and cognition). Signup and view all the answers

Which of the following best describes Brand Salience?

The strength of the brand in consumer's memory Signup and view all the answers

Brand recall involves the ability to retrieve the brand from memory when given specific context.

True Signup and view all the answers

Which of the following is a type of brand recall?

Top of Mind Recall Signup and view all the answers

What does brand performance refer to?

The way in which a product or service attempts to meet customer’s functional needs. Signup and view all the answers

Which of the following emotional responses are associated with brand feelings?

Excitement Signup and view all the answers

What is measured in consumer judgments of a brand?

Personal opinions and evaluations based on performance and imagery associations. Signup and view all the answers

Match the following terms with their descriptions:

Brand Salience = Depth of brand awareness Brand Recall = Ability to retrieve the brand from memory Brand Performance = Meeting functional needs Brand Feelings = Emotional responses towards the brand Signup and view all the answers

Who is the M1 Marketing Studies course coordinator?

Katharina Zeugner-Roth Signup and view all the answers

How many campuses in France are part of the Brand Pro experience?

3 Signup and view all the answers

What is the main focus of the eLearning Module in Part 1?

Public Speaking Skills Signup and view all the answers

Which of the following are reasons consumers use brands? (Select all that apply)

Informs Signup and view all the answers

What percentage of messages do consumers effectively perceive daily?

30 to 80 Signup and view all the answers

What is the main focus of financial brand equity?

The monetary value of a brand in terms of expected net revenues Signup and view all the answers

Branding was first used in ancient times.

True Signup and view all the answers

What is the definition of branding according to the American Marketing Association?

A brand is a name, term, sign, symbol, or design intended to identify goods and services and differentiate them from competitors. Signup and view all the answers

Which demographic was found to prefer Coke over Pepsi in the Blind Cola Taste Experiment?

65% Signup and view all the answers

How many international campuses are part of the Brand Pro experience?

4 Signup and view all the answers

Match the following aspects of branding with their definitions:

Informs = Provides information to consumers Simplifies = Makes choices easier Creates loyalty = Encourages repeat purchases Differentiates = Sets a product apart from competitors Signup and view all the answers

Study Notes

Why Take Marketing Studies I?

Deepen understanding of brand management principles
Learn how marketing strategy impacts performance
Improve individual contribution to team performance and communication skills

Brand Pro Key Facts

1700+ students compete for best SPI
3 French Campuses: Lille, Paris, Sophia
4 International Campuses: Belo (Brazil), Raleigh (US), Suzhou (China), Dubai (UAE)
1 Campus Winner x 4 campuses (France + International), 1 Global Winner

Brand Pro Experience Stages

2 x 3h Lectures (Amphis): Brand Management, eLearning on Public Speaking
4 x 3h Workshops (Local Instructors): Roles and rules, Key decisions, Running the simulation

Course Learning Objectives

Select the best course of action to follow as responsible managers
Contribute substantively to a group product and demonstrate leadership skills
Produce clear, well-organized verbal presentations
Understand in detail extended speech and complex texts in English
Analyze globalization and evaluate its effects on business
Apply theories and major concepts of Marketing and other disciplines
Analyze and apply advanced concepts in a specialized discipline
Assess a business issue and formulate solutions in a specialized discipline
Benchmark existing knowledge and apply it to finding new solutions to problems

Course Evaluation

40% = Relative SPI performance in the game
20% = Individual MCQ score (Mid-Term Exam)
20% = Individual performance in the group presentation
20% = Group presentation grade

Course Resources

CM Slides (6h) Available on K2: General Section
TD Slides (12h) Available on K2: Local instructor section
Google Digital Garage Course: Speaking in Public (https://tinyurl.com/PUBSPEAK23), free, 20-minute eLearning, sign-in required
BrandPRO Manual: https://brandpro2.stratxsimulations.com/ (or K2)
YouTube for additional Public Speaking Resources

Why Do Customers Use Brands?

Brands inform, simplify, increases value, creates group identity, and guarantees quality
Consumers have 300-600 brand encounters per day, but only perceive 30-80, and remember less than 10

Why Do Companies Use Brands?

Companies use brands to position, differentiate, increase margin, create loyalty, and protect
"If you don't brand your business, someone else will—and take your customers." - Robert Faletra

What is the difference between a product and a brand?

A product is anything offered to a market to satisfy a need or want.
A brand is a product that is differentiated in some way from other products designed to satisfy the same need.

Blind Beer Test Experiment

Experiment shows that people perceive brands differently when they do not know the brand

Brand Quality

Brand quality is determined by the extent to which customers
- Recognize the brand
- Identify the brand's meaning
- Trust and believe the brand
- Consider the brand when making a purchase
- View the brand as unique and better than others

Introduction to Brand Management

The course focuses on branding in marketing strategy, market segmentation, targeting, brand positioning and the marketing mix.
The BrandPRO Simulation will be used as a tool to apply the concepts learned in the course.

BrandPRO Business Simulation

The BrandPRO Simulation is a business game with 1700+ students competing across 8 international campuses.
Students work in teams to make key decisions and develop a winning strategy for their brand.
The simulation will help students develop leadership skills, enhance communication skills, and understand the impact of marketing strategy on business performance.

Contribution to Learning Objectives

Objectives include: to understand extended texts and apply concepts in marketing, to assess business issues and formulate solutions, to evaluate globalization's impact on business, and to present clear and organized presentations.

Evaluation

The course is evaluated through a combination of in-class activities and exams.
40% of the final grade is based on the student's performance in the BrandPRO Simulation.
20% is based on individual MCQ score (mid-term exam).
20% is based on individual performance in group presentations.
20% is based on the group presentation grade.

Course Material

Course material includes:
- CM slides (6h) available on K2 – general section.
- TD slides (12h) available on K2 – section specific to your local instructor.
- Google Digital Garage Course on public speaking: https://tinyurl.com/PUBSPEAK23
- BrandPRO manual: https://brandpro2.stratxsimulations.com/ (or K2).

What is MARKETING?

Consumers are exposed to hundreds of messages per day, but only a few are remembered.
Brands help simplify information by making it easier for consumers to make decisions.

Why do consumers use brands?

Brands inform, simplify, increase value, create group identity, and provide a guarantee.
They offer consumers reassurance and help them navigate a complex market.

Why do companies use brands?

Brands can:
- Position products and services.
- Differentiate products and services from competitors.
- Increase profit margins by creating brand loyalty.
- Protect the company's image and reputation.

What is a Product?

Products are anything offered to a market to satisfy a need or want.
Products can be physical goods, services, ideas, places, organizations, and even people.

What is a Brand?

A brand is more than just a product – it has a psychological dimension.
A brand provides a sense of recognition, identification, and quality.
It acts as a psychological product, containing a set of values and an image in the minds of customers.

Types of Brands:

National Manufacturer Brands: brands that are sold nationally by a single manufacturer.
Retailer Brands: brands developed and sold by a retailer.
Generics: unbranded products sold at a lower price.

Brand Elements

Brands are built through various elements which include:
- Brand names.
- URLs.
- Packaging.
- Signage.
- Logos.
- Symbols.
- Slogans.
- Characters.
- Jingles.

Brand Equity

Brand equity refers to the value of a brand in the marketplace.
It encompasses brand image, brand strength, and brand valuation.
It is a combination of customer perceptions and firm value.

Financial Brand Equity

Financial brand equity is the monetary value of a brand based on its net revenues.
Interbrand's model calculates brand equity based on brand strength and role.
It evaluates the brand's ability to deliver future earnings.

Customer-Based Brand Equity

Customer-based brand equity focuses on the effect of a brand on customer response.
It encompasses both behavioral (i.e., loyalty) and image (i.e., affect, cognition) components.

Customer-Based Brand Equity

The stages of brand development start with the basic brand identity and move towards stronger relationships with consumers.
Brand equity is influenced by customer's perception of the brand and their engagement with the brand.
The Customer-Based Brand Equity pyramid was developed by Kevin Keller (2008)
Brand salience is the ability of the brand to come to mind in the consumer's memory.
Brand awareness is the likelihood of a brand element coming to mind.
Brand imagery represents the psychological and social needs a brand aims to meet.
Brand performance represents the fulfillment of customers' functional needs.
Brand associations help consumers understand and predict the brand's value.
Consumer feelings represent the emotional response consumers have towards the brand.
Consumer judgments are the personal opinions and evaluations consumers form based on the brand's performance and imagery.
Consumer resonance refers to the consumer's feeling of connection with the brand.

Brand Salience - Depth of Awareness

Brand recognition is the ability to discriminate the brand having been seen or heard before.
Brand Recall is the ability to retrieve the brand from memory when given the product category.

Branding objectives

Branding objectives are the goals brands aim to accomplish, such as creating intensive, active relationships with consumers.

Brand Imagery

User profiles reflect the perceived type of person or organization that uses the brand.
Purchase and usage situations define the environments in which a brand is typically bought and used.
Brand history, heritage, and experiences are linked to the history and origins of the brand, influencing brand image through color, country of origin, and competitive challenges.

Brand Performance

Beliefs about ingredients and features are specific characteristics that influence the perception of brand performance.
Reliability, durability, and serviceability measure the brand's ability to provide consistent performance, last, and be easily repaired.
Service effectiveness, efficiency, and empathy indicate how the brand delivers services that are complete, timely, and considerate.
Style and design are perceived evaluations of a brand's size, shape, materials, color, sound, and smell.
Pricing policy refers to the price segment and volatility a brand offers.
Coca-Cola's secret formula is a well-known example of a brand with unique ingredients and features.

Consumer Feelings

Consumer feelings are emotional responses to a brand, including warmth, fun, excitement, security, social approval, and self-respect.

Consumer Judgements

Brand quality is the consumer's evaluation of the brand's overall quality.
Brand credibility encompasses perceived expertise, trustworthiness, and likeability.
Brand consideration represents the likelihood of the brand being included in a customer's choices.
Brand superiority reflects the consumer's perception of the brand's uniqueness and superiority to other brands.

Consumer Resonance

Behavioral loyalty represents repeat purchases, customer retention, and preference.
Attitudinal attachment reflects strong emotional connections with the brand.
Sense of community represents a shared connection and belonging within the brand's consumer base.
Active engagement includes brand ambassadorship, advocacy, and evangelism.

IKEA Case Study

IKEA's brand equity can be analyzed using the Customer-Based Brand Equity pyramid.
Questions and measures related to each element of the pyramid can be used to assess and improve brand equity.
IKEA's commitment to affordability, sustainability, and Scandinavian design contribute to its strong brand identity and customer loyalty.
IKEA's marketing efforts focus on creating memorable experiences, engaging with customers, and fostering a sense of community.

Brand Equity of IKEA

IKEA has strong brand equity due to factors such as intensive, active relationships with consumers, positive responses, and strong brand associations
IKEA's brand resonance originates from factors such as consumer judgements (good deal, convenient, good customer service, low quality), consumer feelings (fun, entertaining, socially accepted, DIY-self respect,) and consumer brand performance (functional & diverse design, DIY, short-term home solution)
IKEA's brand image is established through conveying a Swedish image, a family friendly atmosphere, and being perceived as innovative and inspirational
IKEA's brand salience is reflected in its depth as a DIY furniture retailer and breadth of products in areas such as food and decoration
IKEA's loyalty card, IKEA hackers, and consumer brand judgements help build brand resonance

Brand Equity

Brand equity is the differential effect of a brand on consumer response
Brand equity is expressed through both financial and customer-based measures
Financial brand equity measures the monetary value of a brand
Customer-based brand equity centers on how a brand delivers value to companies and consumers

Brand Pro Challenge

Students are encouraged to preview the Brand Pro Challenge Simulation at: https://brandpro2.stratxsimulations.com/
Students are required to download and study the manual for additional challenge preparation

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Explore the fundamentals of Marketing Studies I, focusing on brand management principles and effective marketing strategies. This quiz will assess your understanding of team dynamics, communication skills, and presentation abilities in a marketing context.