Test Your Knowledge on Branding and Intellectual Property

1. Established brands conduct research to understand how their brand is perceived and identify any issues that need to be addressed.
2. Brand tracking surveys help establish consumer awareness and expectations.
3. A brand needs to stand for something and have a point of view.
4. P&O Ferries and P&O Cruises share the same brand name but are separate companies, causing confusion and reputational damage.
5. Consumers prefer familiar brands and rely on them to save time.
6. Perceived quality is important for high-involvement purchases.
7. Emotion plays a significant role in purchasing decisions.
8. Once a preference for a brand is formed, loyalty positively influences perception of its performance.
9. There are three pillars of branding: marketing, graphic design, and intellectual property.
10. A good brand name should be legally ownable, available, and create a barrier to entry.

• Branding is about getting target customers to know a business exists and associate it with one or a few things
• Brand equity is what gives rise to brand value, and trademarks contain a brand's value
• Designing a business using IP principles can make the difference between failing and succeeding
• Brand equity has two aspects: whether target customers know the brand exists and what they think of it
• Small businesses should focus on communicating a single association to target customers
• When rebranding, it's important to measure the brand equity attached to the existing name or symbol before making radical changes
• The foundation of any brand is its identity and reputation
• Effective branding involves using all three pillars of branding: design, strategy, and intellectual property
• Intellectual property is about managing competition and preventing copying
• Choosing suitable names and designs involves considering brand protection, availability, and legal effectiveness.

Test your knowledge on the fundamentals of branding and intellectual property with this informative quiz! From the importance of brand equity and reputation to the three pillars of branding, this quiz covers everything you need to know about building a successful brand. Sharpen your skills in creating brand names and logos, as well as understanding trademark laws and intellectual property principles. With a mix of multiple-choice and true/false questions, this quiz is perfect for anyone looking to deepen their understanding of branding and intellectual property.