keller strategig brand management
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Questions and Answers

What is a brand?

A brand is a name, term, sign, symbol, or design, or a combination of these elements, intended to identify the goods and services of one seller or group of sellers and differentiate them from those of competition.

What is brand equity?

Brand equity is the value that is added to a product or service as a result of its brand name. It is the differential effect that knowing the brand name has on customer response to the product or service.

According to the American Marketing Association (AMA) what are basic components of a brand?

  • Price, Product, Place, Promotion
  • Name, Term, Sign, Symbol, or Design (correct)
  • Production, Operations, Marketing, Finance
  • Product, Services, Organization, Place or Person

    • The text states that marketers are in an agreement about the definition of a Brand?

    <p>False</p> Signup and view all the answers

    Which of the following are NOT one the five levels of meaning for a product?

    <p>Competitive product</p> Signup and view all the answers

    Name three major categories of products in terms of consumer evaluation and how they are classified?

    <p>Search goods, experience goods, and credence goods.</p> Signup and view all the answers

    A brand is always more than just a product.

    <p>True</p> Signup and view all the answers

    What are some of the common branding mistakes that businesses make?

    <p>Ignoring competitive threats</p> Signup and view all the answers

    It is easy to create brands from scratch?

    <p>False</p> Signup and view all the answers

    It is advisable for firms to have a strong brand identity?

    <p>True</p> Signup and view all the answers

    Only physical products can be branded?

    <p>False</p> Signup and view all the answers

    What are some of the benefits of branding for the company?

    <p>The benefits of branding for the company are an easy identification of the source of the product, legal protection for unique features, signal of quality, and a source of competitive advantage.</p> Signup and view all the answers

    What does a brand signify for the consumer?

    <p>The brand signifies identification of the source or maker of the product, risk reducer, search cost reducer, promise or pact with maker of the product, a symbolic device, and a signal of quality.</p> Signup and view all the answers

    Brand equity can be characterized by?

    <p>Brand associations</p> Signup and view all the answers

    When a brand is successful, it is often due to the combination of a good product, emotional involvement of consumers, word-of-mouth, and a strong marketing presence.

    <p>True</p> Signup and view all the answers

    It is easier to maintain a strong brand, than to create one.

    <p>True</p> Signup and view all the answers

    The success of a brand is fully dependent on the product itself, and it's features.

    <p>False</p> Signup and view all the answers

    There are only a few brand extensions in the marketplace.

    <p>False</p> Signup and view all the answers

    The internet has not changed the landscape of branding.

    <p>False</p> Signup and view all the answers

    With an increasing trend towards globalization, there are fewer competitive threats in the market.

    <p>False</p> Signup and view all the answers

    The cost of introducing a new product is a major hurdle for businesses.

    <p>True</p> Signup and view all the answers

    The consumer behavior has not changed as a result of the latest recession.

    <p>False</p> Signup and view all the answers

    Which of the following is NOT true regarding the evolution of branding?

    <p>Consumers are less informed and less likely to research brands before making purchase decisions</p> Signup and view all the answers

    It is easier to manage brands than it used to be.

    <p>False</p> Signup and view all the answers

    It is crucial for businesses to invest in brand equity?

    <p>True</p> Signup and view all the answers

    What are the five key factors that determine the success of a brand?

    <p>Vision of the mass market, managerial persistence, financial commitment, relentless innovation, and asset leverage.</p> Signup and view all the answers

    What are some of key steps that are involved in the strategic brand management process?

    <p>Identifying and developing brand plans</p> Signup and view all the answers

    How do you define brand equity?

    <p>Brand equity is the marketing effects that are uniquely attributable to a brand.</p> Signup and view all the answers

    Which of the following are the key considerations to keep in mind when developing a brand plan?

    <p>Brand positioning model</p> Signup and view all the answers

    It is important for a company to establish a brand architecture.

    <p>True</p> Signup and view all the answers

    Brand equity can be easily maintained over time.

    <p>False</p> Signup and view all the answers

    Which of the following does not contribute to building brand equity?

    <p>Competitor's actions</p> Signup and view all the answers

    Study Notes

    Brands and Brand Management

    • A brand can be a person, place, firm, or organization
    • Brands are valuable assets for firms
    • Brands simplify decision-making, reduce risk, and set expectations
    • Creating and maintaining strong brands is a crucial management task

    Learning Objectives

    • Define brand, its difference from a product, and brand equity
    • Outline the importance of brands
    • Explain how branding applies to diverse elements
    • Describe common branding challenges and opportunities
    • Identify the steps in strategic brand management

    What is a Brand?

    • Branding dates back centuries used to differentiate goods.
    • The term "brand" originates from the Old Norse word "brandr" meaning to "burn"
    • Marking livestock with a brand still exists today, and is one form of branding
    • According to the American Marketing Association (AMA), a brand is a name, term, sign, symbol, or design, or a combination of these intended to identify the goods and services of one seller.
    • Practical managers consider a brand more than just a name, logo, or symbol- it also includes awareness, reputation, prominence in the marketplace
    • Brand elements are the characteristics distinguishing a brand from others

    Brands versus Products

    • A product is anything offered to the market, meeting a need or desire
    • Products encompass physical goods, services, retail locations, individuals, and organizations.
    • Levels of Product Meaning:
      • Core benefit: the fundamental need/want fulfilled by the product
      • Generic product: basic version with necessary characteristics, but no unique features
      • Expected product: set of attributes/features consumers expect
      • Augmented product: features that distinguish the product
      • Potential product: all future augmentations/transformations

    Branding Brief 1-1: Coca-Cola's Branding Lesson

    • In 1985, Coca-Cola created a new formula, "New Coke," to compete with Pepsi
    • Consumers strongly reacted negatively to the new formula; Coke brought back the original formula
    • The failure demonstrated that Coke was not merely a drink but a cultural icon with strong sentimental value to customers.

    Branding Brief 1-2: Branding Commodities

    • Commodities are basic products without distinguishing features percieved as the same in the market
    • A diamond company (De Beers) used the slogan "A Diamond Is Forever" in its advertising campaigns to associate diamonds with emotional values like love and loyalty.
    • This successful campaign changed the perception of diamonds from a simple commodity.

    Place Branding

    • Place branding can be applied to cities, states, or countries
    • It aims at positive perceptions of a location

    People and Organizations

    • Branding applies to people and organizations involved in public figures like celebrities, entertainers, and professional athletes
    • Their personal traits, associated actions, and products influence public perceptions of them.

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    Related Documents

    Strategic Brand Management (Keller 2013) PDF

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