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 (B)</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 (D)</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 (A)</p> Signup and view all the answers

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

<p>Ignoring competitive threats (A), Failing to invest in research and development for innovation (B), Not leveraging available resources effectively (C), Focusing on the product instead of the brand itself (D), Inadequate Marketing support for brand building (E), Not understanding and addressing customer needs and expectations (F)</p> Signup and view all the answers

It is easy to create brands from scratch?

<p>False (B)</p> Signup and view all the answers

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

<p>True (A)</p> Signup and view all the answers

Only physical products can be branded?

<p>False (B)</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 (C)</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 (A)</p> Signup and view all the answers

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

<p>True (A)</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 (B)</p> Signup and view all the answers

There are only a few brand extensions in the marketplace.

<p>False (B)</p> Signup and view all the answers

The internet has not changed the landscape of branding.

<p>False (B)</p> Signup and view all the answers

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

<p>False (B)</p> Signup and view all the answers

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

<p>True (A)</p> Signup and view all the answers

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

<p>False (B)</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 (A)</p> Signup and view all the answers

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

<p>False (B)</p> Signup and view all the answers

It is crucial for businesses to invest in brand equity?

<p>True (A)</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 (A), Measuring and interpreting brand performance (B), Designing and implementing brand marketing programs (C), Growing and sustaining brand equity. (D)</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 (A), Brand resonance model (B), Brand value chain (C)</p> Signup and view all the answers

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

<p>True (A)</p> Signup and view all the answers

Brand equity can be easily maintained over time.

<p>False (B)</p> Signup and view all the answers

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

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

Flashcards

Brand

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

Brand Equity

The value associated with a brand, calculated as the difference between the consumers' willingness to pay for the particular brand and the generic product.

Brand Element

A component of a brand that identifies and differentiates it from others, such as name, logo, symbol, package design.

Brand Name Strategies

Different approaches companies use to name their products, including using their company name or assigning unique names not related to the company.

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Product

Anything offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want.

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Product Levels

Five levels used to understand a product: core benefit, generic product, expected product, augmented product, and potential product.

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Core Benefit

The basic need or want fulfilled by a product.

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Generic Product

A basic version of the product, including only essential attributes required for function, without any distinguishing features.

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Expected Product

Attributes or characteristics consumers generally expect when buying a product.

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Augmented Product

Features beyond basic expectations that distinguish a product from competitors.

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Potential Product

Future possibilities for augmentations and transformations of a product.

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Search Goods

Products whose attributes can be evaluated by inspection, like grocery items.

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Experience Goods

Products whose qualities are assessed only through trial and experience, such as tires.

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Credence Goods

Goods with attributes difficult to assess, even after use, such as insurance.

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Functional Risk

Risk that the product does not perform as expected.

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Physical Risk

Risk that the product could harm the user.

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Financial Risk

Risk that the product is not worth the price.

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Social Risk

Risk that the product leads to embarrassment.

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Psychological Risk

Risk that the product affects mental well-being.

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Time Risk

Risk of wasted time searching for an alternative if the product fails.

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Consumer Brand Value

Brands create perceived value for consumers by simplifying choices and reducing risk during purchase decisions.

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Manufacturer Brand Value

Brands provide identification, legal protection, quality signaling, competitive advantage, and financial returns for companies.

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Branding for Services

Branding is crucial for services, as they are less tangible and more variable in quality compared to physical products, helping to establish trust and overcome intangibility.

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Branding Challenges in Technology

Technology companies often struggle with branding, prioritizing product features over brand strategy, potentially leading to limited long-term success.

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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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Strategic Brand Management (Keller 2013) PDF

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