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Questions and Answers

What is one of the organizational benefits of having a strong brand?

Lower costs of acquisition (correct)

Reduced margins

Increased costs of acquisition

Decreased market value

What do strong brands help us achieve?

Customer retention

Social status and image (correct)

Market share

Risk reduction

What is one of the consumer benefits of a strong brand?

Increased search costs

Decreased customer retention

Reduced search costs (correct)

Reduced self-enhancement

What is a key benefit of branding in the B2C sector?

Image benefits Signup and view all the answers

What is the potential result of having a strong brand in the market?

Brand extension potential Signup and view all the answers

What is a key organizational benefit of branding?

Risk management Signup and view all the answers

What is one of the benefits of a strong brand in financial valuation?

Market value based on intangible assets Signup and view all the answers

What is the primary goal of brand loyalty?

Customer retention Signup and view all the answers

What is one of the benefits of a strong brand in HRM?

Improved performance Signup and view all the answers

What is the result of the virtuous cycle of branding?

Higher margins Signup and view all the answers

What is the outdated paradigm in marketing?

Commodity mindset Signup and view all the answers

What is one of the benefits of a strong brand in sales?

Increased sales effectiveness Signup and view all the answers

What is the driver of customer lifetime value?

Brand loyalty Signup and view all the answers

What is an individual benefit of branding?

Self-enhancement Signup and view all the answers

What is one of the benefits of a strong brand in marketing?

Efficiency of MARCOMs Signup and view all the answers

What is a key aspect of brand management?

Customer retention Signup and view all the answers

What is the main topic of discussion in the course framework?

Product Signup and view all the answers

What is the title of the professor teaching this course?

Prof. Christoph Fuchs, Ph.D. Signup and view all the answers

What are the benefits of brands mentioned in the agenda?

For both buyers and sellers Signup and view all the answers

What is the difference in unit sales between Toyota Corolla and Geo Prizm?

Toyota Corolla sells five times more Signup and view all the answers

What happened to Geo Prizm in 2001?

It was discontinued Signup and view all the answers

How much premium did Toyota Corolla command?

$300 to $1850 Signup and view all the answers

What is the professor's email address?

<a href="mailto:[email protected]">[email protected]</a> Signup and view all the answers

What is mentioned as the prerequisite for a marketing strategy?

Where do I want to go? Signup and view all the answers

Study Notes

Organizational Benefits of Brands

Brand extension potential reduces establishment costs by 36% and increases potential for success with new revenue.
Brands increase financial valuation through market value based on intangible assets.

HRM Benefits of Brands

Brands lead to lower costs of acquisition, decreased salary, improved performance, and increased retention.

Virtuous Cycle of Branding

Brands result in higher margins, risk management, inelastic demand, and customer retention.
Brands also lead to brand extension potential, self-enhancement, self-expression, equity in channels, financial valuation, efficiency of MARCOMs, market orientation, and strategic focus.

Customer Benefits of Brands

Brands provide risk reduction, information efficiency, and image benefits to customers.
Self-enhancement and self-expression are also key benefits of brands for customers.

Brand Loyalty and Customer Retention

Brand loyalty is the engine of customer lifetime value.
Market share is an outdated paradigm, and WoM (word of mouth) is important for customer loyalty.

Course Framework for Marketing

The marketing framework includes product, segmentation, targeting, positioning, promotion, and place.
Marketing research, consumer behavior, and marketing strategy are also essential components.

Branding and Brand Equity

Brands have benefits for both buyers and sellers.
Brand equity and brand strategies are crucial for marketing success.

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