24 Questions
What are the attributes of a brand?
Positive and negative attributes, such as trustworthy, innovative, cheap, and unreliable
What is the purpose of brand management?
To monitor the integrity of a brand
What is a brand promise?
A guarantee of a level of performance
What is the result of a company creating customer loyalty through its brand?
One of its most valuable assets
How do companies build their brands?
Through a combination of techniques, including advertising, public relations, and social media
What must a firm have to establish a brand?
Meaning in its customers' lives
What is a result of a strong brand?
Indicator of trust and reduced risk
What is a key aspect of a brand's reputation?
Its performance
What is a key aspect of a product in the mind of its target customers?
The value it adds
What percentage of consumers say that a known and trusted brand is a reason to buy a product?
Over 50%
What is the primary benefit of a strong brand to a company?
Ability to charge a premium price
What is the estimated increase in market value of a company due to a successful brand?
50% to 75%
What is the core product of a firm?
The product itself, such as a CD
What is the actual product of a firm?
The product plus all its attributes, including features, design, and packaging
What is a critical time in the marketing of a new product?
The initial rollout
What is a common challenge faced by new firms?
They are unknown and require a leap of faith from customers
What is the primary purpose of a tagline in a company's marketing strategy?
To reinforce the company's position in the market
What is the benefit of a simple and effective tagline like Nike's 'Just do it'?
It is memorable and easy to understand
What is the relationship between a company's tagline and its brand reputation?
The tagline reinforces and reflects the brand reputation
What is the primary goal of a company's positioning strategy?
To establish a competitive advantage
What is the benefit of a product attribute map like the one shown for Casper?
It provides a visual representation of the product's features and benefits
What is the role of a company's literature in establishing its brand reputation?
It reinforces and reflects the brand reputation
What is the benefit of a company's consistent use of a tagline?
It creates a lasting impression on customers
What is the relationship between a company's brand trust and its brand reputation?
They are closely linked and interdependent
Study Notes
Establishing a Brand
- A brand is the set of attributes people associate with a company, which can be positive (trustworthy, innovative) or negative (cheap, unreliable).
- Brands can be established through various techniques, including advertising, public relations, sponsorships, and good performance.
- A firm's name, logo, website design, and social media presence are all part of its brand.
What's a Brand?
- A brand is a promise to serve stakeholders' interests.
- A brand is a firm's guarantee of a level of performance.
- A brand indicates the promises a firm makes to those it serves.
- A brand expresses a firm's reputation.
- A brand presents a firm's credentials.
- A brand is an indicator of trust and reduced risk.
- A brand describes a company's nature.
Power of a Strong Brand
- A strong brand can be a powerful asset for a firm.
- Over 50% of consumers say a known and trusted brand is a reason to buy a product.
- A brand allows a company to charge a price consistent with its image.
- A successful brand can increase a company's market value by 50% to 75%.
The Four Ps of Marketing
- Product: the good or service a firm offers to its target market.
- Price: the amount a customer pays to acquire a product.
- Promotion: all the ways a firm communicates with its target market.
- Place: the channels through which a product reaches its target market.
Product
- The most important attribute of a product is that it adds value in the mind of its target customers.
- The core product is the product itself, while the actual product includes all the attributes that come with it.
- The initial rollout of a new product is a critical time in marketing.
Taglines
- A tagline is a phrase used consistently in a company's literature to reinforce its position in the market.
- Examples of taglines include Nike's "Just do it" and Patagonia's "Let's do some good."
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