Unique Marketing issues- chapter 11

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Questions and Answers

What are the attributes of a brand?

Only positive attributes, such as trustworthy and innovative

Only negative attributes, such as cheap and unreliable

Positive and negative attributes, such as trustworthy, innovative, cheap, and unreliable (correct)

None of the above

What is the purpose of brand management?

To increase market share

To increase sales

To monitor the integrity of a brand (correct)

To reduce costs

What is a brand promise?

An indicator of trust and reduced risk

A description of a company's nature

A firm's reputation

A guarantee of a level of performance (correct)

What is the result of a company creating customer loyalty through its brand?

One of its most valuable assets Signup and view all the answers

How do companies build their brands?

Through a combination of techniques, including advertising, public relations, and social media Signup and view all the answers

What must a firm have to establish a brand?

Meaning in its customers' lives Signup and view all the answers

What is a result of a strong brand?

Indicator of trust and reduced risk Signup and view all the answers

What is a key aspect of a brand's reputation?

Its performance Signup and view all the answers

What is a key aspect of a product in the mind of its target customers?

The value it adds Signup and view all the answers

What percentage of consumers say that a known and trusted brand is a reason to buy a product?

Over 50% Signup and view all the answers

What is the primary benefit of a strong brand to a company?

Ability to charge a premium price Signup and view all the answers

What is the estimated increase in market value of a company due to a successful brand?

50% to 75% Signup and view all the answers

What is the core product of a firm?

The product itself, such as a CD Signup and view all the answers

What is the actual product of a firm?

The product plus all its attributes, including features, design, and packaging Signup and view all the answers

What is a critical time in the marketing of a new product?

The initial rollout Signup and view all the answers

What is a common challenge faced by new firms?

They are unknown and require a leap of faith from customers Signup and view all the answers

What is the primary purpose of a tagline in a company's marketing strategy?

To reinforce the company's position in the market Signup and view all the answers

What is the benefit of a simple and effective tagline like Nike's 'Just do it'?

It is memorable and easy to understand Signup and view all the answers

What is the relationship between a company's tagline and its brand reputation?

The tagline reinforces and reflects the brand reputation Signup and view all the answers

What is the primary goal of a company's positioning strategy?

To establish a competitive advantage Signup and view all the answers

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 Signup and view all the answers

What is the role of a company's literature in establishing its brand reputation?

It reinforces and reflects the brand reputation Signup and view all the answers

What is the benefit of a company's consistent use of a tagline?

It creates a lasting impression on customers Signup and view all the answers

What is the relationship between a company's brand trust and its brand reputation?

They are closely linked and interdependent Signup and view all the answers

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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