MKTG 656 Exam 1 Study Guide PDF

MKTG 656 Exam 1 Study Guide  Exam 1 overview ▪ Date: ▪ Monday, 2/10 (during our usual class time) ▪ Content: ▪ Chapters 1-3, 9, 14 (Keller) ▪ Based on content discussed in class ▪ Format: ▪ Closed-book, 40 multiple-choice Qs, 60 minutes ▪ Materials: ▪ Laptop CHAPTER...

MKTG 656 Exam 1 Study Guide  Exam 1 overview ▪ Date: ▪ Monday, 2/10 (during our usual class time) ▪ Content: ▪ Chapters 1-3, 9, 14 (Keller) ▪ Based on content discussed in class ▪ Format: ▪ Closed-book, 40 multiple-choice Qs, 60 minutes ▪ Materials: ▪ Laptop CHAPTER 1 BRANDS AND BRAND MANAGEMENT  What is a brand? Early brands were primarily identifiers that Founded Founded signified a 1806 1802 company’s William E.I. du Pont products Colgate Founded 1843 Rowland H. What is a brand? Today’s brands are often identifiers that signify meaning which transcends a company’s products  Brand equity Knowledge about a brand that impacts consumers’ response to the marketing of that brand CHAPTER 2 CUSTOMER- BASED BRAND EQUITY Positive brand equity Positive brand equity -Improved performance perceptions -Greater loyalty -Less vulnerability to competitors and market crises -Larger margins -More inelastic demand to price increases -More elastic demand to price decreases -Increased effectiveness of marketing communications -Additional brand extension opportunities SOURCES OF BRAND EQUITY Sources of brand equity Brand Awareness Brand Image  Brand awareness Brand Brand Recall Recognition Brand awareness benefits Learning Consideratio n Choice BRAND POSITIONING Brand positioning Target market Key competitors Points-of-parity Points-of-difference Target market Descriptive segmentation Behavioral segmentation  Key competitors ▪Often dictated by target market ▪Based on overlap between brand’s target market and that of competitors Points-of-parity Category POPs Competitive POPs Correlational POPs Choosing points-of-difference Desirable Deliverable Differentiating CHAPTER 3 THE BRAND RESONANCE MODEL Brand resonance pyramid Brand resonance pyramid Brand salience Resonance Judgments Feelings Performance Imagery Salienc Brand salience Depth of Awareness Breadth of Awareness Brand performance Resonance Judgments Feelings Imagery Performa nce Salience  Brand performance Service Primary & Reliability, effectiveness, secondary durability, & efficiency, & features serviceability empathy Style & design Price Brand imagery Resonance Judgments Feelings Performance Imager y Salience  Brand imagery Purchase & User profiles usage situations History, Personality & heritage, & values experiences User profiles: Pepsi Brand resonance Resona nce Judgments Feelings Performance Imagery Salience  Brand resonance Attitudinal Behavioral attachmen loyalty t Sense of Active communit engageme y nt Active engagement Brand-building implications Don’t take shortcuts with brands Brands should have duality Brands should have richness Brand resonance provides important focus Don’t take shortcuts with brands Brands should have duality  Resonance Given that Wrigley’s is primarily only strong in SALIENCE, why is the brand Judgments Feelings still able to succeed in its category? Performance Imagery Salience THE BRAND VALUE CHAIN Marketing program investment Customer mindset CHAPTER 9 CONDUCTING BRAND AUDITS The brand audit Brand Inventory Brand Exploratory Brand inventory Brand exploratory Conducting consumer research Qualitative Research Quantitative Research  Qualitative research Free ZMET association Projective techniques  Association strength, favorability, and uniqueness Favorabi lity Strengt Uniquen h ess Qualitative research example: Free association Delicious Fast Hamburger service s Golden Affordable arches Additives Savory Fries Unhealthy Shakes Large Convenient portions Cheap High fat Ronald McDonald Qualitative research example: Free association TASTE SERVICE (Savory, (Quick, fast, delicious) convenient) FOOD VALUE (Burgers, fries, (Large portions, shakes) cheap, IDENTIFIE affordable) RS HEALTH (Ronald (Unhealthy, McDonald, additives, high golden fat, cheap) Quantitative research  Brand awareness Brand Brand Recall Recognition CHAPTER 14 REINFORCING BRANDS Reinforcing brands  Reinforcing brands: Gillette Resonance Judgments Feelings Quality, consideration, superiority Performance Imagery High performance, reliable, innovative, blades on bladesSalience Fortifying vs. Leveraging Leveraging: Sequential brand extensions  Leveraging: Brand architecture SINGULAR SEPARATE BRAND BRANDS BRANDED SUB-BRANDS ENDORSED HOUSE OF HOUSE BRANDS BRANDS REVITALIZING BRANDS  Brand revitalization Back to Pure basics reinvention Expanding brand awareness Identifying the target market Retaining valuable customers Recapture lost customers Identify neglected customers Attract new customers