Exam 3 Review Study Guides for Marketing (MKT)300 GRADED A+

Exam 3 Review Study Guides for Marketing (MKT)300 GRADED A+ Brand: - answers name, term, sign, symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. How does branding help? - answers helps buyers identify and evaluate products, it also benefits sellers by facilitating product introduction, repeat purchasing, and promotional efforts Attributes of Brands - answers A Strong Brand occupies a distinet position in consumer's minds based on relevant benefits and creates an emotional connection between businesses and consumers • Consistent Brand Message • Manage Customer Experience • Focus on Long Term Growth • Meaningful, Memorable, Likable Brand Equity - answers Brand equity is the marketing and financial value associated with a brand's strength a Brand equity is how much the brand is worth, just like in finance equity means how much value is there What do you call it when the brand equity becomes so strong that consumers start using corporate brand names to describe an entire product category - answers Master Brands Brand Equity Benefits to companies - answers Source of competitive advantage • Predictability and security of demand • Financial returns • Any well known name is going to create a significant barrier to entry, which might keep others from entering or succeeding within that product space Brand Equity Benefits to consumers - answers search cost reducer, signal of quality, risk reducer, symbolic device Brands are intangible, but they have tangible impact on consumer product experience - answers How many levels were there to Aaker's customer attitude towards a brand - answers 5 Aaker's customer attitude: Ranked from highest to lowest - answers 1. Devoted to the brand 2. Values the brand( brand as friend) 3. Satisfied and Switching Costs 4. Satisfied Customer ( no reason to change) 5. No brand loyalty (customer will change) What are the 4 brand asset valuators? - answers Esteem Knowledge Relevancy Differentiation What happens if one of these values is 0? - answers There is no brand equity. Must be able to differentiate between brands What are the two major components of an Interbrand model? - answers Brand Earnings Brand Strength Brand Earnings - answers Brand sales • Costs of sales • Marketing costs • Retiest on oferpial charge • Taxation Brand Strength - answers Leadership (25% • Stability (15%) • Market (10%) • Geographic spread (25%) • Trend (10%) • Support (10%) • Protection (5%) • Interbrand Global 100 Brand Personality ( 5 dimensions ) (don't need to know the 5 dimensions) - answers specific "personality-type" traits or characteristics ascribed by consumers to different brands • Masculine/feminine • Calm/exciting Think about ascribing a human characteristic to a Brand How many Brand Archetypes are there? - answers 12 What is a Brand Archetype - answers Universal, archaic patterns and images that derive from the collective unconscious and are psychic counterpart of instinct Private Brands - answers brand names that are owned by the retailer- Safeway select soft drinks is an example of