MARK 460 FINAL QUESTIONS WITH VERIFIED
ANSWERS
Marketing Principle #3 - Answers - All Competitors React
Brands (AMA definition) - Answers - "name, term, design, symbol, or any other feature
that identifies one seller good or service as distinct from those of other sellers"
Brand with a capital B - Answers - brings all the brand elements together
brand with a lowercase B - Answers - name, term, sign, symbol, or design, or a combo
of them
Brand Elements - Answers - - Name, symbol/logo/icon, package design, font, and sonic
identity
- Can include any stimulus that is perceived by sight, sound, smell, taste, or touch, or
any combo of senses
Brand Equity - Answers - is the set of assets and liabilities linked to a brand, its name,
and its symbol, which add to or subtract from the value provided by the product or
service.
- "lies in the mind of the customer"
- difficult to copy it, adding to the sustainability of brand based barriers
Associative Network Memory Model of Brand Equity - Answers - - Argues that the
human mind is a network of nodes and connecting links
- The key characteristics of a brand, which influence its brand equity, are captured as
nodes and linkages
Brand Awareness of Familiarity - Answers - Reflects the customer's ability to identify a
brand, is indicated by the size or strength of the node for that memory.
Brand Image - Answers - Customers' perceptions and associations with the brand, are
represented by the links of the brand name node to other informational nodes in the
model.
Brand Strategy - Answers - o Building awareness to provide an anchor point
o Building linkages to positive, unique memory nodes to establish an identity that
matches target customers needs in a cost-efficient manner
, Benefits from Brand Equity - Answers - - sales growth
- profit enhancement
- loyalty effects
- Brands can change customers actual experiences, they can change the taste of food
or drink, the excitement of driving a car, the comfort felt in a coffee shop, and the visual
appeal of diamond jewelry
Sales growth - Answers - Sales benefit from strong brands, because brands make it
easier to acquire new customers, who perceive less risk, higher quality, and better
performance of a brand with strong equity.
Profit enhancement - Answers - The benefits that drive sales growth also can enhance
a firm's profitability by reducing costs or allowing the firm to charge higher prices for its
products.
Loyalty effects - Answers - A strong brand makes customers more loyal, which often
provides the largest barrier to competitive entry.
True loyalty - Answers - When both attitudinal and behavioral loyalty are high; positive
feelings and actions
Spurious loyalty - Answers - Customers buy but have ambivalent or negative feelings; at
the first convenient opportunity they will switch
Latent loyalty - Answers - Customers express positive attitudes but fail to actually buy a
firm's products. Often due to a lack of local purchase access or prices beyond their
means
Brand Positioning - Answers - Reflects how and where the firm hopes to appear in
customers' mind.
BOR Equity Grid - Answers - provides the objective, relative advantages (over
competitors), and sources of sustainability
Points of Parity (POP) - Answers - Associations that are not necessarily unique to the
brand but may be shared with other brands
Points-of-difference (POD) - Answers - Attributes or benefits consumers strongly
associate with a brand, positively evaluate, and believe that they could not find to the
same extent with a competitive brand
Both brands and relationships lead to enduring customer loyalty and.... - Answers - -
Price Premium
-Positive Attributions
ANSWERS
Marketing Principle #3 - Answers - All Competitors React
Brands (AMA definition) - Answers - "name, term, design, symbol, or any other feature
that identifies one seller good or service as distinct from those of other sellers"
Brand with a capital B - Answers - brings all the brand elements together
brand with a lowercase B - Answers - name, term, sign, symbol, or design, or a combo
of them
Brand Elements - Answers - - Name, symbol/logo/icon, package design, font, and sonic
identity
- Can include any stimulus that is perceived by sight, sound, smell, taste, or touch, or
any combo of senses
Brand Equity - Answers - is the set of assets and liabilities linked to a brand, its name,
and its symbol, which add to or subtract from the value provided by the product or
service.
- "lies in the mind of the customer"
- difficult to copy it, adding to the sustainability of brand based barriers
Associative Network Memory Model of Brand Equity - Answers - - Argues that the
human mind is a network of nodes and connecting links
- The key characteristics of a brand, which influence its brand equity, are captured as
nodes and linkages
Brand Awareness of Familiarity - Answers - Reflects the customer's ability to identify a
brand, is indicated by the size or strength of the node for that memory.
Brand Image - Answers - Customers' perceptions and associations with the brand, are
represented by the links of the brand name node to other informational nodes in the
model.
Brand Strategy - Answers - o Building awareness to provide an anchor point
o Building linkages to positive, unique memory nodes to establish an identity that
matches target customers needs in a cost-efficient manner
, Benefits from Brand Equity - Answers - - sales growth
- profit enhancement
- loyalty effects
- Brands can change customers actual experiences, they can change the taste of food
or drink, the excitement of driving a car, the comfort felt in a coffee shop, and the visual
appeal of diamond jewelry
Sales growth - Answers - Sales benefit from strong brands, because brands make it
easier to acquire new customers, who perceive less risk, higher quality, and better
performance of a brand with strong equity.
Profit enhancement - Answers - The benefits that drive sales growth also can enhance
a firm's profitability by reducing costs or allowing the firm to charge higher prices for its
products.
Loyalty effects - Answers - A strong brand makes customers more loyal, which often
provides the largest barrier to competitive entry.
True loyalty - Answers - When both attitudinal and behavioral loyalty are high; positive
feelings and actions
Spurious loyalty - Answers - Customers buy but have ambivalent or negative feelings; at
the first convenient opportunity they will switch
Latent loyalty - Answers - Customers express positive attitudes but fail to actually buy a
firm's products. Often due to a lack of local purchase access or prices beyond their
means
Brand Positioning - Answers - Reflects how and where the firm hopes to appear in
customers' mind.
BOR Equity Grid - Answers - provides the objective, relative advantages (over
competitors), and sources of sustainability
Points of Parity (POP) - Answers - Associations that are not necessarily unique to the
brand but may be shared with other brands
Points-of-difference (POD) - Answers - Attributes or benefits consumers strongly
associate with a brand, positively evaluate, and believe that they could not find to the
same extent with a competitive brand
Both brands and relationships lead to enduring customer loyalty and.... - Answers - -
Price Premium
-Positive Attributions
