Brand Management (100% Correct Answers)

Brand correct answers name, term, sign, symbol, or design intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition. Brand Elements correct answers different components of a brand that identifies a product and distinguishes it from others. Product correct answers anything we can offer to a market for attention, acquisition, use, or consumption that might satisfy a need or want. 5 levels of meaning for a product correct answers Core Benefit, Generic, Expected, Augmented, Potential Consumer correct answers A person who purchases goods and services for personal use Search Goods correct answers qualities and characteristics can be ascertained by inspection Experience Goods correct answers Intangible products (services, entertainment) that cannot be evaluated on visual inspection and therefore must be assessed through actual trials. Credence Goods correct answers consumers rarely know much about the product, ex insurance Store Brands correct answers brands that the retailer both produces and distributes Private Labels correct answers Personalized brands applied by distributors or dealers to products supplied by manufacturers. Private brands are typically sold at lower prices in large retail chain stores. Brand Extensions correct answers a well-known and respected brand name from one product category is extended into other product categories Deregulation correct answers The lifting of restrictions on business, industry, and professional activities for which government rules had been established and that bureaucracies had been created to administer. Brand Equity correct answers The added value a brand name gives to a product beyond the functional benefits provided. Strategic Brand Management correct answers the design and implenmentation of marketing programs and activites to build, measure and manage brand equity. Brand Management Process correct answers 1) Identify and developing brand plans 2) Designing and implementing programs 3) Measure and interpret performance 4) Growing and sustaining equity