Brand Management Test 1 (100% Errorless Answers)

Brand correct answers A name, term, sign, symbol, or design, or a combination of them intended to identify the goods and services of one seller and to differentiate them from those of competition. Brand correct answers The sum of all the characteristics, tangible and intangible, that make the offer unique. Brand correct answers An organization's promise to a customer to deliver what the brand stands for not only in terms of functional benefits, but also emotional, self-expressive, and social benefits. product correct answers anything we can offer to a market for attention, acquisition, use, or consumption that might satisfy a need or want They offer attributes, benefits and services that may aid in differentiation from other ________. difference b/w product and brand correct answers A product is an offer to the market to be exchanged for something else; a brand is more, it has additional rational and emotional dimensions that differentiate it from other brands designed to meet the same needs. "products are made in the factory, but brands are created in the mind" Why brands matter to consumers correct answers RAR RIS 1. identify products 2. assign responsibility to the product's source 3. reduce risk 4. reduce search costs 5. signal quality 6. represents relationship with the maker of a product why brands matter to companies correct answers MMESSS 1. means of ID 2. means of legal protection of unique features 3. signal quality to consumers 4. endow products w/ deep associations 5. source of competitive advantage 6. source of financial returns three common challenges in creating and building brands correct answers The 3 C's 1. cash - branding is long-term, most cash is handled short-term 2. consistency: different products, same brand; is price consistent with quality? 3. clutter: how do you make your brand stand out among the hundreds of brands people are exposed to daily? value proposition correct answers the types and amounts of value that the firm wants customers to receive from their offering = (product * place * promotion)/price