MKT 300 Exam 3 ASU |117 Complete Q’s and A’s
What is the connecting point for customers? - -Brand
-Brands - -- Are the touch points to consumers
- Promise to deliver specific benefits with products of services to consumers (almost
anything can be branded)
-Brand - -a name, term, symbol, design, or combination thereof that identifies a seller's
products and differentiates them from competitors' products
-Roles of Branding - -higher perceived quality, price premium, greater market share,
financial strength, brand extensions
-Attributes of Strong Brands - -1 Consistent Brand Message
2 Focus on Long-term growth
3 Manage customer experience
4 Meaningful, memorable, likeable
-Brand Equity - -value of a brand based on loyalty, awareness, perceived product quality,
and brand associations
- reflective of long-term trust built by brand in consumers' mind
- indicative of "strength" of brand and brand "fit" with consumers
-Things that improve Brand Equity - -- brand name awareness
- brand loyalty
- perceived brand quality
- brand associations
- brand knowledge
-master brand - -A brand that is so dominant that customers think of it immediately when
a product category is mentioned
-master brand benefits for the consumer - --search cost reducer
-signal of quality
-risk reducer
-symbolic device
-master brand benefits for the company - --source of competitive advantage
-predictability and security of demand
-barriers to entry
-financial returns
-Marketing and Branding - -- Marketing creates intangible value
- If marketing value / tangible asset > 1 then we've created Intangible Value
, - We measure intangible value through Brand equity
-Coke Example - -Taking the stock price of Coke, multiplying that by the shares of Coke
and dividing that by Coke's tangible assets = 5
-Aaker's five levels of customer attitude toward a brand - -1. devoted to brand
2. values the brand
3. satisfied & switching cost
4. satisfied customer
5. no brand loyalty
-Brand Asset Valuator (BAV) - -differentiation, relevance, esteem, knowledge
-Interbrand's Brand Equity Formula - -brand earnings and brand strength
-building strong brands - -provide identity, project the right message, saves time
- as you move up the ladder from attributes to benefits to values you will gain:
1. higher emotional connection with consumers
2. increasingly difficult for competitors to copy positioning
-brand image - -salient and feeling-related associations
-brand personality - -specific "personality-type" traits or characteristics ascribed by
consumers to different brands
- masculine/feminine
- calm/exciting
-brand personality framework - -sincerity, excitement, competence, sophistication,
ruggedness
-brand archetypes - -Carl Jung suggested that humans are not a "blank slate" but rather a
combination of archetypes; "universal, archaic patterns and images that derive from the
collective unconscious and are the psychic counterpart of instinct"
-Brand/Individual Brand - -Tide (made by proctor & gamble but that doesn't matter)
-Brand/Family Brand - -Samsung (could be any kind, cell phone, tv, washing machine)
-Brand/Combination Brand - -Kelloggs Rice Krispes (know company name & brand)
-No Brand/Individual Brand - -Ol Roy's (dog food/cat food)
-No Brand/Family Brand - -Safeway Select, Kirkland (Costco)
-No Brand/Combination Brand - -Arizona State University Polytechnic Campus
What is the connecting point for customers? - -Brand
-Brands - -- Are the touch points to consumers
- Promise to deliver specific benefits with products of services to consumers (almost
anything can be branded)
-Brand - -a name, term, symbol, design, or combination thereof that identifies a seller's
products and differentiates them from competitors' products
-Roles of Branding - -higher perceived quality, price premium, greater market share,
financial strength, brand extensions
-Attributes of Strong Brands - -1 Consistent Brand Message
2 Focus on Long-term growth
3 Manage customer experience
4 Meaningful, memorable, likeable
-Brand Equity - -value of a brand based on loyalty, awareness, perceived product quality,
and brand associations
- reflective of long-term trust built by brand in consumers' mind
- indicative of "strength" of brand and brand "fit" with consumers
-Things that improve Brand Equity - -- brand name awareness
- brand loyalty
- perceived brand quality
- brand associations
- brand knowledge
-master brand - -A brand that is so dominant that customers think of it immediately when
a product category is mentioned
-master brand benefits for the consumer - --search cost reducer
-signal of quality
-risk reducer
-symbolic device
-master brand benefits for the company - --source of competitive advantage
-predictability and security of demand
-barriers to entry
-financial returns
-Marketing and Branding - -- Marketing creates intangible value
- If marketing value / tangible asset > 1 then we've created Intangible Value
, - We measure intangible value through Brand equity
-Coke Example - -Taking the stock price of Coke, multiplying that by the shares of Coke
and dividing that by Coke's tangible assets = 5
-Aaker's five levels of customer attitude toward a brand - -1. devoted to brand
2. values the brand
3. satisfied & switching cost
4. satisfied customer
5. no brand loyalty
-Brand Asset Valuator (BAV) - -differentiation, relevance, esteem, knowledge
-Interbrand's Brand Equity Formula - -brand earnings and brand strength
-building strong brands - -provide identity, project the right message, saves time
- as you move up the ladder from attributes to benefits to values you will gain:
1. higher emotional connection with consumers
2. increasingly difficult for competitors to copy positioning
-brand image - -salient and feeling-related associations
-brand personality - -specific "personality-type" traits or characteristics ascribed by
consumers to different brands
- masculine/feminine
- calm/exciting
-brand personality framework - -sincerity, excitement, competence, sophistication,
ruggedness
-brand archetypes - -Carl Jung suggested that humans are not a "blank slate" but rather a
combination of archetypes; "universal, archaic patterns and images that derive from the
collective unconscious and are the psychic counterpart of instinct"
-Brand/Individual Brand - -Tide (made by proctor & gamble but that doesn't matter)
-Brand/Family Brand - -Samsung (could be any kind, cell phone, tv, washing machine)
-Brand/Combination Brand - -Kelloggs Rice Krispes (know company name & brand)
-No Brand/Individual Brand - -Ol Roy's (dog food/cat food)
-No Brand/Family Brand - -Safeway Select, Kirkland (Costco)
-No Brand/Combination Brand - -Arizona State University Polytechnic Campus
