MKT 300 Exam 3 Eaton |Questions and Answers
The connecting point for customers? - -The brand
-Brand - -a name, term, symbol, design, or 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
-Role of Brands - -They stand for something; promise to deliver specific benefits
associated with products or services to consumers; represent solutions
-Your brand isn't what you say it is... - -it's what they (consumers) say it is
-Branding - -Core benefit: what the customer is buying
Value proposition: what the brand delivers that customers value; competitively superior
-Attributes of Strong Brands - -A strong brand occupies a distinct position in consumers
minds based on a relevant benefits and creates an emotional connection between business
and consumers
consistent brand message, focus on long-term growth, manage customer experience, and
meaning, memorable, and likeable
-Miami, FL is a huge - -brand name
-Brand equity - -the marketing and financial value associated with a brand's strength;
based on loyalty, awareness, perceived product quality, and brand associations; reflective
of long-term trust; "strength" of brand and brand "fit"; can be so strong that brand name
becomes the category name (master brand)
-Benefits to Consumers - -search cost reducer, signal of quality, risk reducer, symbolic
device
-Benefits to Companies - -source of competitive advantage, predictability and security of
demand, barriers to entry, financial returns
-Marketing creates, communicates, and ______ the product - -delivers
-Marketing creates _______ value - -intangible
-Intangible value - -value you can't hold in your hand; value a film has above and beyond
tangible assets; market value is greater than the tangible assets
, -Brands are intangible, but they have ________ impact on consumer product experience - -
tangible
-Aaker Model (5 levels of customer attitude toward a brand) - -1. Devoted to Brand
2. Values the brand (brand as friend)
3. Satisfied and Switching Cost
4. Satisfied Customer (no reason to change)
5. No Brand Loyalty (customer will change)
-Brand Equity Model: Brand Asset Valuator (BAV) - -Brand Equity is made up of
differentiation, relevance, esteem, and knowledge
multiple these four things together to get brand equity
if one of the four categories is 0, then there's no brand equity
-Brand Equity Models: Interbrand's Equity Formula - -Brand earnings are objective (brand
sales, cost of sales, marketing costs)
Brand strength is subjective (leadership, stability, market, geographic spread)
-The name "Apple" is intangible yet worth - -$214M
-Building strong brands start with - -positioning
-Building strong brand image - -provide identity, project the right message, saves time
-Building strong brand image triangle - -1. Values 2. Benefits 3. Attributes
-higher emotional connection with consumers as you climb upwards
-increasing difficult for competitors to copy positioning when climbing upwards
-Brand Image - -salient and feeling-related associations
-image we have of a product and the brand
-salient: important associations
-Brand personality - -specific "personality-type" traits or characteristics ascribed by
consumers to different brands
-masculine/feminine
-calm/exciting
-Brand Achetypes - -Carl Jung suggests that humans are not a "blank state" but rather a
combination of archetypes
-universal, archaic patterns and images that derive from the collective unconscious and are
the psych counterpart of instinct
-Brand Archetype Categories - -Social, order, ego, freedom
The connecting point for customers? - -The brand
-Brand - -a name, term, symbol, design, or 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
-Role of Brands - -They stand for something; promise to deliver specific benefits
associated with products or services to consumers; represent solutions
-Your brand isn't what you say it is... - -it's what they (consumers) say it is
-Branding - -Core benefit: what the customer is buying
Value proposition: what the brand delivers that customers value; competitively superior
-Attributes of Strong Brands - -A strong brand occupies a distinct position in consumers
minds based on a relevant benefits and creates an emotional connection between business
and consumers
consistent brand message, focus on long-term growth, manage customer experience, and
meaning, memorable, and likeable
-Miami, FL is a huge - -brand name
-Brand equity - -the marketing and financial value associated with a brand's strength;
based on loyalty, awareness, perceived product quality, and brand associations; reflective
of long-term trust; "strength" of brand and brand "fit"; can be so strong that brand name
becomes the category name (master brand)
-Benefits to Consumers - -search cost reducer, signal of quality, risk reducer, symbolic
device
-Benefits to Companies - -source of competitive advantage, predictability and security of
demand, barriers to entry, financial returns
-Marketing creates, communicates, and ______ the product - -delivers
-Marketing creates _______ value - -intangible
-Intangible value - -value you can't hold in your hand; value a film has above and beyond
tangible assets; market value is greater than the tangible assets
, -Brands are intangible, but they have ________ impact on consumer product experience - -
tangible
-Aaker Model (5 levels of customer attitude toward a brand) - -1. Devoted to Brand
2. Values the brand (brand as friend)
3. Satisfied and Switching Cost
4. Satisfied Customer (no reason to change)
5. No Brand Loyalty (customer will change)
-Brand Equity Model: Brand Asset Valuator (BAV) - -Brand Equity is made up of
differentiation, relevance, esteem, and knowledge
multiple these four things together to get brand equity
if one of the four categories is 0, then there's no brand equity
-Brand Equity Models: Interbrand's Equity Formula - -Brand earnings are objective (brand
sales, cost of sales, marketing costs)
Brand strength is subjective (leadership, stability, market, geographic spread)
-The name "Apple" is intangible yet worth - -$214M
-Building strong brands start with - -positioning
-Building strong brand image - -provide identity, project the right message, saves time
-Building strong brand image triangle - -1. Values 2. Benefits 3. Attributes
-higher emotional connection with consumers as you climb upwards
-increasing difficult for competitors to copy positioning when climbing upwards
-Brand Image - -salient and feeling-related associations
-image we have of a product and the brand
-salient: important associations
-Brand personality - -specific "personality-type" traits or characteristics ascribed by
consumers to different brands
-masculine/feminine
-calm/exciting
-Brand Achetypes - -Carl Jung suggests that humans are not a "blank state" but rather a
combination of archetypes
-universal, archaic patterns and images that derive from the collective unconscious and are
the psych counterpart of instinct
-Brand Archetype Categories - -Social, order, ego, freedom
