Exam 3 Review Study Guides for Marketing (MKT)300
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Brand: - answers name, term, sign, symbol or design, or a combination of them,
intended to
... [Show More] identify the goods or services of one seller or group of sellers and to
differentiate them from those of competitors.
How does branding help? - answers helps buyers identify and evaluate products, it
also benefits sellers by facilitating product introduction, repeat purchasing, and
promotional efforts
Attributes of Brands - answers A Strong Brand occupies a distinet position in
consumer's minds based on relevant benefits and creates an emotional connection
between businesses and consumers
• Consistent Brand Message
• Manage Customer Experience
• Focus on Long Term Growth
• Meaningful, Memorable, Likable
Brand Equity - answers Brand equity is the marketing and financial value associated
with a brand's strength
a Brand equity is how much the brand is worth, just like in finance equity means
how much value is there
What do you call it when the brand equity becomes so strong that consumers start
using corporate brand names to describe an entire product category - answers Master
Brands
Brand Equity Benefits to companies - answers Source of competitive advantage
• Predictability and security of demand
• Financial returns
• Any well known name is going to create a significant barrier to entry, which might keep
others from entering or succeeding within that product space
Brand Equity Benefits to consumers - answers search cost reducer, signal of quality,
risk reducer, symbolic device
Brands are intangible, but they have tangible impact on consumer product experience -
answers
How many levels were there to Aaker's customer attitude towards a brand - answers 5
Aaker's customer attitude: Ranked from highest to lowest - answers 1. Devoted to the
brand
2. Values the brand( brand as friend)
3. Satisfied and Switching Costs
4. Satisfied Customer ( no reason to change)
5. No brand loyalty (customer will change)
What are the 4 brand asset valuators? - answers Esteem
Knowledge
Relevancy
Differentiation
What happens if one of these values is 0? - answers There is no brand equity. Must be
able to differentiate between brands
What are the two major components of an Interbrand model? - answers Brand
Earnings
Brand Strength
Brand Earnings - answers Brand sales
• Costs of sales
• Marketing costs
• Retiest on oferpial charge
• Taxation
Brand Strength - answers Leadership (25%
• Stability (15%)
• Market (10%)
• Geographic spread (25%)
• Trend (10%)
• Support (10%)
• Protection (5%)
• Interbrand Global 100
Brand Personality ( 5 dimensions ) (don't need to know the 5 dimensions) - answers
specific "personality-type" traits or characteristics ascribed by consumers to different
brands
• Masculine/feminine
• Calm/exciting
Think about ascribing a human characteristic to a Brand
How many Brand Archetypes are there? - answers 12
What is a Brand Archetype - answers Universal, archaic patterns and images that
derive from the collective unconscious and are psychic counterpart of instinct
Private Brands - answers brand names that are owned by the retailer- Safeway select
soft drinks is an example of
Manufacturers brands - answers brands that one might find in any number of retailersPepsi is an example
Manufacturer's Brand Family Brand - answers Family brands are those brands that
use the companies name to market their products
• General Electric is a prime example here, they make fridges, washers, dryers,
dishwashers and every other home appliance
Manufacturer's Brand Individual Brand - answers Tide
• Think about first names- Beyonce, Rihanna what is there last name
Manufacturer's Brand Combination Brand - answers Combination brand is one in
which the company is paired with an individual brand name
• In many cases their is a good chance in which we know both the family and the
individual name
• Kellogg's Rice Krispies
Functions of packaging - answers Contain and Protect o Promote
• Facilitate Storage, Use and Convenience
• Facilitate Recycling
One might buy a brand if the brand uses less plastic and recycles more or the way
its packaged
Labeling - answers Promotes the product as well as provides information about the
product
• It can be thought of as serving 1 or both of two primary functions: persuading the
consumer with appealing labels as well as providing the consumer with the necessary
information to make a well informed decision
• TAKEAWAY- LABELING = PERSUASIVE + INFORMATIONAL
Persuasive (Subjective) - answers Focuses on the promotional theme
• Consumer information is secondary
Informational (Objective) - answers Helps make proper selections
• Lowers cognitive dissonance o Includes use/care
Intangibility - answers Intangibility is the primary source from which the other three
characteristics emerge
Variability - answers Variability is the difference in consistency from one service
transaction to the next
Inseparability - answers Inseparability is the simultaneous production and consumption
of the service
Perishability - answers "Use it or lose it [Show Less]