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Lecture 7
Empirical Marketing
| Question | Answer |
|---|---|
| What are the brand elements? | - Name - Symbol - Package design - Any feature differentiating brands offering from competitors |
| What is the associative network memory mode of brand equity? | - Brand awareness: ability to identify a brand - Brand image: perceptions and associations with the brand - The model argues that the human mind is a network of nodes (BA) and connecting links (BI) |
| What is brand positioning? | - How and where the firm hopes to appear in the customers mind - Design elements include: ~ brand awareness ~ brand image ~ brand objectives ~ brand relative advantage ~ brand sustainability |
| What is the steps of building brand equity? | 1) build high level of brand awareness: provide anchor point for linking things to the brand 2) link the brand name to its points of parity + difference: define relative advantage 3) build relationship between brand + customer: barriers to competitors |
| What are marketing communication formats? | - Advertising - Sales promotion - Public relations - Events and experimental marketing - Direct and indirect marketing - Word of mouth - Personal selling |
| What is brand architecture? | - defines the rationale and structure among the firm, brand/product extension -House of brands -Endorsed brands -Sub-brands -Branded house |
| Describe house of brands | - can create distinctly positioned brands that convey the personality of a firms products by means of physical and perceptual benefits - each brand has its own brand equity - a firm commands more shelf space -firm incurs higher cost of advertising |
| Describe endorsed brands | - help differentiate and boost corporate brand - faster market penetration - quality assurance - can be subject to negative spillover effect of brand image in a scandal - brand dilution |
| Describe sub-brands | - high visibility parent brand - vulnerability - the stronger the link between the master brand and sub brand the the stronger the +/- spillover - High operating expenses of managing multiple brands |
| Describe single master brand | - Economies scale in marketing + efficiency in creating brand equity - Lower per item promo cost - likely to switch loyalty from 1 brand to other - good means to talk to public - aids brand extension - limit ability to expand from loss of identity |
| What are brand extensions? | - launch of new offerings by leveraging an existing brand - with brand line, the new offering is in the same product category but targets diff segment - with brand category, offering moves to diff product category - not all succeed - can stretch |
| What are the benefits from brand equity? | - sales and growth: easier to acquire new customers - profit enhancement: reducing costs or higher prices - loyalty effects: strong brands make customers more loyal, this is the largest barrier to competitive entry |
| What is the true loyalty matrix? | - True loyalty: positive feelings and action - Spurious loyalty: customer buy but have negative feelings and will switch when they find better - Latent loyalty: express positive attitudes but fail to buy products. Could be lack of access or funds |
| What are the approaches for understanding and measuring brand equity? | - Qualitative analysis: Can be used in early stages of brand audit - Quantitive analyses: Can be used to identify the causes or drivers of desired outcomes - Social media: Creates narrative |
| Describe social media with measuring brand equity | - Creates narrative about how people perceive a product or brand - Rich associative information contained in social tags can act as proxy measure of customer-based brand equity |
Created by:
janasultan
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