CAMD 2000 Quiz

Maslow’s Hierarchy of Needs

Physiological —> Safety —> Love/Belonging —> Esteem —> Self-actualization

Three Benefits

Functional, Emotional, Self-expressive

Brand personality + how it benefits the brand

1. Tone of voice, visual identity, customer interaction.

2. Brand Equity, added value, relationship between customer and brand, help customers express identity

Brand personality is important when

Social conspicuous, availability scarce, complex product, target audience is highly self-conscious

Categories of brand personality

Gender, Geography, Color, Anthropomorphism, Personification

Brand personality Dimensions/ Framework

Sincerity (honest, cheerful), Excitement (spirited, imaginative), Competence (reliable, successful), Sophistication (upper class, charming), Ruggedness (outdoorsy, tough)

Brand Value

Financial amount the brand is worth stated on balanced sheet

Six aspects of brand equity

1. Brand image: perception

2. Brand identity: personality + promise

3. Brand awareness: which consumers are familiar with + recognize the brand

4. Brand association: functional, emotional, self-expressive benefits

5. Brand loyalty: brand preference + customer attitude

6. Customer perception: overall opinion of the brand/product

Brand positioning

• Market positioning 4P: product, price, promotion, place

• Product positioning: how you want your product to be seen/ used by target group

• Brand positioning: build relationship though designing brand’s offer + image, occupy a valued space in target customer’s mind

CBBE Model

Customer-based brand equity

1. Identity: brand salience —> meet customer needs —> brand awareness

2. Brand Meaning

• Rational: performance: how well the product meet customer needs

• Emotional: imagery: meets needs on social + psychological level

3. Response:

• Judgment: quality, credibility, consideration, superiority

• Feelings: warm, fun, excitement, security, special approval, self-respect

4. Relationship: brand resonance

• Behavior loyalty: regular and repeat purchase

• Attitudinal attachment: love the brand and see it as special purchase

• Sense of community

• Active engagement

Six Facets of Brand Identity

1. Physical: product features, symbols, attributes

2. Personality: character, attitude

3. Relationship: beliefs, association: understanding between consumer and brand

4. Culture: set of values symbolize the brand

5. Reflection: consumer’s view of the brand

6. Self-image:

• Internal mirror of consumers as user of the brand

• what consumers think about themselves

Prism element

Rallying Cry

• emotional modifier + descriptive modifier + brand category/ industry

• memorable, crisp, vivid

Brand Process: Six steps

1. Research

2. Brand Plan + Brand Strategy

• Brand Plan: construction schedule: focus on changing/ improving brand equity

• Brand Strategy: blueprint, long-term plan for development of a successful brand —> goal

3. Creative strategy

• Business Objective: measurable goal

• Core insight: audience behavior, fear, desire

• Single mandate: core message

• Tone of voice: emotional personality of communication

• Key delivery: outcome

4. Visual identity: core skills: research, analysis, drawing, typography, color theory

5. Execution: production: track outcome/ effectiveness

6. Measure: data analysis

Rebranding + Why + Benefits

• Changing a brand’s corporate image/ brand identity. E.g. name, logo, message, market position

• Refresh the brand, improve its appeals, address changes in market/ consumer expectations

Why: old fashioned, not consistent (created in specific/ ad-hoc situation), internationality (expand), likeness (created without thoroughly research)

Benefits:

• Stand apart from your competition —> easier to attract new customers

• Closing the disparity between what you think you should be able to charge VS what consumers think your services are worth

Product Life Cycle

1. Market introduction/ development

2. Market growth

3. Market maturity

4. Market decline

Brand Life Cycle

1. Informative: creating memorable brand identity

2. Persuasive: business expansion —> trust + loyalty

3. Reinforcement: refreshing brand elements, adapting to involving market trends —> maintain competitive edge

4. Reminder: unmatched needs: reminder to meet the changing demands of consumers

Brand extension + Six keys to successful brand extension + positive & negative feeling

Brand extension

1. Line extension: adding different flavor/ sizes/ application…

2. Category extension: enter a different product category

3. Complementary/ Companion extensions: similar to original line/ complementary to it in some way

4. Company Authority/ expertise extension: relies on trust in a brand within an industry

Keys to successful extension

1. Strength of parent brand

2. Recognized fit between parent brand and extended product

3. Promotional support + positioning of extended brand

4. Quality of extension product

5. Distribution tactics

6. Management of expansion

Positive

• Increase strength + customer base + long-term viability

• Strong trademark: easier for customers to accept brand extension

• Diminishes risk regarding consumers + reduces cost with marketing + promotion

Negative

• Cannibalizing parent brand

• Consumer confusion

• Seen as lazy version of new brand

Forms of Co-Branding + Pros & Cons

1. Ingredient Co-branding: materials/ parts contained within other branded products

2. Joint Venture Co-branding: two or more companies from a joint venture to jointly come up with + sell a product that will bear the branding of all participants

3. Same Company Co-branding

4. Multiple Sponsor Co-branding: two or more companies work together —> form strategic alliance in technology/ promotions/ skills…

Pros

• Costs of launching new products

• Customer loyalty

• Advertising + overhead costs

• Shared talents, experties, creativity

• Multiple selection for consumers

Cons

• Negative issues spread from one brand alliance to another

• Misalliance

• Dilutive effect

• Relying on another brand’s equity —> weak image