MKGT Quiz Branding & Product pt 2

What are the values of a strong brand?

Facilitates purchasing (consumer default to you), establishes loyalty (less competition), reduces marketing costs (loyalty is cheaper), acts as an asset, impacts market value, and protects from competition.

What are the three layers of branding?

Essence positioning is value or benefit provided. The identifier is the name or logo. Brand equity is the awareness, perceptions, and image of the brand.

What are the 3 brand positioning strategies?

Product attributes, benefits, beliefs, and values.

What are the three emotional branding templates?

Realization (curious, optimistic, comfortable), expression (freedom, notoriety), and trust (self assured, controlled, honesty).

What are the five common origins of brand names?

Personal names (person, founder), product category/key benefit, brand essence, fabricated names with meaning (specfic association), and acronyms.

What qualities make a good brand name?

Suggests benefits, easy to pronounce, memorable, distinctive, extendable (support of future categories), translatable across cultures, and legally protectable.

What are the five major types of brand logos?

Wordmark, letterform mark (initials, letters), pictorial (images or symbol), abstract (innovation, quality, modern), and emblem (history, authority, established).

What is a brand mantra?

A statement of what the brand stands for.

What is a brand motto?

A phrase that communicates the brand's promise to its target market.

What are the four types of brand sound marks?

Tune, music, jingle, and non-melodic sound.

What is brand equity?

The differential effect that knowing a brand name has on customer emotions, attitudes, and behaviors toward the product and its marketing. (Lecture definition: The set of assets and liabilities linked to a brand that add or subtract value from a product or service)

What are the four levels of brand recognition?

Brand loyalty, brand associations, brand perceived value, and brand awareness.

What are the benefits of brand loyalty?

Lower customer defection, lower price sensitivity, and lower marketing costs.

What are brand associations?

Mental links consumers make between a brand and its attributes (ex. Logo, slogan, famous personality)

What is brand perceived value?

The relationship between a product's benefits and its costs.

What is brand awareness?

Consumer familiarity with a brand and opinions about it.

What are the two dimensions of brand awareness?

Narrow is one occasion, place, problem, or consumer group. Broad is many occasions, places, problems, and consumer groups.

What are the three levels of awareness depth?

Recognition (most shallow), unaided recall, and top-of-mind awareness (deepest level, 1st to recall).

What are the five brand personality traits?

Sincerity, excitement, competence, sophistication, and ruggedness.

What is brand awareness?

The range of situations in which consumers think of a brand.

What is a product mix?

All products and items a seller offers.

What are the four dimensions of a product mix?

Width: # of different product lines

Product line length: # of items in a product

Depth/Breadth: # of versions offered for each item in a product line

Consistency: relativity of product lines in end use.

What is a product line?

A group of closely related products that have similar functions and are sold through similar outlets.

What is a horizontal product line?

Similar price and quality, representing different versions of the same product.

What is a vertical product line?

Different quality and price points.

What is product line length?

The number of items in a product line.

What is product line filling?

Adding new items between two existing ones.

What are the four types of new products?

Incremental improvements, expansion of existing product lines, new to the firm, and new to the world (radical innovation).

What are the steps to implement a new product?

Idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization.

What are the methods for idea generation?

Internal R&D, brainstorming, consumer input, crowdsourcing, licensing, and reverse engineering.

What is a product concept?

A detailed version of a new product idea stated in meaningful customer terms.

What are the prototyping stages?

Prototype, alpha testing, and beta testing.

When do firms use test marketing?

When the company has a new product with a large investment but is uncertain about the product or marketing program.

When do firms skip test marketing?

For simple line extensions or when competitors may find out.

What are Rogers' 5 factors influencing new product adoption?

Relative advantage, compatibility, complexity, trialability, and observability.

What is the product lifecycle?

1. Introduction: Little profit, slow sales. The goal is to distribute and bring awareness to this product.

2. Growth: Sales and profit increase. Promotion and manufacturing costs gain economies of scale.

3. Mature: Slow down in sales. Increased promotion and R&D to support sales and profits.

4. Decline

What are the three decline decisions for a product?

Maintain the product, harvest the product for profits until death, or drop the product.