MKTG 656 Exam 1

Should you have both POD and POP?

Should you have both POD and POP?

Yes

To have effective POD, you must have?

Desirability, Differentiation, and Deliverability

Sources of Brand Equity

Brand Image and Brand Awareness

What were early brands an identifier of?

Signified a company’s products

Brand Equity

Knowledge about a brand that impacts consumers’ response to the marketing of that brand 

Brand Awareness

What are the products offered by the brand, benefits provided, and needs met by the brand

Brand Recognition

Consumers ability to recognize brand from past exposure when they see it in the present

Brand Recall

Brand is at the front of consumers minds and can be RECALLED

Brand Image

Unique to brand; How does the brand make products superior? What strong, favorable, and unique associations exist in consumers’ minds?

Brand Positioning

Determining how to position brand in the mind of your target consumers using key dimensions

Descriptive Segmentation

Brands segment based on personal characteristics, demographics, geographic

Behavioral Segmentation

Segment based on how they think or use the brand’s products; tends to be more effective however trickier to implement

Key Competitors

Often dictated by target market and based on overlap between brand’s target market and that of competitors

Competitive Points of Parity

Neutralize competitors point of differences; eliminate their source of competitive advantage

Correlational Points of Parity

Potentially negative; brands point of difference and industries different

• EX: What’s healthy for us is less tasty

Points of Difference

Imagery and Performance.

1. Desirable

2. Deliverable

3. Differentiating

Brand Salience

Notion of brand awareness; able to identify the general needs the brand completes; general information of brand

Brand Performance

How well brand meets consumers practical needs, functions, features, aesthetics

Brand Imagery

All about imbuing the brand with meaning, brand imagery relates to abstract notions

• User profiles

• Purchase and usage situations

• Personality and values

• History, heritage, & experiences

Brand Resonance

Making consumers form a relationship with the brand

• Behavioral loyalty

• Attitudinal attachment

• Sense of community

• Active engagement

Brand Building Implications

1. Don’t take shortcuts with brands

2. Brands should have duality

   1. Use/affect both heart and mind

3. Brands should have richness

4. Brand resonance provides important focus

Brand Audit

The goal of the brand audit is to determine the brand’s sources of equity through a comprehensive audit; will show whether their current marketing efforts are sufficient

Brand Inventory

Firm’s perspective and how they market, design, promote and price their products; collect same information from brand’s key competitors as well as determining key points of parity and differences

Helps determine where consumer’s perception is coming from and where the brand’s perceived perception matches up with the actual one

Brand Exploratory

How consumers perceive the brand and the sources of equity that exist in consumers mind; sometimes will interview marketing managers to see how they think customers perceive the brand before they interview consumers (makes it apparent when there is a mismatch between brand and consumers)

Research involves talking to consumers who are the target market about brand and brand’s competitors

Quantitive Research

Follow up on raw associations using more guided survey based questions that have quantifiable responses (Ranking, Numerical Value, etc); test strength favorability and uniqueness that were first discovered in qualitative research

Free Association

Most popular, straightforward and effective to unlock consumers' brand perception; what comes to consumers' mind when they think of a word, brand, or idea?

• EX: What comes to mind when you think of Nike?

ZMET

More involved that relies on non-verbal information; collect 12 images that show how they think or feel about the brand and bring them to a intense 2 hour interview

Projective Techniques

Uncover consumers perception of brand when they are unwilling to share them; do so ambiguously; can use comparison tasks when comparing brand and something else unrelated; great way to get answers on a brand’s personalities and values

Brand Revitalization

Bringing a brand back to life

• Back to Basics: EX: Burberry

• Brand Reinvention: EX: Mountain Dew

Improving Brand Image

• Identifying the target market

  • Retaining customers

  • Recapturing lost customers

  • Identify neglected customers

  • Obtain new customers

• Repositioning the brand

• Changing brand elements

Branded House

Maximizes the use of the parent brand; expected to have characteristics of parent brand

EX: GE Power, GE Aviation

House of Brands

There is a parent brand but all other brands underneath it are on their own

EX: P&G Brands such as Pampers, Tide, Crest

Sub-Brands

Subdivisions of main brand

EX: Toyota Camry, Toyota Prius, etc

Endorsed Brands

Parent brand plays a minor role with the focus being on the extension brand; flex the parent brand very subtly; lends credibility to extension

EX: Courtyard by Marriott; Residence Inn by Marriott

Depth of Awareness

How easily customers can recall or recognize the brand

Breadth of Awareness

The range of purchase and consumption situations in which the brand comes to mind

Negative Brand Equity

Lower trust in the brand; tends to happen when brand fails to deliver on what is expected of them; decreased customer loyalty, lower profit margins