Special Topics in Marketing Flashcards

Flashcards for review of marketing lecture notes.

What drives brand change?

Culture, target market (perceptual map), rebranding.

What is a brand?

An identifier, origin from cattle branding; a symbol, word, logo, or phrase.

How should we think of brands?

Higher order, trademark, information, meaning, related to culture.

What are the benefits of a brand?

Benefits to consumers (reduce search costs, know quality, etc.) and businesses (higher price, competition, etc.).

What are the types of brands?

Corporate, corporate parent, distinct product, brand extensions, co-brands.

What is branding?

Process whereby we establish brand (position) in the mind of the consumer, forms a connection.

What does branding do?

Helps consumer form expectations, enables reduction of risk, conveys prestige.

What is brand extension?

Leveraging a brand to expand into a new product category.

Why do we want brand extension?

Lends instant credibility, recognition, liking; transference of attitude from parent to extended brand.

What is the Central Notion of brand extension?

Majority of new products achieve instant credibility and success with brand extension.

Why should we be worried when an extended brand flops?

It affects the core brand.

What are the General Considerations for brand extension?

Transferability, complementarity, similarity of users, subject transfer.

What are Trivial Attributes?

A means of differentiation; assigned to a product that has no functional benefit.

What happens when things go wrong?

Product-harm crises.

What is a product-harm crisis?

Discrete, well-publicized occurrence whereby a product is found to be defective or dangerous.

What are the main characteristics of Word of Mouth (WOM)?

Interpersonal (2C) communication, informal, perceived as being more credible than other sources of information because there’s no financial gain, community-based.

What are the General Approaches to WOM?

WOM as an antecedent, WOM as a process, WOM as a consequence/outcome.

What is neuro-marketing?

Based on neuroscience; bypass consumers and use medical diagnostic procedures to tap into their brain.