Marketing 480C Test One

  1. Brand
    a brand is a name, term, sign, symbol, logo, or design which is intended to identify the goods or services of one seller or group of sellers by differentiation.
  2. Brands are important to consumers... why?
    • –Simplification
    • –Risk reduction
    • –Lower search costs
    • –Symbolic device & signal of quality
  3. Brand management is as difficult as ever...?
    • –Savvy consumers
    • –Increased competition
    • –Decreased effectiveness of traditional marketing tools and emergence of new marketing tools
    • –Complex brand and product portfolios
    • –Proliferation of line extensions
  4. Characteristics of Strong Brands
    • •Vision of the mass market
    • •Managerial persistence
    • •Financial commitment
    • •Relentless innovation
    • •Asset leverage
  5. Core Benefit Level
    fundamental need or want that consumers satisfy by consuming
  6. Generic Product Level
    basic version of th eproduct containing only necesary attributes
  7. Expected Product Level
    additional product attributes that distinguish products from competitors
  8. Potential Product Level
    includes all trandsformations a product might undergo in the future
  9. Search Goods
    evaluatable by visual inspection
  10. Experience Goods
    evaluatable by trial and use
  11. Credence Goods
    evaluation is rarely found out, even after purchase
  12. Functional Risk
    product not up to expectations
  13. Physical Risk
    products are threat to health
  14. Financial Risk
    product not worth price paid
  15. Social Risk
    products result in social embarrasement
  16. Psychological Risk
    product affects mental well-being
  17. Time Risk
    products that don't work waste time
  18. Brand Extension Tendency
    brand line extension much more common and less expensive than brand creation
  19. Fragmented Market Share... why?
    • - Increasing Cost
    • - Increased Clutter
    • - Fragmentation
    • - Technology
  20. Increased Market Competition... why?
    • - globalization
    • - low-priced competitors
    • - brand extensions
    • - deregulation
  21. Steps to Strategic Brand Management
    • - identify and establish brand positioning
    • - planning and implementing brand marketing program
    • - measuring and interpretting brand performance
    • - sustaining customer brand equity
  22. Points of Parity
    competitive disadvantages a brand has
  23. Mental Map
    visual depiction of different associations a brand carries. accurately portrays in detail all salient brand associations and responses for a particular target market (e.g., brand users)
  24. Core Associations
    brand association that best characterises esence of band
  25. Brand Value Chain
    used to trace value creation process for brands, to better understand financial impact f brand marketing investments
  26. The Concept of Brand Equity
    • •The brand equity concept stresses the importance of the brand in marketing strategies.
    • •Brand equity is defined in terms of the marketing effects uniquely attributable to the brand.
  27. Determinants of Customer-Based Brand Equity
    • Customer is aware of and familiar with the brand
    • Customer holds some strong, favorable, and unique brand associations in memory
  28. Benefits of Customer-Based Brand Equity
    • •Enjoy greater brand loyalty, usage, and affinity
    • •Command larger price premiums
    • •Receive greater trade cooperation & support
    • •Increase marketing communication effectiveness
    • •Yield licensing opportunities
    • •Support brand extensions.
  29. Strategic Brand Management
    involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity.
  30. Depth of Brand Awareness
    • –Ease of recognition & recall
    • –Strength & clarity of category membership
  31. Breadth of brand awareness
    • –Purchase consideration
    • –Consumption consideration
  32. Brand Resonance
    the extent to which customers feel that they are “in synch” with the brand and the intensity or depth of the psychological bond that customers have with the brand
  33. Resonance Dimensions
    • •Behavioral loyalty
    • –Frequency and amount of repeat
    • purchases

    • •Attitudinal attachment
    • –Love brand (favorite possessions;
    • “a little pleasure”)
    • –Proud of brand

    • •Sense of community
    • –Kinship
    • –Affiliation

    • •Active engagement
    • –Seek information
    • –Join club
    • –Visit web site, chat rooms
  34. Associative Network Memory Model
    views the memory as consisting of a network of nodes and connecting links, wheres eachnode is stored information
  35. Brand Image
    consumers perceptions about a brand
  36. Brand Recall
    a customer's ability to retrieve teh brand from memory when given the product category or needs of the category
  37. Brand Recognition
    a customer's ability to confirm prior exposure to the brand when given the brand as a cue
  38. Consideration Set
    the handful of brands that recieve serious consideration for purchase
  39. Brand Attributes
    those descriptive features that characterize a product or service
  40. Brand Attributes
    person value and meaning that consumers attach to the product or service attributes
  41. Desireability?
    how relevent, distinctive, and believeable consumers finds brand associations.
  42. Deliverability
    the actual or potential ability of the product to perform
  43. Steps To A Strong Brand
    • - ensure identification of the brand with customers
    • - ensure understanding of brand totality and meaning
    • - eliit the proper customer responses to this brand
    • - convert brand response to create intense loyaltyBR
  44. Brand Salience
    measures the awareness of the brand and how easily it can be evoked under various situations of circustances
  45. Depth of Brand Awareness
    how likely it is for a brand element to come to mind, and the ease with which it does
  46. Breadth of Brand Awareness
    measures the range of purchase and usage situations in which the brand comes to mind
  47. Product Category Structure
    how product categories are rganized in the memory
  48. Brand Performance
    describes how well the product or service meets customer's more functional needs
  49. Value Equity
    objective assesment of the utility of a brand based on perceptions of what is given versus what is recieved. based on the measurements of quality, price, and conveniecnce.
  50. Brand Equity
    customer's objective and intangible assesment of the brand, above and beyond its objectively percieved value. three measurements are brand awareness, customers brand attitudes, and customers perception f brand ethics.
  51. Relationship Equity
    customers tendency to stick with the brand, abive and beyond objective and subjective assements of the brand. made via loyalty and recognition programs.
  52. Positioning Statement
    A positioning statement for a brand is the central idea that encapsulates a brand’s meaning and distinctiveness compared to other brands
  53. Actions Involved with Brand Positioning
    • •Define competitive frame of reference
    • –Target market
    • –Nature of competition

    • •Define desired brand knowledge structures
    • –Points-of-parity
    • –Points-of-difference
  54. Strategies to Reconcile Attribute & Benefit Trade-Offs
    • •Establish separate marketing programs
    • •Leverage secondary association (e.g., co-brand)
    • •Re-define the relationship from negative to positive
  55. Brand Mantra
    • -Brand mantras are short 3 to 5 word phrases that capture the irrefutable essence or spirit of the brand positioning and brand values.
    • -Brand mantra must clearly delineate what the brand is supposed to represent and therefore, at least implicitly, what it is not
  56. Positioning Guidelines
    • •Don’t change positioning too often
    • •Find robust, updateable positions
    • •Often POP’s can be as important – or more so – than POD’s
  57. Market
    a set of all actual or potential buyers who have sufficient interest in, income for, and access to the product
  58. Market Segmentation
    divides the market into distinct groups of homogeneous consumers who have similar needs and consumer behavior
  59. Brand Commitment Segementation
    • convertible - on the threshhold of change
    • shallow - not ready to switch, but considering
    • average - comfortable with choice, unlikely to switch
    • entrenched - loyal, unlikely to change in near or far future
  60. Criteria to Guide Segmentation
    • Identifiability - can segmement be identified
    • Size - adqequate sales size in segement
    • Accesebility - specialized distribution outlets to reach segement
    • Responsiveness - how well will tailored marketing program work
  61. Point of Difference
    attributes or benefits that consumers strongly associate with a brand, and positively evaluate, and believe coul dnot be found anywhere else.
  62. Unique Selling Proposition
    ads shoul dbe made to make case for uniqueness
  63. Sustainable Competitive Advantage
    a firm's ability to achieve an advtantage in delivering superior value in the marketplace for a prolonged period of time.
  64. Category Points of Parity
    represnet the most basic conditions for brand choice.
  65. Competitive Points of Parity
    • those associations designed to negate competitors' points of difference.
    • if a brand can simply match what other brands consider to be unique to them, they are in strong standing.
  66. Brand Functions
    describes the nature of the product or service or the type of experiences or benfits the brand provides.
  67. Brand Modifier
    further clarifies the genre of the experience (athletic, or family)
  68. Emotional Modifier
    describes emotional benefit of the experience
  69. Internal Branding
    making sure that members of the organization are properly aligned with the brand and what it represents
  70. Brand Audit
    comprehensive examination of a brand to discover its sources of brand equity.
  71. Marketing Audit
    is a comprehensive, systematic, independant, and periodic examination of a company's markting enviornment, objectives, strategies, and activities with suggestions to iprove and sustain marketing efforts.
  72. Brand Inventory
    is provide a current, in-depth profile on how all products and services sold by a company aremarketed and branded.
  73. Brand Exploratory
    detailed accounts of what customers think the brand stands for
  74. Relationship Marketing
    • provide more holistic, personalized brand experiences to create stronger consumer ties
    • –Mass customization
    • –CRM (Customer Relationship Marketing)
    • –After-marketing & loyalty programs
  75. Experiential Marketing
    • •Employ multiple touch points & multiple senses to demonstrate how product can enrich customers life
    • •Often involves special events, contests, promotions, sampling, on-line activities, etc.
  76. Permission Marketing
    “encourages consumers to participate in a long-term interactive marketing campaign in which they are rewarded in some way for paying attention to increasingly relevant messages.”
  77. One-to-One Marketing: Five Key Steps
    • •Identify consumers, individually and addressably
    • •Differentiate them, by value and needs
    • •Interact with them more cost-efficiently and effectively
    • •Customize some aspect of the firm’s behavior Brand the relationship
  78. New Economic marketing Field... why?
    • - digitization and connectivity
    • - disintermediation (via new middlemen)
    • - customization
    • - industry convergence
  79. Hemed is awesome. True or False?
  80. Percieved Quality
    • customer's perception of the overall quality or superiority of a product or service compared to alternatives and with respect to its intended purpose.
    • graded by performance, features, conformance, reliability, durability, serviceability, stayle and design.
  81. 3D Marketing
    • functional benefits (product and performance attributes)
    • process benefits (ease of access to product information, and overall ease of use involved with product)
    • relationship benefits (value based on personalized service, strong emotional relevance, information sharing)
  82. Mass Customizations
    making products to fit the customer's exact specifications
  83. Loyalty/ Frequency Programs
    • programs that reward customer behavioral loyalty
    • purpose is identifying, maintaining, and increasing the yield from a firm's best customers through interactive, value-added relationships
  84. Forward Buying
    retailers order more product than they plan to sell during the promotional period so they can make extra cash by selling it at regular prices after the promotional offer expires
  85. Diverting
    retailers pass along or sell the discounted products to retailers outside the designated selling area
  86. Marketing Channels
    are defined as sets of interdependant organizations involved in the process of making a product or service available for use or consumption.
  87. Direct Channels
    means selling through personal contacts from the company to prospective customers by mail, phone, or electronic means.
  88. Indirect Channels
    sell through a third-party intermediaries such as agents or broker representatives, wholesalers, or distributors.
  89. Pull Strategy
    costumers use their buying buyer power and influence on retailers "pull" the product through the channel
  90. Push Channel
    called as such because the manufacturer is attempting to reach the consumer by "pushing" the product through each step of the distribution chain
  91. Brand Variants
    branded items in a diverse set of durable and semidurable goods categories that are not directly comprable to other items carrying the same brand name
  92. Co-Op Advertising
    a manufacturer pays for a portion of the advertising that a retailer runs to promote the manufacturer's product and its availability
Card Set
Marketing 480C Test One
All the vocab from chapters 1,2,3,5.