39 terms

RCSC320 EXAM 1

STUDY
PLAY
Brand Elements
Name, logo, symbol, package design, other other characteristic that identifies a product and distinguishes it from others.
Product(s)
Anything we can offer to a market for attention, acquisition, use, or consumption that might satisfy a need or want.
-Ex) cereal, tennis racquet, automobile, airline, bank, or insurance company
Brand
Name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition.
Brand Equity
-Explains why different outcomes result from the marketing of a branded product or service that if it were not branded.
-Provides a common denominator for interpreting marketing strategies and assessing the value of a brand.
-Value can be created for a brand in many different ways.
Brand Management (4 steps)
1. Identifying and developing brand plans.
2. Designing and implementing brand marketing programs.
3. Measuring and interpreting brand performance.
4. Growing and sustaining brand equity.
Brand Attribute
Descriptive features that characterize a product or service.
Brand Awareness
Related to the strength of the brand node or trace in memory, which we can measure as the consumer's ability to identify the brand under different conditions.
Brand Benefit
The personal value and meaning that consumers attach to the product or service attributes.
Brand Feelings
Customers' emotional responses and reactions to the brand.
Brand Identity
The entire set of brand elements make up the brand identity.
Brand Building
1. Ensure identification
2. Establish the totality of the brand meaning
3. Elicit the proper customer responses to the brand
4. Convert brand responses to create brand resonance
Brand Building Questions
Who are you? (brand identity)
What are you? (brand meaning)
What about you? What do I think or feel about you? (brand responses)
What about you and me? (brand relationships)
Brand Image
Consumers' perceptions about a brand, as reflected by the brand associations held in consumer memory.
Brand Imagery
-The way in which the brand attempts to meet customers' psychological or social needs.
-Refers to more intangible aspects of the brand.
Brand Inventory
To provide a current, comprehensive profile of how all the products and services sold by a company are marketed and branded.
Brand Judgements
Customers' personal opinions about the evaluations of the brand, which consumers form by putting together all the different brand performance and imagery associations.
Brand Knowledge
Creates the differential effect that drives brand equity.
Brand Mantra
A short, three- to five-word phrase that captures the irrefutable essence or spirit of the brand positioning.
Brand Performance
Describes how well the product or service meets customers' more functional needs.
Brand Positioning
The act of designing the company's offer and image so that it occupies a distinct and valued place in the target customer's mind; the heart of marketing strategy.
Brand Recall
Consumers' ability to retrieve the brand from memory when given the product category, the needs fulfilled by the category, or a purchase or usage situation as a cue.
Brand Recognition
Consumers' ability to confirm prior exposure to the brand when given the brand as a cue.
Brand Resonance
Describes the nature of this relationship and the extent to which customers feel that they are "in sync" with the brand.
-relationship between customers and the brand
Brand Salience
Measures various aspects of the awareness of the brand and how easily and often the brand is evoked under various situations or circumstances.
Points-of-Parity (3 types)
1. Category POP: represent necessary (not sufficient) conditions for brand choice; exist primarily at the expected product level.
2. Competitive POP: associations designed to negate competitors' points-of-difference (POD); if the brand can "break even."
3. Correlation POP: potentially negative associations that arise from the existence of other, more positive associations for the brand.
-credible offers from the brand to consumers'
Points-of-Difference
Formally defined as attributes or benefits that consumers strongly associate with a brand, positively evaluate, and believe that they could not find to the same extent with a competitive brand.
-what is unique to the brand
Customer Equity
"The sum of lifetime values of all customers."
-Blattberg and Colleagues: optimal balance between what marketers spend on customer acquisition and what they spend on customer retention.
-Rust, Zeithaml, and Lemon: discounted lifetime values of a firm's customer base (3 components).
Breadth of Brand Awareness
Measures the range of purchase and usage situations in which the brand element comes to mind and depends to a large extent on the organization of brand and product knowledge in memory.
-gives the product identity by linking brand elements
-how likely it is for a brand element to come to mind
Customer-Based Brand Equity
Differential effect that brand knowledge has on consumer response to the marketing of that brand.
Depth of Brand Awareness
Measures the likelihood that consumers can recognize or recall the brand and the variety of purchase and consumption situations in which the brand comes to mind.
Market Segmentation
Divides the market into distinct groups of homogenous consumers who have similar needs and consumer behavior, and who thus require similar marketing mixes.
Internal Branding
Making sure that members of the organization are properly aligned with the brand and what it represents.
-develop and keep employees up to date,make sure they have deep understanding of brand
Target Market
Identifying the consumer target is important because different consumers may have different brand knowledge structures and thus different perceptions and preferences for the brand.
Chapter 1 Review
-brand: name, term, sign, symbol, design (or combo) to identify goods/services of one or group of seller(s)
-the different components of a brand are brand elements
-brands are distinguished from a product
-the key to branding is that consumers perceive differences among brands in a product category
Chapter 2 Review
-customer based brand equity: and its effect that brand knowledge has on a consumer
-occurs when consumer has high level of awareness
-brand knowledge: 1)awareness 2)imagery
-brand image is consumer perceptions as reflected by brand associations
-POD: what is unique to the brand
-POP: not necessarily unique but can be shared with other brands (credible offering)
-brand mantra: "heart and soul" of a brand (phrase)
Chapter 3 Review
-brand resonance model: 1)establish proper brand identity 2)create appropriate brand meaning 3)elicit right brand responses 4)forging appropriate brand relationships w/ customers
-6 brand building blocks: salience, performance, imagery, judgements, feelings, resonance
Market
set of actual and potential buyers who have sufficient interest in, income for, and access to a product
4 market segments
1. The sensory segment: seeking flavor and product appearance
2. The sociables: seeking brightness of teeth
3. The worriers: seeking decay prevention
4. The independent segment: seeking low price
5 levels of meaning for a product
1. Core benefit level: The fundamental need or want that consumers satisfy by consuming the product or service
2. Generic product level: basic version of the product containing only those attributes or characteristics absolutely necessary for its functioning but with no distinguishing features
3. Expected product level: a set of attributes or characteristics that buyers normally expect and agree to when they purchase a product
4. Augmented product level: includes additional product attributes, benefits, or related services that distinguish the product from competitors
5. Potential product level: includes all the augmentations and transformations that a product might ultimately undergo in the future
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