52 terms

RCSC 320 EXAM 1

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brand
a name, term, sign, symbol, or design or a combination of them, intended to identify the goods and services of one seller or group.
brand elements
these different components of a brand that identify and differentiate it
product
anything that can be offered to their market for attention, acquisition, use, or consumption that might satisfy a need or a want.
There are 5 levels of meaning of product
what are the 5 levels of meaning for a product
1. core beneficial level
2. generic product level
3. expected product level
4. augmented product level
5. potential product level
core beneficial level
(first level of a product)
the fundamental need or want that consumers satisfy by consuming the product or service
generic product level
(second level of a product)
the basic version of the product containing only those attributes or characteristics absolutely necessary for its functioning with no distinguishing features. this is basically a stripped-down no frills version of the product that adequately performs the product function.
expected product level
(third level)
a set of attributes or characteristics that buyers normally expect and agree to when they purchase a product
potential product level
includes all the augmentations and transformations that a product might undergo in the future
Consumers
encompass all types of customers, including individuals as well as organizations.
Products three catagories
1.search goods: like grocery produce, consumers can evaluate product attributes, like sturdiness, color, size, style, design, weight. and ingredient composition by visual inspection
2. experience goods: like automobile tires, consumers cannot assess product attributes like durability, service quality, safety, and ease of handling or use so easily by inspection
3. credence goods: like insurance coverage, consumers, may rarely learn product attributes.
store brands/ private labels
brands offer another way for retailers to increase customer loyalty and generate higher margins and profits.
brand equity
-one of the most important marketing concepts to arise in the 1980s
-branding is all about endowing products and services with the power of brand equity.
strategic brand management
involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity
strategic brand management process
four main 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 positioning model
describes how to guide integrated marketing to maximize competitive advantages
-designing companies image so that it occupies a distinct and valued place in the target consumers mind
brand resonance model
describes how to create intense, activity loyalty relationships with customers
-4 steps
1. ensure identification of the brand with cusotmers and an association of the brand in customers minds with a specific product class
2. firmly establish the totality of the band meaning in the minds of customers by strategically linking a host of tangible and intangible brand associations.
3. elict the proper customer responses to the brand
4. convert brand responses to create brand resonance and an intense, active loyalty relationship between customers and the brand
brand value chain
is a means to trace the value creation process for brands, to better understand the financial impact of brand marketing expenditures
brand equity measurement system
a set of research procedures designed to provide timely, accurate, and actionable information for marketers so that they can make the best possible tactical decisions in the short run and the best strategic decisions in the long run
brand audit
a comprehensive examination of a brand to assess its health, uncover its source of equity, and suggest ways to improve leverage that equity.
brand tracking studies
collect information from consumers on a routine basis over time, typically through quantitative measures of brand performance on a number of key dimensions marketers can identify in the brand audit or other means.
brand equity management system
a set of organizational processes designed to improve the understanding and sue of the brand equity concept within a firm.
-three major steps
1. creating brand equity charters
2. assembling brand equity reports
3. defining equity responsibilities
brand portfolio
the set of different brands that a particular firm offers for sale to buyers in a particular category
brand hierarchy
displays the number and nature of common and distinctive brand components across the firms set of brands
Positioning
requires defining our desired our ideal brand knowledge structures and establishing points-of-parity and points-of-difference to establish the right brand identity and brand image
***points-of-difference (PODs)
-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.
-functional, performance related, abstract, imagery related
-provide a competitive advantage and the reason why consumers should buy the brand.
customer-based brand equity
-the differential effect that brand knowledge has on consumer response to the marketing of the brand.
-3 components:
1. differential effect
2. brand knowledge
3. consumer response to marketing
associative network memory model
views memory as a network of nodes and connecting links, in which nodes represent stored information of concepts, and links represent the strength and association between the nodes.
brand association
related to the strength of the brand node or trace in memory, which we can measure as the consumers ability to identify the brand under different conditions.
brand image
is consumers perceptions about the brand, as reflected by the brand associations held in consumer memory
what causes brand equity to exist?
customer-based brand equity occurs when he consumer has a high level of awareness and familiarity with the brand and holds some strong, favorable, and unique brand associations in memory.
brand recognition
the consumers ability to confirm prior exposure to the brand when given the brand as a cue.
in other words when they go to the store, will they be able to recognize the brand as one to which they have already been exposed.
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. in other words, consumers recall of Kellogs corn flakes will depend on their ability to retrieve the brand when they think of the cereal category or of what they should eat for breakfast or a snack. whether at the store when making a purchase or at home when deciding what to eat.
what are the 3 benefits of creating a high level of brand awareness?
1. learning advantages- brand awareness influences information and strength of association that makeup the brand image.
2. consideration advantages-
3. choice advantages-
points of parity association (POPs)
-not necessarily unique to the brand nut may be shared with other brands.
3 types:
1. category-represent necessary conditions for brand choice
2.competitive-designed to negate competitors PODS "break even" with other brands.
3. correlational- if your brand is good at one thing it cant be seen as also good on something else.
brand mantras
a short 3 to 5 word phrase that captures the irrefutable essence or spirit of the brand
-mental filter, a consistent image, powerful device
brand management
-more difficult than ever due to savvy customer and economic downturn
-involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity
-4 steps
1. identify and develop brand plan
2. design and implement brand marketing program
3. measure and interpret brand performance
4. growing and sustaining brand equity
brand knowledge
-the key to creating brand equity bc it creates the differential effect that drives brand equity
-has 2 components
1. band awareness
2. brand image
brand attribute
descriptive features that characterize a product or service
brand salience
measures various aspects of the awareness of the rband and how easily and often the brand is evoked under various situations or circumstances.
breadth of brand awareness
measures the range of purchase and usage situations in which the brand element comes to mind
depends to a large extent on the organization of brand and product knowledge in memory
depth of brand awareness
measures how likely it is for a brand element to come to mind, and the ease with which it does so.
brand performance
describes how well the product or service meets customers more functional needs
brand imagery
-depends on extrinsic properties
-brands attempt to meet customers psychological and social needs.
-intangible aspects of the brand
1.user profiles
2. purchase and usage situation
3. personality and values
4. history, heritage, experiences
brand judgements
customers personal opinions about ? evaluations of the brand
1. quality
2. credibility
3. consideration
4. superiority
brand feelings
-customer emotional responses and reactions to the brand
ex: warmth, fun, excitement, security, social approval, self respect
brand ressonance
-describes how to create intense active, loyalty relationships with customers
-extent to which customers feel they are "in sync" with the brand
1. behavioral loyalty
2. attitudinal attachment
3. sense of community
4. active engagement
consideration set
the handful of brands that receive serious consideration for purchases
brand benefits
personal value and meaning that consumers attach to the product or service attributes.
laddering
one common market opportunity that often arises is the need to deepen the meaning of the brand to permit further expansion
reacting
one common market challenge is how to respond to competitive actions that threaten an existing position
brand functions
describes the nature of the product or service or the type of experiences or benefits that the brand provides
descriptive modifier and emotional modifier
descriptive modifier- further clarifies its nature, higher order experiences or benefits that a variety of different products could deliver

emotional-brand mantras; provides another qualifier
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