BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
BUAD 307 Final Study Guide- Wasiak
*Positioning: Format/templates, what questions must the positioning statement answer for the
consumer, evaluation criteria - answer✔✔It is the platform upon which all brand activity is built
Must be the driving force within the company and the platform upon which all customer
communications, interactions and experiences are based.
Think about who the product is for (personas) and what it does for them that the competitors
can't do
*Positioning map - answer✔✔It shows where existing products and services are positioned in
the market so that the firm can decide where they would like to place (position) their product.
-Considers current positioning but with a focus on future positioning goals
-Need to be used in conjunction with perceptual maps
*Positioning statement - answer✔✔a concise statement that defines a brand's reason for being in
the mine, heart and soul of its consumers
Needs to be believable and specific yet broad to encompass key marketing elements. Strong
enough to support emotional connections
*Brand Equity - answer✔✔The value a company gains from its name recognition and
associations when compared to other brands or a generic equivalent
Importance: Single most valued asset, built over time, digital condensed timeframes, requires
constant "appreciation", separates brands from products, and demands vigilant protection
How to build brand equity: Consistent experience, loyalty rewards, data security,
personalization, relationship building, and unexpected rewards
How to ruin brand equity: lying, mistreatment of employees, product failures, excessive profits,
etc
*Rebranding - answer✔✔outside -rebranding is an identity change involving looks and
aesthetics
*Repositioning - answer✔✔inside- repositioning is a change in the brand's promise and overly
personality
, BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
-More than changing a logo, create major change in the target markets perceptions of the
company's product offerings
-Only done when circumstances require it.
-Driving factors: downward trends in sales, shrinking core audiences, industry-shaking,
disconnect between marketing messaging and desires expressed by customers, product line
updates, outdated value propositions, lack of brand appeal, and need to pivot
Culture and its implications - answer✔✔-Culture is Shared beliefs, values, customs, behaviors,
and artifacts that the members of society use to engage with their world and with one another. A.
collective programming that shapes the way people think, feel, and act in a specific community
or country.
-The secret to success is cultural understanding
In global marketing, culture plays a massive role in shaping consumer behavior, communication
styles, and preferences.
-When marketing to a new place you must understand their local culture in order to avoid faux
pas
"Iceberg" metaphor of culture - answer✔✔Above the iceberg is observable and visible but below
the surface is not observable
Observable- behaviors and practices
Not observable- perceptions, attitudes, beliefs, and values
Hofstede's Cultural Dimensions - answer✔✔Power distance, uncertainty avoidance,
individualism, masculinity, time orientation, and indulgence all go into culture
Power distance- extent to which the less powerful members of orgs expect and accept that power
is distributed unequally
uncertainty avoidance- future cannot be known
Individualism- degree of interdependence society maintains
Masculinity- be best (m) liking what you do (f)
time orientation- links past with present and future
Indulgence- extent to which people control desires
standardization vs customization - answer✔✔There is a scale between customization and
standardization as it is rare to have a complete change on one side meaning modest adjustments
are usually made
Product customization - answer✔✔Completely new product made for each country
