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MKG 400 Exam 2 Questions with Latest Update
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what is the constant challenge in product management, branding, and marketing in general? - Answer-Return on Investment How can marketers overcome the constant challenge in marketing? - Answer-with brand equity measurement and management Interbred's Methodology for measuring brand equity - An...

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  • October 25, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mkg 400 exam 2 questions with latest update
  • what is the constant challenge in product manageme

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  • FAML 400

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MKG 400 Exam 2 Questions with Latest
Update
what is the constant challenge in product management, branding, and marketing in
general? - Answer-Return on Investment

How can marketers overcome the constant challenge in marketing? - Answer-with
brand equity measurement and management

Interbred's Methodology for measuring brand equity - Answer-Brands are business
assets to create identification, promote differentiation, and add value
Strong brands drive business growth by influencing customer choice, commanding a
premium for products and services, creating passionately loyal customers
Brand value = Contribution of brand to business results = financial performance +
influence on customer choice + strength of the brand related to competition

what is a brand audit and why is it relevant to branding? - Answer-A comprehensive
examination of a brand; to discover its source of brand equity

List the sections of a typical brand audit - Answer-Executive Summary
Organizational Background
Brand exploratory
Brand inventory
Recommendations

Which typically comes first in a brand audit - the brand exploratory or brand inventory? -
Answer-Brand exploratory

in exploring your brand's organization background Identify and describe three types of
ownership structures - Answer-Corporate
Partnership
Sole Partnership

SWOT analysis - Answer-Internal and controllable: strengths and weaknesses
External and Uncontrollable: Opportunities and Threats
Positive: Strengths and Opportunities
Negative: Weaknesses and Threats

Components of a brand exploratory - Answer-Assess brand awareness and brand
association to determine if they are strong, favorable or unique

Whose prospective does the marketer take when performing the brand exploratory? -
Answer-the customers point of view; we ask "what's our brand image?"

, Describe the components of brand inventory - Answer-we determine brand inventory by
assessing the Brand architecture, brand elements, and marketing mix

whose perspective does the marketer take when performing brand inventory - Answer-
From the brand's point of view

Corporation - Answer-formally incorporated under state law and established as a
separate legal entity apart from its owners

Partnership - Answer-An unincorporated business owned by two or more persons.

Sole proprietorship - Answer-An unincorporated firm owned and operated by one
person.

Describe the components of a brand exploratory (3rd section of a brand audit) - Answer-
we ask "what's our brand image?" we assess brand awareness and brand associations
to determine if they are SFU (strong, favorable, unique)
Brand Resonance Pyramid (mental maps to visualize brand image)
Positioning Analysis (perceptual map and brand mantra)

Whose perspective does the marketer take when performing the brand inventory -
Answer-The Brands point of view

Components of a brand inventory - Answer-Identify a brands identity by:
Assessing the Brand Architecture, brand elements, and marketing mix

Quantitative Data - Answer-numerical data

Qualitative Data - Answer-descriptive data

Which type of data do marketers typically collect in conducting brand tracking studies? -
Answer-Quantitative (numbers based)

From whom do marketers collect data in brand tracking studies? - Answer-Collected for
customers

Brand Guidelines - Answer-Help us communicate internally to employees and externally
to any one outside of the organization who may be using our brand and its elements

Define Brand Architecture - Answer-The brands structure within an organizational entity;
includes all products and brands offered

Brand Potential- What questions should be asked to determine a brands vision? -
Answer-Who are we?

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