BUAD 307 Final Exam Questions And Answers Latest Study Solutions
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Course
BUAD 307
Institution
BUAD 307
BUAD 307 Final Exam Questions And Answers Latest Study Solutions
Brand equity ANS Foundational core, company's most valuable asset
Truths of Brand Equity ANS It is an art
Separates brand from products
Explains its value, roadmap of building it
Positioning Statement ANS Blueprint of bran...
BUAD 307 Final Exam Questions And Answers Latest
Study Solutions
Brand equity ANS Foundational core, company's most valuable asset
Truths of Brand Equity ANS It is an art
Separates brand from products
Explains its value, roadmap of building it
Positioning Statement ANS Blueprint of brand equity
Brand scorecard
Keller's Brand Equity Model ANS 1. Salience: Identity (Who are you?) - Bottom
2. Performance & Imagery: Meaning (What are you?)
3. Judgments & Feelings: Response (What about you?)
4. Resonance: Relationships (What about you and me?) - Top
Brand Positioning ANS Brand owner's most important thinking and foundation of success
Do not leave without ANS Brand positioning
Company values
Competition-Based Positioning Triangle ANS 1. Establish a category
2. Point of difference
3. Point of difference
Circles for a Successful Value Proposition ANS Competitive offering
Customer needs & wants
Company Offering
,Points of parity and points of difference
Mapping Tools ANS Perceptual vs. Positioning maps
Perceptual Maps ANS Visual representation of consumer perceptions or potential customers
about specific attributes of an organization, brand, product, service, or idea
Stand alone tool that provides a brand of marketing insights
How consumers perceive the positioning of brands
Relevant to category dynamics and/or customer benefits
Positioning Map ANS Shows where existing products and services are positioned in the market,
so the firm can decide where to place their product
Shows the positioning of brands as measured objectively
Considered current positioning with future focus on goals
Need to be used and developed in conjunction with perceptual maps
Mapping Tools Generally ANS Test where unmet customer needs potentially exist
Identify where competitors might be vulnerable
Insights into how an under performing might be repositioned
Positioning Answers 4 Key Questions ANS 1. who is the garnet audience and what are their
goals? who is the product for?
2. what are your product service brand attributes that define the space? what does the product do for
your audience that is unique/better than competitive offerings?
3. what is your target market's ideal combination of attributes?
4. what is your target market's ideal combination of differentiators?
Positioning Now ANS Concise statement that defines a brand's reason for being in the minds,
hearts and souls of its consumers
Concept, idea, belief, truth
, Platform upon which other brands activity is built
Passion & purpose live it on the inside before sharing it outside
Criteria for Evaluating Positioning Statement ANS Is it memorable, motivating and focused to
the core personas?
Does it provide a clear, distinctive and meaningful picture of that brand that differentiates it from
competition?
Can the brand own it?
Is it credible and believable?
Does it enable growth?
Does it serve as a filter for brand decision making?
Implementing a Positioning Strategy ANS 1. Product/Service Strategy: product features, product
objectives, branding strategies
2. Distribution Strategy: channel objectives, channel management strategy, channel
type/design/intensity
3. Price Strategy: pricing objectives, pricing tactics
4. Sales Force Strategy: role and objective of sales force, required sales force training, support &
management
Rebranding vs Repositioning ANS Rebranding: outside, identity change involving looks and
aesthetics
Repositioning: inside, change in brand's promise and overall personality
Driving Factors of Repositioning ANS Downward trends in sales, shrinking core audience,
industry shakeups, disconnect between marketing messaging and desires expressed customers, lack
of brand appeal to younger generations, need to pivot away from brand confusion on negative
associations
Old Spice ANS Core Campaign: clearly defined objectives, sales and brand image/perception
changes, well defined targets (men and women synergy), clear & crisp creative brief
Creativity: simple but powerful creative idea with male and female appeal
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