BUAD 307 Final Exam Questions With Correct Answers
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Course
BUAD 307
Institution
BUAD 307
BUAD 307 Final Exam Questions With
Correct Answers
What is brand equity? - answerThe value a company gains from its name recognition and
associations when compared to other brands or a generic equivalent.
A company's most valuable asset.
Separates brands from products.
Simple definition expla...
BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
BUAD 307 Final Exam Questions With
Correct Answers
What is brand equity? - answer✔✔The value a company gains from its name recognition and
associations when compared to other brands or a generic equivalent.
A company's most valuable asset.
Separates brands from products.
Simple definition explains its value.
Customer Based Brand Equity - answer✔✔Product = thing on the shelf
Brand = idea in the mind
Keller's Brand Equity Model — CBBE Model - answer✔✔Pyramid's base is brand identity (who
are you).
Next layer going up is brand meaning (what are you).
Then comes brand response (what about you).
And last layer is resonance (what about you and me).
Brand Building Foundational Principles - answer✔✔Customer North Star — Outside-in
perspective.
Marketing structural framework.
Brand positioning development guidelines.
(BRAND MUST CONTROL ALL THESE ELEMENTS)
What is positioning and positioning statement? - answer✔✔Purpose and soul.
A concise statement that defines a brand's reason for being in the minds, hearts, and souls of its
consumers.
Brand positioning statement is the blueprint for brand equity.
,BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
Positioning: platform upon which all brand activity is built.
Cornerstone Role of Marketing - answer✔✔Rock solid brand positioning informed and refined
by consumer insights.
Passionately embraced and culturally infused in the company.
Responsibly and respectfully communicated.
Consistently and persistently delivered.
Refined and tuned as needed.
Defended against competitive threats.
Brand Positioning Core - answer✔✔Living up to and into the company/brand positioning must
be the driving force within the company and the platform upon which all consumer
communications, interactions, and experiences are based.
Positioning — Essential Input - answer✔✔Who is the target audience and what are their goals
and aspirations?
What are your product, service, or brand's attributes that define the space?
How is your product's attributes unique from your competitions' products?
What is your target market's ideal combination of attributes?
What is your target market's ideal combination of differentiators?
Positioning Map - answer✔✔Show where existing products and services are positioned in the
market so that the firm can decide on where they would like to place (position) their product.
Shows the positioning of brands as measured objectively.
Considers current positioning but with a focus on future positioning goals.
Positioning — An Evolution - answer✔✔Battle for the mind -> Building emotional bonds ->
Capturing hearts -> Connecting with higher purpose
Positioning Statement Requirements - answer✔✔Specific yet broad to encompass key marketing
elements.
Strong enough to support/build emotional connections.
Compelling to attract/cultivate brand advocates.
Positioning Requirements - answer✔✔Powerful, clear brand/company positions with purpose.
Drive superior performance.
Live it on the inside before sharing it outside.
, BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
Positioning Statement Template - answer✔✔1. To (market target), (brand name) is the brand of
(competitive frame) that (point of difference) because (reasons why).
2. To - target persona(s) encapsulation.
We are the brand if - define the category and competitive framework.
That provides - bundle of benefits articulation.
So that you feel - emotional rewards.
That's because unlike - competitive advantages framework.
We have/are/do - reasons to believe/proof.
Rebranding x Repositioning - answer✔✔Rebranding is an identity change. Examples include
changing a logo, graphics, or theme line.
Repositioning is a change in the brand's promise and overall personality. Create major change in
the target market's perceptions of the company's product offerings.
Repositioning Driving Factors - answer✔✔Downward trend in sales.
Shrinking core audience.
Industry shakeups.
Disconnect between marketing messaging and desires expressed.
Product line updates that are out of sync with your old brand promise.
Outdated value proposition for the current culture or market.
Marketing Research Process - answer✔✔1. Defining the objectives and research needs
2. Designing the research
3. Data collection process
4. Analyzing data and developing insights
5. Action plan and implementation
Quantitative x Qualitative Data - answer✔✔Quantitative is numerical, countable data.
Qualitative data is data that approximates and characterizes. Non numerical in nature. Observed
and recorded.
Classes of Data - answer✔✔First party data: data about your audience that you collect directly
from them.
Second party data: data an organization collects from its audience and sells directly to another
company.
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