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Building Consumer Brands- Quiz With Complete Solutions Latest Update
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Building Consumer Brands- Quiz With CompleteSolutions Latest Update
Brand - ANSWER A name, sign, logo, symbol, design, or a combination of these things,
intended to identify the goods and services of one seller or a group of sellers and
differentiate them from the competition.
Brand Elements - ANSWER Name, logo, symbol. package design or any characteristic
that identifies a product and distinguishes it from others.
Functions of a Brand for Consumers - ANSWER - Identification of source of product
- Assignment of responsibility to product maker
- Risk Reducer
- Search Cost Reducer
- Promise, Bond, or Pact with maker of product
- Symbolic Device
- Signal of Quality
Brand's Effect on Consumers - ANSWER Brands and their meanings can change
consumers' perceptions and experiences with a product.
Functions of a Brand for Firms - ANSWER - Means of Identification to simplify
handling/tracing
- Means of legally protecting unique features
- Signal of quality level to satisfied customers (brand loyalty)
- Means of endowing products with unique associations (differentiation)
- Source of competitive advantage
, - Source of financial returns
Essential component to Branding - ANSWER Make consumers perceive differences
among brands within a product category (because some products cannot be physically
differentiated)
Brand Equity - ANSWER The marketing effects that can be purely accounted to the
brand. Provides a common foundation for assessing advertising efforts and projecting a
brand's value.
ex. 2 identical products, A & B, sells differently. The rationale behind this concept for
the difference sales volumes can be this.
Benefits of a Strong Brand - ANSWER - Improved product performance perceptions
- Greater Loyalty
Less exposure to competitive marketing moves i.e. reduction of price by competitor
Less exposure to marketing crises
Higher margin
Consumer response less elastic with regard to price increases
Consumer response more elastic with regard to price cuts
Greater effectiveness of marketing communications
Greater Trade cooperation and support
Potential for licensees
More brand extension opportunities
Sources of Brand Equity - ANSWER Brand Awareness (Brand Recognition + Brand
Recall), Brand Image (Build Associations by linking associations to Brand Attributes +
Brand Benefits) (Build awareness first, then image.)
Market Segmentation - ANSWER Divides the market into distinct groups of
homogeneous consumers who have similar needs and consumer behaviour, and who
thus require similar marketing mixes.
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