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10 CONCEPT QUESTIONS NOEL G. ESCALO

Key Concepts A Brand is the identity of a specific product, service, or business. A brand can take many forms, including a name, sign, symbol, color combination or slogan. The word brand began simply as a way to tell one person's cattle from another by means of a hot iron stamp. A legally protected brand name is called a trademark. The word brand has continued to evolve to encompass identity - it affects the personality of a product, company or service.

Key Concepts Brand Equity - refers to the marketing effects or outcomes that accrue to a product with its brand name compared with those that would accrue if the same product did not have the brand name. At the root of these marketing effects is consumers' knowledge. In other words, consumers' knowledge about a brand makes manufacturers/advertisers respond differently or adopt appropriately adept measures for the marketing of the brand. The study of brand equity is increasingly popular as some marketing researchers have concluded that brands are one of the most valuable assets that a company has.

Key Concepts Brand equity is one of the factors which can increase the financial value of a brand to the brand owner, although not the only one. Elements that can be included in the valuation of brand equity include (but not limited to): changing market share, profit margins, consumer recognition of logos and other visual elements, brand language associations made by consumers, consumers' perceptions of quality and other relevant brand values.

Key Concepts Family branding is a marketing strategy that involves selling several related products under one brand name. Family branding is also known as umbrella branding. It contrasts with individual product branding, in which each product in a portfolio is given a unique brand name and identity.

Key Concepts Branded variants are nationally branded products which assume non-equivalent forms across retail outlets. Manufacturers create branded variants by making special variants of their nationally branded products for different retailers and encouraging retailers within the same region not to carry the same variants of the product. Branded variants may be created with changes in color, design, flavor, options, style, stain, motif, features and layout.

Key Concepts For example, although most wrist watches carry national brands such as Seiko, Armitron, Elgin or Timex, for each national brand many different variants exist. The same brand of watch may come with different bands, have different chimes and have a variety of special features. The same brand of watches may be digital, be analog, have large hands, have small hands, have luminous hands, have a sub-second hand, have no hands, be water resistant to 300 feet, be battery powered, have a calendar, have a daily alarm, and so on.

Key Concepts BCG Matrix Stars – are high growth, high share businesses or products. They often need heavy investments to finance their rapid growth. Eventually, their growth will slow down and will turn to cash cows. Cash cow – are low growth high share business or products. These established and successful SBUs need less investment to hold their market share. Question marks – are low share products in high growth markets. They require a lot of cash to hold their shares, let alone increase it. Dogs – are low growth, low share businesses and products. They may generate enough cash to maintain themselves but do not promise to be large sources of cash BRAND DEVELOPMENT

Key Concepts BRAND DEVELOPMENT Brand Name Product Category Existing New Existing Line extension Brand extension New Multibrands New brands

Key Concepts Line extension occur when the company extends existing brand names to new forms, colors, sizes, ingredients, or flavors of an existing product category. (The Cherios line of cereals includes Honey Nut, Frosted, Yougurt Burst, MultiGrain and several other variations) Brand extensions extends a current brand name to a new modified products in a new category. (Victorinox extended its venerable Swiss Army brand from multitool knives to products ranging from cutlery and ballpoints pens to watches, luggage and apparel)

Key Concepts Multi brands offer a way to establish different features that appeal to different customer segments, lockup more reseller shelf space and capture larger market share. (P&G’s six brands combined capture a 62% of the US laundry detergent market) New brand. A Company might believe that the power of its existing brand name is waning and a new brand name is needed or it may create a new brand when it enters a new product category for which none of the company’s current brand is appropriate. (Toyota created the Lexus brand targetting high end customers)

Key Concepts Brand elements are those trademarked devices that serve to identify and differentiate the brand. A brand audit is a consumer-focused exercise that involves a series of procedures to assess the health of the brand, uncover its sources of brand equity, and suggest ways to improve and leverage its equity Brand bonding occurs when customers experience the company as delivering on its brand promise.

Key Concepts Brand identity is the unique set of brand associations that represent what the brand stands for and promises to customers. Brand porfolio consists of the set of all brands and brand lines a particular firm offers for sale to buyers in a particular category. Brand knowledge consists of all the thoughts, feelings, images, experiences, beliefs and so on that become associated with the brand.

Key Concepts Brand valuation is an estimate of the total financial value of a brand Brand reinforcement activity associated with getting consumers who have tried a particular brand to become repeat purchasers and with attracting new users; brand reinforcement is a key objective of the growth stage of the product's life cycle.

Question 1 A branded variant is when specific brand lines are supplied to specific retailers or distribution channels. (True) Brand equity may be created by linking the brand to other information in memory that conveys meaning to consumers. (True) a) Both statements are true b) Both statements are false c) First statement is true; Second statement is false d) First statement is false; Second statement is true

Question 2 The family brand consists of the set of all brands and brand lines a particular firm offers for sale to buyers in a particular category. (False, brand portfolio) A brand is a "name, term, sign, symbol, or design, or a combination of these that identifies the goods and services of a seller. (True) a) Both statements are true b) Both statements are false c) First statement is true; Second statement is false d) First statement is false; Second statement is true

Question 3 A hound dog brand may be kept around despite dwindling sales because they still manage to hold on to a sufficient number of customers and maintain profitability with little or no marketing support. (False, cash cow) Dannon Yogurt offers several types of new yogurts, Fruit on the Bottom, Natural Flavors, and Fruit Blends to name a few. This is an example of a brand extension(False, line extension) a) Both statements are true b) Both statements are false c) First statement is true; Second statement is false d) First statement is false; Second statement is true

Question 4 Nike has the distinctive "swoosh" logo, the "Just Do It" slogan, and the "Nike" name based on a mythological goddess. These devices are called brand identities.(False, brand elements) Differentiation measures the degree to which a brand is seen as different from others. (True) Development costs are lower with individual branding than with blanket family branding. (False, vise versa) a) All statements are true b) Two statements are true c) Only one statement is true d) All statements are false

Question 5 Blanket family names are sometimes referred to as a "branded house".(True) In a category extension the parent brand is used to enter a different product category from that currently served by the parent brand.. (True) A licensed product is one whose brand name has been licensed to other manufacturers who actually make the product.(True) a) All statements are true b) Two statements are true c) Only one statement is true d) All statements are false

Question 6 Brand elements are those trademarked devices that serve to identify and differentiate the brand. (True) Brand awareness occurs when customers experience the company as delivering on its brand promise. (False, brand bonding) a) Both statements are true b) Both statements are false c) First statement is true; Second statement is false d) First statement is false; Second statement is true

Question 7 A brand audit is a consumer-focused exercise that involves a series of procedures to assess the health of the brand, uncover its sources of brand equity, and suggest ways to improve and leverage its equity.(True) When a firm uses an established brand to introduce a new product it is called a brand extension.(True) a) Both statements are true b) Both statements are false c) First statement is true; Second statement is false d) First statement is false; Second statement is true

Question 8 Nivea, a strong European brand, has expanded its scope from a skin-cream brand to a skin-care and personal-care brand through carefully designed and implemented brand extensions. This is an example of brand enhancement.(False, brand reinforcement) A brand audit is a consumer-focused exercise that involves a series of procedures to assess the health of the brand, uncover its sources of brand equity, and suggest ways to improve and leverage its equity.(True) a) Both statements are true b) Both statements are false c) First statement is true; Second statement is false d) First statement is false; Second statement is true

Question 9 In managing brand equity, it is important to recognize the trade-offs between those marketing activities that fortify the brand and those that attempt to leverage or borrow from existing brand equity.(True) Brand equity consists of all the thoughts, feelings, images, experiences, beliefs and so on that become associated with the brand. (False, brand knowledge) Honda uses the company name to cover different products such as automobiles, motorcycles, snowblowers, and snowmobiles. This is an example of a line extension. (False, category extension) a) All statements are true b) Two statements are true c) Only one statement is true d) All statements are false

Question 10 Brand equity is an estimate of the total financial value of a brand (False, brand valuation) Brand loyalty occurs when customers experience the company as delivering on its brand promise.(False, Brand bonding) Brand equity is the unique set of brand associations that represent what the brand stands for and promises to customers. (False, brand identity) a) All statements are true b) Two statements are true c) Only one statement is true d) All statements are false

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