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Brand Building With Complete Solutions 100% Correct Latest Update
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Brand Building With Complete Solutions 100%Correct Latest Update
Old Marketing --> New Marketing - ANS Product orientation --> consumer orientation
Brand Definition by the American Marketing Association - ANS A brand is a customer
experience represented by a collection of images and ideas; often, it refers to a symbol
such as a name, logo, slogan, and design scheme.
Brand recognition and other responses are built up through direct experience with the
product or service in use, as well as indirectly through advertising, packaging, and
media comment.
Brand Equity - ANSWER Brand equity is the value added to the functional product or
service
by associating it with the brand name
Criteria for Brand Names - ANSWER - distinctive
- suggest product qualities
- suggest product benefits
- no poor foreign language meanings
- should be easy to pronounce, remember, recognize
Customer Based Brand Equity (CBBE) - ANSWER - Differential effect that brand
knowledge has on consumer response to the marketing of that brand
- The more you know about the brand and the more you like that, the more likely you are
to respond to its marketing in the ways intended
Brand Salience Pyramid- from bottom to top - ANSWER Unaware --> brand recognition
--> brand recall --> top of mind awareness = brand becomes commoditised!
,Building strong brand involves 4 steps: - ANSWER Brand identity (who is it) -
establishing brand awareness
Brand meaning - associations "what does it stand for"
Brand response - eliciting positive brand responses
Loyalty - forming sustainable brand relationships
Ultimate goal of any brand - ANSWER Brand Resonance
Brand resonance includes- ANSWER - behavioural loyalty
Attitudinal attachment(Strong positive attitude towards the brand)
Sense of community
Active engagement
Company Financial Brand Equity- ANSWER Differential effect of the brand on the
balance sheet of owner
Brand equity is the asset value of a brand.
It is based on NPV of cash flows associated with the brand:
NPV = Σ Casht[1/(1+k)]t
Three types of brand equity - ANSWER 1. Customer Based Brand Equity
2. Company Financial Brand Equity
3. Employer Brand Equity
Employer Brand - ANSWER The principle of brand equity turned internally toward
employees
Criteria for choosing brand elements - ANSWER memorable, meaningful, likable,
transferable, adaptable, protectable
, Brand Elements - ANSWER Brand names, logos, symbols, characters, slogans, jingles,
and even distinctive packages
Brand identity prism - ANSWER • It is the outward expression of the brand including its
name, trademark, communications and visual appearance.
These six aspects are divided into two dimensions:
• The constructed source vs. the constructed receiver: a well-presented brand has to be
seen as a person (constructed source: physique and personality) and also as the
stereotypical user (constructed receiver: reflection and self-image).
• Externalisation vs. internalisation: a brand has social aspects that define its external
expression externalisation: physique, relationship and reflection and aspects that are
incorporated into the brand itself internalisation: personality, culture and self-image.
brand identity - ANSWER - source/ company focused
- created by managerial activities
- encoded by "brand originator"
- identity is set
--> how the company wants to the brand to be known by the customer
brand image - ANSWER - receiver / target audience focussed
- created by perceptions of the consumer
- decoded by "brand receiver"
- image is received / perceived
--> how the brand is known by the customer
Brand Position - ANSWER The part of brand identity and value proposition that is
communicated to a target audience
Steps toward the building of a strong brand - ANSWER 1) At the birth of a new brand,
state the core values or core identity of the brand.
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