Brand Elements - Answer--Understand essential aspects of a brand
-Elements that help distinguish one brand
- Brand Names, website, characteristics, logos, slogans, Color Schema
Brands - Answer--Are the touch points to consumers
-Promise to deliver specific benefits with products of services t...
MKT 300 EATON EXAM 3 ASU
Brand Elements - Answer--Understand essential aspects of a brand
-Elements that help distinguish one brand
- Brand Names, website, characteristics, logos, slogans, Color Schema
Brands - Answer--Are the touch points to consumers
-Promise to deliver specific benefits with products of services to consumers
Brand Definition - Answer-A name, team, sign, symbol, or design, ot combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.
Branding - Answer--Core benefit
-Value Proposition
Core benefit - Answer-- What is the customer really buying
Value Proposition - Answer-- What does the brand deliver hat customers value
- Must be competitively superior
Attributes of strong brands - Answer-1 Consistent Brand Message
2 Focus on Long-term growth
3 Manage customer experience
4 Meaningful, memorable, likeable
Attributes of strong Brands - Answer-A strong brand occupies a distinct position in consumers minds based on a relevant benefits and creates an emotional connection between business and consumers.
The role of brands (branding components) - Answer-1 Higher perceived quality
2 price premium
3 greater market share
4 financial strength
5 brand extension
Brand Equity - Answer-Whats the value of the brand to you. - Brand Equity is the marketing and financial value associated whit a brands strength. - components of brand equity include brand name awareness, brand loyalty, perceived brand quality and brand associations.
Brand Equity benefits - Answer-- Value of a brand based on loyalty, awareness, perceived product quality and brand association - Can be so strong that brand name becomes the category name (master brand)
Brand benefits to consumer - Answer-- Search cost reducer - Signal of quality
- Risk reducer
- Symbolic device
Categories of New Product Adoption - Answer-- innovators
- early adopters
- early majority
- late majority
- laggards
New Product Development Process - Answer-
Importance of Services - Answer-
Distinguishing Characteristics of Services - Answer-- intangibility
- variability
- Inseperability
- perishability
Three Additional P's of Services - Answer-1. people
2. process
3. physical evidence product, price, place, promotion
Gap Model - Answer-1. consumer and manager
2. mgt and service
3. service quality and delivery
4. service delivery and external comm
5. expected and experienced service
Service Quality - Answer-- managers learn what customers want
- responsiveness
- assurance
- empathy
- tangibles
-
Marketing Mixes (Product/Promotion) - Answer-
Understanding the Service Experience - Answer--encapsulaiton of services benefits in consumers mind
Brand benefits to manufacturers - Answer-- source of competitive advantage
- predictability and security of demand
- barriers to entry
- financial returns
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