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18 Cards in this Set

  • Front
  • Back
How is a Label different from a Brand?
Label(L) = Product(P)x Identity(D)-> A Label distinguishes the product of a particular company but does not convey any added value.
What are the 3 elements of a successful brand image?
Product(P)x Identity(D)x Added Value(AV)
People do not want products? What do they want instead?
Solutions to their problems.
Describe how brand image is different from brand identity.
Brand image is what the customer perceives; Brand identity is the message about the brand that the marketer wants customers to receive.
Brand building needs a model. What does a model do?
A model identifies the variables constituting a brand, defines the relationships between the variables, and predicts the effects of changes on consumer response.
What are the advantages of using a model for brand building or management amongst executives?
A model provides a language for executives to discuss brands in a meaningful & precise way. Without a common framework it is difficult for non-marketing managers in particular, to contribute to discussing the value and potential of a brand, thus leading to undervalue the importance of the brand, which can lead to weak management & inadequate investment.
How can a model for a brand be useful for evaluation?
It assists people to evaluate whether a brand is being managed effectively. e.g. if an advertising campaign or a new design is consistent with the image of the brand and leverages is strengths?
Is a model for a brand relevant to brand strategy?
Definitely. a model can contribute to developing brand strategy by illuminating the important issue of how to extend the brand to capture new growth opportunities.
How is the benefit of a product branding strategy different from a brand extension strategy?
Product branding strategy allows each brand to be strongly differentiated & facilitate the company to cover the market with individual brands targeted to each segment. It also reduces risk: a failure of one brand. would not damage the rest of the business. Brand extension strategy focus support around a smaller number of "power brands", reducing marketing costs. It also facilitates new product acceptance.
What are the limitations of product brands?
They are limited in the perimeter of their brand extension possibilities to line extensions around an inner core.
Are there any limitations in brand extension for aspirational brands, and in particular, experience brands?
Np. It can extend out from line extensions to an outer core where consumers can make spontaneous associations with it, and then on to vast areas of latent potential that are consistent with the brand's core.
If a brand, or set of brands, ceases to generate value for shareholders, what are the alternatives for management?
repositioning, revitalization, improving brand productivity, brand elimination
When will Repositioning be considered as a viable alternative?
If the brand has a weak position in an attractive market.
When will Revitalization be considered as a viable alternative?
when the brand is potentially strong but its current market is not sufficiently attractive to offer adequate profit opportunities.
[Pricing for Value]Why is pricing important?
It is the only element of the marketing-mix that directly produces revenue: all others produce costs. The short-term impact of price changes on both profits and sales is usually much greater than averitisng or other marketing mix changes. Price is also a highly flexible tool; while new products or changes in channels or communications policies can take years, prices can usually be adjusted very rapidly.
[Pricing for Value]Despite the importance of pricing, few companies are good at pricing strategy. What is the pricing behavior of most companies?
Most do not collect adequate information and rely on rules-of-thumb that lead to decisions that are very costly in shareholder value terms.
[Pricing for Value]What is the impact of the information revolution and the Internet on Pricing?
It makes markets more price-sensitive, placing greate pressure on suppliers' operating margins.
[Pricing for Value]With the increasing complexity of markets, what impact it is on pricing decsions?
Pricing decisions are becoming more critical. For the consumer market, all markets are becoming more segmented, which has resulted in firms having to broaden their product lines with different products aimed at different types of customers. For the business-to-business market, it is similarly shifting from coo,odity selling to speciality products. The result is that firms do not price products in isolation but have to develop product-line pricing strategies that take into account interdependencies within the range.