What is the relationship between customer equity and brand equity? What is a dif
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Question
What is the relationship between customer equity and brand equity?
What is a different name for Brand Elements?
What is the test of the brand building ability of a brand element?
Why is it important for marketers to choose brand elements?
What are the six general criteria to qualify as ‘good’ brand elements?
Discuss options and tactics for each of the brand elements.
Why is the brand name a fundamentally important choice?
What qualities should a great brand name possess?
Explain the stages in a common naming procedure to produce a successful brand name.
What does a URL stand for?
What is the difference between logos and symbols?
What are benefits of logos and symbols?
What are characters and their benefits in branding?
What are slogans?
What is a tag line?
What should marketers consider when changing slogans?
What is a jingle?
What is packaging, and its functions?
What is the important benefit of packaging from the branding perspective?
What is shelf impact?
What is color vocabulary? Name brands with strong color association to their packaging.
What are the reasons that would prompt packaging changes?
Define brand identity.
Chapter 5
Fill in the blank: One implication of the conceptualization of customer based brand equity is that the ________________ in which brand associations are formed does not matter – only the resulting ________________ and strength, _____________, and uniqueness of brand associations (matter).
Define a “contact” and explain why the collection of contacts is important for branding experts.
________________ and ________________ thinking is necessary to create fresh new marketing programs that break through the noise in the marketplace to connect with customers.
Marketers must orchestrate programs to provide seamlessly integrated solutions and _____________ experiences for customers that create awareness, spur demand, and cultivate loyalty.
The modern economy celebrates the power of the individual consumer. To adapt to the increased consumer desire for personalization, marketers have embraced concepts such as ___________ marketing and ________________ marketing.
What is experiential marketing?
Saleable experiences come in four varieties, according to Pine and Gilmore. What are they?
What are the five different types of marketing experiences that are becoming increasingly vital to consumers’ perceptions of brands?
What is relationship marketing?
What are a few of the basic benefits relationship marketing provides?
What are the three concepts reviewed in chapter 5 that can be helpful with relationship marketing?
Mass customization enables consumers to ________________ themselves with even basic purchases.
What is the basic rationale of One-to-One Marketing?
What are some of the fundamental strategies based on which one-to-one marketing stands?
Another tenet of one-to-one marketing dictates treating different consumers ______________ because of their different needs, and their different current and future value to the firm.
According to one-to-one marketing tenets, more marketing effort should be devoted to the most __________________ consumers.
Loyalty programs such as that of Tesco help collect information on individual consumers to build the database, and deepen the _________________ between the brands and consumers.
Define Permission Marketing.
How can permission marketing be used to develop stronger relationship so that consumers will desire to receive further communications in the future?
What are the five steps of effective permission marketing?
In Seth Godin’s view, effective permission marketing works because it is “_____________________, __________________, and ____________________”
What is one drawback of permission marketing?
Discuss different aspects of CBBE that different approaches to increase consumers’ active engagement with brand.
What are the key development in each area of the first 3P of the marketing programs?
What is aftermarketing?
What is the objective of value pricing?
What are the three key components among which a proper balance should be achieved when employing an effective value-pricing strategy?
Creating value is crucial, but just delivering good value is necessary but not sufficient. Consumers have to understand and appreciate the value of the brand. Sometimes the value may not be obvious, then marketers may need to engage in marketing _________________ to help consumers better recognize the value.
What is yield management principles or dynamic pricing?
What is EDLP?
EDLP avoids sawtooth. What is sawtooth?
Define marketing channels
Shopper marketing emphasizes _______________________ between manufacturers and retailers on in-store marketing like brand-building displays, sampling promotions, and other in-store activities designed to capitalize on a retailer’s capabilities and its customers.
Define push and pull strategies
Although most successful marketers blend push and pull strategies, often push strategies are usually associated with more ________________ distribution, and pull strategies are associated with broader, more _____________________ distribution.
Is multichannel utilization the same as channel integration?
Explanation / Answer
Solution:
What is the relationship between customer equity and brand equity?
Ans: Brand knowledge structures depend on:
What is a different name for Brand Elements?
Ans: Brand elements are sometimes called Brand Identities.
What is the test of the brand building ability of a brand element?
Ans: The test of the brand-building ability of a brand element is what consumers think or feel about the product if they feel about the product if they knew only that particular brand element and not anything else about the product and how else it would be branded or marketed. A brand element that provides a positive contribution to brand equity conveys or implies certain valued associations or responses.
Why is it important for marketers to choose brand elements?
Ans: Good branding will give your customers a reason to care about your brand, your business, and your products. It should make your customers feel a part of something bigger than themselves and the product or service they are buying.
What are the six general criteria to qualify as ‘good’ brand elements?
Ans: The six general criteria are as follows:
Discuss options and tactics for each of the brand elements.
Ans: A variety of brand elements can be chosen that inherently enhance brand awareness or facilitate the formation of strong, favourable, and unique brand associations.
Why is the brand name a fundamentally important choice?
Ans: The brand name is a fundamentally important choice because it often captures the central theme or key associations of a product in a very compact and economical fashion
What qualities should a great brand name possess?
Ans: Like any brand element, brand names must be chosen with the six general criteria of memorability, meaningfulness, likability, transferability, adaptability and protectability in mind.
Explain the stages in a common naming procedure to produce a successful brand name.
Ans: The stages are as follows:
What does a URL stand for?
Ans: URLs (uniform resource locators) specify locations of pages on the web and are also commonly referred to as domain names.
What is the difference between logos and symbols?
Ans: Logos indicate origin, ownership, or association. Symbols range from corporate names or trademarks written in distinctive form to abstract designs that may be completely unrelated to the corporate name or activities.
What are benefits of logos and symbols?
Ans: The benefits are as follows:
What are characters and their benefits in branding?
Ans: Characters are a special type of brand symbol – one that takes on human or real-life characteristics.
Their benefits in branding are as follows:
What are slogans?
Ans: Slogans are short phrases that communicate descriptive or persuasive information about the brand. They are powerful branding devices because like brand names, they are an extremely efficient, shorthand means to build brand equity.
What is a tag line?
Ans: A short, memorable description that – hopefully – becomes something like a public earworm, getting stuck in people's brains.
What should marketers consider when changing slogans?
Ans: Recognize how the slogan is contributing the brand equity, if at all, through enhanced awareness or image.
Decide how much of this equity enhancement, if any, is still needed.
Retain the needed or desired equities still residing in the slogans as much as possible while providing whatever new twists of meaning are necessary to contribute to equity in other ways.
What is a jingle?
Ans: Jingles are musical messages written around the brand. Typically composed by professional songwriters, they often have enough catchy hooks and choruses to become almost permanently registered in the minds of listeners.
What is packaging, and its functions?
Ans: Packaging is an activity of designing and producing containers or wrappers.
What is the important benefit of packaging from the branding perspective?
Ans: The benefits of packaging are as follows:
What is shelf impact?
Ans: Shelf impact is a positive function of marketing presence. Meaning that the more shelf facings a package can obtain and the higher the brand’s penetration, the more shoppers will notice the package on the shelf.
What is color vocabulary? Name brands with strong color association to their packaging.
Ans:
What are the reasons that would prompt packaging changes?
Ans: Firms change their packaging:
Define brand identity.
Ans: Brand identity is how a business presents itself to, and wants to be perceived by, its consumers.
Chapter 5
One implication of the conceptualization of customer based brand equity is that the market in which brand associations are formed does not matter – only the resulting product and strength, place and uniqueness of brand associations (matter).
Define a “contact” and explain why the collection of contacts is important for branding experts.
Ans: A contact is a communication link between people or organizations. Contacts are important for branding experts because they help them to keep in touch with their consumers to get customer feedback.
Creative and responsible thinking is necessary to create fresh new marketing programs that break through the noise in the marketplace to connect with customers.
Marketers must orchestrate programs to provide seamlessly integrated solutions and unique experiences for customers that create awareness, spur demand, and cultivate loyalty.
The modern economy celebrates the power of the individual consumer. To adapt to the increased consumer desire for personalization, marketers have embraced concepts such as permission marketing and online marketing.
What is experiential marketing?
Ans: This is a marketing strategy that involves itself in direct communication with the consumer to ensure that the consumer takes part in developing the product brand.
Saleable experiences come in four varieties, according to Pine and Gilmore. What are they?
Ans: The four varieties are as follows:
What are the five different types of marketing experiences that are becoming increasingly vital to consumers' perceptions of brands?
Ans: the five different types of marketing experiences are as follows:
What is relationship marketing?
Ans: This is a form of marketing that focuses on a long term consumer producer relationship rather than a short term relationship that focuses on short term goals acquisition.
What are a few of the basic benefits relationship marketing provides?
Ans: The few basic benefits are as follows:
What are the three concepts reviewed in chapter 5 that can be helpful with relationship marketing?
Ans:
Mass customization enables consumers to satisfy themselves with even basic purchases.
What is the basic rationale of One-to-One Marketing?
Ans: The basic rationale is changing ones mode of doing activities following a customer’s feedback.
What are some of the fundamental strategies based on which one-to-one marketing stands?
Ans: Some of the fundamental strategies are as follows:
Another tenet of one-to-one marketing dictates treating different consumers equally because of their different needs, and their different current and future value to the firm.
According to one-to-one marketing tenets, more marketing effort should be devoted to the most recent consumers.
Loyalty programs such as that of Tesco help collect information on individual consumers to build the database, and deepen the relationship between the brands and consumers.
Define Permission Marketing.
Ans: This is the privilege of delivering desired information to the people that one wants to get into contact with, it recognizes the potentiality of the best customers to avoid marketing.
How can permission marketing be used to develop stronger relationship so that consumers will desire to receive further communications in the future?
Ans: An organization can develop strong relationships with their clients by not disclosing the customer information and also through using the internet to communicate as it is a cheaper means.
What are the five steps of effective permission marketing?
Ans: The five steps are as follows:
In Seth Godin's view, effective permission marketing works because it is “liberal, open and welcoming.”
What is one drawback of permission marketing?
Ans: Permission marketing is tied in forming a traditional marketing platform where the marketer has to attract the prospectus attention.
Discuss different aspects of CBBE that different approaches to increase consumers' active engagement with brand.
Ans: The different aspects are as follows:
What are the key development in each area of the first 3P of the marketing programs?
Ans: The key development in each area are as follows:
What is after marketing?
Ans: These are the steps that an organization takes after a sale that is completed to maintain the customer loyalty of the customer to come back again.
What is the objective of value pricing?
Ans: Value pricing helps to capture many customers. Value pricing is used uncover the right blend of product quality, product costs, and product prices that fully satisfies the needs and wants of consumers and the profit targets of the firm. Marketers have employed value pricing in various ways for years, sometimes learning the hard way that consumers will not pay price premiums that exceed their perceptions of the value of a brand.
What are the three key components among which a proper balance should be achieved when employing an effective value-pricing strategy?
Ans: The three key components are as follows:
Creating value is crucial, but just delivering good value is necessary but not sufficient. Consumers have to understand and appreciate the value of the brand. Sometimes the value may not be obvious, then marketers may need to engage in marketing _________________ to help consumers better recognize the value.
What is yield management principles or dynamic pricing?
Ans: Both concepts are based on the simple principle that you can sell what are in effect the same product / service at different pricing depending on a number of factors. Yield management more specifically is the objective of maximising the price you can sell your inventory of product / service at, each given time, to produce the maximum revenue and result overall.
What is EDLP?
Ans: This is the abbreviation of everyday low price. This is one of the marketing strategy that promises the customers of a better low price without waiting for the sale price events.
EDLP avoids sawtooth. What is sawtooth?
Ans: This is an internet marketing platform.
Define marketing channels.
Ans: These are a set of practices that are involved in the transfer of product ownership from the producer to consumer point.
Shopper marketing emphasizes coherence between manufacturers and retailers on in-store marketing like brand-building displays, sampling promotions, and other in-store activities designed to capitalize on a retailer’s capabilities and its customers.
Define push and pull strategies.
Ans: A push strategy is one that involves show rooms, and having the retailers to stick a product and at the end creating a supply chain therefore facilitating distribution. On the other hand pull strategy is one that encourages customers to consistently seek out a given product in case a producers brand is outstanding.
Although most successful marketers blend push and pull strategies, often push strategies are usually associated with more short term distribution, and pull strategies are associated with broader, more long term distribution.
Is multichannel utilization the same as channel integration?
Ans: No, these are two different entities.
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