MKTG 101 Study Guide - Quiz Guide: Brand
Document Summary
Why brands: value for customer: trust, reduced risk, value for firm: brand equity, longer revenue streams/product life, customer willingness to pay more, brand equity: commercial value derived from customer perception of brand name of a particular offering rather than from the offering itself, drives value more than profits in some cases, strong brands lead to: higher satisfaction and loyalty (cid:224) increase in clv, market share, prices, and margins, power of the brand: no correlation between what people like and the brand they prefer. Differentiation: value vectors, operational excellence (price/convenience, performance superiority (product performance/quality, relational/intimacy (customer service/anticipation of need, most successful companies: extreme strength on one dimension, parity on other two, overinvesting in second vector doesn"t necessarily translate to roi, associations with one product can be extended to entire line, purpose of endorsing and sub branding. Brand personality: beyond simple associations/image, five scales, sincerity, excitement, competence, sophistication, ruggedness, brand name, packaging, etc. also reinforce personality.
