Marketing Management Mcq Test Bank

1. Branding: This strategy involves creating a unique product identity, which customers can easily relate with and attach high quality. Branding is the process of creating an image or idea of a product or service in the market arena, which increases the demand for such product. It may include changing the packaging, creating brand names and improving

Branding is one of the most important aspects of any business structure. Your brand is meant to increase the competiveness against your company. “your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates

According to the American Marketing Association (AMA), a brand is a “name, term, sign, symbol, or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition”. However, as Keller highlights, a brand is also “something that has actually created a certain amount of awareness, reputation, prominence, and so on in the marketplace”. Therefore, a brand is an identity created to differentiate itself from the competitors and to be remembered in consumer’s mind.

15. There are five key components—or pillars—of brand equity. Which of those components or pillars measures the breadth of a brand’s appeal?

The value given to the brand by the consumer is the brand’s equity. The brand obtains its

Martin, G., Beaumont, P., Doig, R., & Pate, J. (2005). branding. European Management Journal, 23(1), 76-88. doi:10.1016/j.emj.2004.12.011

However, two questions often arise; What makes a brand strong and how do you build a strong brand. Keller developed the Customer-Based Brand Equity (CBBE) model on how to build a strong brand by following four steps (2001). It provides a unique perspective on what brand equity is and how a brand should be built, measured and managed. The four dimensions represent fundamental questions that customers invariably ask about brands and relate to brand identity, brand meaning, brand responses and brand

Your brand is more than your logo, name, or slogan – it’s the entire experience your prospects and customers have with your company, product, or service. Branding does not end with coming up with a good name, an even better logo, and slapping both on flyers, brochures and advertisements that you release to your target market. Your business’ brand strategy is not something that you should take lightly, if you want your brand to have meaning for your customers.

One of the most significant barriers comprises the brand equityenjoyed by most established brands. The repute of the brand is extremely important to customers; luxury brands such as Jaguar, Mercedes-Benz, BMW and Audi have a long and magnificent history to boast about, and the companies work hard to preserve the association between them and other symbols of individuality and of top-notch quality and performance.

Building a successful brand is effective if brand value is generated. Through the relationship performance between the relevant stakeholders and the brand, brand value can be created. Jones (2005) suggests, that one should acknowledge two key points while accessing the stakeholders:

Branding can be defined as “A name, term, sign symbol (or any combination of these) that help identifies the maker or seller of a product.” (Kotler & Armstrong, 2010)

A Brand is a product, service or concept is the other product, service or concept distinguish public so that it can easily to communicate and usually sell. A brand name is the distinctive name of the product, service or concept. Brand is the creation and dissemination of the brand in the process. Brand identity can be applied to the entire enterprise and for individual product and service names. The American Marketing Association (1960) proposed the following company oriented definition of a brand as:

Branding not only gives separate identity and easy recognition to the product but also creates special brand preference. Branding is an instrument of demand creation and demand retention. Brand equity refers

5. Why is brand equity so important to companies? What are the characteristics of an effective brand name?

The definition ‚branding‘ is often used as the blanket term from general marketing of a product to a name change or logo creation and helps the business to define the company’s position in the market. (Davis, 2009) In a world with such an excessive variety of products and services, we are all focusing ourselves on brands, because they promise us quality, security and guidance. Therefore branding has become so strong that nowadays hardly anything goes unbranded and it is clear that brands have far greater chances to survive than so-called No-Names. They exist in the brains of the costumers, because they are clearly and unambiguously positioned. To succeed in branding you have to realise what the needs and wants of your customer are. In the best of cases individual brands manage it to be a synonym for a whole product category. Well-known examples include ‘Tempo’ for handkerchiefs or ‘Fairy’ for washing-up liquids. (Unternehmer, 2010)