Key Point 1: More Than a Product
- What is a brand? Why is a brand more than just a product?
- Explain how brands work to transform products.
- Explain how brands work to create expectations.
- Define brand equity. Explain how brand equity relates to brand relationships.
- How do the tangible and the intangible components of brand equity differ? Why is the intangible side becoming a more important factor in estimating brand equity?
- Analyze your brand relationships. Do you buy any brands consistently? Are there product categories in which you choose from a set of brands, any one of which is acceptable to you? Are there product categories in which you have no brand preferences at all? Explain the differences among these three types of categories.
- List and explain the brand-building steps.
- What is a brand position?
- In choosing a brand name, what's the difference between using a benefit description strategy and an association strategy?
- What is a trademark? What is the role of a trademark in a brand-identity program?
- What is a brand image?
- Using the perceptual map below, plot the relative positions of three universities you considered attending in terms of "Academics" and "Fun." Rate each university on each factor from 1 to 10; then plot the schools' locations on the map. What other factors affected your choice of school?
- What are the key characteristics of a successful band relationship program?
- Describe the company and customer sides of a brand relationship, and describe the links that forge the relationship.
- Why do managers need to think about both customer acquisition and customer retention strategies? Is it more expensive to make a first sale or a repeat sale? Why?
- Have you ever been exceptionally disappointed (or exceptionally pleased) by a brand? Describe the five levels of relationship intensity.
- Explain the concept of "share of wallet."
- Why are employees a key stakeholder group?
- Why is loyalty important, and what rewards does a brand reap from loyal customers?
- What needs to happen to turn stakeholders into brand advocates?
- Why are all stakeholders important? What problem is created when the interests of all stakeholders are not considered in brand relationship programs?
- Describe a personal experience you have had as a customer. Explain your feelings about that experience. From the list of brand characteristics, identify the ones that seem to be the most fragile in your brand experience.
- Explain how the support of each stakeholder group affects brand equity.
- Why is brand extension used? What does it contribute to a brand from an IMC perspective?
- How do multi-tier branding, co-branding, and ingredient branding differ?
- What key problem does brand licensing create for IMC programs?
- If you were responsible for a chain of fast-food restaurants, what relationship policies would you establish for your employees? What suggestions would you make to better motivate the employees and increase the positive aspect of this contact point with customers?