MAR4480 EXAM QUESTIONS AND ANSWERS WITH COMPLETE
SOLUTIONS VERIFIED GRADED A++
What is the 5th P?
people
Branding strategy
- While these technical aspects of branding are important, branding strategy involves
much more than developing a clever brand name or unique brand mark
- To truly be effective, brand should succinctly capture the total offering in a way that
answers a question in the customer's mind
private label
- Can create other benefits
- Sometimes called store brands (but never generic brands)
- Brands owned by the merchants that sell them
- Walmart's Great Value or Walgreens Nice! or Costco's Kirkland
Manufacturer brands
- Name brand products produced by a manufacturer
- Manufacturer brands are important in driving customer traffic
,-Also give customers confidence that they are buying a widely known brand from a
respected company
Individual branding
- Firm uses when it gives each of its product offerings a different brand name
- Ex: Frito-Lays (Doritos, Cheetos, Tostitos, Miss Vickie's) and Estée Lauder (Aveda,
Bobbi Brown, Bumble and Bumble, MAC)
- Key advantage: the potential poor performance of one product does not tarnish the
brand image of other products in the firm's portfolio
- Useful in market segmentation when the firm wants to enter many segments of the
same market
Cobranding
- Relationships with other firms are among the most important competitive advantages
that can be held by an organization
- Cobranding: the use of 2 or more brands within one product to capitalize on the equity
of each brand
- Leverages the image and reputation of multiple brands to create distinctive products
with distinctive differentiation
- Common with processed foods and credit cards; General Mills & Hershey, Taco Bell &
Frito Lays (Dorito)
, - Successful because the complementary nature of the brands used on a single product
increases perceived quality and customer familiarity
Brand preference
- A stronger degree of brand loyalty where a customer prefers one brand to competitive
brands and will usually purchase this brand if its available
- Ex: customer prefers Coke but if unavailable, will usually accept substitute like Pepsi,
rather than putting more effort to find and purchase Coke
brand equity
The value of a brand to the firm is often referred to as brand equity
- Another way to look at it: the marketing and financial value associated with a brand's
position in the marketplace
- Usually has ties to brand name awareness, brand loyalty, brand quality, and other
attributes
Brand names: Aspirin and Escalator
- Firms need to protect the value of their brand, monitor competitive behavior for
infringement that could deceive customers
- Patent, copyright, intellectual property law: is growth industry
- Without these protections, firms risk having their brand become synonymous with an
entire product category
- Former brand names that their parent companies didn't protect sufficiently include
aspirin, escalator, nylon, linoleum, kerosene, shredded wheat
SOLUTIONS VERIFIED GRADED A++
What is the 5th P?
people
Branding strategy
- While these technical aspects of branding are important, branding strategy involves
much more than developing a clever brand name or unique brand mark
- To truly be effective, brand should succinctly capture the total offering in a way that
answers a question in the customer's mind
private label
- Can create other benefits
- Sometimes called store brands (but never generic brands)
- Brands owned by the merchants that sell them
- Walmart's Great Value or Walgreens Nice! or Costco's Kirkland
Manufacturer brands
- Name brand products produced by a manufacturer
- Manufacturer brands are important in driving customer traffic
,-Also give customers confidence that they are buying a widely known brand from a
respected company
Individual branding
- Firm uses when it gives each of its product offerings a different brand name
- Ex: Frito-Lays (Doritos, Cheetos, Tostitos, Miss Vickie's) and Estée Lauder (Aveda,
Bobbi Brown, Bumble and Bumble, MAC)
- Key advantage: the potential poor performance of one product does not tarnish the
brand image of other products in the firm's portfolio
- Useful in market segmentation when the firm wants to enter many segments of the
same market
Cobranding
- Relationships with other firms are among the most important competitive advantages
that can be held by an organization
- Cobranding: the use of 2 or more brands within one product to capitalize on the equity
of each brand
- Leverages the image and reputation of multiple brands to create distinctive products
with distinctive differentiation
- Common with processed foods and credit cards; General Mills & Hershey, Taco Bell &
Frito Lays (Dorito)
, - Successful because the complementary nature of the brands used on a single product
increases perceived quality and customer familiarity
Brand preference
- A stronger degree of brand loyalty where a customer prefers one brand to competitive
brands and will usually purchase this brand if its available
- Ex: customer prefers Coke but if unavailable, will usually accept substitute like Pepsi,
rather than putting more effort to find and purchase Coke
brand equity
The value of a brand to the firm is often referred to as brand equity
- Another way to look at it: the marketing and financial value associated with a brand's
position in the marketplace
- Usually has ties to brand name awareness, brand loyalty, brand quality, and other
attributes
Brand names: Aspirin and Escalator
- Firms need to protect the value of their brand, monitor competitive behavior for
infringement that could deceive customers
- Patent, copyright, intellectual property law: is growth industry
- Without these protections, firms risk having their brand become synonymous with an
entire product category
- Former brand names that their parent companies didn't protect sufficiently include
aspirin, escalator, nylon, linoleum, kerosene, shredded wheat
