Brand Management Exam 1 With 100% Correct Answers

Brand Management Exam 1 With 100% Correct Answers Brand -ANS 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 Brand culture -ANS Shared, taken-for-granted brand stories and associations Components of brand equity -ANS 1. brand awareness 2. perceived quality 3. brand associations 4. brand loyalty 5. other brand assets Young and Rubicam BrandAsset Valuator (BAV) model -ANS Judges based on: differentiation +relevance (brand strength) esteem + knowledge (brand) Challenges in brand management -ANS - Traditional vs. contemporary approaches - Corporate vs. consumer value - Short-term vs. long-term vision - Maintaining consistency vs. relevancy Positioning statement formula -ANS For (target market), Brand X is the only brand among all (competitive set) that (unique value claim) because (reason to believe). Brand elements -ANS Memorable Meaningful Likeable Transferrable Adaptable Protectable Brand positioning -ANS The way a brand is perceived within a given competitive set in the consumer's mind