Marketing Chp-1

1. What is one of the most valuable assets for many firms and other organizations?

ANS: The most valuable assets for many firms and other organizations are Brand Names associated with their products and services.

1. What is one of the management imperative?

ANS: Creating strong brands that deliver on that promise, and maintaining and enhancing the strength of those brands over time, is a management imperative.

1. Define a brand according to the American Marketing Association.

ANS: Brand is a “name, term, sign symbol, or design or a combination of them intended to identity the goods and services of one seller or group of seller and to differentiate them from those competitors

1. What are the two major functions of a brand, according to the AMA definition?

ANS: Identification of a product and distinguishing it from others.

1. What is the difference between a ‘brand’ as defined by the AMA and a ‘Brand’ as the industry conceptualizes?

ANS: we can make a distinction between the AMA definition of a “brand” with small b and industry’s concept of “Brand” with a big B.

1. What are the differences between a Product and a Brand?

A product is anything we offer to a market for attention, acquisition, use or …etc consumption that might satisfy a need or want. It can be a physical good or a service or a person or a non-profit or a city

A brand is more than a product. Because it can dimensions that differentiate it in some way from other products designed to satisfy the same need. These difference may be rational and tangible – related to the product performance of the brand-or more symbolic, emotional and intangible- related to what brands represent.

1. What are the five levels of meaning for a product?

• The core benefit level
• The Generic Product
• The expected product level
• The augmented product level
• The potential product level

1. Fill in the blanks: By creating perceived ______differences____ among products through ________branding_______ and by developing a loyal consumer franchise, marketers create ____value______ that can translate to financial profits for the firm.

1. What functions do brands perform, that make them valuable to consumers and manufacturers?

ANS: To consumer brands provide important functions. Brands identify the source or marker of a product and allow consumer to assign responsibility to a particular manufacturer or distributor.

1. Discuss the 6 types of risks brands help reduce.

• Functional Risk
• Physical Risk
• Social Risk
• Financial Risk
• Psychological risk
• Time Risk

1. Can anything be branded?

Ultimately a brand is something which resides in the minds of customers. A brand is a perceptual entity rooted in reality, bit its more than that – it reflects the perceptions and perhaps even the idiosyncrasies of consumers.

1. Fill in the blanks: A brand is ultimately something that resides in the mind of consumers.