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Marketing Strategy: Based on First Principles and Data Analytics
Marketing Strategy:
Based on First Principles and Data Analytics
Question Bank
Chapter 5 Question Bank
MULTIPLE CHOICE QUESTIONS
1) Which of the following is a brand element? (check all that apply)
a) Brand name
b) Brand symbol
c) Brand audit
d) All of the above
Answer: A and B.
2) Both brands and relationships lead to enduring customer loyalty, ___, and _____.
a) Lower cost, higher CLV
b) Last look, positive attribution
c) Price premium, cross selling and retention
d) All of the above
Answer: All of the above.
3) Which of the following is not true? (check all that apply)
a) Customers’ awareness of, knowledge about, and behaviors in response to a brand generate the firm’s brand equity
b) Brand equity is what lies in the mind of the CEO
c) Brand equity is the set of assets and liabilities linked to a brand
d) Brand equity adds to or subtract from the value provided by the firm’s offering and relationships
Answer: B.
4) ___________ equals the sum of all customer lifetime value associated with all future and existing customers.
a) Brand equity
b) Customer equity
c) Brand extract
d) Firm equity
Answer: A.
5) The associative network memory model argues that the human mind is a network of ____ and connecting ____.
a) Nodes and neurons.
b) Nodes and links
c) Neurons and nodes
d) Links and nodes
e) Nodes and neurons
Answer: B.
6) In the network memory model, the brand strategy involves (check all that apply).
a) awareness to provide an anchor point,
b) building linkages to positive, unique memory nodes to establish an identity
c) to match target customers’ needs in a cost-efficient manner
d) all of the above
Answer: D.
7) In the network memory model, the brand strategy involves (check all that apply).
a) awareness to provide an anchor point,
b) building linkages to positive, unique memory nodes to establish an identity
c) to match target customers’ needs in a cost-efficient manner
d) all of the above
Answer: D.
8) Brands can (check all that apply).
a) not really change customer’s actual experiences,
b) change customer’s actual experiences
c) change the taste of food or drink
d) make customers susceptible to competitors
Answer: B and C.
9) Brands affect sales growth by (check all that apply).
a) Lowering firm cost
b) Reduce perceived risk
c) Increase price charged
d) Signal higher quality
Answer: B and D.
10) Brands affect profit growth by (check all that apply).
a) Lowering firm cost
b) Reduce perceived risk
c) Increase price charged
d) Signal poorer stickiness
Answer: A, B, and C.
11) Brands affect profit growth by (check all that apply).
a) Lowering firm cost
b) Reduce perceived risk
c) Increase price charged
d) Signal poorer stickiness
Answer: A, B, and C.
12) Spurious loyalty is when ______
a) Positive feelings and actions are manifested
b) Ambivalent feelings are manifested
c) No feelings are manifested
d) None of the above
Answer: B.
13) Latent Loyalty is when Customers have ________ attitudes but actually _______ the product.
a) Positive Negative, Buy
b) Negative, not buy
c) Positive, buy
d) Positive, not buy
Answer: D.
14) While _________ pulls all characteristics together and describes who the brand is, ____ represents how a brand is going to maintain its relative advantage over time.
a) Brand identity, brand image
b) Brand identity, brand image
c) Brand identity, brand sustainability
d) Brand equity, brand image
Answer: C.
15) A firm that uses a single set of band elements for all products is known as ____.
a) Branded house architecture
b) House of brand architecture
c) Brand architecture
d) None of the above
Answer: A.
16) Customers might express positive attitudes but fail to actually buy a firm’s products, which constitutes.
a) true loyalty
b) spurious loyalty
c) habitual loyalty
d) latent loyalty
Answer: D.
17) Which of the following is not true?
a) Benefits that drive sales growth always enhance a firm’s profitability
b) Loyalty provides the largest barrier to competitive entry.
c) Strong brands also generate habitual purchase behavior
d) None of the above
Answer: A.
18) Building brand awareness involves making the brand easy to recall known as ________
a) Brand breadth
b) Brand length
c) Brand perception
d) Brand depth
Answer: D.
19) When customers express positive attitudes but fail to actually buy a firm’s products, they have ____ loyalty.
a) Perceived
b) Latent
c) Spurious
d) True
Answer: B.
20) The BOR Equity Grid provides the objectives, relative advantages (over competitors), and sources of sustainability (how it wins over time) that are required to use brands as SCA.
a) Relative advantages, source of sustainability
b) Offering equity, source of sustainability
c) Offering equity, Relative advantage
d) Source of sustainability, Price premium
Answer: A.
21) The six-step approach of communication and information processing by firms towards customers can be simplified as ________.
a) Feel-think-act
b) Act-think-feel
c) Think-act-feel
d) Think-feel-act
Answer: D.
22) A qualitative method that is flexible and time effective and can support larger sample sizes is.
a) Case studies
b) Interviews
c) Focus groups
d) Observations
Answer: B.
23) Which of these techniques is not a data reduction technique?
a) Factor analysis
b) Cluster analysis
c) Regression analysis
d) Discriminant analysis
e) Answer: C.
24) Choice Models help __________ or identify the causes or drivers of desired outcomes
a) Link variables to outcomes
b) Link outcomes to variables
c) Understand trade-offs
d) Reduce data
Answer: A.
25) Which of these is the correct order on a scale ranging from many independent brands to a single master brand?
a) Branded House- Sub-brands- Endorsed brands- House of Brands
b) House of Brands- Endorsed Brands- Sub-brands- Branded House
c) House of Brands- Sub-brands- Endorsed brands- Branded House
d) Branded House- Endorsed Brands- Sub-brands- House of Brands
Answer: B.
26) Which of these is not an advantage of a brand extension?
a) Increases the time needed to build the new product’s brand by leveraging existing brand characteristics.
b) Increases the probability of gaining channel access by reducing perceived risk.
c) Helps enhance the image of the parent brand by linking it to newer and/or emerging product features.
d) Expands the size of the market that the firm can access.
Answer: A.
27) Which of these initiatives helps brands extensions (check all that apply)?
a) There must be perceived fit between the parent brand’s image and the extension on a dimension that is relevant to the customer
b) Brand extensions can be stretched further if done incrementally
c) Higher quality brands generally can be extended further
d) All of the above.
Answer: D.
28) Which of these initiatives helps build emotional advantages of brands (check all that apply)?
a) A powerful, long-lasting brand image moves beyond functional differentiation.
b) If a brand cannot connect to an individual consumer’s self-identity, it will not perform well.
c) Behavioral loyalty typically does not lead to much word of mouth.
d) All of the above
Answer: A, B.
29) Which of the following is not true about WOM (check all that apply)?
a) WOM is very effective because friends and consumers serve as advocates.
b) WOM is always the most important marketing communication vehicle.
c) Digital penetration has slowed down the influence of WOM.
d) None of the above
Answer: B, C.
30) Which of the following is not true about WOM (check all that apply)?
a) WOM is very effective because friends and consumers serve as advocates.
b) WOM is always the most important marketing communication vehicle.
c) Digital penetration has slowed down the influence of WOM.
d) None of the above
Answer: B, C.
31) The six-step process of consumer processing is also called ______?
a) Decision-making heuristic.
b) Think-feel-act model.
c) Associative network memory model.
d) None of the above
Answer: B.
TRUE/FALSE QUESTIONS
32) Customers’ awareness of, knowledge about, and behaviors in response to a brand generate the firm’s brand equity, one of the three major components of the customer equity stack, along with offering and relationship equities.
Answer: TRUE.
33) Characteristics such as brand awareness or familiarity are associated with the brand network memory model of brand equity.
Answer: FALSE (Associate Network Memory Model)
34) Brand image, or customers’ perceptions and associations with the brand, are represented by the links of the brand name node to other informational links in the model.
Answer: FALSE (other informational links)
35) A firm that focuses on branding each major product with its own unique brand elements uses a house of brand architecture.
Answer: TRUE
36) Vertical Extensions of brands to lower priced markets often strengthen the image of the parent brand.
Answer: FALSE
37) Brand relative advantage needs to capture the brand’s points of parity (POP), as well the points of difference (POD).
Answer: TRUE
38) Overall, firms should shift toward a branded house approach if they need a separate brand for each entity (divisions, categories, products) to avoid a problematic association or channel conflict across entities.
Answer: FALSE (house of brands approach)
39) In brand line extensions, the new offering is in the same product category but targets a different segment of customers, usually with a slightly different set of attributes.
Answer: TRUE
40) Integrated marketing communications (IMC) refers to the process of designing and delivering marketing messages to customers while ensuring that they are relevant, even if inconsistent over time and channels.
Answer: FALSE.
ESSAY TYPE QUESTIONS
41) Write a short note about the three steps to build brand equity.
Answer: The three key steps to building brand equity to increase a firm’s SCA start with building a high level of brand awareness among the firm’s targeted customers, which then provides an anchor point for linking the easily recallable brand name to the elements that define its meaning and image (Figure 5.5). Building awareness involves making the brand easy to recall (i.e., brand depth) across a wide range of potential purchase and usage situations (i.e., brand breadth). Awareness should be high for the complete constellation of brand name elements: its name, logo, jingle, package shape, and other elements that the firm uses to identify its offering.
Then the second step links the brand name to the brand’s points of parity and difference, which helps define the brand’s relative advantage. This step defines how the brand will be positioned against its competition. Some linkages might get transferred from the parent brand, depending on the firm’s brand architecture. For example, when Erickson or Nokia launches a new product under their strong parent brands, the new product’s subbrands immediately take on some meaning from those parents. To establish what the brand means to customers, brand managers typically start with points of parity related to how the brand meets some basic level of performance, then add key points of difference that reflect how or why this brand will perform “better” than competitive options. Because points of difference are a key relative advantage of a brand when it first launches, significant financial resources and promotional efforts are applied to make these differentiation points memorable and link them strongly to the brand name.
The third step involves building a deep emotional connection or “relationship” between the brand and targeted customers. Moving beyond functional differentiation implies a true, emotional connection—the essence of building a powerful, long-lasting brand image. A strong brand image often is what provides a firm a long-term sustainable advantage, because it connects with consumers at a deep level and is hard for competitors to replicate. If a brand can connect to an individual consumer’s self-identity or who they want to be, that customer often exhibits high levels of both attitudinal and behavioral loyalty (i.e., true loyalty). It also can drive positive WOM, transforming customers into strong brand advocates.
42) Write a short note about the consumer information-processing model’s six steps.
Answer: Using brands as an SCA is often most effective in large consumer markets, such as those for soft drinks, beer, fashion, or automobiles. When making allocation decisions across different marketing communication formats, in the pursuit of key brand-building objectives, it also can be helpful to understand how customers process information and are persuaded to change their behavior. The varied models can be broken down into six steps that customers must pass through to be persuaded by the different communication formats:
a. The customer must be exposed to the communication message, whether that means hearing or seeing it.
b. The message needs to capture customers’ attention so that they receive it.
c. The customer must understand the desired marketing message.
d. The customer needs to develop favorable attitudes toward the message.
e. The customer must generate intentions to act, in accordance with the information in the communication message.
f. The person then must actually behave in the desired way.
This six-step process sometimes is simplified as the “think ® feel ® act” model, which aligns well with the process for building brand equity.
43) Write a short note about the major tools and auxiliary tools needed for brand positioning.
Answer: Brand positioning reflects how and where the firm hopes to appear in customers’ mind. In a way, it reflects the firm’s ideal associative network memory model, the one it hopes that customers hold in mind. It captures the aspirational level of awareness, key associations, and overall product or company image the firm seeks in the marketplace. The BOR Equity Grid from Chapter 4 provides a starting point for this discussion, because it describes the marketing objectives associated with the brand strategy, the relative advantage(s) that the brand can offer over relevant competitors, and the source of the sustainability of this advantage. That is, it captures many of the elements that brand managers need to develop their brand strategies. The firm’s positioning statements are also important, though they can be more abstract or high level, rather than specific to the brand strategy. Furthermore, the AER strategies across personas, as outlined in the AER Strategy Grid, might be helpful, but they are unique to each persona and AER stage, whereas the brand needs to be consistent across all personas and stages. Generally, it is no
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