Question 1

Brand loyal customers are &#34;attached&#34; to the brand.

Accepted Answer

Brand loyal customers have an emotional connection with the brand, making them attached to it.

Question 2

When someone can recall the name of a brand, that is referred to as having a strong brand association.

Accepted Answer

Brand association refers to the qualities, attributes, and experiences that customers connect with a brand, not just the ability to recall a brand name.

Question 3

Switching costs can influence brand loyalty.

Accepted Answer

Switching costs refer to the time, effort, and money required to switch from one brand to another. If switching costs are high, customers are less likely to switch to a competitor's brand, which can lead to increased brand loyalty. Therefore, switching costs can influence brand loyalty.

Question 4

Professional sports teams do NOT use branding.

Accepted Answer

Professional sports teams heavily rely on branding to create a recognizable image and identity for their team. This includes logos, team colors, and other visual elements that help fans identify with and support the team. Building a strong brand is crucial for attracting fans and generating revenue through merchandise sales and sponsorships.

Question 5

A multibrand strategy exists when a company has different named products in the same marketplace.

Accepted Answer

A multibrand strategy involves a company offering multiple products with different brand names in the same marketplace. This allows the company to appeal to different segments of the market and avoids cannibalization of sales.

Question 6

Brands help customers interpret and process information about products

Accepted Answer

Brands act as a shortcut for customers to understand the quality, features, and benefits of a product. Customers rely on brands to make quick decisions and to process information about products easily.

Question 7

The strongest brand connections are formed on the basis of:&#10;A) Emotions&#10;B) Features&#10;C) Personality&#10;D) Loyalty

Accepted Answer

Emotions play a critical role in forming strong brand connections. Consumers tend to develop emotional attachments towards brands that help them fulfill their needs and desires, evoke positive feelings or experiences, or align with their personal values and beliefs. These emotional connections create a sense of trust, loyalty, and commitment towards the brand, which can lead to long-term customer relationships and advocacy. Features and personality traits may also contribute to a brand's appeal but are often secondary to the emotional benefits it provides. Loyalty is a result of the strong brand connection, not a factor that forms it.

Question 8

Brands help consumers:&#10;A) Interpret and process product information&#10;B) Identify discount products&#10;C) Participate in concept testing&#10;D) Avoid being loyal to a product or company

Accepted Answer

Brands act as a signal to consumers that helps them interpret and process product information. By providing a recognizable symbol or name, brands can convey information about the quality, features, and benefits of a product. This can help consumers make purchasing decisions more efficiently and effectively, without having to gather and evaluate a lot of technical or detailed information.

Question 9

A __________ brand node indicates that the brand is more salient to the consumer.&#10;A) Large&#10;B) Small&#10;C) Marketing&#10;D) Multiple

Accepted Answer

A large brand node indicates that the brand is more salient to the consumer as it occupies more space in the consumer's mental network.

Question 10

The various brands identified as viable purchase options belong to the:&#10;A) Evoked set&#10;B) Brand decision list&#10;C) Brand attribution list&#10;D) Decision set

Accepted Answer

The evoked set includes all the brands that a consumer is aware of and could potentially purchase. In this scenario, the various brands identified as viable purchase options belong to the evoked set because they are brands that the consumer is considering purchasing.

Question 11

________ is the &#34;added value&#34; with which a given brand endows a product.&#10;A) Brand equity&#10;B) Brand goodwill&#10;C) Brand reputation&#10;D) Brand associations

Accepted Answer

The answer of ________ is the &#34;added value&#34; with which...

Question 12

A company puts an early termination fee in its contracts. This is an example of:&#10;A) brand efficiency.&#10;B) brand effectiveness.&#10;C) brand equity.&#10;D) a switching cost.

Accepted Answer

The answer of A company puts an early termination fee...

Question 13

Being able to recall the name of a brand is an example of:&#10;A) Brand Loyalty&#10;B) Brand Awareness&#10;C) Brand Association&#10;D) Perceived Quality

Accepted Answer

The answer of Being able to recall the name of...

Question 14

Delighting services and features are an example of:&#10;A) Brand Loyalty&#10;B) Brand Awareness&#10;C) Brand Association&#10;D) Perceived Quality

Accepted Answer

The answer of Delighting services and features are an example...

Deck 11: Brand Management