Question 1

From a marketing management perspective, there are three main sets of brand equity drivers. Which of these drivers was most applicable when McDonald's decided to use the "golden arches" and Ronald McDonald as symbols of their brand?

Accepted Answer

The initial choices for the brand elements or identities making up the brand were most applicable when McDonald's decided to use the "golden arches" and Ronald McDonald as symbols of their brand. These choices helped create a unique and memorable brand identity for McDonald's, which has since become a globally recognized brand.

Question 2

The indirect approach to assessing brand equity assesses the actual impact of brand knowledge on consumer response to different aspects of marketing.

Accepted Answer

The answer of The indirect approach to assessing brand equity...

Question 3

Brand ________ is the job of estimating the total financial worth of the brand.

Accepted Answer

Brand valuation is the process of estimating the total financial worth of the brand, which involves assessing its tangible and intangible assets, its reputation, and its potential for future earnings. Tracking refers to monitoring the brand's performance over time, auditing involves reviewing financial records and procedures, equity refers to the overall value of the brand, and harmonization involves ensuring consistency across different brand elements.

Question 4

A brand ________ can be defined as any information-bearing experience a customer or prospect has with the brand, its product category, or its market.

Accepted Answer

A brand contact includes all interactions or experiences a customer has with a brand, including advertising, packaging, product use, customer service, and more. A brand value represents the worth or importance a brand has to customers or stakeholders. A brand personality refers to the set of human characteristics associated with the brand, such as excitement, sincerity, or competence. A brand trait refers to a specific feature or quality that distinguishes the brand, like durability or convenience. A brand character refers to the unique identity or essence of the brand, often expressed through a logo, slogan, or overall image. Thus, brand contact is the best choice to describe the range of experiences customers have with a brand.

Question 5

To achieve integrated marketing, marketers need a variety of different marketing activities that consistently reinforce the brand promise.

Accepted Answer

Integrated marketing involves aligning various marketing and communication efforts to consistently convey a unified brand message and promise across different channels and touchpoints. This requires a combination of tactics such as advertising, public relations, social media, event marketing, direct mail, and others, all working together in a cohesive and coordinated way. The goal is to create a seamless brand experience for customers and prospects, regardless of how they interact with the brand, and to build trust and loyalty over time.

Question 6

One of the selection criteria for creating a successful brand element is that it should be protectable.

Accepted Answer

A brand element should be protectable in order to prevent other companies or individuals from using it without permission or infringing on the brand's intellectual property rights. Protectable elements include trademarks, logos, slogans, and jingles, among others.

Question 7

With respect to powerful brand elements, ________ is an extremely efficient means to build brand equity. This element functions as a useful "hook" to help consumers grasp what the brand is and what makes it special.

Accepted Answer

A slogan is a short and memorable phrase that sums up the essence of a brand. It can help consumers identify and remember the brand, and differentiate it from competitors. A well-crafted slogan can also evoke positive emotions and associations with the brand, further building brand equity.

Question 8

According to the BrandZ model, "Bonded" consumers at the lower levels of the pyramid build stronger relationships with and spend more on the brand than those at the top.

Accepted Answer

In the BrandZ model, "Bonded" consumers are at the top of the pyramid, indicating they have the strongest relationship with and spend the most on the brand, compared to those at lower levels.

Question 9

Brand equity can be built by linking the brand to sources, such as channels of distribution, as well as to other brands.

Accepted Answer

Brand equity can indeed be built by linking the brand to sources, such as channels of distribution, and by forming partnerships with other complementary or desirable brands. This can help to enhance the perceived value of the brand and create positive associations in the minds of consumers.

Question 10

One of the advantages of having a strong brand is the ability to have a more elastic consumer response to price decreases of the brand.

Accepted Answer

When a brand has a strong reputation and loyal customer base, consumers are more likely to remain loyal even if the price of the product decreases. This is known as price elasticity, which means that a decrease in price will result in a proportionately smaller decrease in the quantity demanded. This allows the brand to maintain or increase revenue despite offering lower prices.

Question 11

The brand name of New Zealand vodka 42BELOW refers to both a latitude that runs through New Zealand and the percentage of its alcohol content. From a marketing management perspective, which of the brand equity drivers is most applicable in the given scenario?

Accepted Answer

The brand name 42BELOW, which refers to a latitude running through New Zealand and the percentage of its alcohol content, indirectly transfers associations to the brand by linking it to a specific place and characteristic (alcohol content). This is an example of the brand equity driver of associations.

Question 12

AT&T's business campaign not only helped to change public perceptions of the company, it also signaled to employees that AT&T was determined to be a leader in telecommunication services. Which principle of internal branding does this example portray?

Accepted Answer

The example given shows how AT&T's external marketing campaign (business campaign) not only changed public perceptions of the company but also signaled to employees that AT&T was determined to be a leader in telecommunication services, thereby linking internal and external marketing.

Question 13

Which of the following is a defensive criterion for choosing brand elements?

Accepted Answer

Adaptability is a defensive criterion for choosing brand elements as it allows the brand to easily modify or update its elements in response to changes in the market or competitive landscape without losing its recognition and equity. This helps protect the brand from becoming outdated or irrelevant over time. Memorable, meaningful, likeable, and significance are offensive criteria that focus on building and enhancing brand equity.

Question 14

In Interbrand's brand valuation model, Brand Value is the likelihood the brand will realize forecasted Brand Earnings.

Accepted Answer

Interbrand's brand valuation model defines Brand Value as the net present value of the forecasted brand earnings, not the likelihood of realizing them.

Question 15

Brand ________ are devices that can be trademarked and serve to identify and differentiate the brand.

Accepted Answer

Brand elements are specific design aspects or words associated with a brand that can be trademarked to distinguish it from other brands. Value propositions refer to the unique benefits a brand offers, while perceptions and images relate to how the target audience views and interprets the brand. Extensions refer to additional products or services offered under the same brand name.

Question 16

________ are a means of understanding where, how much, and in what ways brand value is being created to facilitate day-to-day decision making.

Accepted Answer

The answer of ________ are a means of understanding where,...

Question 17

Red Bull enlisted college students as "Red Bull student brand managers" to distribute samples, research drinking trends, design on-campus product promotion activities, and write stories for student newspapers. From a marketing management perspective, which of the following brand equity drivers is most applicable in the given scenario?

Accepted Answer

C) the product and all accompanying marketing activities and supporting marketing programs are most applicable in this scenario, as it involves direct marketing efforts and promotional activities designed to enhance brand awareness and equity among the target audience, in this case, college students.

Question 18

A brand audit can assess the health of a brand and uncover sources of brand equity.

Accepted Answer

A brand audit is a comprehensive examination of a brand's current position in the market compared to its competitors. It helps identify areas of strength and weakness in the brand's current marketing strategy, as well as opportunities for growth and improvement. A brand audit can also uncover sources of brand equity, such as brand associations, brand awareness, perceived quality, and brand loyalty.

Question 19

An important part of reinforcing brands is providing uniform and unchanging marketing support.

Accepted Answer

Reinforcing brands often involves adapting and updating marketing strategies to stay relevant and responsive to changing market conditions and consumer preferences, not just providing uniform and unchanging support.

Question 20

In response to the need to reinforce the brand promise, ________ is about mixing and matching marketing activities to maximize their individual and collective effects.

Accepted Answer

The concept of mixing and matching marketing activities to reinforce the brand promise is referred to as integrated marketing. Integrated marketing involves using various marketing tactics, such as advertising, PR, direct marketing, and digital marketing, in a strategic and coordinated manner to deliver a consistent message to the target audience. The goal of integrated marketing is to create a seamless and cohesive brand experience for customers, which helps to build trust, loyalty, and ultimately customer lifetime value. Therefore, option E is the best choice.

Quiz 8: Creating Brand Equity and Driving Growth