September 4th- session 3 chapter 2

Question 1

Brand Equity

Answer 1

Definition -brand awareness/familiarity:
Brand knowledge that influences consumer response to the brand
Can charge a price premium
Greater awareness familiarity= higher price
Ex: advil, bandaide, aspirin

Question 2

Brands with high awareness are usually stronger brands

Answer 2

What brands come to mind when you say cola, soup
Familiar brands have advantages: brand familiarity is required first, before building up brand associations
Familiar brands liked more bc familiary= comfort
When you see just the brand name repeated its to increase brand awareness

Question 3

Brand equity

Answer 3

Brand knowledge that influences consumer response to the brand

Question 4

Two types of brand awareness

Answer 4

brand recall
brand recognition

Question 5

Brand recall:

Answer 5

ability to recall brand when not given a contextual cue

Question 6

two types of brand recall

Answer 6

(ex: product category, usage occasion)
category based recall : brand comes to mind when you think of a product category
usage based recall: brand comes to mind when you think of when you would use he product

Question 7

Brand recognition

Answer 7

Ability to recognize that they have seen the brand before when given a brand cue ex: brand logo full or partial name
Consumers will absorb pictorial information better (brand logo)

Question 8

High brand recognition

Answer 8

brand will stand out on crowded shelves, low lighting, low effort customers

Question 9

Brand associations

Answer 9

They need to be strong, favorable, important, unique
Strong: easy to recall
Favourable: good for the brand.
Important: for consumers (IMPORTANT for the target market)
Unique: vs competitors (POD vs POS)

Question 10

SFIU

Answer 10

1. Strong Associations
   These are associations that are easily recalled and deeply linked to the brand in consumers’ memory.
   💡 Example: Nike → “Just Do It” + athletic performance
   People immediately connect Nike with motivation and sports excellence because of consistent, long-term messaging
2. Favorable Associations
   These are associations that make the brand look good or appealing to customers — they add positive meaning.
   💡 Example: Dove → real beauty and self-confidence
   Consumers view Dove favorably because of its campaigns promoting natural beauty and inclusivity.
3. Important (Relevant) Associations
   These associations connect to what matters most to the target audience — they match their needs, values, or decision criteria.
   💡 Example: Volvo → safety
   Safety is an important attribute for car buyers, especially families — making this association highly relevant.
4. Unique Associations
   These are distinctive brand associations that set the brand apart from competitors — they are the brand’s Points of Difference (PODs).
   💡 Example: Apple → sleek design and ecosystem integration
   No other tech company combines design, hardware, and software quite like Apple — it’s a unique differentiator

Question 11

points of difference.

Answer 11

Does apple have unique associations . every brand has to have something unique . uniqueness= POD. Successful brands need to have points of difference
Brands need to have both POD and POS (POD IS ESPECIALLY IMPORTANT)
Ex: DHL vs UPS- POS is on time delivery, POD is that they can handle any kind of package

Question 12

Competitive point of parity:

Answer 12

means that the brand offers necessary but nt necessarily sufficient category features
Competitive point of parity: designed to negate a competitors point of difference

have to be good enough
McDonalds is family friendly, convenient ./ burger king decided to make it more kid friendly

Question 13

correlational points of parity

Answer 13

These are potentially negative associations that arise because of other strong, positive associations —
meaning some brand traits are inversely related in consumers’ minds.
Basically:
“If you’re great at one thing, consumers assume you can’t also be great at the opposite.”
⚙️ Purpose:
To manage trade-offs in perception.
To balance the brand image so one positive doesn’t create a negative.

ex: Canada Goose has really extreme warm jackets but may be seen as heavy, so they made sure their jackets are seen as light

Question 14

Segmentation:

Answer 14

divide the population into different groups with different needs

Question 15

Targeting: f

Answer 15

focus on group/s whose needs you can best satisfy with your brand

Question 16

Gm segmentation and targeting

Answer 16

Ex: GM vs ford- ford only sold their cars in black whereas GM decided to customize the cars based on groups of customers and what they are looking for to suit their needs

Question 17

Segmentation bases

Answer 17

How to define target markets: four ways
Start with benefits
Dif groups are looking for dif benefits
Ex: BMW→ dif models that offer different benefits
ex : banks→ dif people need dif benefits
Segmentation bases: demographic variables, psychographic, geographic and behavioural
Usage segmentation
Segment consumers based on actual (purchasing) behaviour
Brand loyalty/ price sensitivity segmentation
Brand loyalty- buys nationals brands vs store brands
Price sensitivity - likelihood of buying on promotion
End use segmentation
Some people will use products in different ways (advanced vs new users)

Question 18

end use segmantion

Answer 18

segmenting based on the way consumers use the product
ex: canva can be used in a professional or fun way

Question 19

Gender segmentation

Answer 19

Are males or females buying your brand more
When gender differences in preferences for color/ design→ pink scooter is more expensive than red scooter

Question 20

Geographic segmentation

Answer 20

Countries with high vs low growth
Countries with more vs less sweet tooth

Question 21

four different variables

Answer 21

demographic variables: age, gender, race, ethnicity, income, occupation,
geographic variables: region, city size, state size, climate
psychographic variables: personality attributes, motives, lifestyles
behavioristic variables: volume usage, end use, benefit expectations, brand loyalty, price sensitivity

Question 22

Targeting segments

Answer 22

How attractive is each segment

Question 23

consumer related factors

Answer 23

• size of the market
• importance of consumer need/ problem being solved
• price sensitivity, income/capacity to pay
• CLV

Question 24

competition related factors

Answer 24

numbers of competitors, size of competitors, competitor resoruces
barriers to entry

Question 25

company related facts

Answer 25

technological advantage past experience with similar products low cost of manufacturing

Question 26

why segment and target

Answer 26

market segmentation --> better understanding of unique needs of each segment targeting: better tailored solutions--> more positive consumer response --> better financial results for firm

Question 27

Once you have clarified who your brand is for , how does my brand stand out

Answer 27

Want to determine how your brand is perceived vs close competitors

Question 28

Positioning

Answer 28

you need to position your brand in your target consumers mind

Question 29

Brand pisituining

Answer 29

Brands often focus on key 2-3 associations to position the brand --> these are SFIU associations so that the brand is dif from competitors some are intangible associations so that the brand can be extended into other product categories the brands differeination s more difficult to copy by competing brands

Question 30

why position

Answer 30

consumers face increasing number of choices if you can figure out how to stand out aka position so that you are dif, you will have a bette chance of success

Question 31

brand mantra

Answer 31

3-5 word phrase that captures the core essence of the brand (DNA of positioning) ex: nike- authentic, athletic, performance useful bc: easy to remmeber for all stakeholders and ensures consistency in brand management

Question 32

choosing a brand positioning

Answer 32

1) Is it perecieved as unique 2) is my brand perceived as valuable