Summary: Brands

Read the summary and the most important questions on Brands

• 1 Brands

  This is a preview. There are 33 more flashcards available for chapter 1
  Show more cards here

• What are challenges for brands, concerning customers? What should they do? (10)

  1. Communication
  2. Listen to customers, their needs and desires
  3. Understand customers (think like how they think so you reach them and their desires)
  4. Do what you promise, preferably more
  5. Be memorable (differ to get attraction)
  6. Ask for information
  7. Be prepared to serve customers (market research, differentiate for market segments)
  8. Help angry customers quickly, but only if they are valuable
  9.  Keep lifelong customers. They are important, profitable, 
  10. Unsolicited reviews from customers (worth of mouth)

• What is a brand?

  - Name or symbol 
  - that indentifies a service or product
  - that differentiate from others

• What forms brand equity?

  - Awareness
  - associations
  - Loyalty
  - Quality
  -
  That adds value to customers or firms:
  Firms: E&E, comp.adv., margins, loyalty, 
  Customers: gives confidence in purchase decision, helps processing information, user satisfaction

• Levels and how to measure loyalty?

  Levels: 
  1. committed buyer
  2. Liker - friends advicing
  3. Satisfaction - price sensitive
  4. indifferent- No loyalty
  
  Measure:
  1. % of purchases is this brand
  2. repurchasings
  3. number of brands purchased. (just two different supermarkets or six)

• Good loyalty yields some advantages for the company. Which? (4)

  1. trade leverage (better retail position)
  2. TIme to respond to threats from competitors
  3. Reduced marketing costs
  4. Brand awareness, so new customers come easier to you

• What can you say about (perceived) quality? (5)

  Quality consists of perceived and technical quality
  Perceived quality yields some things:
  - it's a reason to buy for the customer, he thinks it's good
  - it improves channel member interest. Shared interest in the brand makes everyone want to sell and distribute it.
  - perceptions differentiates. For Everyone is different
  - Price premium. If you are perceived as the best, the price is less important
  - Brand extensions: base for expanding, perceived quality is expaded too

• Why are brand associations good?

  1. for good positioning in the market
  2. Brand extensions
  3. Reason to buy
  4. Positive attitudes, feelings
  5. Help to retrieve information about how customers the brand see

• How would you characterize competitors?

  - organizations with same product or service, perceived as same value assets,
  - focusing on same market segmet and type of customers
  - All that can take customers from you

• Mention some aspects that customers appreciate

  1. reliability
  2. Communication
  3. exceptional service
  4. Tangebility
  5. Value
  6. Empathy

• What is customer satisfaction about? consists two aspects

  1. attributes. T what extend it fulfill the needs. In technical and customer threatment.
  2. Expectation. To what extend it fulfill the needs according to the expectation they had got from the company, other people and their perception.