Marketing Study Set 20

Private label brands are often positioned as a lower cost alternative to well-known manufacturer brands.

The BrandAsset Valuator suggests that brand equity is based on four dimensions: brand loyalty, brand image, brand marks, and brand message.

A consumer's ability to identify the brand under a variety of circumstances is referred to as brand recall.

Manufacturer brands are also referred to as store brands.

The phrase Finger Lickin' Good is a brand mark for Kentucky Fried Chicken (KFC).

A brand's message should be easy to remember and remind consumers about the product attributes they care about most.

Betty Crocker produces a boxed brownie mix that features Hershey's chocolate. This is an example of rebranding.

Rebranding is a strategy to recapture lost sources of brand equity and identify and establish new sources of brand equity.

Brand image is the unique set of associations target customers or stakeholders make with a brand.

As an alternative to extending its brand through new product development, a firm can choose to increase its own brand equity by leveraging the equity of another brand using a co-branding strategy.

Brand equity facilitates a brand's expansion into new markets.

As a form of advertising, packaging does very little to promote the brand.

Brand-loyal customers typically exhibit less sensitivity to price.

The benefit of co-branding is that if one of the brands involved receives negative publicity, it usually doesn't affect the other brand in any way.

Both Walgreen's and CVS have developed their own versions of products such as allergy medication, pain relievers, and cold remedies. Each retailer developed the products and they are sold only in their own stores. These types of products are referred to as private label brands.

Revitalization of a brand often begins with an investment in rebuilding trust with consumers.

A successful brand adds value to organizations through loyal customers and recognizable goods and services, both of which lead to more revenue for the firm.

Cannibalization occurs when existing products take sales away from new products the firm is trying to promote.

Brand equity is the value derived from the sale of a product.

Jack Daniel's, best known for its Tennessee whiskey, now has a barbeque sauce that uses the Jack Daniel's name. This is an example of a product extension.