DEPARTMENT OF MANAGEMENT STUDIESBA7011-BRAND MANAGEMENTQuestion BankUnit I Two Marks Questions with answers1. Define the term brand.According to the American Marketing Association (AMA) a brand is a name, term, sign, symbol or design or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition.Technically speaking, then, whenever a marketer creates a new name, logo or symbol for a new product he or she created a brand.2. What is a brand management?Brand management refers to the process of managing an organization based brand so as to increase the brand equity.3. What is brand equity?Brand equity refers is an intangible assets that depends on association made by the consumer. It is the value of the brand. Brand equity is based on the extent to which the brand has high brand loyalty, name awareness, perceived quality and strong product associations.4. What are the brand elements?According to the AMA definition, is to be able to choose a name, logo, symbol, package design, or other characteristic that identifies a product and distinguishes it from others. These different components of a brand that identify and differentiate it are brand elements.5. What is branding?Branding is the process by which a marketer tries to build a long-term relationship with the customers by learning their needs and wants so that the offering (brand) could satisfy their mutual aspirations.6. Differentiate brand and product.Product is anything we can offer to a market for attention, acquisition, use or consumption that might satisfy a need or want.A brand is therefore more than a product, because it can have dimension that differentiate it in some way from other products designed to satisfy the same need. The differences may be rational, tangible, product performance of the brand, more symbolic, emotional and intangible & Consumer motivations and desires and creating relevant and appealing images surrounding their products.7. What are the different types of risks in buying and consuming a product may perceive by consumers? Functional risk: The product does not perform up to expectations Physical risk: The product poses a threat to the physical well-being or health of the users or others Financial risk: The product is not worth the price paid Social risk: The product results in embarrassment from others. Psychological risk: The product affects the mental well-being of the user Time risk: The failure of the product results in an opportunity cost of finding another satisfactory product.8. List down the types of brand name strategies. Individual brand name: Use their names for essentially all their products, New products individual brand names that is unrelated to the company name, Brand names based on peoples names, Names based on animals or birds, Names use words with inherent product meaning, Sound scientific, natural or prestigious names etc.,9. Why brand the product/service? Or Benefits of brand? To differentiate the product To aid advertising To build loyalty To facilitate recall To communicate value of the product To protect the product To aid recognition 10. Write down the importance of branding to the customer. Consumers: Identification of source of product Assignment of responsibility to product maker Risk reducer Search cost reducer Promise, bond or pact with maker of product Symbolic device Signal of quality11. List down the importance of branding to the manufacturer. Manufacturers: Means of identification to simplify handling or tracing Means of legally protecting unique features Signal of quality level to satisfied customers Means of endowing products with unique associations Source of competitive advantage Source of financial returns12. What are the functions of brand? Brand awareness: Measuring the brand communication is brand awareness. Advertising and media buzz are the tools of brand awareness. It creates easy recognition and recall to the brand. Brand reduces the risk: Safer to buy the branded products than the unbranded. Brand provides specific information: Giving assurance to consumers about a specific quality Brand provides symbolic consumption: on product related associations.13. List down the types of brand. Product brands Business to Business products High-Tech products Service brands Retailers and distributors brand Online product and services brand People and organization brand Sports, Arts and Entertainment brand Geographic locations brand Ideas and causes brand14. What is co-branding?Kotler defines co-branding as, "two or more well-known brands combined in an offer" and each brand sponsors expect that the other brand name will strengthen the brand preference or purchase intention and hope to reach a new audienceCo-brandingalso called brand bundling or brand alliancesoccurs when two or more existing brands are combined into a joint product or are marketed together in some fashion15. Explain the three levels in co-branding.There are three levels of co-branding:market share,brand extension, andglobal branding.Level 1 includes joining with another company to penetrate the marketLevel 2 is working to extend the brand based on the company's current market shareLevel 3 tries to achieve a global strategy by combining the two brands 16. What are the forms of co-branding? Ingredient co-branding Same company co-branding Promotional co-branding Joint venture co-branding and Multiple sponsors co-branding.17. Write down the advantages and disadvantages of co-branding.Advantages: Borrow needed expertise Leverage equity you dont have Reduce cost of product introduction Expand brand meaning into related categories Broaden meaning and increase access points Source of additional revenueDisadvantages: Loss of control Risk of brand equity dilution Negative feedback effects Lack of brand focus and clarity Organizational distraction18. What are private labels?Private labels can be defined as products marketed by retailers and other members of the distribution chain. Private labels can be called store brands when they actually adopt the name of the store itself in some way (such as Safeway Select). Private labels should not be confused with generics, whose simple black-and-white packaging typically provides no information about who made the product.19. what is successful brands Successful brands often create strong, favorable, and unique brand associations to both functional and symbolic benefits. Although perceived quality is often at the heart of brand equity, there is a wide range of associations that consumers may make to the brand.Successful brands create mental structures and knowledge in consumers minds that cause them to favor the brand20. What is a Trade mark?The legal version of a brand is a trade mark, by registering brand as a trade mark the owner of the trade mark can protect against others using forms of identification.