Short – questions

4 consumer groups: baby boomers, generation x, generation y, the grey market = - baby boomers: born
1946-1964. largest and most influential group of consumers. work centered, goal oriented, large
amounts of flexible income - gen X: 1965-1980. smallest consumer group - gen Y: 1980-onward.
Willing to try new products. Mostly targeted bu fashion and retail professionals - the grey market: born
before 1945. having money to spend.
4 e's = entertainment, esthetic, educational, escapist
4 motivations of a target market = sensory, social, problem-solving, independent
5 criteria in the branding process = 1. internal analysis 2. external analysis 3. brand platform 4. visual
execution 5.brand roadmap
5 risks of purchasing products = performance risks, physical risks, financial risks, time risks, social
risks
6 main facts of brand relationship quality = - love/passion – commitment – intimacy - self concept
connection - interdependence - brand partner quality
advertisement = any paid form of non personal presentation and promotion of ideas, goods, or services
by an identified
associative halo effect = strategy seeking to tie a brands image to the celebrity's positive personal or
stature as a role model
Brand = "a name, term, sign, symbol, design, or combination of them which is intended to identify the
goods and services of one seller or group of sellers and to differentiate them from those of competitors
brand architecture: monolithic, endorsed, pluralistic, subsidiary = monolithic: the body shop -
endorsed: polo/Ralph lauren - pluralistic: estee lauder, clique - subsidiary: nike's air jordan
brand elements = logo, symbol, color, typeface, and graphic design. Consistently used to build a unique
identity
brand equity = the power of a brand lies in what consumers know about a particular brand
brand extention = practice of marketing new products under well known brand names in an effort to
capitalize on the positive image the parent brand has in the consumers mind
brand health = linked to past, current and future value with consumers and differences in competitive
position
brand image = the sum of a consumer's perceptions and feelings of a brand
brand knowledge = (awareness, image, familiarity) can reduce all of those risks of product decisions
brand personality = human characteristics associated with a brand
brand portfolio = collection of individual brands controlled by the same business entity
brand retirement = process by which mature or unprofitable brands are removed from the market
brand salience = consumers' abilities to recognize, or have awareness of, any particular brand
brand v. brand credibility = brand: name, term, symbol, or any other feature that identifies one
seller's goods / brand credibility: believability of the product position information contained in a brand
which entails consistently delivering what is promised; trustworthiness and expertise
brand value chain analysis = structured approach to assessing the sources and outcomes of brand equity
and the manner by which marketing activities create brand value
branded product = goods that are identifiable as being the product of a particular manufacturer or
marketing company
Branding = the process of using brand elements (e.g., name, symbol, design) to differentiate
goods/services by providing distinct images, associations, and experiences related to the offerings and
firms
bridge line = a category in retail department where products are priced between better and
designer/luxury merchandise and the styling tends to be more contemporary
broad brand strategy = concerned with how many and what kinds of products are associated with
brands
category extension = extension in a different product category. applies the parent brand to enter a
different product from the one it currently serves
co-branding strategy- examples. = Collaboration of luxury and mass fashion brands break the luxury
norm of inaccessibility
Commoditization = occurs when branded products are omnipresent in market
Commodity indistinguishable items from any others due to its similarity. may be fungible or
interchangeable, whereas branded fashion products are highly identifiable and recognizable
conspicuous consumption v. symbolic consumption = conspicuous consumption- refers to consumers
desires to provide prominent visible evidence of their ability to afford luxury goods / Symbolic
Consumption- function of social stratification, reflects meanings conveyed by goods
consumer brand = brands for consumer use
consumers, purchasers, shoppers = - consumers: members of the general population or specifically
identified groups of potential and real purchasers or used of goods or services - shoppers: individuals
who shop in the store - purchasers: those who engage in a sales transaction and acquire goods or
services they intend to use
contributors to the quality of marketing programs = - clarity of the program - relevance of the program
- distinctiveness of the program - consistency of the program
convenience product = products that consumers do not spend much time or energy seeking out
counterfeit goods vs. knockoffs = - counterfeit: Identical reproductions to legitimate products in
appearance, including packaging, trademarks, and labeling. - knock off: Similar copies but not identical
to the authentic products
Customer mindset = thoughts, feelings, experiences, images, perceptions, beliefs, and attitudes
deep branding strategy = relates to the number of separate, distinct, individual brands offered by
companies within one product group
design portfolio = collection of images of individual interior spaces, works of art, or apparel or
accessory items
durable good = products with long useful lives, such as refrigerators or washing machines, that do not
require frequent purchases for replacement
Early Adopters = (10%) - fairly readily embrace new products
Early Majority = (35%) - does not accept new products
Educational Experience = active and absorb- increase the consumers skills and enhance their
knowledge through active participation in the experience
Entertainment experience = passive and absorb- the consumer is not actively involved in the creation of
the entertainment, but the mind is actively engaged during appreciation of the event
Escapist Experience = active and immerse- the consumers active participation in the events of a real or
virtual environment. The consumer shapes or contributes to the experiences which offer a way of
taking on a new product
Esthetic Experiences = passive and immerse- entail consumer enjoyment of an enriched, unique
physical design. The consumer enjoys passively appreciating or "just being in a setting" of the business
family brand extension = when a parent brand has associated with multiple products through brand
extensions
fashion brand = Moderate price and prestige *PoloRalph Lauren, Tommy Bahama, J.Crew
fashion brand experiences = intentional, continuous, uniform interactions between consumers and a
fashion brand which are intended and organized to represent and distinguished brands
fashion product = apparel, accessories, cosmetics, shoes, and nondurable home products
fortification objectives = seeks to maintain positive brand associations among consumers
Four Stages in Brand Value Chain = marketing program investment, customer mindset, market
performance, shareholder value
four stages in marketing = awareness, familiarity, opinion, consideration
four stages in sales = choice analysis, destination decision, shopping experience, post-purchase
assessment
home good = products for the home such as table and bed linens, decorative pillows, rugs, art prints,
coffee table or art books, and ceramic, glass or crystal items
hybrid brand = described as "affordable", "accessible," or "modern" paired with "luxury"
Independent Motivations = other factors that will influence product use such as low price or extreme
exclusivity
industrial brand = brands working in business-to-business
Innovators = (5%) - actively seek out new products
Laggers = 15%- does not acknowledge new products, most risk-averse to new products, also called
Non-adopters
Late Majority = 35%- follow others, highly risk-averse
leveraging objectives = seek to make the best use of available resources in the most efficient way
line extension = extension within the same product category. adds a different variety, a different form or
size or a different application for the brand
luxury brand = regarded as images in the minds of consumers that comprise associations regarding a
high level of price, aesthetics, rarity, and specialness *Hermes, Louis Vuitton, Burberry
luxury brands v. fast fashion brands = Fast Fashion Brands- focus on trends/ speed to market, focus
on present, turn inventory every 2-3 weeks, Zara and H&M -- Luxury Brands- think in seasons,
signature seasons, element of cultural values
luxury product = branded products driven by high quality, technical superiority, technological
advancement, and unique craftsmanship
Market performance = is the percentage of total sales volume in a market captured by a brand or
company
market share = percentage of total sales volume in a market captured by a brand or company
Marketing Program Investment = includes costs related to product research, development, and design,
trade or intermediary support, and marketing communications
marketing/ sales funnel = consists of 8 stages that represent different activities undertaken by
consumers prior to their purchases
mass fashion brand = widely available fashion brand *Old Navy, Christopher & Bank
mass fast fashion brand = focus on trends, speed to market, bypass past/future, focus on present *Zara,
H&M, Topshop
massitge fashion brand = brands created by incorporating upscale product design and presentation;
prestige for the masses *Issac Mizrahi for Target + Vera, Vera Wang for Kohl's
merchandising = involves sourcing products, producing products, distributing products, selling
products through retailing or wholesaling
merchantainment = the entertainment aspect associated with wearing fashion brands
migration objectives = those that seek to establish a relationship between consumers and component
brands contained in an entire brand portfolio
multi-brand strategy or multiple branding = marketing 2 or more similar brands owned by one
company
Multipliers = set of separate variables found to affect how one stage of the brand value chain affects the
next in the sequence
need, want, desire = - need: necessary for daily life - want: something not needed but perhaps
aspirational choices - desire: passion seeking rarity and inaccessibility
order of communication process: = - originator or source – encoding - message channel – decoding –
receiver
parent brand = original brand that gives birth to a brand extension
pipelines = retail channels by which products are offered to consumers
premium fashion brand = those touch on luxury in some aspect of their brand strategy; being trend-
driven *Michael Kors, Kate Spade, Tory Burch, Coach
price premium = price consumers are willing to pay more obtain any one particular brand of products
private brand = produced by one entity and offered to consumers only through channels controlled by
the entity
Product = anything that can be offered to a market for attention, acquisition, use or consumption to
satisfy a want or need
Product features = promotional practices/ product distribution channel / pricing policies/ 4 p's of
marketing
product life cycle v. brand life cycle = product life cycle goes from birth to death quite naturally as do
people, but brand life cycle may not reach a stage of decline
promotion = marketing and advertising activities designed to communicate product and brand
characteristics
Pull Tactics = limited number of items
Push Tactics = large number of items
push v. pull tactics = The coordination of communications by retailers and manufacturers to create the
optimum conditions for consumers to receive and act on promotional messages.
R vs. TM (trademark) = - R: brands that have been registered with the US Gov. and afforded formal
protection through filing with the US patent and trademark office - TM: do not require any formal
registration and refer to products or services are identified having come from one particular maker.
rebrandingseeking a new name and new consumers, offering new products. May use different channels
of distribution
repositioning = avoid changing brand attributes, seeking to reach new consumers
retailing v. wholesaling = retailing: selling of goods to ultimate consumers for personal or household
consumption / wholesaling: sale and distribution of goods to retailer or industrial, commercial,
institutional or other professional businesses
revitalization = keeping the same brand attributes targeting the same consumers but seeking different
messaging
sales promotion = specific one time and limited duration strategy used by marketers to entice
consumers to try particular products or services
Sensory Motivation = how products appeal to physical perceptions
shareholder value = manifests itself in the price investors are willing to pay for a share of stock in the
company
Shareholder Value = the price investors are willing to pay for a share of stock in a company
shopping product = items consumers spend time and energy seeking out and comparing the attributes
of in order to make a selection
Social Motivation = how the use of products will make users appear in relation to other people
social stratification = a system by which a society ranks categories of people in a hierarchy
specialty product = items consumers actively and willingly seek out, such as fashion goods
tangible brand elements v. intangible brand elements = - tangible: elements appealing to physical
and perceptual senses ( logo, merchaindise, creative design) - intangible: On the other hand, intangible
elements are invisible and emotional, encompassing aspects like brand personality, tone and voice, and
the brand vision.
touch points = places where brand elements are applied such as labels and packaging
unsought product = items consumers are not familiar enough with to want
what do luxury brands focus on? = – craftsmanship – exclusivity - emotional experience - heritage and
history - hand-made by artisans – rarity - timeless innovation
worrier or problem solving motivations = how use of products will solve or prevent perceived problem