MKT 510 Study Guide - Final Guide: Brand Awareness, Level Set, Psychographic

• School: Ryerson University
• Department: Marketing
• Course: MKT 510
• Professor: Melanie Dempsey

Document Summary

Brand complex concept, made up of tangible and intangible assets. Strategic brand management involves the design and implementation of marketing activities and programs to: build brand equity, manage brand equity, measure brand equity, grow brand equity. Points of parity (pop) and points of difference (pod) Core benefit level fundamental need/want that consumers satisfy by consuming the product/service. Generic product level basic version of the product containing only those attributes or characteristic absolutely necessary for its functioning but w/ no distinguishing features. Expected product level set of attributes/characteristics that buyers normally expect and agree to when they purchase a product. Augmented product level includes additional product attributes, benefits, or related services that distinguish the product from competitors. Potential product level includes all augmentations and transformations that a product might ultimately undergo in the future. Why do organizations invest in brands: to derive future value in the form of cash.