1 How does branding allow consumers to simplify their buying decisions? It allows companies to gather demographic and psychographic data. It is used to manipulate consumers into thinking they are getting a good deal. It provides a method of classification, differentiation, and identification for similar products. It reduces costs for companies so they can offer lower prices to consumers. 2 Products are made in factories. Brands are made in Promotional opportunities China Retail stores The mind 3 What is the difference between marketing and branding? Marketing and branding are one and the same. Marketing is done by marketing teams, while branding is carried out by sales reps. Marketing focuses on execution, while branding is the strategy that guides the marketing. Marketing is the underlying strategy, while branding includes the tactics used to carry out the strategy Branding is figuring out how to make your product in the minds of consumers. OD DO Novel, important, and exciting New, improved, and special Different, better, and special Valuable, exciting, and transformative un 5 Which company invented the business strategy of brand management? UPS Disney Procter & Gamble Coca-Cola 6 Regarding developing a unique selling proposition, it is not that matters but rather of a given brand's superiority that paved the road to success. ODO Actual product superiority, consumers' perception Telling the truth; marketing statements Marketers' perception; financial analysis Consumers' perception; scientifically proven evidence 7 In general, how much do consumers trust advertising? Consumers distrust advertising, and many trust advertising less than they have in the past. Consumers distrust advertising in general but have great trust in specific brands. Consumers trust advertising more than they have in the past due to greater access to information. Consumers trust advertising implicitly without questioning the claims it makes. 8 Which of the following describes brand positioning? An analysis to determine where the brand has competitive advantage and superiority versus competitors The creation of distinguishable elements that help consumers identify a brand The focused articulation of the brand using insights gained from research A definition of the underlying principles of the brand Which of the following actions could you take to create a strong, successful brand? a Build trust with customers. Aim at a specific target audience. Actively monitor the marketplace for changes. All of the above. 10 What is typically the key to success in marketing? Offer just a few good products rather than a large variety of mediocre products. Create a strong brand to differentiate your product from competitors' products. Offer the lowest prices compared to competitors. Stick with old-school marketing techniques rather than quickly adopting new and popular ones