Chap 11, MKTG 350
How does brand licensing work?
The licensee pays a royalty to the licensor in exchange for being able to use the licensor's brand.
Brands are assets that companies can build over time, in turn increasing brand _____
equity
The value of a brand can be calculated and compared to other brands in the form of brand ______.
equity
The use of an existing brand name in a different product line is called brand ____
extension
Apple sells the majority of products under its Apple name brand. This is known as a(n) ______ brand.
family
Brand awareness is MOST likely to influence purchasing decisions for which type of product?
goods purchased frequently/habitually
The product _____ is the complete set of all products and services offered by a firm.
mix
Manufacturer brands such as Nike and Coca-Cola are also known as ______ brands.
national
From the customer's perspective, the relationship between a product's or service's benefits and costs is called ______.
perceived value
A _____ is something that a customer values and that can be bought or sold voluntarily.
product
For most products, the label is used for _____
promotion and branding
Brand repositioning is also known as _____
rebranding
Product lines are a part of a product ______.
mix
What are the four aspects analysts examine to evaluate brand equity?
Brand loyalty Brand associations Brand awareness Perceived value
What are the common forms of royalty payments in brand licensing?
Payments based on the value of licensed merchandise sales Up-front, lump-sum licensing fees
The mental link customers make between a brand and its key product attributes is known as brand _____
association
One consumer research exercise asks consumers to say the first things that occur to them when they hear a brand name. For example, for the brand "Coca-Cola," someone might respond, "Red and white cans, sweet, carbonated." These are examples of brand ____
associations
Marketers can assess the level of brand ______ by measuring the extent to which consumers in a market are familiar with a brand, know what it stands for, and have an opinion about it.
awareness
The set of assets and liabilities linked to a brand that add to or subtract from the value provided by a product or service is _____ equity.
brand
What can be determined by looking at brand awareness, perceived value, brand associations, and brand loyalty?
brand equity
The use of the same brand name within the same product line is called a(n) _____
brand extension
The strategy in which marketers change a brand's focus to target new markets, or realign the brand with changing market preferences, is known as _____
brand repositioning
Consumer packaged goods companies sell products across many different product lines. These companies have significant ______ in their product mixes.
breadth
What are products that household buyers use for their own use called?
consumer products
The number of products within a product line is a firm's product line ______.
depth
A firm's product line depth is the number of ______ within a product line, as opposed to the number of product lines a firm has.
items
A product mix typically consists of product ______ or groups of associated items.
lines
What are the two basic types of brand ownership strategies?
manufacturer brands retailer/store brands
True or False: Brands are sold either under a common/family name or as an individual brand.
true
How do marketers begin the process of developing or changing a product?
using the core customer value to determine consumer interests