CHP 11 marketing
Food and Drug Administration. The Food and Drug Administration is the primary federal agency that reviews food and package labels to ensure that the claims made by the manufacturer are true.
The primary federal agency that reviews food and package labels to ensure that the claims made by the manufacturer are true is the
brand equity. Brand equity represents the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service. Like the physical possessions of a firm, brands are assets that can be managed to increase value. References
The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service is referred to as
brand repositioning Brand repositioning or rebranding refers to a strategy in which marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences. Although repositioning can improve the brand's fit with its target segment or boost the vitality of old brands, it is not without costs.
A marketer that wants to improve a brand's fit with its target segment or boost the vitality of old brands would most likely use a _______ strategy.
specialty Specialty products are those toward which consumers expend considerable time and effort searching for the best suppliers.
Francesca spent a lot of time shopping for her wedding dress, spending considerable time and effort visiting some of the finest bridal shops in the area. For Francesca, her wedding dress is a(n) _____ product.
brand dilution Unsuccessful brand extensions can dilute brand equity, leading to brand dilution. This occurs when the brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold.
In a failed attempt at extending its brand to a new product line, Bic introduced a line of disposable underwear. To the extent that this brand extension adversely affected consumers' perceptions about its current product lines, this could lead to
increase the breadth of Companies increase the breadth of their product mixes to capitalize on changing consumer preferences by adding new product lines to their current product mixes.
In response to increased consumer demand for healthful beverages, companies like Coca-Cola and Pepsi introduced new product lines like fruit juice to _____ their product mix.
a family brand. When all products are sold under one family brand, the individual brands benefit from the overall brand awareness associated with the family name. Kellogg's uses its family brand name prominently on its cereal brands (e.g., Kellogg's Special K, Kellogg's Froot Loops, Kellogg's Rice Krispies).
In the grocery store, you can see the Kellogg's name on its Special K and Rice Krispies cereals, Eggo waffles, and Pop-Tarts. Having the Kellogg's name on all these various products is an example of the use of
an unsought product Unsought products and services are those, which consumers either do not normally think of buying or do not know about. Because of their very nature, these products require lots of marketing effort and various forms of promotion.
Insurance companies expend a lot of effort marketing their offerings, mainly due to the fact that insurance is _____ that consumers don't normally think about much.
product line depth. Adding new products to an existing product line is increasing its depth.
Introduced in 1920, Band-Aid now has more than 40 products in its product line to help heal cuts and scrapes. Band-Aid has, over the years, increased its
product line Product lines are groups of associated items that consumers tend to use together or think of as part of a group of similar products.
Kellogg's has a variety of brands in its cookies and crackers _____, including Cheez-It crackers, Keebler Townhouse Club crackers, Famous Amos cookies, and Keebler Fudge Shoppe.
manufacturer Nike, Coca-Cola, KitchenAid, and Sony are all examples of manufacturer brands, which are owned and managed by the manufacturer.
Nike, KitchenAid, and Sony are all examples of the use of _____ brands.
increase the depth of Companies increase the depth of their product lines to address changing consumer preferences by adding new flavors and varieties to their current offerings.
Poland Springs produces a variety of bottled water beverages, and as the market continues to show growth potential for new flavors and varieties of bottled water, the company should _____ its product lines.
manufacturer The majority of the brands marketing in the United States are manufacturer brands, and manufacturing firms spend millions of dollars each year to promote their brands.
The majority of the brands marketed in the United States are _____ brands.
Brand awareness The more familiar consumers are with a brand (i.e., brand awareness), the easier their decision-making process is, which improves the chances of purchase.
_______ measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it.
Brand licensing By definition, a licensed brand is one for which there is a contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, and/or characters in exchange for a negotiated fee
_____involves a contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, and/or characters in exchange for a negotiated fee.
a product. In addition to goods (soft drinks) or services (a stay in a hotel), products might be places (Six Flags theme parks), ideas ("stop smoking"), organizations (MADD), people (Oprah Winfrey), or communities (Facebook.com) that create value for consumers in their respective competitive marketing arenas.
According to your text, anything that is of value to a consumer and can be offered through a voluntary marketing exchange is called
private-label In recent years, as the size of retail firms has increased through growth and consolidation, more retailers have the scale economies to develop private-label merchandise and use this merchandise to establish a distinctive identity.
As the size of retail firms has increased through growth and consolidation, more retailers have developed _____ merchandise, which they use to establish a distinctive identity.
Brand quality Experts look at four aspects of a brand to determine its equity: brand awareness, perceived value, brand associations, and brand loyalty.
Brand equity is determined by four aspects of a brand. Which of the following is not one of the four aspects?
convenience Convenience products are those where the consumer is not willing to expend a lot of effort in evaluation and purchase.
Brian never spends a lot of time or thought picking up lunch when he is at work. For him, lunch items would be considered to be _____ products.
Brands are assets. To support its brand as a destination for consumers looking for "the best," Tiffany works constantly to protect the value of its iconic image as a prized asset.
Companies like Tiffany's go to great lengths to protect themselves through the use of trademarks and copyrights. This best represents which of the following advantages of branding?
secondary The secondary package is the wrapper or exterior carton that contains the primary package and provides the UPC label used by retail scanners.
For most products, the UPC code would be located on the _____ package.
decreased its breadth. Sometimes it is necessary for firms to delete entire product lines, which decreases breadth.
If a firm deletes an entire product line, it has
brand extension A brand extension refers to the use of the same brand name in different product lines. It is an increase in the product mix's breadth.
The Victorinox Swiss Army Company is well known for its Swiss Army knives. The company also makes and markets its Swiss Army brand of watches, travel gear, cutlery, and even fragrances. This represents a _____ strategy.
product mix The complete set of all products offered by a firm is called its product mix.
The complete set of Kellogg's offerings representing its _____ includes ready-to-eat cereal, toaster pastries, wholesome portable breakfast snacks, cookies, crackers, and natural and organic brands.
brand value. The value of a company is its overall monetary worth, comprising a vast number of assets. The value of the brand, just one of these assets, refers to the earning potential of the brand over the next 12 months.
The earning potential of a brand over a 12-month period is known as its
co-branding. Co-branding is the practice of marketing two or more brands together, on the same package, promotion, or store.
When Dairy Queen teams up with Oreo cookies for its Blizzard frozen treats and advertises them with the Oreo name alongside the Dairy Queen name, it is an example of
consumer products. Consumer products are those goods purchased by people for their personal use.
When Megan purchased several bottles of Pepsi beverages and snacks to bring to her family's holiday celebration, it represented the purchase of
actual product. Marketers build upon the core customer value to deliver the actual product by determining the brand name, features/design, quality level, and packaging.
When marketers carefully develop a set of product attributes such as the brand name, features/design, and quality level of an offering, they are developing the
augmented product. The augmented product consists of the actual product augmented by associated services, the nonphysical aspects of the product such as product warranties, financing, product support, and after-sale service.
When marketers develop nonphysical aspects of an offering by adding warranties, financing and after-sales service, they are focusing on the
core customer value The core customer value comprises the basic problem-solving benefits that consumers seek in a product.
When the bicycle manufacturer, Trek, determined that some consumers use bikes for green transportation whereas others use them for a hobby, they were most likely assessing the _____ of its bicycles to consumers.
