Marketing Test

The Federal Trade Commission regulates the use of the term "new" and has established a time limit for the use of the word "new." How long is that time limit?

6 months

This is a marketing strategy in which a firm marketing a product with a well-developed image uses the same brand name in a different product category.

A brand extension strategy

According to the Federal Trade Commission, a "new product" must:

Be entirely new or changed in an important and noticeable way.

The unique name, symbol, or design that identifies a product, service, or company.

Brand

The University of Arkansas provides t-shirt manufacturers with the legal authorization to allow that manufacturer to use the University's brand, brand mark, and trade character for a fee.This is an example of:

Brand Licensing

Ralph Lauren uses its brand name "Polo" on a variety of products including shirts, pants, shoes, hats, socks, cologne, sunglasses, purses, and paint. Ralph Lauren is practicing a:

Brand extension strategy

The Jolly Green Giant, the Michelin Man, and the Geico gecko are all examples of:

Brand/Trade characters

A strategy that combines one or more brands to increase customer loyalty and sales for each individual brand.

Co-branding

The "Call of Duty" video game used a Jeep brand vehicle in the game. The manufacturer of the of Jeep created a special edition "Call of Duty" Jeep that consumers could buy. This is an example of:

Co-branding

Virtually all products can be marketed to both industrial buyers and to final _______________.

Consumers

During this stage of the Product Life Cycle consumers decide that a product is no longer satisfying their needs or they discover a new and better product.

Decline Stage

True or False? Most "new" products introduced into the marketplace are successful.

False

True or False? Service organizations rely heavily on traditional advertising such as billboards and television commercials.

False

True or False? The fastest growing service sector is teaching and will have almost 2 out of every 5 new jobs by 2020.

False

True or False? Trade characters are also known as advertising mascots.

False

True or False? Very few if any products can be marketed to both industrial buyers and to final consumers.

False

A Harley Davidson motorcycle would be best classified as a:

Good

This is a tangible object that consumers can purchase to satisfy needs and wants. It can be stored after purchase and potentially resold.

Good

During this stage of the Product Life Cycle sales increase and competitors are attracted. Features, options, and services are added to the product.

Growth stage

This term refers to the fact that differences can occur from one service provider to the next. Consider the fact that everyone has received a bad haircut!

Heterogeneous

The brand __________ is the unique, memorable quality of a brand.

Image

This is the service characteristic that means that the service cannot be touched, seen, tasted, heard, or felt.

Intangible

This is the least profitable stage of the Product Life Cycle. There are no direct competitors and the price is usually high.

Introduction Stage

The Sony brand of electronic products can be purchased at many different stores including Best Buy, Target, and Walmart. What category of brand is Sony?

It is a national or manufacturer brand.

Ol' Roy dog food and Great Value products can only be purchased at Walmart. The Ol' Roy and Great Value brands are included in what category of brands?

It is a private or store brand.

During this stage of the Product Life Cycle sales will peak and profits will begin to decline. Many business now offer their own brand of the product. All brands tend have the same options.

Maturity Stage

This is a branding strategy that occurs when a business creates multiple brand names to appeal to different market segments.

Mixed Branding

Vanity Fair is an apparel manufacturer which produces several different brands of products including Wrangler Jeans, Lee dress pants, Jansport backpacks, and North Face jackets. Vanity Fair is company which practices a:

Mixed Branding Strategy

The fact that any unsold seats on an American Airlines flight to Orlando cannot be stored and represents permanently lost revenue for the company illustrates this characteristic of services:

Perishable

This could be either a good or a service with monetary value that satisfies customer's needs and wants.

Product

Having a dental hygienist clean your teeth would be an example a:

Service

This is an intangible activity that is exchanged directly from the producer to the consumer and consumed at the time of production:

Service

A SWOT analysis identifies a business's ________________ and weaknesses and the opportunities and threats it faces.

Strengths

The packaging can prevent ______________ and provide security for the product until the consumer can use it.

Tampering

This term refers to a specific city or geographic area in which marketing experiments are conducted:

Test Market

Holding an event at FedEx Forum before a Memphis Grizzlies game that includes sampling different formulas of Diet Mt. Dew and then recording the preferences of consumers would be an example of:

Test Marketing

This is the physical container or wrapping for a product.

The Package

This identifies the four stages a product goes through from the time it enters the market until it is no longer sold.

The Product Life Cycle

The North Face brand specializes in outerwear and equipment such as backpacks, tents, and sleeping bags. Why was th brand name "North Face" selected by the company?

The name was chosen because the north face of a mountain is generally the most difficult face to climb.

This is the legal protection of the words or symbols for use by a company.

Trademark

True or False? A trade character is the visual personification of a particular brand, merchandise, or advertiser.

True

True or False? Few products are really new. Most "new" products are existing products that have been changed and/or improved.

True

True or False? Protecting the brand license and trademark from infringement proves ownership of the brand.

True

True or False? Services are often very labor intensive which refers to the amount of human effort required to deliver the service.

True

True or False? The most important difference between goods and services is that services are intangible.

True

True or False? The owner of a brand must protect the brand from infringement.

True

True or False? The service sector is the largest and fastest-growing employment area in our economy.

True

True or False? Virtually all products can be marketed to both industrial buyers and to final consumers.

True

This will ultimately determine if a good or service is an industrial good or a consumer good:

Who purchased the product and how it is used.