MKTG 3310 Ch. 11

Which of the following describes the core customer value of a product?

The basic benefits consumers are seeking

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

A ________ is something that a customer values and that can be bought or sold voluntarily.

product, good, or service

For most products, the label is used for ______.

promotion and branding

Brand repositioning is also known as:

rebranding

A brand, such as T-Mobile, can build awareness through ______ exposure to the brand's logo, symbols, and slogans.

repeated

What does a brand need in order to be somewhat protected from competition from other firms and price competition?

A loyal customer base An established track record in the market

Which of the following is an example of a brand extension?

Acme chips and Acme dips

Which of the following would NOT be a product? Goods Ideas All of these are products .Services

All of these are products

Which of the following is NOT one of the categories of consumer products that buyers use for their personal use?

Associated products

_______ measures how many consumers in a market are familiar with a brand and what it stands for.

Brand awareness

What are products that household buyers use for their own use called?

Consumer products

Brand awareness facilitates decision-making and is especially important for which type of consumer goods?

Convenience

Which of the following help to increase a brand's equity? (Select all that apply.)

Customer loyalty Brand awareness Perceived value

Which of the following is NOT an advantage of brand loyalty?

Customer switches brands often

Typically, who determines the product's or service's value in relationship to that of its close competitors?

Customers

Branding enables a firm to do which of the following?

Differentiate its product offerings Make consumers aware of available products

The primary federal agency that oversees food and packaged good labels is the ___________.

Food and Drug Administration

Brand awareness is most likely to influence purchasing decisions for which type of product?

Goods purchased frequently habitually

A strong brand protects firms from which of the following? (Select all that apply.)

New products offering similar features or benefits An existing competitor lowering prices

Which statements are true of ALL products?

Offered through a marketing exchange Something that a customer values

Brand equity is determined by four aspects of a brand. Which of the following is NOT one of the four aspects?

Quality level

Ideas for sustainable packaging include which of the following? (Select all that apply.)

Returnable packaging Using recycled materials in packaging Using 3D printing

____________ packaging is better for the environment than traditional packaging.

Sustainable

Which of the following refers to the basic problem-solving benefits that consumers seek in a product?

The core customer value

_______ is defined in marketing terms as the basic problem-solving benefits consumers are seeking. The perceived value Augmentation The core customer value Equity

The core customer value

Brands are sold either under a common/family name or as an individual brand.

True

Many consumers pay a higher price for green products. This is because, for them, green products have _______ than competitor's non-green offerings.

a greater perceived value

Examples of communication media that firms use to create brand awareness include which of the following?

advertising publicity

When a firm chooses to have a brand legally protected through trademarks and copyrights, the brand becomes _______.

an asset to the firm

Marisol bought a particular washing machine because of its warranty and the product support the store provided in terms of delivery and installation. Marisol's decision was based on _________.

associated services

Brand name, features, design, quality level, and packaging are all considered _______ of actual products. augmentation attributes intangibles associated services

attributes

If a brand has a high degree of brand _______ , it means that most consumers are familiar with the brand and what it stands for even if they do not use the brand.

awareness

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 personal connections that consumers make with a brand and its key attributes is referred to as _______.

brand associations

In the 1980s the Coca-Cola Company introduced New Coke. The product was a total failure and in the short term greatly hurt the reputation of Coca-Cola. This is an example of _________.

brand dilution

The value of a brand can be calculated and compared to other brands in the form of ______.

brand equity

The Victorinox Swiss Army Company is well known for their Swiss Army Knives. The company also makes and markets watches, travel gear, cutlery and even fragrances. This represents a ___________ strategy.

brand extension

A contractual arrangement between firms where one firm allows another to use its brand name, logo, symbols, and/or characters in exchange for a negotiated fee is called ______.

brand licensing

When K-Mart paid Martha Stewart (famous for her business related to lifestyle and the home) a fee in return for permission to introduce a line of towels and other housewares bearing Stewart's name, it was an example of ______.

brand licensing

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

Firms are willing to spend lots of money, such as on very expensive Super Bowl ads, to market a brand in order to ______.

build brand awareness

One of Taco Bell's most successful new products has been its "Doritos Locos Tacos," tacos with shells in the flavors of Doritos taco chip varieties. This is an example of ______.

co-branding

Yum Brands owns a number of well-known fast food franchises. Often, consumers will see a KFC with a Taco Bell or a Pizza Hut with a Taco Bell sharing the same building or location. In doing this Yum Brands is using a ________strategy.

co-branding

Consumers invest the least amount of effort when considering the purchase of _______ products.

convenience

For most buyers, bread, soap, milk, and soda pop are _________ goods.

convenience

A candy bar might be a great tasting snack for some people or an energy boost for others. In either case, this describes the __________.

core customer value

If a firm deletes an entire product line, it has _______.

decreased its breadth

Colgate has a line of oral care products including toothpaste, toothbrushes and teeth whitening products. These products represent the ______ of the line.

depth

Branding provides a way for a firm to ______ its product offerings from those of its competitors.

differentiate

Brands are assets that a firm can build and harness over time to increase its ______.

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

When a firm sells all its products under one ______, such as Pepperidge Farm, the individual brands benefit from the overall brand awareness associated with it.

family brand

An important element of a product is its ______, which is a communication tool that can convey key product benefits to consumers.

label

The component of the product package that provides the information consumers need to make their purchase decisions and for proper consumption of the product is known as the ______.

label

Kellogg's has a long list of ready-to-eat cereals which consumers think of as a similar group of products. Kellogg's ready-to-eat cereals are a product ________.

line

What are the two basic types of brand ownership strategies?

manufacturer brands retailer/store brands

Coca-Cola and Nike would be considered _______ brands, while Market Pantry or Archer Farms products (sold at Target stores) would be considered _______ brands.

manufacturer; store

The complete set of all products and product lines offered by a firm is called its product assortment, or product __________

mix

The complete set of all products offered by a firm is its product _______.

mix

The product ______ is the complete set of all products and services offered by a firm.

mix

Manufacturer brands are also known as _______.

national brands

From the customer's perspective, the relationship between a product's or service's benefits and costs is called ______.

perceived value

A tube of toothpaste is an example of a _______ package.

primary

Consumers typically seek convenience in terms of storage, use and consumption from the _____ package.

primary

Sears sells appliances using its own Kenmore brand name and it sells tools using its own Craftsman brand name. These ______ brands can only be bought at Sears.

private-label

Introduced in 1920, Band-Aid now has more than 40 products to help heal cuts and scrapes. Band-Aid has, over the years, increased their _________.

product line depth

Abercrombie and Fitch (A&F) was founded in 1892 as a sporting goods, camping and hunting gear store. A&F is now known as a casual luxury lifestyle brand of clothing for college students. To make this change, A&F had to _______ its brand.

reposition

For most products, the UPC code would be located on the _______ package.

secondary

Rachel has visited several stores comparing sneakers. For Rachel, sneakers would be a(n) _____ product.

shopping

As a brand becomes more recognizable, _______.

the company doesn't have to spend as much on marketing the brand

The practice of marketing two or more brands together on the same package or promotion is known as:

co-branding

Miguel wants to buy a Jaguar automobile, but the closest dealer is 250 miles from his home. Nevertheless, Miguel is going to go to that dealer to buy his car. For Miguel, the Jaguar is a(n) ________ product.

specialty

Brands facilitate purchase in all of the following ways EXCEPT _______.

they are always appealing to the customer

Many people who take cruises are not aware that their normal health insurance policy will not cover emergencies in a foreign country. For this coverage, they need special trip insurance. For these people, trip insurance is a(n) __________ good.

unsought