Chapter 11 LearnSmart

in terms of marketing, a "product" is

...something that is of value to a consumer

typically, who determines the products or services value in relationship to that of its close competitors?

Customers / consumers

which of the following is the best example of a convenience product/service?

Gas

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

acme chips and acme dips

retailer/store brand:

also known as national brands, have famous manufacturers such as: Coca-Cola and Nike

which of the following is not one of the categories of consumer products that buyers use for their personal use?

associated services

when a firm sells all its products under one family brand, such as pepperidge farm, the individual brands

benefit from the overall brand awareness associated with it

the mental link customers make between a brand and its key product attributes is known as

brand association

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

a person who buys the same brand's product or service repeatedly over other options demonstrates what is known as

brand loyalty

branding includes which of the following?

brand names, logos, symbols, characters, slogans, jingles, and even distinctive packages constitute the various brand elements a firms use

the strategy in which marketers change a brands focus to target new markets, or realign the brand with changing market preferences, is known as

brand repositioning

marketers invest in developing a strong brand identity to help establish

buyer loyalty

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

co branding

shopping good

consumer compares alternatives and spends a moderate amount of time and effort deciding among products, features, and brands

specialty good

consumer has a good idea of the brand he or she will buy in advance and expands a lot of effort finding the right products

which of the following are risks presented by co branding?

customers for the two brands might be too different co-branding may fail if there are conflicts of interest between the co brands

the risks associated with brand licensing include which of the following?

diluting brand equity through overexposure undervaluing the brand in a licensing agreement

brands have value as corporate assets and the "value of the brand" refers to the

earning potential of the brand over the next year

risks associated with repositioning a product include which of the following?

high costs to change the packaging losing many of the loyal customers the brand has

to capture new or evolving markets, a firm may

increase breadth to compete in new product areas

brand extensions for complementary products, such as the Barbie car sold to be used with a Barbie doll, can

increase sales

for most products, role of the label is providing

information, promotion, and branding

brand licensing

is a way to generate additional revenue can be an effective way to attract visibility for a brand

firms should make sure the fit between the core brand and the brand extension

is credible makes sense to customers

brand loyalty tends to be an advantage to the firm because

it will insulate a firm from competition.

the use of the same brand name within the same product line is called a

line extension

firms tend to spend substantially less to market to

loyal customers compared to marketing to new customers

which of the following are components of the augmented product?

nonphysical aspects of the product, such as product warranties, financing, product support, and after-sale service.

a firm's product line depth is the

number of items within a product line

which of the following are choices that manufacturers typically make in creating products?

producing store brands, making merchandise for other brands, and making only private label merchandise

the complete set of all products and product lines offered by a firm is called its

product assortment, or product mix

a product mix typically consists of

product lines or groups of associated items

since brands are easily recognized by consumers and signify a certain quality level to buyers, brands help consumers to make

quick decisions

a firm's product mix breadth represents

the number of product lines offered by the firm

firms find that loyal customers help market their product or service through

word of mouth