Chapter 8 Key Terms

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What are the 5 steps of brand familiarity?

1. Brand rejection 2. Brand nonrecognition 3. Brand recognition 4. Brand preference 5. Brand insistence

What conditions favor branding?

1. product is easy to label and identify the brand 2. product quality easy to maintain 3. dependable and widespread availability 4. demand is strong 5. economies of scale present 6. favorable shelf locations/display

What is brand recognition?

Consumer awareness and identification of a brand

What is a warranty?

Explains what seller prmises about its product

What is an example of a trademark?

Nike Swoosh

What is an example of a licensed brand?

Sunkist flavor

What is the Magnuson-Moss Warranty Act?

The Act requires any supplier that offers a written warranty on a consumer product that costs more than $15 to disclose the terms of the warranty in simple, understandable language before the sale

What is an example of a brand name?

Verizon wireless

What is an example of family branding?

Whirlpool appliances

What can help build brand equity?

a good brand name

What is the Universal Product Code?

barcode for tracking items in stores

What are dealer/private brands?

brands created by intermediaries

What is a manufacturer brand?

brands created by producers

What is the battle of the brands?

competition between dealer brands and manufacturer brands

What is brand insistence?

customers insist on firm's branded product and will search for it

What is brand preference?

customers usually choose the brand over other brands, will still buy another brand if absolutely necessary

What is brand nonrecognition?

final consumers don't recognize a brand at all for certain products

What is brand familiarity?

how well customers recognize and accept a company's brand

What is a homogeneous shopping product?

item a customer sees as the same and wants the lowest price

What is a heterogeneous shopping product?

items a consumer sees as different and wants to inspect for quality and suitability

Why are dealer brands becoming advantageous to retailers?

manufacturer brands create foot traffic to stores, dealer brands create higher margin for the retailers

What is aided brand awareness?

measure of the number of people who express knowledge of a brand or product when prompted

What is a product?

need satisfying offer of the firm

What is a trademark?

only words, symbols, or marks that are legally registered for use by a single company

What is an individual product?

particular product within the product line

What is unaided brand awareness?

percentage of respondents aware of your product, brand, or advertising top-of-mind without being assisted

What is brand rejection?

potential customers won't buy a brand unless its image is changed

What are unsought products?

prodcut buyers don't yet want or don't know they can buy

What is a convenience product?

product a customer needs, but not willing to spend time or effort

What is a specialty product?

product a customer really wants and makes special effort to find it

What is an emergency product?

product bought immediately when need is great

What is a shopping product?

product customers spends time and effort to compare competing products

What is a consumer product?

product meant for the final consumer

What is a generic brand?

product s have no brand other than identification of contents

What are regularly unsought products?

product that remains unsought, but not unbought forever

What is product quality?

product's ability to satisfy customer's need or requirements

What is a staple?

products bought often or routinely

What is an impulse product?

products bought unplanned and quickly

What are new unsought products?

products offering really new ideas that potential customers don't know about yet

What is packaging?

promoting, protecting, and enhancing the product

What is brand awareness?

recognition of the brand's existence and what it offers

What is the Federal Fair Packaging and Labeling Act?

requires consumer goods to be clearly labeled in easy to understand terms

What is a service mark?

same as trademark except refers to a service

What is a family brand?

same brand name for several products

What products typically face brand nonrecognition?

school supplies, dinnerware, hardware store items

What is an individual brand?

separate brand names for each product

What is product assortment?

set of all product lines and individual products a firm sells

What is a product line?

set of individual products that are closely related

Marketing managers want their products to become _________________ products

specialty

What is the Lanham Act?

spells out what kinds of marks can be protected and the exact method of protecting them

What is branding?

use of name, term, symbol, or group of words or letters

What is brand equity?

value of brand's overall strength in the market

What is a licensed brand?

well know brand that sellers pay a fee to use


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