Chapter 9 Marketing

What is a product line?

A firm's total product offering designed to satisfy a single need or desire of target customers

Which of the following describes brand extension?

A new product sold with the same brand name as a strong existing brand

What is the product life cycle?

A useful way to explain how products go through four distinct stages from birth to death

Which of the following describes an internal customer mind-set?

An organizational culture in which all organization members treat each other as valued customers

Which term describes a name, term, symbol, or any other unique element of a product that identifies one firm's products and sets it apart from the competition?

Brand

Who coordinates all marketing activities for a brand?

Brand manager

Multiple items marketed under the same brand name are called a __________.

family brand

Making tactical decisions is the __________ step in the managing products process.

third

In which stage of the product life cycle are there no profits?

Introduction stage

In which stage of the product life cycle do marketers advertise heavily?

Growth stage

What is the name for an agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time?

Licensing

What is the third step in the managing products process?

Make tactical product decisions.

In which stage of the product life cycle are new features added to the product?

Maturity stage

In which stage of the product life cycle are sales at their peak?

Maturity stage

Onyxo Inc. finds it difficult to maintain its peak sales, as the competition in the industry is becoming increasingly aggressive to meet the changing consumer needs. Based on the scenario, in which stage of the product life cycle is Onyxo Inc.?

Maturity stage

What is a family brand?

Multiple items marketed under the same brand name

Who works exclusively on the new-product development effort?

The venture team

__________ is the creation of a secondary brand with a main brand that can help differentiate a product line to a desired target group.

Sub-branding

What is brand equity?

The value of a brand to an organization

Which of the following focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement?

Total quality management (TQM)

An agreement between two brands to work together to market a new product is __________.

cobranding

The ___________ stage of the product life cycle is the decline stage.

last

A firm's total product offering designed to satisfy a single need or desire of target customers is the __________.

product line