Marketing Chapter 11: Product, Branding and Packaging

What are the two basic types of brand ownership strategies?

Manufacturer brands and retailer/store brands

What must occur for the perceived value of a cheaper product to be high?

Consumers must believe the quality of the cheaper product is about the same as that of a premium product.

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

equity

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

Apple sells the majority of products under its Apple name brand. This is known as a(n)______ brand

family

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

mix

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

perceived value

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

product

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

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

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

mix

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 branding

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

mix or depth

Three steps marketers follow to develop or change a product

1) Using core customer value to determine what customers are seeking 2) Making an actual physical product 3) Adding associated services

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

Advertising Publicity

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

An established track record in the market A loyal customer base

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

Associated products

What can be determined by looking at brand awareness, perceived value, brand associations, and brand loyalty?

Brand equity

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

Consumer products

Branding enables a firm to do which of the following? (Multiple Answers) Differentiate its product offerings Make consumers aware of available products Eliminate advertising spending Reintroduce old products at a higher cost

Differentiate its product offerings Make consumers aware of available products

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

Goods purchased frequently or habitually

A strong brand protects firms from which of the following?

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

A strong brand protects firms from which of the following? (Choose every correct answer.) New products offering similar features or benefits An existing competitor lowering prices Changes in industry trends An overall drop in consumer demand

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

Which traits are true of ALL products?

Offered through a marketing exchange Something that a customer values

What are the common forms of royalty payments in brand licensing? (multiple answers)

Payments based on the value of licensed merchandise sales Up-front, lump-sum licensing fees

What are the four aspects analysts examine to evaluate brand equity?

Perceived value Brand awareness Brand associations Brand loyalty

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

True

How do marketers begin the process of developing or changing a product?

Using the core customer value to determine customer interests

Which of the following help to increase a brand's equity?

Which of the following help to increase a brand's equity?

One consumer research exercise asks consumers to say the first things that occur to them when they hear a brand name. For example, for the brand "Coca-Cola," someone might respond, "Red and white cans, sweet, carbonated." These are examples of brand ______.

associations

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 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

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

A firm's product mix _____ represents the number of product lines offered by the firm.

breadth

Consumer packaged goods companies sell products across many different product lines. These companies have significant ______ in their product mixes.

breadth

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

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

co-branding

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

customers

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

The use of the same brand name within the same product line is called a(n) ______

line extension

The use of the same brand name within the same product line is called a(n)_____

line extension

A product mix typically consists of product ______, or groups of associated items.

lines

Product lines are a part of a product ______.

mix

How does brand licensing work?

The licensee pays a royalty to the licensor in exchange for being able to use the licensor's brand.

The mental link customers make between a brand and its key product attributes is known as brand ______.

association

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

differentiate