Marketing Management Chapter Eleven

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

mix or depth

What are the two basic types of brand ownership strategies? - product brands - manufacturer brands - price brands - retailer/store brands

- manufacturer brands - retailer/store brands

A strong brand protects firms from which of the following? (select all that apply) - an overall drop in consumer demand - new products offering similar features or benefits - an existing competitor lowering prices - changes in industry trends

- new products offering similar features or benefits - an existing competitor lowering prices

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

True

brand licensing: definition

a contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, or characters in exchange for a negotiated fee

augmented product: definition

another name for associated services.

Which of the following is NOT one of the categories of consumer products that buyers use for their personal use? - convenience products - specialty products - shopping products - associated products

associated products this is an element of the augmented product

The value of a brand can be calculated and compared to other brands in the form of brand ______. - loyalty - assets - profitability - equity

equity brand equity refers to the assets and liabilities associated with a brand that allows it to be compared to other brands

line extension: definition

extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category example: cheddar chip company coming out with salt and vinegar chips

Kellogg's sells a variety of products under its Kellogg's name brand. It then identifies groups of products with a secondary name such as Raisin Bran or Froot Loops, each in several sizes and versions. Froot Loops is known as a(n) ______ brand. - family - individual - corporate - private-label

family

Brand awareness is MOST likely to influence purchasing decisions for which type of product? - goods that the consumer spends a lot of time researching - goods never purchased before by the consumer - goods purchased frequently or habitually - goods purchased infrequently

goods purchased frequently or habitually brand awareness has the greatest impact on goods consumers buy without much thought or purchase habitually

For most products, the label is used for ______. - packaging and manufacturing information - promotion and licensing - branding and packaging - promotion and branding

promotion and branding the label is the portion of the package that provides information for the consumer about the product and the brand

the core customer value: definition

the aspects of a product that provide problem-solving benefits.

brand extension: definition

the use of the same brand name for new products being introduced to the same or new markets example: chip company coming out with a dip for the chips