Ch 11

three steps marketers follow to develop or change a product

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

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

A loyal customer base An established track record in the market

If a firm decides to increase the depth of its offerings to address consumer preferences, what will it do?

Add items to its product line

Which of the following are examples of CRM programs?

Advance notice of sale items Invitations to the company's special events Points that can be turned in for discounts

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

Advertising Publicity

Manufacturer's Brand

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

Retailer/Store Brand

Also known as private-label brands, sold exclusively by the retailer

A strong brand protects firms from which of the following?

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

Which products commonly use brand licensing?

Apparel Toys Video games

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

Associated products

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

Brand associations Brand loyalty Perceived value Brand awareness

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

Brand awareness Customer loyalty Perceived value

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

Brand equity

Which branding strategy is popularly used with characters created in books and other media?

Brand licensing

Which of the following is a method firms use to create positive brand associations?

Catchy jingles

Shopping Good

Compares alternatives and consumer spends moderate amounts of time and effort deciding among products, features, and brands

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

Consumer products

Specialty Good

Consumer spends lots of time and effort involved in searching, may compare alternatives and options, and consumer has a good idea of the brand he or she will buy in advance

What makes the search for shopping goods different from the search for specialty goods?

Consumers are willing to consider alternative brands and features with shopping goods.

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.

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

Customers

Branding enables a firm to do which of the following?

Differentiate its product offerings Make consumers aware of available products

Which of the following are roles played by packaging?

Differentiating a product from competitors Promoting product features or changes Adjusting product sizes for different markets

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?

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

What are the two basic types of brand ownership strategies?

Retailer/store brands Manufacturer brands

[...] packaging is better for the environment than traditional packaging.

Sustainable

How does brand licensing work?

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

How do brands improve consumers' shopping experience?

They make it easier to decide which products to buy. They indicate a certain level of quality. They help shoppers distinguish between similar products.

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

True

True or False: Most brands marketed in the United States are manufacturer brands.

True

Which of the following are included in the ideas for sustainable packaging?

Using returnable packaging Using 3D printing Adding recycled materials to packaging

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

Using the core customer value to determine customer interests

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

association

If a brand has a high degree of brand awareness [...] , it means that most consumers are familiar with the brand and what it stands for even if they do not use the brand.

awareness or recognition

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

When a brand extension adversely affects consumer perceptions about the core brand, it is known as ______.

brand dilution

A contractual arrangement between firms where one firm allows another to use its brand name, logo, symbols, and/or characters in exchange for a negotiated fee is called ______.

brand licensing

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

What is the term used when a company's products are so closely related that sales of one brand take away sales from the other brand?

cannibalization

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

co-branding

Firms reward loyal customers through ______ programs.

customer relationship management

The number of products within a product line is a firm's product line ______.

depth

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

differentiate

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

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 brand

Because a brand name is already well established, a firm can spend ______ resources to develop consumer brand awareness when introducing a brand extension.

fewer

Since brands are easily recognized by consumers and signify a certain quality level to buyers, brands ______.

help consumers to make quick decisions

Firms add items to their product lines to address changing consumer preferences. For example, an ice cream company might add low-fat offerings to its existing ice cream flavors. This is an example of ______.

increasing depth

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

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

lines

The majority of the brands marketed in the United States are ______ brands.

manufacturer

Product lines are a part of a product ______.

mix

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

mix

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

mix or depth

Manufacturer brands such as Nike and Coca-Cola are also known as ______ brands.

national

The element of a product that is used both to physically protect and to market the item is the ______.

packaging

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

perceived value

Another name for a store brand is a(n) ______ brand

private-label

A [...] is something that a customer values and that can be bought or sold voluntarily.

product or service

For most products, the label is used for ______.

promotion and branding

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

purchased frequently or habitually

Brand repositioning is also known as ______.

rebranding

Brands are typically legally protected through ______.

trademarks and copyrights

Brand-loyal consumers provide an important source of ______ for firms.

value

Good marketing increases perceived [...] by raising customers' quality expectations relative to price.

value