Chap 11, MKTG 350

How does brand licensing work?

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

Brands are assets that companies can build over time, in turn increasing brand _____

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

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

goods purchased frequently/habitually

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

mix

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

national

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

Product lines are a part of a product ______.

mix

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

Brand loyalty Brand associations Brand awareness Perceived value

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

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

association

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

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

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

brand equity

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

brand extension

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

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

breadth

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

consumer products

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

depth

A firm's product line depth is the number of ______ within a product line, as opposed to the number of product lines a firm has.

items

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

lines

What are the two basic types of brand ownership strategies?

manufacturer brands retailer/store brands

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 consumer interests