Chapter 8 Key Terms
What are the 5 steps of brand familiarity?
1. Brand rejection 2. Brand nonrecognition 3. Brand recognition 4. Brand preference 5. Brand insistence
What conditions favor branding?
1. product is easy to label and identify the brand 2. product quality easy to maintain 3. dependable and widespread availability 4. demand is strong 5. economies of scale present 6. favorable shelf locations/display
What is brand recognition?
Consumer awareness and identification of a brand
What is a warranty?
Explains what seller prmises about its product
What is an example of a trademark?
Nike Swoosh
What is an example of a licensed brand?
Sunkist flavor
What is the Magnuson-Moss Warranty Act?
The Act requires any supplier that offers a written warranty on a consumer product that costs more than $15 to disclose the terms of the warranty in simple, understandable language before the sale
What is an example of a brand name?
Verizon wireless
What is an example of family branding?
Whirlpool appliances
What can help build brand equity?
a good brand name
What is the Universal Product Code?
barcode for tracking items in stores
What are dealer/private brands?
brands created by intermediaries
What is a manufacturer brand?
brands created by producers
What is the battle of the brands?
competition between dealer brands and manufacturer brands
What is brand insistence?
customers insist on firm's branded product and will search for it
What is brand preference?
customers usually choose the brand over other brands, will still buy another brand if absolutely necessary
What is brand nonrecognition?
final consumers don't recognize a brand at all for certain products
What is brand familiarity?
how well customers recognize and accept a company's brand
What is a homogeneous shopping product?
item a customer sees as the same and wants the lowest price
What is a heterogeneous shopping product?
items a consumer sees as different and wants to inspect for quality and suitability
Why are dealer brands becoming advantageous to retailers?
manufacturer brands create foot traffic to stores, dealer brands create higher margin for the retailers
What is aided brand awareness?
measure of the number of people who express knowledge of a brand or product when prompted
What is a product?
need satisfying offer of the firm
What is a trademark?
only words, symbols, or marks that are legally registered for use by a single company
What is an individual product?
particular product within the product line
What is unaided brand awareness?
percentage of respondents aware of your product, brand, or advertising top-of-mind without being assisted
What is brand rejection?
potential customers won't buy a brand unless its image is changed
What are unsought products?
prodcut buyers don't yet want or don't know they can buy
What is a convenience product?
product a customer needs, but not willing to spend time or effort
What is a specialty product?
product a customer really wants and makes special effort to find it
What is an emergency product?
product bought immediately when need is great
What is a shopping product?
product customers spends time and effort to compare competing products
What is a consumer product?
product meant for the final consumer
What is a generic brand?
product s have no brand other than identification of contents
What are regularly unsought products?
product that remains unsought, but not unbought forever
What is product quality?
product's ability to satisfy customer's need or requirements
What is a staple?
products bought often or routinely
What is an impulse product?
products bought unplanned and quickly
What are new unsought products?
products offering really new ideas that potential customers don't know about yet
What is packaging?
promoting, protecting, and enhancing the product
What is brand awareness?
recognition of the brand's existence and what it offers
What is the Federal Fair Packaging and Labeling Act?
requires consumer goods to be clearly labeled in easy to understand terms
What is a service mark?
same as trademark except refers to a service
What is a family brand?
same brand name for several products
What products typically face brand nonrecognition?
school supplies, dinnerware, hardware store items
What is an individual brand?
separate brand names for each product
What is product assortment?
set of all product lines and individual products a firm sells
What is a product line?
set of individual products that are closely related
Marketing managers want their products to become _________________ products
specialty
What is the Lanham Act?
spells out what kinds of marks can be protected and the exact method of protecting them
What is branding?
use of name, term, symbol, or group of words or letters
What is brand equity?
value of brand's overall strength in the market
What is a licensed brand?
well know brand that sellers pay a fee to use