Marketing Chapter 9

Product line

A firm's total product offering designed to satisfy a single need or desire of target customers is the __________.

Product Life Cycle

A useful way to explain how products go through four distinct stages from birth to death is __________.

Limited-line strategy

A(n) ________, with fewer product​ variations, can improve the​ firm's image if consumers perceive it as a specialist with a​ clear, specific position in the market.

Cobranding

An agreement between two brands to work together to market a new product is __________.

Licensing

An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time

Internal customer mind-set

An organizational culture in which all organization members treat each other as valued customers

Decline stage

At what stage of the product life cycle is the goal to remain profitable and decide whether to keep or phase out the​ product?

Private-label brand

Costco's store brand Kirkland Signature is an example of which branding​ strategy?

Growth

During which stage of the product life cycle will an organization see a rapid increase in sales and a peek​ profits?

Introduction stage

Following the introduction of a new product in the​ marketplace, which of the following stages of the product life cycle features slow​ growth?

Change the marketing mix

How can marketers maintain market share when a product enters the maturity​ stage?

By managing customer groups rather than products

How do market managers help firms that offer a variety of products for a wide range of​ customers?

Product category managers

In a large​ firm, who is responsible for coordinating the mix of product lines and adding new product lines based on the needs of​ clients?

Being consistent with the firm's overall mission

In addition to providing focus and​ direction, what should be the goal of a product objectives and​ strategy?

At their peak

In the maturity stage of the product life cycle, sales are __________.

Maturity stage

In which stage of the product life cycle are new features added to the product?

Growth stage

In which stage of the product life cycle do marketers advertise heavily?

Third

Making tactical decisions is the __________ step in the managing products process.

Family brand

Multiple items marketed under the same brand name are called a __________.

Maturity stage

New features are added to the product.

Sub-branding

The creation of a secondary brand with a main brand that can help differentiate a product line to a desired target group

Brand equity

The value of a brand to an organization is known as __________.

Introduction stage

There are no profits because the company is recovering R&D costs

Product line length

The​ _____ is determined by the number of separate items within the same category. It is typically reflected in the number of​ stock-keeping units​ (SKUs).

Role of brand manager

To coordinate all marketing activities for a brand

Decline stage

What is the last stage of the product life cycle?

Licensing

When a firm allows another firm to use their legally protected brand name and associated elements for a specific​ purpose, what marketing strategy is being​ pursued?

Brand dilution

When considering brand​ extensions, there is a risk of​ _____, in which the contrast between the brand​ extension's less positive characteristics and the more positive characteristics of the brand can lead to a shift in how consumers perceive the brand.

Universal Product Code​ (UPC)

Which of the following aspects of packaging is utilized to supply specific information about the type of​ item, the​ manufacturer, and the specific​ product?

Co-branding

Which of the following branding strategies benefits partnering companies by combining the two brands to provide more recognition power than either enjoys​ alone?

Total quality management (TQM)

Which of the following focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement?

Brand manager

Which of the following is an individual who is responsible for developing and implementing the marketing plan for a single​ brand?

Brand equity

Which of the following is the result of the investment made by a firm to create value over a generic version of a​ product?

Product management

Which of the following is used to systematically coordinate all areas of a​ product's strategy development and​ execution?

Family brand

Which of the following refers to a branding strategy in which a group of individual products or individual brands​ share?

Product life cycle

Which of the following refers to a concept that explains how products go through four distinct stages from birth to​ death: introduction,​ growth, maturity, and​ decline?

Venture team

Which of the following refers to a group of people from diverse areas within an organization who work together to focus exclusively on the development of a new​ product?

Six Sigma

Which of the following refers to a standard of no more than 3.4 defects per millionlong dash—getting it right​ 99.9997% of the​ time?

Market manager

Which of the following refers to an individual who is responsible for developing and implementing the marketing plans for products sold to a particular customer​ group?

Product category manager

Which of the following refers to individuals who are responsible for developing and implementing the marketing plan for all the brands and products within a​ category?

Trademark

Which of the following refers to the legal term for a brand​ name, brand​ mark, or trade​ character?

Cannibalization

Which of the following refers to the loss of sales of an existing brand when a new item or product family is​ introduced?

Product mix width

Which of the following refers to the number of different product lines the firm​ produces?

Growth stage

Which of the following stages of the product life cycle features new competitors that enter the market creating new variations of the​ product?

Maturity stage

Which of the following stages of the product life cycle is likely to utilize reminder advertising for marketing communications as profit margins​ narrow?

Brand

Which term describes a name, term, symbol, or any other unique element of a product that identifies one firm's products and sets it apart from the competition?

Venture team

Who works exclusively on the new-product development effort?

Brand extension

__________ is a new product sold with the same brand name as a strong existing brand.

Brand equity

​________ provides a competitive advantage because it gives the brand the power to capture and hold onto a larger share of the market and to sell at prices with higher profit margins.