Marketing Test
The Federal Trade Commission regulates the use of the term "new" and has established a time limit for the use of the word "new." How long is that time limit?
6 months
This is a marketing strategy in which a firm marketing a product with a well-developed image uses the same brand name in a different product category.
A brand extension strategy
According to the Federal Trade Commission, a "new product" must:
Be entirely new or changed in an important and noticeable way.
The unique name, symbol, or design that identifies a product, service, or company.
Brand
The University of Arkansas provides t-shirt manufacturers with the legal authorization to allow that manufacturer to use the University's brand, brand mark, and trade character for a fee.This is an example of:
Brand Licensing
Ralph Lauren uses its brand name "Polo" on a variety of products including shirts, pants, shoes, hats, socks, cologne, sunglasses, purses, and paint. Ralph Lauren is practicing a:
Brand extension strategy
The Jolly Green Giant, the Michelin Man, and the Geico gecko are all examples of:
Brand/Trade characters
A strategy that combines one or more brands to increase customer loyalty and sales for each individual brand.
Co-branding
The "Call of Duty" video game used a Jeep brand vehicle in the game. The manufacturer of the of Jeep created a special edition "Call of Duty" Jeep that consumers could buy. This is an example of:
Co-branding
Virtually all products can be marketed to both industrial buyers and to final _______________.
Consumers
During this stage of the Product Life Cycle consumers decide that a product is no longer satisfying their needs or they discover a new and better product.
Decline Stage
True or False? Most "new" products introduced into the marketplace are successful.
False
True or False? Service organizations rely heavily on traditional advertising such as billboards and television commercials.
False
True or False? The fastest growing service sector is teaching and will have almost 2 out of every 5 new jobs by 2020.
False
True or False? Trade characters are also known as advertising mascots.
False
True or False? Very few if any products can be marketed to both industrial buyers and to final consumers.
False
A Harley Davidson motorcycle would be best classified as a:
Good
This is a tangible object that consumers can purchase to satisfy needs and wants. It can be stored after purchase and potentially resold.
Good
During this stage of the Product Life Cycle sales increase and competitors are attracted. Features, options, and services are added to the product.
Growth stage
This term refers to the fact that differences can occur from one service provider to the next. Consider the fact that everyone has received a bad haircut!
Heterogeneous
The brand __________ is the unique, memorable quality of a brand.
Image
This is the service characteristic that means that the service cannot be touched, seen, tasted, heard, or felt.
Intangible
This is the least profitable stage of the Product Life Cycle. There are no direct competitors and the price is usually high.
Introduction Stage
The Sony brand of electronic products can be purchased at many different stores including Best Buy, Target, and Walmart. What category of brand is Sony?
It is a national or manufacturer brand.
Ol' Roy dog food and Great Value products can only be purchased at Walmart. The Ol' Roy and Great Value brands are included in what category of brands?
It is a private or store brand.
During this stage of the Product Life Cycle sales will peak and profits will begin to decline. Many business now offer their own brand of the product. All brands tend have the same options.
Maturity Stage
This is a branding strategy that occurs when a business creates multiple brand names to appeal to different market segments.
Mixed Branding
Vanity Fair is an apparel manufacturer which produces several different brands of products including Wrangler Jeans, Lee dress pants, Jansport backpacks, and North Face jackets. Vanity Fair is company which practices a:
Mixed Branding Strategy
The fact that any unsold seats on an American Airlines flight to Orlando cannot be stored and represents permanently lost revenue for the company illustrates this characteristic of services:
Perishable
This could be either a good or a service with monetary value that satisfies customer's needs and wants.
Product
Having a dental hygienist clean your teeth would be an example a:
Service
This is an intangible activity that is exchanged directly from the producer to the consumer and consumed at the time of production:
Service
A SWOT analysis identifies a business's ________________ and weaknesses and the opportunities and threats it faces.
Strengths
The packaging can prevent ______________ and provide security for the product until the consumer can use it.
Tampering
This term refers to a specific city or geographic area in which marketing experiments are conducted:
Test Market
Holding an event at FedEx Forum before a Memphis Grizzlies game that includes sampling different formulas of Diet Mt. Dew and then recording the preferences of consumers would be an example of:
Test Marketing
This is the physical container or wrapping for a product.
The Package
This identifies the four stages a product goes through from the time it enters the market until it is no longer sold.
The Product Life Cycle
The North Face brand specializes in outerwear and equipment such as backpacks, tents, and sleeping bags. Why was th brand name "North Face" selected by the company?
The name was chosen because the north face of a mountain is generally the most difficult face to climb.
This is the legal protection of the words or symbols for use by a company.
Trademark
True or False? A trade character is the visual personification of a particular brand, merchandise, or advertiser.
True
True or False? Few products are really new. Most "new" products are existing products that have been changed and/or improved.
True
True or False? Protecting the brand license and trademark from infringement proves ownership of the brand.
True
True or False? Services are often very labor intensive which refers to the amount of human effort required to deliver the service.
True
True or False? The most important difference between goods and services is that services are intangible.
True
True or False? The owner of a brand must protect the brand from infringement.
True
True or False? The service sector is the largest and fastest-growing employment area in our economy.
True
True or False? Virtually all products can be marketed to both industrial buyers and to final consumers.
True
This will ultimately determine if a good or service is an industrial good or a consumer good:
Who purchased the product and how it is used.