mktg chapter 11

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 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

because a brand name is already well established, a firm can spend _____ resources to develop consumer brand awareness when introducing a brand extension

fewer

brand awareness is most likely to influence purchasing decisions for which type of product?

goods purchased frequently or habitually

the complete set of all products and product lines offered by a firm is called its product assortment, or product

mix

what traits are true of all products?

offered through a marketing exchange, something that a customer values

geico insurance uses characters like the gecko and humorous associations with _____ emotions to reinforce the brand

positive

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

examples of communication media that firms use to create brand awareness include:

publicity, advertising

a brand can build awareness through _____ exposure to the brand's logo, symbols, and slogans

repeated

the mental link customers make between a brand an its key product attributes is known as

brand association

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

what are included in the ideas for sustainable packaging?

adding recycled materials to packaging, using returnable packaging, using 3D printing

a strong brand protects firms from

an existing competitor lowering prices, new products offering similar features or benefits

After the core customer value, marketers make the actual physical product and add _____ to round out the offering

associated services

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

awareness

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:

brand equity

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

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

co-branding

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 the premium product

when developing or changing a product, marketers start with the _____ to determine what their potential customers are seeking

core customer value

what factors help to increase a brand's equity?

customer loyalty, brand awareness, perceived value

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

customers

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

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

what are the two basic types of brand ownership strategies?

manufacturer brands; retailer/store brands

_____ products are those for which the consumer shows a fairly strong preference and loyalty and will go out of the way to find that specific brand

specialty

what are the categories of consumer products that buyers use for their personal use?

specialty, shopping, convenience, unsought

how does brand licensing work?

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

manufacturer brands such as kraft and nike are owned and managed by whom?

the manufacturer

true or false: brands are usually sold under a common/family name or as an individual brand

true

what are the common forms of royalty payments in brand licensing?

up-front, lump-sum licensing fees; payments based on the value of licensed merchandise sales

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

using the core customer value to determine customer interests