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.
