marketing chapter 9

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

Decline stage

What is the last stage of the product life cycle?

Decline stage

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

Family brand

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

Growth Correct. In the growth​ stage, sales increase rapidly while profits increase and peak.​ Marketing's goal here is to encourage brand loyalty by convincing the market that this brand is superior to others.

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?

Product category manager

Which of the following refers to a standard of no more than 3.4 defects per million

Six Sigma

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

What is total quality management (TQM)?

What is a product line?

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

What 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

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

Being consistent with the firm's overall mission Correct. Clearly stated product objectives provide focus and direction. They should support the broader marketing objectives of the business unit in addition to being consistent with the​ firm's overall mission.

Which of the following refers to a​ name, a​ term, a​ symbol, or any other unique element of a product that identifies one​ firm's product(s) and sets it apart from the​ competition?

Brand

​________ 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.

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?

Brand equity Marketers spend huge amounts of money on new product​ development, advertising, and promotion to develop strong brands. When they​ succeed, this investment creates brand equity. This term describes a​ brand's value over and above the value of the generic version of the product.

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

Brand manager

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

By managing customer groups rather than products Correct. Some firms have developed a market manager structure in which different people focus on specific customer groups rather than on the products the company makes. This type of organization can be useful when firms offer a variety of products that serve the needs of a wide range of customers.

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

Cannibalization

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

Change the marketing mix To remain competitive and maintain market share during the maturity​ stage, firms may tinker with the marketing mix in order to extend this profitable phase for their product.

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

Cobranding

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

Cobranding

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

Introduction stage

In which stage of the product life cycle are there no profits?

Introduction stage

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?

Licensing Some firms choose to use a licensing strategy to brand their products. This means that one firm sells another firm the right to use a legally protected brand name and other associated elements for a specific purpose and for a specific period of time

What is the third step in the managing products process?

Make tactical product decisions.

What happens in the growth stage of the product life cycle?

Marketers advertise heavily to counter new competition.

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

Maturity stage

In which stage of the product life cycle are sales at their peak?

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?

Maturity stage

What is a family brand?

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

Which of the following statements does NOT comprise an internal customer​ mind-set?

My focus is on the customer who buys our products.

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

Private-label brand

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?

Product category managers Correct. Organizing for product management may include product category​ managers, who coordinate the mix of product lines within the more general product category and who consider the addition of new product lines based on client needs.

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?

Product life cycle

Which of the following refers to a​ firm's total product offering to satisfy a group of target​ customers?

Product line

Which of the following refers to the systematic and usually​ team-based approach to coordinating all aspects of a​ product's strategy development and​ execution?

Product management

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

Product mix width

What is the role of the brand manager?

To coordinate all marketing activities for a brand

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

Trademark

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

Universal Product Code (UPC)

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?

Venture team

Who works exclusively on the new-product development effort?

Venture team

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?

brand

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.

brand dilution

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

brand equity

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

brand extension

Which of the stages of the product lifecycle does General Mills not believe​ in, according to the​ video?

decline The product lifecycle consists of four​ stages: introduction,​ growth, maturity, and decline. According to the​ video, the marketers at General Mills do not believe in the decline​ stage, because they continually develop improvements to avoid the aspects of the decline stage.

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

growth stage

Which of the following is an organizational culture in which all organization members treat each other as valued customers?

internal customer mind-set

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

limited-line strategy

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?

market manager

The General Mills Fiber One​ brand, which launched in​ 1985, increased in sales at about​ 2% per year. In​ 2006, the category exploded with an increased focus on dietary fiber. If General Mills sales started to decline and profit margins started to narrow after​ 2006's spike in​ sales, the 2006 peak in sales would be considered which stage of the​ lifecycle?

maturity The product lifecycle consists of four​ stages: introduction,​ growth, maturity, and decline. When sales begin to​ peak, flatten​ out, and profit margins​ narrow, this is an indication that the product is in the mature stage.

Onyxo Inc. finds it difficult to maintain its peak sales, as the competition in the industry is becoming increasingly aggressive to meet the changing consumer needs. Based on the scenario, in which stage of the product life cycle is Onyxo Inc.?

maturity stage

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

product life cycle

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).

product line length

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

product management Correct. Product planning is guided by the continual process of product​ management, which is the systematic and usually​ team-based approach to coordinating all aspects of a​ product's strategy development and execution.

Which of the following describes sub-branding?

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