MK Chapter 11

Product

A product is anything that is of value to a consumer and can be offered through a voluntary marketing exchange.

Examples of communication media that firms use to create brand awareness include which of the following? (Choose every correct answer.) Multiple select question. Licensed brands Low prices Advertising Publicity

Advertising Publicity

Examples of communication media that firms use to create brand awareness include which of the following? (Choose every correct answer.) Publicity Advertising Licensed brands Low prices

Advertising Publicity

What does a brand need in order to be somewhat protected from competition from other firms and price competition? (Choose every correct answer.) Multiple select question. An established track record in the market A loyal customer base A hard plastic package A celebrity endorsement

An established track record in the market A loyal customer base

A strong brand protects firms from which of the following? (Choose every correct answer.) Multiple select question. An overall drop in consumer demand An existing competitor lowering prices Changes in industry trends

An existing competitor lowering prices New products offering similar features or benefits

Which of the following is NOT one of the categories of consumer products that buyers use for their personal use? Convenience products Associated products Shopping products Specialty products

Associated products

Which of the following factors help to increase a brand's equity? Multiple select question. Brand awareness Customer loyalty Perceived value Competition level Lower prices from competitors

Brand awareness Customer loyalty Perceived value

What are the four aspects analysts examine to evaluate brand equity? Multiple select question. Brand awareness Perceived competition Perceived value Brand associations Brand loyalty Brand age

Brand awareness Perceived value Brand associations Brand loyalty

What can be determined by looking at brand awareness, perceived value, brand associations, and brand loyalty? A brand's major competitors A brand's debt level Brand age Brand equity

Brand equity

Which of the following is an example of product line extension? Multiple choice question. Ritz, in addition to its crackers, begins to sell cheeses. Coke, in addition to its existing Diet Coke flavors, introduces chocolate-flavored Diet Coke. Kellogg's, in addition to its existing cereals, begins to sell branded bowls and spoons.

Coke, in addition to its existing Diet Coke flavors, introduces chocolate-flavored Diet Coke.

What must occur for the perceived value of a cheaper product to be high? The cheaper product must have the same or higher brand awareness than premium products. The cheaper product must be endorsed by a celebrity or other notable figure. Consumers must believe the quality of the cheaper product is about the same as that of a premium product. The price of the cheaper product must be below half that of a premium product.

Consumers must believe the quality of the cheaper product is about the same as that of a premium product.

Branding enables a firm to do which of the following? (Choose every correct answer.) Multiple select question. Differentiate its product offerings Reintroduce old products at a higher cost Eliminate advertising spending Make consumers aware of available products

Differentiate its product offerings Make consumers aware of available products

Brand awareness is MOST likely to influence purchasing decisions for which type of product? Multiple choice question. Goods that the consumer spends a lot of time researching Goods never purchased before by the consumer Goods purchased infrequently Goods purchased frequently or habitually

Goods purchased frequently or habitually

What are the two basic types of brand ownership strategies? Price brands Manufacturer brands Product brands Retailer/store brands

Manufacturer brands Retailer/store brands

Which traits are true of ALL products? (Choose every correct answer.) Multiple select question. Bought through an online distributor Offered through a marketing exchange Delivered directly to the consumer Something that a customer values

Offered through a marketing exchange Something that a customer values

What are the common forms of royalty payments in brand licensing? (Choose every correct answer.) Payments based on the stock price of the company selling the licensed merchandise Technical support fees to implement the licensed product Payments based on the value of licensed merchandise sales Up-front, lump-sum licensing fees

Payments based on the value of licensed merchandise sales Up-front, lump-sum licensing fees

How does brand licensing work?

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

When all products are sold under one family brand the individual brands benefit from:

The overall brand awareness associated with the family name.

Place these three steps marketers follow to develop or change a product into the correct order, with the first step at the top and the last step at the bottom. Instructions

Using core customer value to determine what customers are seeking Making an actual physical product Adding associated services

How do marketers begin the process of developing or changing a product? Multiple choice question. Using the core customer value to determine customer interests Creating associated services Making the actual physical product Advertising features they hope to be able to include in the product

Using the core customer value to determine customer interests

How do marketers begin the process of developing or changing a product? Multiple choice question. Using the core customer value to determine customer interests Making the actual physical product Creating associated services Advertising features they hope to be able to include in the product

Using the core customer value to determine customer interests

Good marketing increases perceived ______ by raising customers' quality expectations relative to price.

Value

A firms product mix breadth represents....

a count of the number of product lines offered by the firm.

Which of the following is an example of a brand extension? Multiple choice question. Acme barbecue potato chips and Acme salt and vinegar potato chips Acme chips and Acme dips Acme cars and generic pencils Acme sleds and Timberland boots

acme chip and acme dips

Consumer Products

are products and services used by people for their personal use.

The mental link customers make between a brand and its key product attributes is known as brand ______.

association

One consumer research exercise asks consumers to say the first things that occur to them when they hear a brand name. For example, for the brand "Coca-Cola," someone might respond, "Red and white cans, sweet, carbonated." These are examples of brand Blank______.

associations

Marketers can assess the level of brand Blank______ 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 equity value loyalty

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 _____ equity.

brand

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

A firm's product mix Blank______ represents the number of product lines offered by the firm. Multiple choice question. category breadth depth brand

breadth

Consumer packaged goods companies sell products across many different product lines. These companies have significant ______ in their product mixes.

breadth

One of Taco Bell's most successful new products has been its "Doritos Locos Tacos," tacos with shells in the flavors of Doritos taco chip varieties. This is an example of ____.

co-branding

Brand licensing

contractual arrangement between firms whereby one firm allows another to use its brand name, logo, symbols, and or characters in exchange for a negotiated fee. The firm that provides the hight to use its brand obtains revenues through royalty payments

Typically, who determines the product's or service's value in relationship to that of its close competitors? Multiple choice question. Marketers Suppliers Customers Manufacturers Retailers

customers

Branding provides a way for a firm to Blank______ its product offerings from those of its competitors. Multiple choice question. monetize differentiate license commoditize

differentiate

Brands are assets that a firm can build and harness over time to increase its Blank______. Multiple choice question. liabilities consumer trust marketing expenditures

equity

The value of a brand can be calculated and compared to other brands in the form of brand _____. assets loyalty profitability equity

equity

Apple sells the majority of products under its Apple name brand. This is known as a(n) Blank______brand. Multiple choice question. individual family global competitive

family

Kellogg's sells a variety of products under its Kellogg's name brand then identifies groups of products with a secondary name such as Raisin Bran or Froot Loops, each in several sizes and versions. In the given scenario, Kellogg's is a(n) Blank______ brand. corporate private-label individual family

family

Line extension

is the use of the same brand name within the same product line and represents an increase in a products line depth.

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

Brand awareness

measures how many consumers in a market are familiar with the brand what it stands for and have an opinion about it.

The complete set of all products and product lines offered by a firm is called its product assortment, or product_______. (Enter one word in the blank.)

mix

The product ______ is the complete set of all products and services offered by a firm.

mix

product lines are a part of a product

mix

From the customer's perspective, the relationship between a product's or service's benefits and costs is called Blank______. Multiple choice question. brand awareness perceived brand perceived value brand equity

perceived value

A ____ is something that a customer values and that can be bought or sold voluntarily.

product

Brand repositioning

refers to a strategy in which marketers change a brands focus to target new markets or realign the brands core emphasis with changing market preferences.

Brand extension

refers to the use of the same brand nam e in a different product line

Brand associations

reflect the mental and emotional links that consumers make between a brand and its key product attributes, such as a logo and its color, a slogan, or a famous personality

brand, such as T-Mobile, can build awareness through Blank______ exposure to the brand's logo, symbols, and slogans.

repeated

Co-branding

the practice of marketing two or more brands together on the same package, promotion, or store.

Perceived value

the relationship between a products or services benefits and its cost.

Brand Equity

the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.

Brand Ownership

two basic brand ownership strategies: manufacturer/national brands and retailer/store brands.

Product lines

which are groups of associated items that consumers tend to use together or think of as part of a group of similar products or services.