MKT 3013 Chapter 11

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

Customers

True or false: The sole purpose of a product package is to protect the product from damage while in the supply chain.

False

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

breadth

Product lines are a part of a product ______.

mix

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

mix

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

mix

Manufacturer brands such as Nike and Coca-Cola are also known as ______ brands.

national

A cosmetics company has decided to eliminate several of its underperforming products to focus its energies on its most profitable items. What has the firm decided to do?

Decrease depth

Brands are assets that a firm can build and harness over time to increase its ______

equity

When a firm sells all its products under one ______, such as Pepperidge Farm, the individual brands benefit from the overall brand awareness associated with it.

family brand

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

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

repeated

Manufacturers tend to manage their own brands because it allows them to ______.

retain control over their marketing strategies

Jack and his wife were in need of a new a mattress. They compared mattresses at a few local stores, learning about different brands, before making a purchase. In Jack's case, a mattress is most likely a ______ product.

shopping

Examples of CRM programs include:

-invitations to the company's special events -advance notice of sale items -points that can be turned in for discounts

What are the two basic types of brand ownership strategies?

-manufacturer brands -retailer/store brands

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

Strong brand acceptance for Reese's peanut butter candies among consumers would probably ______ Reese's Peanut Butter when competing with Jif and Skippy.

be transferred to

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

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 associations

Suppose that Toyota introduced a small, inexpensive car under its Lexus brand. This action might harm consumers' current luxury-oriented brand associations for the Lexus brand. This is an example of ______, a risk companies face when adding a new product to an existing brand.

brand dilution

The value of a brand can be calculated and compared to other brands in the form of ______.

brand equity

A contractual arrangement between firms where one firm allows another to use its brand name, logo, symbols, and/or characters in exchange for a negotiated fee is called ______.

brand licensing

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 _____ represents the number of product lines offered by the firm.

breadth

Marketers invest in developing a strong brand identity to help establish ______.

buyer loyalty

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

Because they include information such as ingredients, nutrition, and the product benefits to a consumer, labels can be considered ______ tools.

communication

The use of the same brand name within the same product line is called a(n) ______.

line extension

Brand-loyal consumers provide an important source of ______ for firms.

value

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

value

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

A strong brand protects firms from which of the following?

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

Which of the following are advantages to firms of owning their own brands?

-Choice of market segments and positioning -Ability to create brand equity -Control over marketing strategy

Branding enables a firm to do which of the following?

-Differentiate its product offerings -Make consumers aware of available products

Firms decrease depth to do which of the following?

-Eliminate unprofitable items -Refocus marketing efforts on profitable items

Which of the following are components of the actual product?

-Features/design -Brand name

Which statements are true of ALL products?

-Offered through a marketing exchange -Something that a customer values

Which of the following help to increase a brand's equity?

-Perceived value -Brand awareness -Customer loyalty

How do brands improve consumers' shopping experience?

-They make it easier to decide which products to buy. -They indicate a certain level of quality. -They help shoppers distinguish between similar products.

After signing a number of licensing agreements to allow their characters to appear on clothing, toys, and video games, the makers of a popular television show saw viewership decline and consumer perceptions of the show start to fall. What is the most likely reason for this phenomenon?

Dilution of brand equity through overexposure

Which of the following is the best example of a convenience product/service?

Gasoline

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

Goods purchased frequently habitually

What are products that household buyers use for their own use called?

Consumer products

Specialty Good

Consumer spends lots of time and effort involved in searching, may compare alternatives and options, and consumer has a good idea of the brand he or she will buy in advance

What makes the search for shopping goods different from the search for specialty goods?

Consumers are willing to consider alternative brands and features with shopping goods.

What must occur for the perceived value of a cheaper product to be high? Multiple choice question.

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

What is a product or service for which consumers usually expend no effort toward decision making?

Convenience product/service

Which of the following refers to the basic problem-solving benefits that consumers seek in a product?

The core customer value

Which of the following is an example of product line extension?

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

Shopping Good

Compares alternatives and consumer spends moderate amounts of time and effort deciding among products, features, and brands

Which of the following are roles played by packaging?

-Promoting product features or changes -Adjusting product sizes for different markets -Differentiating a product from competitors

Ideas for sustainable packaging include which of the following?

-Using 3D printing -Using recycled materials in packaging -Returnable packaging

Examples of communication media that firms use to create brand awareness include which of the following?

-advertising -publicity

Which of the following is an example of a brand extension?

Acme chips and Acme dips

If a firm decides to increase the depth of its offerings to address consumer preferences, what will it do?

Add items to its product line

Manufacturer's Brand

Also known as national brands, have famous manufacturers such as: Coca-Cola and Nike

Retailer/Store Brand

Also known as private-label brands, sold exclusively by the retailer

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

Associated products

A new clothing brand is struggling to gain market share due to consumers' lack of familiarity with the brand and concerns about the quality of its products. How could the company use co-branding to enhance consumers' perceptions?

By linking with a brand that is well known for its quality

Which of the following is a method firms use to create positive brand associations?

Catchy jingles

A mobile phone manufacturer decides to eliminate its flip phone product line to focus on the more popular touchscreen products. What is this an example of?

Decreasing breadth

The risks associated with brand licensing include which of the following?

Diluting brand equity

When Frito-Lay decided to introduce a salsa product line, it used the existing Tostitos brand (under which it sells taco chips). What advantages did this strategy provide Frito-Lay?

Frito-Lay could introduce the product to the market more quickly. -Frito-Lay could spend less on developing consumer brand awareness. -The Tostitos brand already had brand associations that helped to sell salsa.

Some brands become so predominant in a particular product market that they become synonymous with the product itself over time. Which of the following brands is an example of this situation?

Kleenex

Which of the following is a negative consequence that can occur as a result of a brand becoming synonymous with an entire category of products (such as Kleenex or Band-Aid)?

Loss of trademark status

________ products/services are typically consumer durables, such as a dryer or a refrigerator. Buyers spend a fair amount of effort and time to make the comparisons before purchasing and usually do not know which one or which brand they will buy in advance of the process.

Shopping

________ products/services are those such as an Apple iPhone, a Harley-Davidson motorcycle, or a Starbucks latte for which the consumer shows a fairly strong preference and loyalty and will go out of the way to find that specific brand.

Specialty

________ packaging is better for the environment than traditional packaging.

Sustainable

Which of the following describes the core customer value of a product?

The basic benefits consumers are seeking

If the makers of a luxury good with high consumer acceptance extend their brand name to a line of less expensive products such as clothing featuring the brand logo, what is the most likely result?

The brand acceptance will carry over to the new product.

Manufacturer brands such as Kraft and Nike are owned and managed by whom?

The manufacturer

True or false: Brands are sold either under a common/family name or as an individual brand.

True

True or false: Trademarks and copyrights are legal ways to protect brands from being used by others.

True

When consumers experience brand loyalty, which feeling do they associate with the brand?

Trust

When can brand extensions increase overall sales for a firm?

When the original brand and the extension are complementary products

Co-branding can enhance consumer perceptions of product quality by linking

a brand to an existing well-known quality brand.

When K-Mart paid Martha Stewart (famous for her business related to lifestyle and the home) a fee in return for permission to introduce a line of towels and other housewares bearing Stewart's name, it was an example of ______.

brand licensing

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

Firms are willing to spend lots of money, such as on very expensive Super Bowl ads, to market a brand in order to ______.

build brand awareness

What is the term used when a company's products are so closely related that sales of one brand take away sales from the other brand?

cannibalization

If a company's products are too closely related, sales of one brand may ________, or take away sales, from the other brand.

cannibalize

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

co-branding

Brand extensions for _____ products, such as the Barbie car sold to be used with a Barbie doll, can increase sales.

complementary

Firms reward loyal customers through ______ programs.

customer relationship management

A firm can delete entire product lines to address changing market conditions; this is also known as ______.

decreasing breadth

The number of products within a product line is a firm's product line ______.

depth

Branding provides a way for a firm to ______ its product offerings from those of its competitors.

differentiate

The use of an existing brand name in a different product line is called brand ______.

extension

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. Froot Loops is known as a(n) ______ brand.

family

Because a brand name is already well established, a firm can spend ______ to develop consumer brand awareness when introducing a brand extension.

fewer resources

Since brands are easily recognized by consumers and signify a certain quality level to buyers, brands ______.

help consumers to make quick decisions

Firms add items to their product lines to address changing consumer preferences. For example, an ice cream company might add low-fat offerings to its existing ice cream flavors. This is an example of ______.

increasing depth

The component of the product package that provides the information consumers need to make their purchase decisions and for proper consumption of the product is known as the ______.

label

A person who buys the same brand's product or service repeatedly over other options demonstrates what is known as brand ______.

loyalty

The majority of the brands marketed in the United States are ______ brands.

manufacturer

The element of a product that is used both to physically protect and to market the item is the ______.

packaging

From the customer's perspective, the relationship between a product's or service's benefits and costs is called ______.

perceived value

Geico Insurance uses characters like the gecko and humorous associations with ______ emotions to reinforce the brand.

positive

People prefer that the ________ package on their products is convenient in terms of storage, use, and consumption.

primary

Another name for a store brand is a(n) ______ brand

private-label

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

product

A product mix typically consists of ______, or groups of associated items.

product lines

For most products, the label is used for ______.

promotion and branding

Brand repositioning is also known as:

rebranding

The ________ packaging is the exterior wrapper that contains the product as well as the UPC label used by retailers.

secondary

A product's exterior wrapper or exterior carton that contains additional product information is known as the ______.

secondary package

Debbie is considering having Botox treatments and knows it is a very serious process. On the advice of three of her friends who have each visited Dr. Parsons several times in the past two years for Botox treatments, Debbie makes an appointment with Parsons. She considers the selection to be a ______ good/service.

specialty

The physical item to which marketers assign such attributes as the brand name, features/design, quality level, and packaging is ______.

the actual product

The packaging that the consumer uses is known as ______.

the primary package

Brands are typically legally protected through ______.

trademarks and copyrights