Marketing Chapter 9: Product, Branding and Packaging Decisions

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

The actual product

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

The basic benefits consumers are seeking

Brand Personality

refers to a set of human characteristics associated with a brand, which has symbolic or self-expressive meanings for consumers

(BLANK) products/services are products, such as sodas and candy bars, for which consumers usually employ no effort toward decision making

Convenience

The number of products within a product line is a firm's product line (BLANK)

Depth

Branding provides a way for a firm to (BLANK) its product offerings from those of its competitors

Differentiate

When a bank offers students an account with unlimited debits, a no-fee credit card or moderate monthly fees the bank is designing a (BLANK)

Product Line

A product mix typically consists of (BLANK), or groups of associated items

Product Lines

Brands are assets that a firm can harness over time to increase its (BLANK)

Profitability

By measuring the extent to which consumers in market are familiar with a brand and what it stands for, marketers can assess the level of brand (BLANK)

Recognition (Correct term is brand awareness)

Product Lines

groups of associated items, such as those that consumers use together or think of as part of a group of similar products

Stock Keeping Units (SKUs)

individual items within each product category; the smallest unit available for inventory control

Branding includes:

logos slogans naming distinctive packaging

Shopping goods/services

products or services, such as apparel, fragrances, and appliances, for which consumers will spend time comparing alternatives

Generic

a product sold without a brand name, typically in commodities markets

Private-Label Brands (store brands)

brands developed and marketed by a retailer and available only from that retailer

True or False: Firms with well known brands can spend relatively less on marketing costs than firms with little-known brands

true

There are two primary categories of products and services based on who is buying them:

Consumers and businesses

Branding

A company lives or dies based on brand awareness. Consumers can't buy products that they don't know exist. Branding provides a way for a firm to differentiate its product offerings from those of its competitors and can be used to represent the name of a firm and its entire product mix, one product line or a single item Brand names, logos, symbols, characters, slogans, jingles and even distinct packages constitute the various brand elements firms use, which they usually choose to be easy for consumers to recognize and remember.

Brand Licensing

A contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols or characters in exchange for a negotiated fee

If a brand has a high degree of brand (BLANK), it means that most consumers are familiar with the brand and what it stands for

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 (BLANK) equity

Brand

The value of a brand can be calculated and compared to other brands in the form of (BLANK)

Brand Equity

Value of Branding

Brand Facilitate Purchasing Brand Establish Loyalty Brands Protect from Competition and Price Competition Brands Reduce Marketing Costs Brands are Assists Brands Impact Market Value

Which of the following are components o the actual product?

Brand Name Features/design Packaging

Brand Strategies

Brand Ownership Manufacturer Brands Private-Label Brands (store brands) Generic

A firm's product mix (BLANK) represents the number of product lines offered by the firm

Breadth

Many consumer packaged goods companies sell products across many different product lines. These companies have significant (BLANK) in their product mixes

Breadth

(BLANK) are products and services used by people for their personal use

Consumer Products

Branding enables a firm to do all of the following except:

Eliminate advertising spending

True or False: The strategies used to make product line decisions for physical products cannot be applied to services.

False

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

Gasoline

Competitive brands add value for the consumer by (BLANK)

Identifying unique features and attributes that are easy to distinguish Signifying a distinct level of quality

A firm's product line depth is the number of (BLANK) within a product line, as opposed to the number of product lines a firm has

Items

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

Loyalty

Lululemon's white, stylized "a" logo sets itself apart from competitors, this reduces their (BLANK)

Marketing Costs

Product Lines are a part of a product (BLANK)

Mix

The complete set of all product lines offered by a firm is called its product assortment, or product (BLANK)

Mix

Brand Dilution

Occurs when a brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold

Brand Loyalty

Occurs when a consumer buys the same brand's product or service repeatedly over time rather than buying from multiple suppliers within the same category

Which of the following are components of the actual product?

Packaging Brand name Features/design

In the oral care product line, Colgate-Palmolive offers several categories called (BLANK), which each include a variety of offerings to choose from

Product Categories

(BLANK) is an assortment of items that the customer sees as reasonable substitutes for one another

Product Category

(BLANK) products/services are typically consumer durables like a dryer or an appliance. Buyers spend a fair amount of effort and time to make the comparisons before purchasing and usually do not know which one they will buy in advance of the process.

Shopping

Jack and his wife were in need of a new couch. They compared couches at a few local stores, learning about different brands, before making a purchase. In Jack's case a couch is most likely a (BLANK) decision

Shopping

Debbie is considering having a Botox treatment. She knows she should be careful in getting the treatments and decides to see a doctor who has been highly recommended by her friends even though he lives in another state. She will make the extra effort to see the doctor because she considers this a(n) (BLANK) good or service

Specialty

Products and services for which the consumer shows a fairly strong preference and loyalty in advance of purchase, such as an Apple iPod, a Harley Motorcycle, or a Starbucks latte, are called (BLANK) products and services

Specialty

SKU's are added or deleted in existing categories to either:

Stimulate sales React to consumer demand

Within each product category are a number of individual items called (BLANK)

Stock Keeping Units

Which of the following refers to the nonphysical aspects of a product, such as financing and support?

The Augmented Product

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

The core customer value

The goal behind spending millions on promotion, advertising and other marketing efforts is:

To build consumer loyalty To create more brand awareness

Which of the following would be considered adverse consequences for providing too much variety in a product mix?

Too costly to maintain Weakening of the firm's brand reputation

When Revlon introduced a new line called "Vital Radiance" it soon had to be taken off the shelf due to cutting into sales of brands and harming its reputation among young customers. this resulted due to:

Too much variety in the product mix

True or False: A very common and ongoing activity for many firms is the addition or deletion of SKUs in existing categories to stimulate sales or react to consumer demand

True

True or False: each individual stock keeping unit (SKU) has its own unique product code (UPC)

True

E-book readers existed for may years before Amazon introduced the Kindle, but few consumers were aware of the devices, and sales stayed at very low levels. In the days before Kindle, e-book reading devices were (BLANK) products for most consumers

Unsought

Products consumers either do not think of buying or do not know about are known as (BLANK) products

Unsought

Brand-loyal customers provide an important source of (BLANK) for firms

Value

Which of the following are components of the augmented product?

Warrenties Product Support

Product Category

an assortment of items that the customer sees as reasonable substitutes for one another

Consumer Products

are products and services used by people for their personal use. Marketers further classify these products by the way they are used and purchased

Manufacturer Brands

brands owned and managed by the manufacturer

Brand Awareness

measures how many consumers in a market are familiar with the brand and what it stands for; created through repeated exposures of the various brand elements (brand name, logo, symbol, character, packaging, or slogan) in the firm's communications to consumers

Convenience Goods/services

products or services for which the consumer is not willing to spend any effort to evaluate prior to purchase

Specialty goods/services

products or services toward which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers

Core customer value

the basic problem solving benefits that consumers are seeking Marketers convert core customer value into an actual product. Attributes such as the brand name, features/design, quality level, and packaging are considered, though the importance of these attributes varies depending on the product

Product Mix

the complete set of all products offered by a firm

Brand Associations

the mental links that consumers make between a brand and its key product attributes; can involve a logo, slogan, or famous personality

Brands

the names, terms, designs, symbols, or any other features that identify one seller's good or service as distinct from those of other sellers

Associated Services (or augmented product)

the nonphysical attributes of the product, including product product warranties, financing, product support and after-sale service

Product Mix Breadth

the number of product lines, or variety, offered by the firm

Product Line Depth

the number of products within a product line

Cobranding

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

Perceived Value

the relationship between a product or service's 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

Corporate Brand

the use of a firm's own corporate name to brand all of its product lines and products

Individual Brand

the use of individual brand names for each of a firm's products

Family Brand

the use of the company brand name and individual brand name to distinguish a firm's products

Brand Extension

the use of the same brand name for new products being introduced to the same or new markets