MRKG-CHAP11

Select two key characteristics of the maturity stage.

=Intense competition on price occurs. =Marketing costs are directed at holding market share.

Which is an example of a brand extension?

Cosmopolitan magazine and Cosmopolitan clothing line

The ______ stage of the product life cycle is characterized by a slowing of growth in total industry sales or product class revenue.

Maturity

________ can create customer value by offering communication, functional, and perceptual benefits.

Packaging

Packaging and labeling not only provides benefits for the consumer, but if done successfully in a way that puts a firm in a favorable position compared to its competitors, it can provide ______ for the firm.

a competitive advantage

The diffusion of innovation refers to the rate at which consumers ______ a given product or service.

adopt

A product manager is sometimes called a(n) _______ manager.

brand

The use of the same brand name for new products being introduced into a different product class is known as ______.

brand extension

Who is responsible for managing existing products through the stages of the life cycle?

brand manager

The set of human characteristics, such as physical traits associated with a brand, is the definition of ______.

brand personality

When an organization uses a name, phrase, design, symbols, or a combination of these to identify products and distinguish them from its competitors it is engaged in ______.

branding

Product ________ refers to the entire product category or industry, often illustrated in a product life cycle curve.

class

The benefits packaging and labeling provide a product include which of the following?

communication functional perceptual

An example of a company connecting with customers to add value in its package redesign strategy is ______.

creating a resealable package in response to consumer habits

Often, products enter the ________ stage of the product life cycle not due to any error in strategy but because of environmental changes.

decline

The way a product spreads through the population is known as ______.

diffusion of innovation

Which two are criteria often used in naming successful brands?

emotional names names without legal restrictions

When Nestle or McDonald's modify their packaging to use more recyclable material, they are responding to what challenge regarding packaging and labeling?

environmental concerns

Multiproduct branding is also called which two of the following?

family branding corporate branding

Product ________ pertains to variations within the product class, where each may have its own product life cycle curve.

form

During the introduction stage sales are ______ and profit is ______.

growing slowly; minimal

In the ______ stage of the product life cycle, demand and sales increase, profits peak, and there are more competitors.

growth

Product repositioning means changing the product's position ______.

in the minds of consumers

What are two key characteristics of the growth stage of the product life cycle?

increasing competition rapid increase in sales

Private-label branding is popular because ______.

it results in high profits for manufacturers and resellers

A ________ identifies the product or brand, the package contents, and other information like where the product was made, when, and by whom.

label

The product life cycle is ______.

made up of the stages a product goes through in the marketplace, from introduction to decline

What are two key characteristics of the introduction stage of the product life cycle?

minimal profit slow growing sales

Product bundling is one approach that may be used in a product ________ strategy to increase a product's value to customers.

modification

What are the three primary ways to manage a product through its life cycle?

modifying the product modifying the market repositioning the product

Marriott International owns several brands of hotels at different price ranges, such as Marriott, Courtyard, and Fairfield Inn, in what is called a ________ strategy.

multibranding

When a firm uses a distinct name for each of its products, it is called a ________ strategy.

multibranding

With ________ branding, a company uses one name for all its products in a product class.

multiproduct

When a firm uses branding to identify its products and distinguish them from its competitors, its uses what elements to do so? (Select all that apply)

packaging design unique symbols product names

When Harley-Davidson advertises to reinforce the perception that the brand is masculine, rugged, and individualistic, it is building brand ______.

personality

When a company allows other organizations such as Walmart, Costco, or Target to resell its product under their own names it is called a ______ strategy.

private branding

When P&G added vitamins to its Pantene shampoo and conditioner formulas, it used _________ to revamp the brand.

product modification

The process of changing the place a product occupies in a consumer's mind relative to competitive products is referred to as product ______.

repositioning

Private brands are also known as _______ brands.

reseller

The decline stage for a product occurs when ______.

sales for the product drop

Easy Off, Glass Plus, Cling Free are good brand names because they

suggest the product benefits.

The different stages a product goes through during its existence is known as ______.

the product life cycle

Market modification strategies include finding new customers, increasing a product's ______, and creating new use situations.

use