question

Brand

answer

A name, term, symbol, design or combination thereof that identifies a seller's products and differentiates them from competitor's products

question

Brand equity

answer

The value of company and brand names

question

Brand loyalty

answer

Consistent preference for one brand over all others

question

Planned obsolescence

answer

The practice of modifying products so those that have already been sold become obsolete before they actually need replacement

question

Implied warranty

answer

An unwritten guarantee that the good or service is fit for the purpose for which it was sold

question

Product item

answer

A specific version of a product that can be designated as a distinct offering among an organization's products

question

Product

answer

Everything, both favorable and unfavorable, that a person receives in an exchange

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Family branding

answer

Marketing several different products under the same brand name

question

Brand mark

answer

The elements of a brand that cannot be spoken

question

Product line depth

answer

The number of product items in a product line

question

Brand name

answer

That part of a brand that can be spoken, including letters, words and numbers

question

Product line extension

answer

Adding additional products to an existing product line in order to compete more broadly in the industry

question

Trademark

answer

The exclusive right to use a brand or part of a brand

question

Global brand

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A brand that obtains at least a third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data

question

Shopping product

answer

A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores

question

Convenience product

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A relatively inexpensive item that merits little shopping effort

question

Warranty

answer

A confirmation of the quality or performance of a good or service

question

Private brand

answer

A brand name owned by a wholesaler or a retailer

question

Product mix

answer

All products that an organization sells

question

Consumer product

answer

A product bought to satisfy an individual's personal wants

question

Product line

answer

A group of closely related product items

question

Specialty product

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A particular item for which customers search extensively and are very reluctant to accept substitutes

question

Universal product codes

answer

A series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products

question

Generic product name

answer

Identifies a product by class or type and cannot by trademarked

question

Product mix width

answer

The number of product lines an organization offers

question

Informational labeling

answer

A type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase

question

Co-branding

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Placing two or more brand names on a product or its package

question

Unsought product

answer

A product unknown to the potential buyer or a known product that the buyer does not actively seek

question

Product modification

answer

Changing one or more of a product's characteristics

question

Business product (industrial product)

answer

A product used to manufacture other goods or services, to facilitate an organizations's operations, or to resell to other customers

question

Captive brand

answer

A brand manufactured by a third party for an exclusive retailer, without evidence of that retailer's affiliation

question

Individual branding

answer

Using different brand names for different products

question

Service mark

answer

A trademark for a service

question

Manufacturer's brand

answer

The brand name of a manufacturer

question

Express warranty

answer

A written guarantee

question

Persuasive labeling

answer

A type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary

question

Which of the following is NOT an example of a product?

answer

a. notepads b. financial consulting c. shoes d. All are examples of products. (this one)

question

The key distinction between a business product and consumer product is:

answer

a. point of origin. b. manufacturing process. c. quality. d. intended use. (this one)

question

Candy bars, safety pins, and apples are all examples of ________ products.

answer

a. specialty b. industrial c. convenience (this one) d. shopping

question

Automobiles, home theater systems, and mobile phones are all examples of ________ products

answer

a. specialty b. industrial c. convenience d. shopping (this one)

question

Marketers often use selective, status-conscious advertising when they are selling ________ products.

answer

a. specialty (this one) b. industrial c. convenience d. shopping

question

GE's ________ includes aircraft engines, kitchen appliances, and light bulbs.

answer

a. product item b. product mix (this one) c. unsought product d. product line

question

A ________ is a name, term, or symbol that distinguishes one company's products from another's.

answer

a. brand name b. brand (this one) c. brand mark d. trade mark

question

Which of the following is NOT an example of a brand mark?

answer

a. AT's blue and white globe b. Ferrari's prancing stallion c. Chevrolet's bow tie design d. 7-Eleven (this one)

question

A brand that has a high level of ________ has high awareness, perceived quality, and brand loyalty among consumers.

answer

a. brand equity (this one) b. brand value c. brand mark d. brand recognition

question

A global brand is one that earns at least ________ of its earnings outside the home country

answer

a. 1?2 b. 1?5 c. 1?3 (this one) d. 1?4

question

________ refers to the exclusive right to use a brand or part of a brand

answer

a. Trademark (this one) b. Rights management c. Registry d. Copyright

question

A product label that provides information on features, care instructions, or ingredients is an example of

answer

a. persuasive labeling. b. informational labeling. (this one) c. labeling. d. greenwashing

question

Proper translation of labels and product information is an important consideration for global ________ decisions.

answer

a. packaging (this one) b. licensing c. branding d. marketing

question

A(n) ________ warranty is a written statement that protects the buyer and gives information about the product.

answer

a. basic b. express (this one) c. implied d. extended

question

The Uniform Commercial Code insures that all sales have a(n)

answer

a. implied warranty. (this one) b. unlimited return policy. c. express warranty. d. satisfaction guarantee.

question

What is a product?

answer

Tangible Good Service Idea

question

What are categories of consumer products?

answer

Convenience products Shopping products Specialty products Unsought products

question

What are the three kinds of product modifications that a company can use to change one or more of a product's characteristics?

answer

Quality modification Functional modification Style modification

question

Quality modification

answer

A change in a product's dependability or durability

question

Function modification

answer

A change in a product's versatility, convenience, or safety

question

Style modification

answer

An aesthetic product change (like color) rather than a quality or functional change

question

Marketers use _______ as the major tool in distinguishing their product from the competition.

answer

branding

question

Advantages of Manufacturers' Brands (for Resellers)

answer

Heavy consumer ads develop strong consumer loyalties Well known manufacturers' brands can: Attract new customers Enhance the reseller's prestige Can carry less inventory due to manufacturers' rapid delivery If a manufacturer's brand of poor quality is sold, the customer may simply switch brands and remain loyal to reseller

question

Advantages of Private Brands (for Resellers)

answer

Reseller can usually earn higher profits on its own brand There is less pressure to mark down price due to exclusivity Brand ties customer to wholesaler or retailer No risk of brand being dropped before desired Have control over the intensity of distribution

question

What are the three types of co-branding?

answer

Ingredient Cooperative Complementary

question

Ingredient branding

answer

When a host product has another brand as a part of the product. Think Dell computers using Intel processors or Tide with Febreeze

question

Cooperative branding

answer

When two brands join together for an event or for a promotion

question

Complementary branding

answer

When two products come together and say you can use the two things together (like alcohol and cola)

question

What are the functions of packaging?

answer

Contain and protect Promote Facilitate storage, use and convenience Facilitate recycling

question

When several different products are marketed under the same brand name, it is called a:

answer

family brand

question

Kodak, La-Z-Boy and Fruit of the Loom are examples of:

answer

manufacturers brands

question

Products can be classified as either business (industrial) or consumer products, depending on the buyers intentions. What is the key distinction between the two types of products?

answer

Their intended use

question

Changing one or more of a product's characteristics is called:

answer

product modification

question

A _________ is the exclusive right to use a brand or part of a brand. Others are prohibited from using the brand without permission.

answer

trademark

question

_______ refers to a brand that obtains at least a third of its earnings outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data.

answer

Global brand

question

An unwritten guarantee that the good or service is fit for the the purpose for which it was sold is known as a

answer

implied warranty

question

Campbell's Chicken Noodle Soup is an example of a:

answer

product item

question

A ____________ identifies a product by class or type and cannot be trademarked.

answer

generic product name

question

Convenience product

answer

A relatively inexpensive item that merits little shopping effort - candy, soft drinks, small hardware items, dry cleaning and car washes all fall into this category. Usually available everywhere.

question

Shopping products

answer

Usually more expensive than a convenience product and found in fewer stores. Consumers usually buy a shopping product only after comparing several brands or stores on style, practicality, price, and lifestyle compatibility.

question

There are two types of shopping products:

answer

Heterogeneous - are essentially different; the consumer has trouble comparing hetero products because the prices, quality and features vary so much. Think: furniture, clothing, housing, universities. Homogenenous - are basically similar; the consumer will purchase the one that has the lower price but has desired features. Think washers/dryers, tvs, fridges.

question

Specialty products

answer

When consumers search extensively for a particular item and are very reluctant to accept substitutes. Products such as: Rolex watches, a Rolls-Royce, Bose speakers, and highly specialized forms of medical care. They all have an exclusive image.

question

Unsought products

answer

A product unknown to the potential buyer or one that the buyer is not actively seeking. New products fall into this category until ads and distribution increases. Products such as: insurance, burial plots

question

Firms increase the width of their product mix to

answer

diversify risk To generate sales and boost profits to capitalize on established reputations

question

Firms increase the depth of their product lines to

answer

attract buyers with different preferences increase sales and profits by further segmenting the market capitalize on economies of scale in production and marketing even out seasonal sales patterns

MARK 3321 – Chapter 10 – Product Concepts – Flashcards

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