Question 1

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

Accepted Answer

True

Question 2

Effective packaging and labels send consumers the signal \"Buy me!\"

Accepted Answer

True

Question 3

A company\'s product line consists of its various product mixes.

Accepted Answer

False

Question 4

Brands enable customers to quickly differentiate one firm or product from another.

Accepted Answer

True

Question 5

Brand equity is calculated by subtracting sales of generic brands from the sales of branded items in a category.

Accepted Answer

Fasle

Question 6

The more familiar customers are with a brand, the harder their decision-making process will be.

Accepted Answer

False

Question 7

Harold is a loyal Coca-Cola customer. Loyal customers like Harold require lower marketing expenditures, benefiting businesses like Coca-Cola.

Accepted Answer

True

Question 8

Private-label brands are imitations often sold by street vendors.

Accepted Answer

False

Question 9

For a company like Pepsi-Cola, brand dilution occurs when it sells more product than the competition.

Accepted Answer

False

Question 10

In entertainment licensing, the major risk to licensees is that the brand will become overexposed.

Accepted Answer

False

Question 11

A product label is just a required sticker on a package.

Accepted Answer

False

Question 12

When purchasing a mobile phone, the product you are buying is more than just the phone.

Accepted Answer

True

Question 13

A customized carved cedar wood sign for your house is an example of a convenience product.

Accepted Answer

False

Question 14

For the average college student, a retirement account would be a shopping product.

Accepted Answer

False

Question 15

Kellogg\'s sells many different breakfast cereals, including Corn Flakes, Rice Krispies, Frosted Flakes, Raisin Bran, and Special K. This is an example of the breadth of the Kellogg\'s product mix.

Accepted Answer

False

Question 16

If Microsoft decided to sell mobile phones under the Xbox brand (which it uses for its gaming systems), this would be an example of a line extension.

Accepted Answer

False

Question 17

Sales of private-label brands continue to increase, particularly in big-box stores such as Costco and Trader Joe\'s.

Accepted Answer

True

Question 18

When Jaclyn selects a case of Sprite at the grocery store for her party, she is attracted by the holiday-themed box featuring green and white bells. What Jaclyn is seeing is referred to as the secondary package.

Accepted Answer

True

Question 19

Jenny traded in her old car for her heart\'s desire, a new Lexus sedan. The Lexus is considered a specialty product.

Accepted Answer

True

Question 20

Nike sells shoes, clothing, and athletic gear. These represent the breadth of Nike\'s products.

Accepted Answer

True

Question 21

A decrease in a company\'s product depth will always hurt its marketing efforts.

Accepted Answer

False

Question 22

A familiar brand name always helps the sales of a product.

Accepted Answer

False

Question 23

Claire always liked Lands\' End raincoats, so when she was shopping for a winter coat, she ordered one from Lands\' End without thinking too much about it. This demonstrates how brands facilitate purchases.

Accepted Answer

True

Question 24

Brands are assets that can be legally protected through trademarks.

Accepted Answer

True

Question 25

When Mars manufactures M&M\'s, Snickers, and other confectionary products, or when Trek designs bicycles, each company\'s core question is: How do we produce this product in the least expensive manner?

Accepted Answer

False

Question 26

A product is __________ that can be offered through a voluntary marketing exchange.

Accepted Answer

anything of value to consumers

Question 27

The complete set of all products offered by a firm is called its

Accepted Answer

product mix

Question 28

A __________ is a group of associated items that consumers tend to use together or think of as part of a group of similar products.

Accepted Answer

product line

Question 29

For a major university, undergraduate studies, graduate studies, and professional programs would be __________ within the university\'s product mix.

Accepted Answer

product lines

Question 30

It is almost impossible to watch a sporting event on television without seeing Nike\'s \"swoosh\" check mark, which is Nike\'s

Accepted Answer

symbol

Question 31

In 2015, Nike signed an 8-year, $1 billion apparel deal with the NBA. This is an example of a deal for _______ rights.

Accepted Answer

licensing

Question 32

Zappos is a successful online shoe company. One of the difficulties in running a shoe company is the need to have significant __________, a large number of items in each product line.

Accepted Answer

product line depth

Question 33

Marketers with successful brands sometimes hesitate to expand their brands because

Accepted Answer

it is costly to maintain many product lines, and it might weaken the brand\'s meaning.

Question 34

All of the following scenarios illustrate a reason why a firm would eliminate an item within a product line except

Accepted Answer

the firm has decided to capture new markets.

Question 35

For many years, General Electric had a corporate strategy of being among the top three firms in any market in which it operated; if it could not achieve a top-three position, it would exit the market. This strategy often resulted in the company __________ when certain product lines failed to meet this expectation.

Accepted Answer

decreasing product mix breadth

Question 36

The decision to delete a product is never taken lightly because, generally, manufacturers

Accepted Answer

have made substantial investments in product development and manufacturing.

Question 37

A university that has separate graduate and undergraduate admission offices recognizes that these are distinct

Accepted Answer

product lines.

Question 38

One important purpose of a brand is to

Accepted Answer

increase consumer recognition and awareness of product offerings.

Question 39

In addition to extensive online and outdoor advertising, Under Armour has intensified its ______ efforts by signing Washington Nationals baseball star Bryce Harper to the biggest endorsement deal for an MLB player.

Accepted Answer

branding

Question 40

For a brand name to be effective, it needs to be

Accepted Answer

easy for consumers to recognize and remember.

Question 41

One key feature of the value of a strong brand is that

Accepted Answer

it can protect the firm from competition.

Question 42

When consumers associate a brand with a certain level of quality and familiar attributes, allowing consumers to make quick decisions, the brand

Accepted Answer

facilitates purchasing.

Question 43

Parents of young children have been known to drive out of their way so their kids will not see McDonald\'s Golden Arches and plead with their parents to stop. For McDonald\'s, the Golden Arches reduce marketing costs because people (including young children)

Accepted Answer

know what the Golden Arches brand symbol means.

Question 44

Firms that use the same brand name for new products can spend relatively less on marketing costs for the new product because

Accepted Answer

people already know what the brand means

Question 45

The XYZ car manufacturing company is advertising its new hybrid vehicle. It understands that its competition, Toyota\'s hybrid car, the Prius, is known for being economical, a good value, stylish, and good for the environment. Toyota has the advantage of

Accepted Answer

brand associations

Question 46

When Amanda shops for lipstick, she always buys Really Red by Cover Girl. This is an example of

Accepted Answer

brand loyalty

Question 47

The value of a brand is often calculated by assessing the

Accepted Answer

earning potential of the brand over the next 12 months

Question 48

Marketing expenditures allocated carefully can result in greater brand recognition, awareness, perceived value, and consumer loyalty for the brand, which all enhance the brand\'s

Accepted Answer

equity

Question 49

The Doritos advertising effort of \"Live Mas,\" which is Spanish for \"Live More,\" is meant to suggest a lifestyle aspiration. If consumers make a connection between the Doritos brand and this promotional effort, then Doritos has created

Accepted Answer

a brand association.

Question 50

Firms spend millions of dollars annually to build brand equity, recognizing that brand equity contributes to

Accepted Answer

profitability

Question 51

All of the following are included in the main criteria used for determining how \"good\" a brand is, or how much equity it has except

Accepted Answer

brand conceptualization

Question 52

If many consumers in the marketplace are familiar with a brand and what it stands for and have an opinion about the brand, the brand has considerable

Accepted Answer

awareness

Question 53

Whether they like them or not, most U.S. automobile customers are familiar with and have an opinion about American-made cars. This familiarity makes it easier for consumers to

Accepted Answer

make purchase decisions

Question 54

Sometimes brand names become synonymous with a product itself. If that happens, the brand

Accepted Answer

could lose its trademark status

Question 55

In the case of Band-Aid adhesive bandages, the brand name has

Accepted Answer

become synonymous with the product itself.

Question 56

Salina is working to create greater brand awareness for her company\'s new line of fitness trackers. To increase brand awareness, the least important information that should be included in promotions is

Accepted Answer

the product history

Question 57

Why would a firm spend over $2 million for a 30-second ad on television during the Super Bowl?

Accepted Answer

because the Super Bowl offers an opportunity to create significant brand awareness

Question 58

Relatively few consumers like to go to the dentist. Dental insurance plans that pay for regular checkups increase the __________ of dental care by reducing the cost to the consumer.

Accepted Answer

perceived value

Question 59

In a competitive market, perceived value is determined by consumers mostly

Accepted Answer

in relation to the value of its close competitors

Question 60

Nora is deciding whether to purchase brand-name sneakers or a less expensive store brand. She has purchased other shoes with the same brand name in the past but was only marginally satisfied. In this situation, Nora is likely to purchase the store-brand sneakers because they offer

Accepted Answer

greater perceived value

Question 61

Matt was passionate about Hollister. It was the only place he\'d buy his clothes. If anyone asked him about clothes, he would talk for what seemed like hours about why he only shopped there. From a strictly marketing perspective, this word of mouth is an element of

Accepted Answer

brand loyalty

Question 62

Jenna always buys Stacy\'s brand pita chips. She does not even consider alternatives. Jenna is a __________ customer.

Accepted Answer

brand-loyal

Question 63

All of the following statements regarding brand loyalty are true

Accepted Answer

the marketing costs of reaching loyal customers are typically very high.

Question 64

For marketers, one of the benefits of having achieved brand loyalty is

Accepted Answer

lower marketing costs associated with reaching loyal customers.

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