Question 1

Examples of communication media that firms use to create brand awareness include:

Accepted Answer

-advertising -publicity

Question 2

A brand such as T-Mobile can build awareness through ______________ exposure to the brands logo, symbols and slogans

Accepted Answer

repeated

Question 3

Brand Equity

Accepted Answer

The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.

Question 4

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

Accepted Answer

-It could introduce the product sooner and more easily -The Tostinos brand already had brand associations that helped to sell salsa -It could spend less on developing consumer brand awareness

Question 5

Typically, who determine\'s the product\'s or service\'s value in relationship to that of it\'s close competitors?

Accepted Answer

Consumers

Question 6

Good marketing increases ____________ by raising customers\' quality perceptions relative to price.

Accepted Answer

Perceived Value

Question 7

Firms reward loyal customers through ______________ programs.

Accepted Answer

Customer relationship management

Question 8

Firms tend to spend __________ to market to loyal customers compared to marketing to new customers.

Accepted Answer

Substantially less

Question 9

Brand loyalty tends to be an advantage to the firm because it will __________ competition.

Accepted Answer

Insulate a firm from

Question 10

Product Mix

Accepted Answer

complete set of all products and services offered by a firm

Question 11

Product Lines

Accepted Answer

which are groups of associated items that consumers tend to use together or think of as part of a group of similar products or services.

Question 12

Product Mix Breadth

Accepted Answer

represents a count of the number of product lines offered by the firm

Question 13

Product Line Depth

Accepted Answer

in contrast to product mix breadth, equals the number of products within a product line.

Question 14

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

Accepted Answer

Product lines

Question 15

Firms add items to their product lines to address changing consumer preferences. For example, an ice cream company might add low-fat to it\'s existing ice cream flavors. This is an example of increasing ______________.

Accepted Answer

Increasing Depth

Question 16

Firms decrease depth to

Accepted Answer

-refocus marketing efforts on profitable items. -eliminate unprofitable items

Question 17

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

Accepted Answer

Decreasing breadth

Question 18

To capture new or evolving markets, a firm may increase _________ to compete in new product areas.

Accepted Answer

Breadth

Question 19

Product lines are a part of a product:

Accepted Answer

Mix

Question 20

A product line typically consists of ____________, or groups of associated items.

Accepted Answer

Product lines

Question 21

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

Accepted Answer

Shopping

Question 22

Specialty Good

Accepted Answer

Compares many alternatives, lots of time and effort involved in searching, and consumer has a good idea of the brand he or she will buy in advance.

Question 23

Shopping Good

Accepted Answer

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

Question 24

Augmented Product or Associated Services

Accepted Answer

include the nonphysical aspects of the product, such as product warranties, financing, product support, and after-sale service

Question 25

Which of the following are components of augmented product?

Accepted Answer

-Warranties -Product Support

Question 26

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.

Accepted Answer

Awareness

Question 27

When a brand extension adversely affects consumer perceptions about the core brand it is known as:

Accepted Answer

Brand Dilution

Question 28

Branding includes:

Accepted Answer

-Distinctive packaging -Logos  -Slogans

Question 29

Competitive brands add value for the consumer by:

Accepted Answer

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

Question 30

Products are complex with multiple components. ______________ defines the basic problem solving benefits that consumers are seeking.

Accepted Answer

Core customer value

Question 31

Some firms use ____________ for each of their products, as opposed to the same name or brand for all their product lines and products.

Accepted Answer

Individual brands

Question 32

What are considered components of the actual product?

Accepted Answer

-Brand name -Features/Design

Question 33

The value of a brand like Starbucks or Apple can be converted into brand ___________, which is essentially the assets and liabilities of the brand.

Accepted Answer

Equity

Question 34

Brands have value as corporate assets and the \"value of the brand\" refers to:

Accepted Answer

The earning potential of the brand over the next year.

Question 35

Product packaging offers a variety of benefits to:

Accepted Answer

Retailers and Consumers

Question 36

Labels must comply with laws and regulations and must include:

Accepted Answer

-Where the product was made -Ingredients -Safety precautions

Question 37

Core customer value

Accepted Answer

Defines the basic problem solving benefits that consumers are seeking. What are customers looking for?

Question 38

Product

Accepted Answer

-Organizations (ie MADD) -Physical Item -Services -Ideas

Question 39

2 Categories of Products

Accepted Answer

Consumer and Business

Question 40

4 Categories of Consumer Products

Accepted Answer

1. Specialty 2. Shopping 3. Convenience 4. Unsought

Question 41

Specialty Products

Accepted Answer

-consumers spend considerable time and effort searching for the best purveyors of these products. ex: luxury cars, houses, designer apparel, professional medical, financial and legal services

Question 42

Shopping Products

Accepted Answer

Consumers spend less time and effort choosing shopping products than on specialty items. But, they will still go through the trouble of comparing alternatives to find the best value. ex: furniture, apparel, airfare deals

Question 43

Convenience Products

Accepted Answer

Consumers do not spend much, if any, time and effortex: gum, bread, and soda

Question 44

Unsought Products

Accepted Answer

Goods and services the consumer does not normally think about buying or does not know about.  These products require a great deal of marketing effort and promotion to get the customer\'s attention. ex: Insurance policies, towing services, bail bonds, funeral planning

Question 45

Breadth

Accepted Answer

Number of product lines under a company\'s umbrella

Question 46

Depth

Accepted Answer

Amount of products within one line

Question 47

Expand or Contract Products

Accepted Answer

If the firm has multiple product lines, the company has to consider whether the amount of individual products under that umbrella needs to expand or contract based on sales data. This decision based on factors at the industry, consumer, and firm level.

Question 48

Expansion

Accepted Answer

Can have an adverse affect on a company\'s profit and brand image.

Question 49

Contraction

Accepted Answer

Eliminate unprofitable product lines.

Question 50

Size of a product line is dependent on:

Accepted Answer

-level of competition -amount of consumer support -how much capital the company is willing to devote to those goods or services

Question 51

The complete set of all products offered by a firm is its product _______.

Accepted Answer

Mix

Question 52

Kellogg\'s has a long list of ready-to-eat cereals which consumers think of as a similar group of products. Kellogg\'s ready-to-eat cereals are a product ________.

Accepted Answer

Line

Question 53

Colgate has a line of oral care products including toothpaste, toothbrushes and teeth whitening products. These products represent the ______ of the line.

Accepted Answer

Depth

Question 54

Introduced in 1920, Band-Aid now has more than 40 products to help heal cuts and scrapes. Band-Aid has, over the years, increased their _________.

Accepted Answer

Product line depth

Question 55

If a firm deletes an entire product line, it has _______.

Accepted Answer

Decreased its breadth

Question 56

Assets

Accepted Answer

Anything a company owns that can be used to make the firm money. Adds the firm\'s value, sales, and profitability.

Question 57

Assets -Liabilities=

Accepted Answer

Owner\'s Equity

Question 58

Brands facilitate purchase in all of the following ways EXCEPT _______.

Accepted Answer

They are always appealing to the customer.

Question 59

As a brand becomes more recognizable, _______.

Accepted Answer

The company doesn\'t have to spend as much on marketing the brand.

Question 60

When a firm chooses to have a brand legally protected through trademarks and copyrights, the brand becomes _______.

Accepted Answer

An asset to the firm.

Question 61

_______ measures how many consumers in a market are familiar with a brand and what it stands for.

Accepted Answer

Brand awareness

Question 62

Branding provides with great marketing advantages by:

Accepted Answer

-Defining its products from the competition. -Establish quality levels and specific attributes. -Recognition factor helps consumer makes faster purchasing decisions.

Question 63

A good brand name helps insulate a business from competitor products because:

Accepted Answer

the firm\'s items develop loyal buyers.

Question 64

When marketers attempt to gage how much equity a brand has, they look at four main components:

Accepted Answer

1. Brand awareness 2. Perceived value 3. Brand associations 4. Brand Loyalty

Marketing Management Chapter 11 – Flashcards

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