question

product

answer

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

question

convenience product

answer

a relatively inexpensive item that merits little shopping efforts

question

shopping product

answer

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

question

specialty product

answer

a particular item for which consumers search extensively and are very reluctant to accept substitutions

question

unsought product

answer

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

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 line

answer

a group of closely related products items

question

product mix

answer

all products that an organization sells

question

product mix width

answer

the number of product lines an organization offers

question

product line depth

answer

the number of product items in a product line

question

product modification

answer

changing one or more of a product's characteristics

question

planned obsolescence

answer

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

question

product line extension

answer

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

question

brand

answer

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

question

brand name

answer

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

question

brand mark

answer

the elements of a brand that cannot be spoken

question

brand equity

answer

the values of a company of brand name

question

global brand

answer

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

question

brand loyalty

answer

consistent preference for one brand over all others

question

manufacurer's brand

answer

the brand name of a manufacturer

question

private brand

answer

a brand name owned by a wholesaler or a retailer

question

captive brand

answer

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

question

individual branding

answer

using different brand names for different products

question

family branding

answer

marketing several different product under the same brand name

question

co-branding

answer

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

question

Types of co-branding

answer

Ingredient branding identifies the brand of a part that makes up the product. Cooperative branding occurs when two brands receive equal treatment. Complementary branding refers to products advertised or marketed together to suggest usage. (Co-branding is a useful strategy when a combination of brand names enhances the prestige or perceived value of a product or when it benefits brand owners and users.)

question

trademark

answer

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

question

service mark

answer

a trademark for a service

question

generic product name

answer

identifies a product by class or type and cannot be trademarked

question

persuasive labeling

answer

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

question

informational labling

answer

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

question

universal product codes (UPCs)

answer

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

question

warranty

answer

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

question

express warranty

answer

a written garentee

question

implied warranty

answer

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

question

Consumer products are classified into four types:

answer

convenience products shopping products specialty products unsought products (This approach classifies products by how much effort is used to shop for them.)

question

Examples of types of consumer products:

answer

Convenience: Candy, soft drinks, deodorant, aspirin, hardware, and dry cleaning. Shopping: Homogeneous shopping products include washers, dryers, and televisions. Heterogeneous shopping products include furniture, clothing, housing, and universities. Specialty: Fine watches, expensive automobiles, and gourmet restaurants. Unsought: New products, insurance, burial plots, and encyclopedias.

question

Benefits of Product Line:

answer

Advertising economies: Product lines provide economies of scale in advertising. Package uniformity: Packages in the product line may have a common look but maintain their individual identities. Standardized components: Reductions in manufacturing and inventory costs. Efficient sales and distribution: A product line enables a full range of choices to customers, and as a result, better distribution and retail coverage. Equivalent quality: All products in a line are perceived as having similar quality.

question

Advantages of Manufacturers' Brands

answer

Heavy consumer ads by manufacturers Attract new customers Enhance dealer's prestige Rapid delivery, carry less inventory If dealer carries poor quality brand, customer may simply switch brands and remain loyal to dealer

question

Advantages of Private Brands

answer

Earn higher profits on own brand Less pressure to mark down price Manufacturer can become a direct competitor or drop a brand/reseller Ties customer to wholesaler or retailer Wholesalers and retailers have no control over the intensity of distribution of manufacturers' brands

question

Advantages of Captive Brands

answer

No evidence of store's affiliation Manufactured by third party Sold exclusively at the chain Can ask price similar to manufacturer's brands

question

When a firm plans to enter foreign markets with an existing product, a one-brand-name strategy: a. provides for greater identification of the product from market to market. b. facilitates the identification of the product as a local brand. c. makes it more difficult to coordinate promotional strategies from market to market. d. mainly benefits companies that market a wide variety of products.

answer

a. provides for greater identification of the product from market to market.

question

Which of the following is a difference between an express warranty and an implied warranty? a. A manufacturer that promises express warranty must meet certain minimum standards, whereas a manufacturer that promises implied warranty does not have to meet any standards. b. A manufacturer must offer full refund under the terms and conditions of an express warranty, whereas no such refund is provided for an implied warranty. c. An express warranty is a simple statement, whereas an implied warranty consists of extensive documents written in technical language. d. An express warranty is a written guarantee, whereas an implied warranty is an unwritten guarantee that a good or service is fit for the purpose for which it was sold.

answer

d. An express warranty is a written guarantee, whereas an implied warranty is an unwritten guarantee that a good or service is fit for the purpose for which it was sold.

question

Which of the following is true of convenience products? a. Distribution of such products is often limited to one or a very few outlets in a geographic area. b. Consumers buy them after comparing several brands on style, price, etc. c. Consumers are unwilling to shop extensively for such items. d. Marketers of convenience products often use selective, status-conscious advertising.

answer

c. Consumers are unwilling to shop extensively for such items.

question

From a reseller's perspective, which of the following is a disadvantage of carrying manufacturer's brands? a. Manufacturers do not offer rapid delivery, requiring a dealer to carry more inventory. b. Heavy advertising by a manufacturer negatively impacts consumer loyalties to a dealer. c. Manufacturers can decide to drop a reseller at any time or even directly compete with dealers. d. Customers do not remain loyal to a dealer if a manufacturer's brand is of poor quality.

answer

c. Manufacturers can decide to drop a reseller at any time or even directly compete with dealers.

question

Aleesha refuses to buy any toothpaste other than her preferred brand, Blassey, manufactured by Blassey's Inc. If Blassey's toothpaste is not available in the store in her neighborhood, she drives to another store rather than settle for a different brand. Based on this information, which of the following statements is true? a. Blassey's Inc. has benefitted from planned obsolescence. b. Blassey's Inc. is a private brand. c. Aleesha has a strong brand loyalty. d. Aleesha buys only convenience products.

answer

c. Aleesha has a strong brand loyalty.

question

The Weston Candy Company is known for its inexpensive chocolates. To appeal to a more upscale market, it introduced the Theobroma line of premium chocolates. This is an example of a. functional modification b. product placement c. quality modification d. planned obsolescence

answer

c. quality modification

question

Which of the following is true of packaging? a. It impedes recycling of products and increases environmental damage. b. It restricts manufacturers from marketing products in specific quantities, such as ounces. c. It holds contents together and protects goods as they move through the distribution channel. d. It groups products of similar characteristics and functions produced by different manufacturers.

answer

c. It holds contents together and protects goods as they move through the distribution channel.

question

The exclusive right to use a brand or part of a brand is known as a a. trade secret b. hallmark c. trademark d. copyright

answer

c. trademark

question

Which of the following is an example of a set of homogeneous shopping products? a. different products of the same price b. different product lines offered by the same manufacturer c. televisions manufactured by different brands d. products launched at the same time

answer

c. televisions manufactured by different brands

question

_____ refers to changes in a product's versatility, effectiveness, convenience, or safety. a. Product repositioning b. Style modification c. Functional modification d. Quality modification

answer

c. Functional modification

question

Services and ideas are not considered products because they are intangible.

answer

False

question

When a product name becomes generic, the product name is no longer recognized as the exclusive property of a firm.

answer

True

question

Trademark protection and rights only last for five years.

answer

False

question

Each product item in the product mix always requires a separate marketing strategy.

answer

False

question

Convenience products, though inexpensive, require considerable shopping effort by buyers.

answer

False

question

Due to the time required to scan them, the use of universal product codes (UPCs) is typically restricted to shopping products.

answer

False

question

Product modification occurs even when changes are made to a product's aesthetic appearance rather than its quality or functionality.

answer

True

question

A one-brand-name strategy is useful when the marketer wants the brand to appear to be a local brand, or when regulations require localization.

answer

False

question

An organization's product mix includes all of the products it sells.

answer

True

question

Bar codes are read by computerized optical scanners that match codes with brand names, package sizes, and prices.

answer

True

question

An organization's product mix includes all of the products it sells.

answer

True

question

A service mark is the exclusive right to use a brand or part of a brand.

answer

False

question

The key distinction between the consumer products and business products is their intended use.

answer

True

question

A one-brand-name strategy is useful when the marketer wants the brand to appear to be a local brand, or when regulations require localization.

answer

False

question

Express warranties range from simple statements to extensive documents written in technical language.

answer

True

question

Washers, dryers, refrigerators, and televisions are examples of unsought products.

answer

False

question

Greenwashing is the term used to describe industrial processes that cause pollution above the permissible limit set by the government.

answer

False

question

Insurance, burial plots, and similar items fall under the convenience products category.

answer

False

question

Each product item in the product mix may require a separate marketing strategy.

answer

True

question

Scanning universal product codes (UPCs) consumes time required for preparing records of customer purchases.

answer

False

Principles of Marketing Chapter 10 Product Concepts – Flashcards

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