Marketing Foundations - Chapter 11 Assessment: Product and Brand Management

Vocabulary study cards covering product strategies, branding, customer loyalty, packaging, and brand equity concepts from Marketing Foundations Chapter 11 Assessment.

What is considered part of Augmented Product?

Product warranty

Shopping Products

Products or services for which consumers spend a fair amount of time comparing alternatives before purchasing, such as furniture, apparel, appliances, fragrances, and travel.

Product Deletion is never taken lightly due to…

manufacturers typically make substantial investments in product development and manufacturing.

Why would a firm eliminan item with a product line?

The product is undermining its own brand.

Symbol (in Branding)

A visual branding element that serves as a corporate trademark and functions as a logo without words, such as the McDonald's golden arches.

Brand Loyalty

A consumer behavior pattern in which a customer repeatedly purchases a specific brand and does not consider alternative options.

Frequent buyer and points programs are used to

reward loyal consumers with points redeemable for discounts or free services, advance sale notices, and invitations to special events.

Perceived Value

A consumer's evaluation of the relationship between a product's benefits and its cost, often leading buyers to choose less expensive store brands over brand-name items.

The value of a Brand is often calculated by assessing the…

earning potential of the brand over the next 12 months.

Brand Awareness

A metric measuring how many consumers in a market are familiar with a brand and what it stands for, facilitating easier customer decision-making and improving purchase chances.

Cobranding

The practice of marketing two or more brands together on the same package, promotion, or store location (such as a combined KFC-Taco Bell restaurant) to signal unobservable product quality.

Private-Label Brands

are developed and managed directly by retailers rather than manufacturers (also known as store brands).

Brands owned and managed by national manufacturers (such as Procter & Gamble owning Pampers and Olay),

giving the firm greater control over marketing strategy, market segmentation, positioning, and brand equity.

Brand Extension

The practice of using an established brand name in a completely different product line, resulting in an increase in the product mix's breadth.

Rebranding (Brand Repositioning)

A strategy in which marketers alter a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences.

Brand Licensing

A contractual arrangement where a firm allows another entity to use its brand name, logo, or characters (such as Disney licensing characters from the movie Encanto) in exchange for fee or royalty revenues.

A brand extension…

refers to the use of the same brand in a different product line

Sustainable Packaging

Product packaging designed and produced to have less of a negative impact on the environment.

What can help suppliers save on the cost of a product?

rebranding