MARKETING TEST 3 PP1

What is the core customer value?

The basic problem-solving benefits that customers are seeking.

What are the components of an actual product?

Brand name, packaging, features/design, and quality level.

What are associated services in product marketing?

Non-physical aspects of the product, such as warranties, financing, product support, and after-sale service.

What are the four types of consumer products?

Specialty, shopping, convenience, and unsought products.

Define specialty products.

Products for which customers express a strong preference and are willing to expend considerable effort to find the best suppliers.

What characterizes shopping products?

Products for which consumers spend time comparing alternatives, requiring personal selling and advertising.

What are convenience products?

Products that consumers buy frequently with minimal effort and comparison.

What defines unsought products?

Products that consumers do not normally think of buying or do not know about until needed.

What is a product mix?

The complete set of all products and services offered by a firm.

What is product mix breadth?

The number of product lines offered by a firm.

What is product line depth?

The number of products within a product line.

What is the purpose of increasing product mix breadth?

To capture new or evolving markets.

What does decreasing product mix breadth indicate?

A response to changing market conditions or internal strategic priorities.

What is branding?

The process of creating a strong, positive perception of a company and its products in customers' minds.

What are the benefits of branding for customers?

Facilitates purchases, establishes loyalty, protects from price competition, and affects market value.

Define brand equity.

The consumer perception of the brand name of a product or service, not a direct reflection on the product itself.

What is the goal of brand equity?

To translate into brand love, fostering positive consumer relationships.

What can negatively impact brand equity?

Negative consumer perceptions due to the firm's actions.

What are some elements that make a brand?

Logos, symbols, characters, URLs, slogans, brand names, and jingles.

What is the significance of a brand name?

It helps make products identifiable and facilitates the consumer search process.

How does branding affect marketing costs?

It can lead to lower marketing costs as brand associations help sell the product.

What is the role of logos and symbols in branding?

They contribute to brand identification and recognition.

What is the relationship between brand equity and consumer behavior?

Brand equity influences consumer loyalty and purchasing decisions.

What is the impact of brand loyalty on a firm?

It protects the firm from price competition and enhances market value.

What is a key consideration when changing product line depth?

To avoid cannibalization of existing brands while increasing overall sales.

What is a potential consequence of increasing product line depth?

It can lead to increased sales but may also cannibalize sales from current brands.

What is the importance of product support in associated services?

It enhances customer satisfaction and loyalty post-purchase.

What types of products are typically found in convenience categories?

Low-priced, frequently purchased items like sugar, laundry detergent, and pens.

What is brand equity?

The value a brand adds to a product, influenced by brand awareness, perceived value, brand associations, and brand loyalty.

What is brand awareness?

The extent to which consumers are familiar with a brand, affecting their likelihood to purchase.

How does familiarity impact consumer behavior?

Higher familiarity increases the chances of purchase, especially for low-involvement products.

What is perceived value?

The relationship between a product's benefits and its costs, reflecting a customer's perception of a product's merit.

How do discount retailers create value?

By offering designer products at reduced prices, enhancing perceived value.

What are brand associations?

Mental and emotional links consumers make between a brand and its attributes, influenced by advertising.

Give an example of a brand association for Charmin.

Toilet Paper.

What is brand loyalty?

The tendency of consumers to repeatedly buy the same brand's products over time.

Why is brand loyalty important for firms?

It leads to lower marketing costs and less sensitivity to price changes.

What are branding strategies?

Decisions made by firms regarding brand names, product lines, and brand extensions.

What is the difference between family and individual brand names?

Family brands use a corporate name across multiple products, while individual brands have distinct identities.

What is a brand extension?

Using the same brand name for a different product line.

What is a line extension?

Using the same brand name within the same product line.

What is brand dilution?

The risk that a brand extension may weaken the core brand's value.

What is co-branding?

Marketing two or more brands together to enhance perceptions of quality.

What is brand licensing?

Allowing another company to use a brand's name and trademarks for a fee.

What is brand repositioning?

Changing a brand's focus to target new markets or realign with market preferences.

What role does packaging play in branding?

Packaging attracts consumer attention and can differentiate products in the market.

What are the primary and secondary packages?

The primary package is the one the consumer uses, while the secondary package contains the primary package and provides additional information.

What are packaging label requirements?

Labels must provide necessary information for consumer decisions and comply with regulations.

What objectives do product labels fulfill?

Identify the product, provide information, and serve as a promotional tool.

What is the difference between manufacturer and private-label brands?

Manufacturer brands are produced by a specific company, while private-label brands are owned by retailers.

What is the significance of product line breadth?

Refers to the number of different product lines a company offers.

What is the significance of product line depth?

Refers to the number of products within a specific product line.