MKTG 300 - Chapter #11 Material

Product in marketing mix means ‘creating value’ through developing?

• Features and benefits

• Service related to the product and branding

Product management should support?

• Positioning

If our brand positioning is convenience, our products must be?

• Convenient

Our brand positioning should direct our?

• Product portfolio strategy

Product portfolio contains both?

• Positional products 

• Supplemental products

Positional products?

• Are highly aligned to the brand strategy and are most helpful in articulating the positioning of the brand; they are, therefore, at the heart of the brand’s competitive advantage.

Supplemental products?

• Round out the product portfolio and can help overcome potential objections to purchase. We need them to be competitive, but they are not the ones we will use to differentiate our brand vis-à -vis our competitors.

A brand is a ____ intended to identify the products or services of one seller and differentiate them from those of competitors?

• Name 

• Sign 

• Symbol 

• Design

Could one company have multiple brands?

• Yes

Multiple distinct brands?

• Company will have multiple fundamental entities.

The distinct-branded company has?

• More strategic flexibility throughout the entire marketing framework.

Specifically, the distinct-branded company can deliver?

• Diverse and even conflicting benefits through each of its brands.

The umbrella-branded company?

• Chooses one overall benefit, and each of its product lines and products within them must deliver on that overall brand benefit or deliver a benefit that is highly aligned with the overall umbrella benefit.

Umbrella-branding advantages/disadvantages?

• Efficient marketing

• Constrained positioning options

• Engenders long-term thinking

• Constrained new market entry

• Flexible new market entry

• Impact of a product failure on all umbrella products

Distinct-branding advantages/disadvantages?

• More expensive

• Flexible positioning options

• Engenders short-term thinking

• Flexible new market entry

• Some protection against liability in case of a product failure

Functions of Brand include?

• Memory aid

• Signal of product quality 

• Differentiation 

• Locus of emotion 

Packaging elements include?

• Printed information

• Image

• Color

• Background

• Typography and font

Product in marketing mix means ______________ through developing features and benefits, adding service and branding?

• Creating value

Gummy Nutrition Co. has three product lines - VitaGummy, PureGummy, and GroGummy.  Marketing team of the company conducted product portfolio analysis as follows. The marketing manager has to propose ideal resource allocation for the next year.  Ideal resource allocation should be something like?

• Product Ideal resource allocation (%) VitaGummy 20% PureGummy 50% GroGummy 30%

A brand can serve all of the following purposes except which of the following?

• Serving as a way to dissuade customers from buying a competitor’s product.

Which branding approach is more cost efficient due to the fact that costs associated with new product launches are substantially reduced when the product and company are clearly connected?

• Umbrella Branding

Which kind of packaging should be carefully decided as it supports positioning substantially?

• Printed information