Chapter 11 SmartBook / Principles of Marketing [MKT-3013]

A ______ is something that a customer values and that can bought or sold voluntarily.

Product, Good, or Service

Place these three steps marketers follow to develop or change a product into the correct order, with the first step at the top and the last step at the bottom.

1. Using core customer value to determine what customers are seeking

2. Making an actual physical product

3. Adding associated services

Which of the following is NOT one of the categories of consumer products that buyers use for their personal use?

Associated Products

Debbie is considering having Botox treatments and knows it is a very serious process. On the advice of three of her friends who have each visited Dr. Parsons several times in the past two years for Botox treatments, Debbie makes an appointment with Parsons. She considers the selection to be a(n) ______ good/service.

Specialty

The complete set of all products and product lines offered by a firm is called its product assortment, or product ______.

Mix or Depth

Which traits are true of ALL products?

1. Offered through a marketing exchange

2. Something that a customer values

Product lines are a part of a product ______.

Mix

How do marketers begin the process of developing or changing a product?

Using the core customer value to determine customer interests

A firm's product mix ______ represents the number of product lines offered by the firm.

Breadth

What are products that household buyers use for their own use called?

Consumer Products

A firm's product line depth is the number of ______ within a product line, as opposed to the number of product lines a firm has.

Items

______ products/services are those such as an Apple iPhone, a Harley-Davidson motorcycle, or a Starbucks latte for which the consumer shows a fairly strong preference and loyalty and will go out of the way to find that specific brand.

Specialty

If a company's products are too closely related, sales of one brand may ______, or take away sales from the other brand, with no net sales, profit, or market share increase.

Cannibalize

The product ______ is the complete set of all products and services offered by a firm.

Mix

Branding provides a way for a firm to ______ its product offerings from those of its competitors.

Differentiate

A product mix typically consists of product ______ or groups of associated items.

Lines

A strong brand protects firms from which of the following?

1. An existing competitor lowering prices

2. New products offering similar features or benefits

Consumer packaged goods companies sell products across many different product lines. These companies have significant ______ in their product mixes.

Breadth

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

Brand

The number of products within a product line is a firm's product line ______.

Depth

Which of the following factors help to increase a brand's equity?

1. Customer Loyalty

2. Perceived Value

3. Brand Awareness

What is the term used when a company's products are so closely related that sales of one brand take away sales from the other brand?

Cannibalization

What are the four aspects analysts examine to evaluate brand equity?

1. Brand Awareness

2. Perceived Value

3. Brand Associations

4. Brand Loyalty

Branding enables a firm to do which of the following

1. Differentiate its product offerings

2. Make consumers aware of available products

Marketers can assess the level of brand ______ by measuring the extent to which consumers in a market are familiar with a brand, know what it stands for, and have an opinion about it.

Awareness

What does a brand need in order to be somewhat protected from competition from other firms and price competition?

1. A loyal customer base

2. An established track record in the market

Examples of communication media that firms use to create brand awareness include which of the following?

1. Advertising

2. Publicity

The value of a brand can be calculated and compared to other brands in the form of brand ______.

Equity

Which type of products is MOST influenced by brand awareness when it comes to purchasing decisions?

Goods purchased frequently or habitually

Brands are assets that a firm can build and harness over time to increase its ______.

Equity

From the customer's perspective, the relationship between a product's or service's benefits and costs is called ______.

Perceived Value

What can be determined by looking at brand awareness, perceived value, brand associations, and brand loyalty?

Brand Equity

Good marketing increases perceived ______ by raising customers' quality expectations relative to price.

Value

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.

Awareness or Recognition

The mental link customers make between a brand and its key product attributes is known as brand ______.

Association

A brand, such as T-Mobile, can build awareness through ______ exposure to the brand's logo, symbols, and slogans.

Repeated

Geico Insurance uses characters like the gecko and humorous associations with ______ emotions to reinforce the brand.

Positive

Firms are willing to spend lots of money, such as on very expensive Super Bowl ads, to market a brand in order to ______.

Build Brand Awareness

What are the two basic types of brand ownership strategies?

1. Retailer/store brands

2. Manufacturer brands

Typically, who determines the product's or service's value in relationship to that of its close competitors?

Customers

Manufacturer brands such as Nike and Coca-Cola are also known as ______ brands.

National

What must occur for the perceived value of a cheaper product to be high?

Consumers must believe the quality of the cheaper product is about the same as that of a premium product.

When a firm sells all its products under one ______ such as Pepperidge Farm, the individual brands benefit from the overall brand awareness associated with it.

Family Brand

One consumer research exercise asks consumers to say the first things that occur to them when they hear a brand name. For example, for the brand "Coca-Cola," someone might respond, "Red and white cans, sweet, carbonated." These are examples of brand ______.

Associations

Which of the following is an example of a brand extension?

Acme Chips and Acme Dips

Which of the following is a method firms use to create positive brand associations?

Catchy Jingles

Which of the following is an example of product line extension?

Coke, in addition to its existing Diet Coke flavors, introduces chocolate-flavored Diet Coke.

Brands are sold either under a common/family name or as an individual brand.

True

Manufacturer brands such as Kraft and Nike are owned and managed by whom?

The Manufacturer

Because a brand name is already well established, a firm can spend ______ resources to develop consumer brand awareness when introducing a brand extension.

Fewer

Kellogg's sells a variety of products under its Kellogg's name brand, then identifies groups of products with a secondary name such as Raisin Bran or Froot Loops, each in several sizes and versions. In the given scenario, Kellogg's is a(n) ______ brand.

Family

The practice of marketing two or more brands together on the same package or promotion is known as ______.

Co-Branding

The use of an existing brand name in a different product line is called brand ______.

Extension

What are the common forms of royalty payments in brand licensing?

1. Up-front, lump-sum licensing fees

2. Payments based on the value of licensed merchandise sales

The use of the same brand name within the same product line is called a(n) ______.

Line Extension

Which products commonly use brand licensing?

1. Video Games

2. Toys

3. Apparel

What are the two basic types of brand ownership strategies?

1. Manufacturer Brands

2. Retailer/Store Brands

Brand repositioning is also known as ______.

Rebranding

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

1. Frito-Lay could spend less on developing consumer brand awareness.

2. The Tostitos brand already had brand associations that helped to sell salsa.

3. Frito-Lay could introduce the product to the market more quickly.

One of Taco Bell's most successful new products has been its "Doritos Locos Tacos," tacos with shells in the flavors of Doritos taco chip varieties. This is an example of ______.

Co-Branding

Which of the following are included in the ideas for sustainable packaging?

1. Using returnable packaging

2. Adding recycled materials to packaging

How does brand licensing work?

The licensee pays a royalty to the licensor in exchange for being able to use the licensor's brand.

For most products, the label is used for ______.

Promotion and Branding

Which branding strategy is popularly used with characters created in books and other media?

Brand Licensing

The strategy in which marketers change a brand's focus to target new markets, or realign the brand with changing market preferences, is known as ______.

Brand Repositioning

______ packaging is better for the environment than traditional packaging.

Sustainable

The component of the product package that provides the information consumers need to make their purchase decisions and for proper consumption of the product is known as the ______.

Label