The complete set of all products offered by a firm is called
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product mix
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If a firm eliminates a product line, then it is
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decreasing its product line, breadth
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One important purpose of a brand is to
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increase consumer recognition and awareness of product offering
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For a brand name to be effective, it needs to be
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easy for consumers to recognize and to remember
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One key feature of the value of a strong brand is that
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it can protect the firm from competition
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Brands are assets that can be legally protected through
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copyrights and trademarks
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In a competitive market, perceived value is determined by consumers mostly
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In a relationship to the value of competitors offerings
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Which of the following statements regarding brand loyalty is not true?
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The marketing costs of reaching loyal customers are typically very high
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Frequent buyer/user award programs are used to
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Maintain in contact with loyal customers
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Brands can be owned by
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Any firm in a supply chain
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The basic reason manufacturers spend time and money to building their own brand is to
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build brand equity
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One of the categories for which brand extension is especially logical is
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complementary goods
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Brand dilution occurs when
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Brands are overextended and customer perceptions about the core brands are adversely affected
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Efforts to change brands focus to target new markets or change the image of a brand are called
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Brand repositioning
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Another name for brand repositioning is
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rebranding
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Which of the following is not one of the important functions of labels on products and packages?
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Protecting against damage to the product
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Which of the following is not part of the "actual product" level of the product offer?
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Product warranty
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Marketers need to think about the product often on 3 levels. Which of the following levels includes associated services such as warranties, financing, support and after sale service?
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augmented product
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Which of the following brand strategies is being used when the local ice cream shop decides to add a new flower to its menu?
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Line extension
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Where on a product packaging would one most likely find nutrient content and country of origin?
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On the label
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core customer value
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the basic problem solving benefits that consumers are seeking
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associated services
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the nonphysical attributes of the product including product warranties, financing, product, product support, and after-sale service
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specialty products/services
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products or services towards which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers
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shopping products/services
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those for which consumers will spend time comparing alternatives, such as apparel, fragrances, and appliances
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convenience products/services
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those for which the consumer is not willing to spend any effort to evaluate prior to purchase
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unsought products/services
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products or services consumers either do not normally think of buying do not know about
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product mix
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the complete set of all products offered by a firm
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product lines
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groups of associated items, such as those that consumers use together or think of as part of a group or similar products
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breadth
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the number of product lines offered by a firm -- variety
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depth
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the number of categories within a product line
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brand equity
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the set of assets and liabilities link to a brand that add to or subtract from the value provided by the product or service
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brand awareness
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measures how many consumers in a market are familiar with the brand and what it stands for; created through repeated exposures of the various brand elements (brand name, logo, symbol, character, packaging, or slogan) in the firm's communications to consumers
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line extension
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the use of the same brand name within the same product line and represents an increase in a product line's depth
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brand dilution
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occurs when a brand extension adversely affects consumer perceptions about the attributes the cord brand is to believed to hold
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co branding
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the practice of marketing two or more brands together, on the same package or promotion
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perceived value
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the relationship between a product's or service's benefits and its cost
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manufacturer brands/national brands
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brands owned and managed by the manufacturer
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retailer/store brands/private label brands
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products developed by retailers
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family brand
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a firm's own corporate name used to brand its product lines and products
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individual brand
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the use of individual brand names for each of a firm's products
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brand licensing
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a contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, or characters in exchange for negotiated fee
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brand repositioning
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a strategy in which marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences
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sustainable packaging
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product packaging that is ecologically responsible
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