2

Question 1

family branding

Answer 1

A marketing strategy that involves selling several related products under one brand name (also known as umbrella branding

Question 2

product branding

Answer 2

Each individual product in a portfolio is given its own unique identity and brand image (also known as individual branding)

Question 3

company or corporate branding:

Answer 3

the company
name is applied to products
and this becomes the brand
name

Question 4

own-label branding:

Answer 4

retailers create their own brand name and identity for a range of products

Question 5

manufacturers’ brands:

Answer 5

producers establish the brand image of a product or a family of products, often under the company’s name

Question 6

cost-plus pricing

Answer 6

adding a fixed mark-up for profit to
the unit price of a product

Question 7

penetration pricing:

Answer 7

setting a relatively low price often supported by strong promotion in order to achieve a high volume of sales

Question 8

market skimming:

Answer 8

setting a high price for a new product when a firm has a unique
or highly differentiated product with low price elasticity of demand

Question 9

psychological pricing:

Answer 9

setting prices that take account of customers’ perception of value of the product

Question 10

loss leader

Answer 10

product sold
at a very low price to
encourage consumers to buy other products