4.5(a) - Product

Question 1

Brand

Answer 1

refers to a name that is identifiable with a product of a particular business

Question 2

Brand awareness

Answer 2

measures the extent to which people recognise a particular brand

Question 3

Brand development

Answer 3

refers to the ongoing and long-term marketing process of improving and enlarging the brand name in order to boost sales revenue and market share

Question 4

Brand loyalty

Answer 4

occurs when customers buy the same brand of a product repeatedly over time

Question 5

Brand switching

Answer 5

occurs when consumers turn to alternative brands mainly because the original brand has lost some of its former appeal

Question 6

Brand value

Answer 6

refers to the premium that customers are willing to pay for a brand name over and above the value of the product itself

Question 7

Branding

Answer 7

refers to the practice of using an exclusive name,, symbol or design to identify a specific product or organisation

Question 8

Consumer goods

Answer 8

are products bought for personal consumption, such as furniture, computers and fresh flowers

Question 9

Customer loyalty schemes

Answer 9

are a form of sales promotion used to entice customers to stick to the brand by rewarding devoted customers

Question 10

Extension strategies

Answer 10

are attempts by marketers to lengthen the life cycle of a particular product, typically used during the maturity or early decline stages of the product’s life cycle

Question 11

Genericised brands

Answer 11

are so popular that they become synonymous with the name of the product itself. e.g Kleenex

Question 12

Global brands

Answer 12

are highly popular products sold with exactly the same (or very similar) marketing strategies in overseas markets, using the same brand name in different countries

Question 13

Innovators

Answer 13

are consumers who strive to be the first to own a certain product, usually due to prestige or loyalty to a particular brand or product

Question 14

Intangible products

Answer 14

are non-physical services, such as haircuts, bus rides and visits to the cinema

Question 15

Logos

Answer 15

are a form of branding that uses a visual symbol to represent a business, its brands or its products

Question 16

Marketing myopia

Answer 16

exists when a business becomes complacent about its product strategy, thereby failing to keep up with market changes

Question 17

Multi-brand strategy

Answer 17

involves a business developing two or more brands in the same product category e.g Nestlé with Kitkat and Nespresso

Question 18

Producer goods

Answer 18

are products purchased for commercial (business) use, rather than for private consumption

Question 19

Product

Answer 19

refers to any physical or non-physical item (good or service) that is purchased by commercial or private customers.

Question 20

Product cannibalisation

Answer 20

occurs when brands from the same business directly compete with each other

Question 21

Product differentiation

Answer 21

refers to any strategy used to make a product appear to be distinct from others, such as quality branding and packaging.

Question 22

The product life cycle

Answer 22

refers to the typical process that products go through from their initial design and launch to their eventual decline and withdrawal at varying speeds

Question 23

Product portfolio

Answer 23

refers to the collection of products owned by an organisation at any one point in time

Question 24

Prototype

Answer 24

is a trial product, produced to assess the potential success of the product

Question 25

Slogans

Answer 25

are catchphrases used to represent the essence of a business or its products in a memorable way

Question 26

Tangible products

Answer 26

are physical goods, such as cars, computers and smartphones

Question 27

Test marketing

Answer 27

is the trialling of a new product with a sample of customers, perhaps in a limited geographical area, to determine the reactions of customers and to gather valuable feedback before a full launch

Question 28

Trademark

Answer 28

gives legal protection to the owner to have exclusive use of the brand name