4.5a - Product

Question 1

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

Answer 1

brand

Question 2

the extent to which people recognize a particular brand

Answer 2

brand development

Question 3

ongoing and long term marketing process of improving and enlarging the brand name in order to boost sales

Answer 3

brand development

Question 4

customers buying the same brand of a product repeatedly over time

Answer 4

brand loyalty

Question 5

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

Answer 5

brand switching

Question 6

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

Answer 6

brand value

Question 7

using an exclusive name, symbol or design to identify a specific product

Answer 7

branding

Question 8

products bought for personal consumption

Answer 8

consumer goods

Question 9

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

Answer 9

customer loyalty schemes

Question 10

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

Answer 10

extension strategies

Question 11

things so popular that they become synonymous with the name of the product itself (kleenex)

Answer 11

genericised brands

Question 12

highly popular products sold with exactly the same/similar marketing strategies in overseas market

Answer 12

global brands

Question 13

consumers who strive to be the first to own a certain product

Answer 13

innnovators

Question 14

non physical services, such as haircuts, bus rides

Answer 14

intangible products

Question 15

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

Answer 15

logos

Question 16

when a business becomes complacent about its product strategy and fails to keep up with market changes

Answer 16

marketing myopia

Question 17

a business developing two or more brands in the same product category

Answer 17

multi-brand strategy

Question 18

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

Answer 18

producer goods

Question 19

any physical or non physical item (good or service) that is purchased

Answer 19

product

Question 20

brands from the same business directly compete with each other

Answer 20

product cannibalization

Question 21

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

Answer 21

producting differentiation

Question 22

typical process that products go through from their initial design and launch to their eventual decline and withdrawal

Answer 22

product life cycle

Question 23

collection of products owned by an organization at any one point in time

Answer 23

product portfolio

Question 24

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

Answer 24

protoype

Question 25

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

Answer 25

slogans

Question 26

physical goods, such as cars, computers, phones

Answer 26

tangible products

Question 27

trialling a new product with a sample of customers, to determine the reactions of customers

Answer 27

test marketing

Question 28

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

Answer 28

trademark