Ch 9

Question 1

Complexity of Products

Answer 1

A product is more than its physical characteristics or basic service function

-> Core customer value = basic problem solving benefits

Actual Product / associated services

Question 2

Actual Product

Answer 2

brand name, packaging, quality level, features/design

Question 3

Associated Services

Answer 3

financing, product warranty, product support

Question 4

Types of products

Answer 4

Specialty Products/Services
Shopping Products/Services
Convenience Products/Services
Unsought Products/Services

Question 5

Specialty Products/Services

Answer 5

Specialty goods/services are products or services toward which customers show such a strong preference that they will expend considerable effort to search for the best suppliers

Question 6

Shopping Products/Services

Answer 6

Shopping goods/services are products or services for which consumers will spend a fair amount of time comparing alternatives

Question 7

Convenience Products/Services

Answer 7

Convenience goods/services are products or services for which the consumer is not willing to spend any effort to evaluate prior to purchase
Frequently purchased commodity items, usually bought with very little thought

Question 8

Unsought Products/Services

Answer 8

Unsought products/services are products consumers either do not normally think of buying or do not know about.
These products require lots of marketing effort and various forms of promotion.

Question 9

Product mix

Answer 9

the complete set of all products offered by the firm

reflects the breadth and depth of a company’s product lines

Question 10

Product lines

Answer 10

groups of associated items, such as those that consumers use together or think of as part of a group of similar products

Question 11

Change Product Mix Breadth and Depth

Answer 11

Firms may change their product mix breadth by either adding to or deleting from product lines or by increasing or decreasing product line depth.

Question 12

Increase Breadth

Answer 12

Firms often add new product lines to capture new or evolving markets, increase sales, and compete in new venues

Question 13

Decrease Breadth

Answer 13

Sometimes it is necessary to delete entire product lines to address changing market conditions or meet internal strategic priorities.

Question 14

Increase Depth

Answer 14

Firms may add new products within a line to address changing consumer preferences or preempt competitors while boosting sales.

Question 15

Decrease Depth

Answer 15

First often making pruning decisions regularly to eliminate unprofitable items and refocus their marketing efforts on more profitable items.

Question 16

Branding

Answer 16

A brand can use: name, logos, symbols, characters, slogans, jingles and even distinctive packages
A company lives or dies based on brand awareness. Consumers can’t buy products that they don’t know exist.

Question 17

What Makes a Brand?

Answer 17

Brand Element
Brand name
URLs (uniform resource locatores) or domain names
Logos and Symbols
Characters
Slogans
Jingles

Question 18

Brand Element

Answer 18

brand description

Question 19

Brand name

Answer 19

The spoken component of branding,

Question 20

URLs (uniform resource locatores) or domain names

Answer 20

The location of pages on the Internet, which often substitutes for the firm’s name, such as Toyota

Question 21

Logos and Symbols

Answer 21

Logos are visual branding elements that stand for corporate names or trademarks. Symbols are logos without words.

Question 22

Characters

Answer 22

Brand symbols that could be human, animal, or animated

Question 23

Slogans

Answer 23

Short phrases used to describe the brand or persuade consumers about some characteristics of the brand

Question 24

Jingles

Answer 24

Audio messages about the brand that are composed of words or distinctive music

Question 25

Brand Equity

Answer 25

brand awareness, perceived value, brand associations, and brand loyalty

Question 26

brand awareness

Answer 26

measures how many consumers in a market are familiar with the brand and what it stands for, and have an opinion about that brand

Question 27

Perceived Value

Answer 27

the relationship between a product or service’s benefits and its costs

Question 28

Brand Associations

Answer 28

reflect the mental links that consumers make between a brand and its key product attributes, such as a logo, slogan, or famous personality

Question 29

Brand Loyalty

Answer 29

occurs when a consumer buys the same brand’s product or service again and again over time

Question 30

Branding Ownership Strategies

Answer 30

Manufacturer brands/national brands
private-label/store brands,
and generic brands

Question 31

manufacturer brands

Answer 31

retain more control over their marketing strategy, are able to choose the appropriate market segments and positioning for the brand, and can build the brand and thereby create their own brand equity

Question 32

private-label brands

Answer 32

the costs of branding and marketing their own products are prohibitive, whereas other firms manufacture both their own brand and merchandise for other brands or retailers

Question 33

Generic products

Answer 33

Consumers question the quality and origin of the products, and retailers have found better profit potential and the ability to build brand equity with manufacturer and store brands

Question 34

Brand Name strategies

Answer 34

family brand or individual brand

Question 35

Family Brands

Answer 35

A firm can use its corporate name to brand similar product lines and products
- individual brands benefit from the overall awareness associated with the family name

Question 36

Individual Brands

Answer 36

Individual brands allow a company to compete within one category, offering a variety of products to different target markets
If one brand experiences problems other products with unique brand names are protected from any negative association with the failed brand

Question 37

Brand Extension

Answer 37

the use of the same brand name for new products being introduced to the same or new markets

spend less in developing brand awareness, perceptions will carry over

Question 38

Cobranding

Answer 38

the practice of marketing two or more brands together, on the same package or promotion
- enhances consumers’ perceptions of product quality

Question 39

Brand Licensing

Answer 39

a contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, and or characters in exchange for a negotiated fee