Chapter 10

Question 1

Describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline.

Answer 1

product life cycle

Question 2

Refers to the entire product category or industry.

Answer 2

product class

Question 3

Pertains to variations of a product within the product class.

Answer 3

product form

Question 4

Involves altering one or more of a product’s characteristics, such as its quality, performance, or appearance, to increase the product’s value to customers and increase sales.

Answer 4

product modification

Question 5

Strategies by which a company tries to find new customers, increase a product’s use among existing customers, or create new use situations.

Answer 5

market modification

Question 6

Adding value to the product (or line) through additional features or higher-quality materials.

Answer 6

trading up

Question 7

Reducing a product’s number of features, quality,
or price.

Answer 7

trading down

Question 8

A marketing decision in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors.

Answer 8

branding

Question 9

Any word, device (design, sound, shape, or color), or combination of these used to distinguish a seller’s products or services.

Answer 9

brand name

Question 10

A set of human characteristics associated with a brand name.

Answer 10

brand personality

Question 11

The added value a brand name gives to a product beyond the functional benefits provided.

Answer 11

brand equity

Question 12

The reason why a brand exists, the place it has in consumers’ lives, the solution it provides to consumers, and the brand’s role in making society better off. It focuses on a brand’s underlying values and beliefs and its identity and meaning.

Answer 12

brand purpose

Question 13

A contractual agreement whereby one company (licensor) allows its brand name(s) or trademarks) to be used with products or services offered by another company (licensee) for a royalty or fee.

Answer 13

brand licensing

Question 14

A branding strategy in which a company uses one name for all its products in a product class.

Answer 14

multiproduct branding

Question 15

A branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment.

Answer 15

multi branding

Question 16

A branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer. Also called private labeling or reseller branding.

Answer 16

private branding

Question 17

A branding strategy where a firm markets products under its own name(s) and that of a reseller because the segment attracted to the reseller is different from its own market.

Answer 17

mixed branding

Question 18

A component of a product that refers to any container in which it is offered for sale and on which label information is conveyed.

Answer 18

packaging

Question 19

An integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients.

Answer 19

label

Question 20

An expanded marketing mix concept for services that includes the four Ps (product, price, promotion, and place or distribution) as well as people, physical environment, and process.

Answer 20

seven P’s of services marketing

Question 21

Charging different prices during different seasons of the year and different times of the day or during different days of the week to reflect variations in demand for the service.

Answer 21

off-peak pricing

Question 22

Integrating the service component of the marketing mix with efforts to influence consumer demand.

Answer 22

capacity management