Chapter 10

Question 1

The stages a new product goes through in the marketplace is known as

Answer 1

Product Life Cycle

Question 2

What causes products to move through the product life cycle?

Answer 2

Changing customer needs

Launch of better, more efficient products

Question 3

SLIDE 7!!

Question 4

What are the 4 stages of the product life cycle curve?

Answer 4

Introduction
Growth
Maturity
Decline

Question 5

In what stage of the product life cycle curve has
- slow sales
- low profit

Answer 5

Introduction Stage

Question 6

Demand for type of product is known as

Answer 6

Primary Demand

Question 7

Having high prices to recover costs is known as

Answer 7

Skimming Pricing

Question 8

What type of pricing has lower prices to gain larger market share?

Answer 8

Penetration Pricing

Question 9

In what stage of the product life cycle curve has
- fast sales growth
- increasing profit

Answer 9

Growth Stage

Question 10

What are common occurrences during the growth stage?

Answer 10

• Public awareness rises
• More competitors
• Repeat purchases
• New features
• Broad distribution
• Selective demand- demand for specific brand

Question 11

In what stage of the product life cycle curve has
- sales growth slows and levels out
- profit growth slows and begins to drop

Answer 11

Maturity Stage

Question 12

What are some common occurrences during the maturity stage of the product cycle?

Answer 12

• Product differentiation
• Many competitors
• Many products part of product line
• Focus on reminding consumer to buy your brand

Question 13

In what stage of the product life cycle curve has
- slow decrease in sales
- Profits decrease at rapid pace

Answer 13

Decline Stage

Question 14

What type of changes cause products to move into the decline stage of the product life cycle?

Answer 14

Environmental changes
(changing consumer wants, tech advances)

Question 15

What term describes when a product is dropped from the product line?

Answer 15

Deletion

Question 16

What term describes how products are retained but reduce marketing costs?

Answer 16

Harvesting

Question 17

What are 3 ways to manage the product life cycle?

Answer 17

Product Modification
Market Modification
Repositioning the Product

Question 18

Altering one of more of product’s characteristics to increase value and increase sales is defined as

Answer 18

Product Modification

Question 19

What are the two types of product modification?

Answer 19

Product Bundling
New Characteristics

Question 20

Finding new customers, increasing a products use, and creating a new use situation are all strategies that are used to manage the product life cycle by?

Answer 20

Market Modification

Question 21

Changing the place a product occupies in consumer’s mind relative to competition is known as

Answer 21

Repositioning the Product

Question 22

What are the 4 ways to reposition a product?

Answer 22

• Reacting to a Competitor’s Position
• Reaching a New Market
• Catching a Rising Trend
• Changing the Value Offered

Question 23

By using any of the following to identify or distinguish from competitors such as name, logo symbols, URLs, characters, slogan, jingles, and distinctive packages are all examples of

Answer 23

Branding

Question 24

Employees
Actions
Product
Customer Service
Expectations
Reputation are also examples of what term

Answer 24

Branding

Question 25

Added value a brand name gives to a product beyond the functional benefits provided is known as

Answer 25

Brand Equity

Question 26

What are the 5 benefits brand equity can provide?

Answer 26

- Facilitate purchases - Establish loyalty - Protect from competition - Are assets - Affect Market Value

Question 27

- Facilitate purchases - Establish loyalty - Protect from competition - Are assets - Affect Market Value are all examples of benefits for what term?

Answer 27

Brand Equity

Question 28

What are the 4 aspects used to determine brand equity

Answer 28

- Brand Awareness - Perceived Value - Brand Associations - Brand Loyalty

Question 29

How familiar customers are with a brand is known as

Answer 29

Brand Awareness

Question 30

Relationships between benefits and costs are known as

Answer 30

Perceived Value

Question 31

Mental and emotional links consumers make between brand and key attributes are defined as

Answer 31

Brand Associations

Question 32

Consumers who buy the same product repeatedly can be described as

Answer 32

Brand Loyalty

Question 33

What are the 4 categories of branding strategy?

Answer 33

Multiproduct branding strategy Multibranding strategy Private branding strategy Mixed branding strategy

Question 34

Using one brand name for all products to capitalize on brand equity and to lower advertising and promotion costs is an example of which branding strategy?

Answer 34

Multiproduct Branding Strategy

Question 35

practice of marketing two or more brands together on the same package or promotion is defined as

Answer 35

Co-Branding

Question 36

come back to 33-34

Question 37

What type of branding sells under the brand name or wholesaler or retailer?

Answer 37

Private Branding

Question 38

The container the products sold in and where labels are an integral part of this term

Answer 38

Packaging

Question 39

What are the 3 benefits of packaging?

Answer 39

Communication Benefits Functional Benefits Perceptual Benefits

Question 40

What type of packaging benefit highlights the directions and ingredients

Answer 40

Communication Benefits

Question 41

What type of packing benefit highlights the storage of products, protection, and convenience

Answer 41

Functional Benefits

Question 42

What type of packaging benefit focuses on the branding of the product and the importance of positioning it in the minds of consumers

Answer 42

Perceptual Benefits