Chapter 4.5a - Marketing Mix (7): 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 recognize 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 organization

Question 8

Consumer goods

Answer 8

Products bought for personal consumption
(furniture, computers, fresh flowers)

Question 9

Customer loyalty schemes

Answer 9

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

Question 10

Extension strategies

Answer 10

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

Brands that are so popular they become synonymous with the name of the product itself

Question 12

Global brands

Answer 12

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

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

Non-physical services
(haircuts, bus rides, visits to the cinema, etc)

Question 15

Logos

Answer 15

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

Question 18

Producer goods

Answer 18

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 cannibalization

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
(Quality, branding, packaging)

Question 22

Slogans

Answer 22

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

Question 23

Tangible products

Answer 23

Physical goods
(cars, computers, phones)

Question 24

Test marketing

Answer 24

Trialling a new product with a sample of customers in a (limited) geographical area to determine the reactions of customers and gather valuable feedback before a full launch

Question 25

Trademark

Answer 25

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