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Marketing 101 > Chapter 7 > Flashcards

Chapter 7 Flashcards

1
Q

A name, term, symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.

A

Brand

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2
Q

What are the key roles of brands?

A
  • Identify the source or maker of a product
  • Simplify product handling or tracing
  • Provide legal protection for unique features
  • Signal a certain quality level
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3
Q

The added value endowed on products and services, reflected in consumer perceptions, prices, market share, and profitability

A

Brand equity

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4
Q

Trademarkable devices that identify and differentiate the brand.

A

Brand elements

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5
Q

List the criteria for choosing brand elements.

A
  • Memorable
  • Meaningful
  • Likable
  • Transferable
  • Adaptable
  • Protectible
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6
Q

The act of designing the company’s offering and image to occupy a distinctive place in the minds of the target market.

A

Positioning

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7
Q

What are the four stages of the product life cycle?

A
  • Introduction
  • Growth
  • Maturity
  • Decline
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8
Q

Fill in the blank: A _______ is a basic and distinctive mode of expression appearing in a field of human endeavor.

A

[style]

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9
Q

A currently accepted or popular style in a given field.

A

Fashion

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10
Q

Are fashions that come quickly into public view, are adopted with great zeal, peak early and decline very fast.

A

Fads

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11
Q

A group of firms that offer a product or class of products that are closely substitutes for one another.

A

Industry

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12
Q

What are the three variables to monitor when analyzing competitors?

A
  • Share of market
  • Share of mind
  • Share of heart
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13
Q

True or False: A company should only focus on weak competitors.

A

False

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14
Q

What is the difference between ‘good’ and ‘bad’ competitors?

A

‘Good’ competitors play by the industry rules, while ‘bad’ competitors disrupt the market with unhealthy practices.

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15
Q

What should companies evaluate in their customer base?

A

Which customers they are willing to lose and which they want to retain.

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16
Q

Fill in the blank: A company’s ability to perform in one or more ways that competitors cannot or will not match is called _______.

A

[competitive advantage]

17
Q

What does the product life cycle assert?

A
  • Products have a limited life
  • Product sales pass through distinct stages
  • Profits rise and fall at different stages
  • Different strategies are required in each stage
18
Q

The goal is to locate the brand in the minds of consumers to maximize the
potential benefit to the firm.

A

Positioning

19
Q

appear in homes; clothing (formal, casual, funky) and art (realistic, surrealistic, abstract).

A

Style

20
Q

can last for generations and go in and out of vogue.

A

Style

21
Q

The length of a ____ cycle is hard to predict

A

Fashion

22
Q

They end because they represent a purchase compromise, and consumers start looking for the missing attributes

A

Fashion

23
Q

Their acceptance cycle is short, and they tend to attract only a limited
following who are searching for excitement or want to distinguish themselves from others.

A

Fads

24
Q

Fail to survive because they don’t normally satisfy a strong need

A

Fads

25
Q

a period of slow sales growth as the product is introduced in the market.

A

Introduction

26
Q

Profits are nonexistent because of the heavy expenses of product _______.

A

Introduction

27
Q

a period of rapid market acceptance and substantial profit improvement.

A

Growth

28
Q

a slowdown in sales growth because the product has achieved acceptance by potential
buyers.

A

Maturity

29
Q

Profits stabilize or decline because of increased competition.

A

Maturity

30
Q

sales show a downward drift and profits erode.

A

Decline

31
Q

classify industries according to number of sellers; degree of product differentiation; presence or absence
of entry, mobility, and exit barriers, cost structure, degree of vertical integration, and degree of
globalization.

A

Marketers

32
Q

Companies that satisfy the same customer need

A

Competitors

33
Q

group of firms following the same strategy in a given target market is a strategic
group. The company develops and discovers four strategic groups based on product quality and
level of vertical integration. If the company successfully enters a group, the members of that
group become its key competitors.

A

Strategies

34
Q

Identification of main competitors and their strategies

A

Objectives

35
Q

Competitor’s share of the target market

A

Share of the market

36
Q

The percentage of customers who named the competitor in responding to the statement, “Name the first company that comes to mind in this industry”

A

Share of mind

37
Q

The percentage of customers who named the competitor in responding to the statement, “Name the company from which you would prefer to buy the product”

A

Share of heart

38
Q

Classes of competitors

A

Strong versus weak
Close versus distant
Good vs Bad

39
Q

3 special categories of product life cycles

A

Style
Fashion
Fads

Marketing 101 (2 decks)

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