Chapter 8

Question 1

product

Answer 1

the need satisfying offering of a firm

Question 2

quality

Answer 2

a product’s ability to satisfy a customer’s needs or requirements

Question 3

individual product

Answer 3

a particular product within a product line

Question 4

product line

Answer 4

a set of individual products that ar closely related

Question 5

product assortment

Answer 5

the set of all product lines and individual products that a firm sells

Question 6

service

Answer 6

an intangible offering involving a deed, performance, or effort

Question 7

branding

Answer 7

the use of a name, term, symbol, or design-or a combo-to identify a product

Question 8

brand name

Answer 8

a word, letter, or group of words/letters

Question 9

trademark

Answer 9

only those words, symbols, or marks that are legally registered for use by a single company

Question 10

service mark

Answer 10

the same as trademark except that is refers to a service offering

Question 11

brand familiarity

Answer 11

how well customers recognize and accept a company’s brand

Question 12

brand rejection

Answer 12

potential customers won’t buy a brand unless its image is changed-or if the customers have to target customers who have a better image of the brand

Question 13

brand nonrecognition

Answer 13

final consumers don’t recognize a brand at all

Question 14

brand recognition

Answer 14

customers remember the brand

Question 15

brand preference

Answer 15

target customers uually choose the brand over other brands

Question 16

brand insistence

Answer 16

customers insist on a firm’s branded product and are willing to search for it

Question 17

brand equity

Answer 17

the value of a brand’s overall strength in the market

Question 18

lanham act

Answer 18

spells out what kinds of marks (including brand names) can be protected and the exact method of protecting them

Question 19

family brand

Answer 19

the same brand name for several products

Question 20

licensed brand

Answer 20

a well-known brand that sellers pay a fee to use

Question 21

individual brands

Answer 21

separate brand names for each product

Question 22

generic products

Answer 22

products that have no brand at all other than identification of their contents an the manufacturer or intermediary

Question 23

manufacturer brands

Answer 23

brands created by producers

Question 24

dealer brands

Answer 24

private brands-brands created by intermediaries

Question 25

battle of the brands

Answer 25

the competition btw dealer brands and manufacturer brands is just a question of which brands will be mre popular than dealer brands

Question 26

packaging

Answer 26

involve promoting, protecting, and enhancing the product

Question 27

federal fair packaging and labeling act

Answer 27

requires that consumer goods be clearly labeled in easy to understand terms to give consumers more info

Question 28

warranty

Answer 28

explains what the seller promises about its product

Question 29

magnuson-moss act

Answer 29

producers must provide a clearly written warranty if they choose to offer any warranty

Question 30

derived demand

Answer 30

the demand for business products derives from the demand for final consumer products

Question 31

capital items

Answer 31

long-lasting product that can be used and depreciated for many years

Question 32

accessories

Answer 32

short-lived capital items

Question 33

components

Answer 33

processed expense items that become part of a finished product