Chp. 11

Question 1

product

Answer 1

anything that is of value to the consumer and that can be offered through a voluntary market exchange

Question 2

core customer value

Answer 2

defines the basic problem solving benefits the customer is seeking

Question 3

actual product

Answer 3

brand name, features/design, quality level, and packaging

Question 4

associated services (augmented product)

Answer 4

non physical aspects of the product, product warranties, financing, product support, and after sale service

Question 5

consumer product

Answer 5

products and services used by consumers for their personal use

Question 6

specialty product/service

Answer 6

consumers express such a strong preference that they will expend considerable effort to search for the best suppliers

Question 7

shopping product/services

Answer 7

products or services for which consumers will spend a fair amount of time comparing alternatives such as furniture apparel fragrances, appliances, and travel alternatives

Question 8

convenience product or services

Answer 8

those product or services for which the consumer is not willing to spend any effort to evaluate prior to purchase

Question 9

unsought products/services

Answer 9

products consumers either do not normally think about buying or do not know about at all

Question 10

product mix

Answer 10

complete set of all products sold by a firm

Question 11

product line

Answer 11

product mix typically includes various product lines which are groups of associated items that consumers tend to use together or think of as part of a group or similar products

Question 12

product mix breadth

Answer 12

represents a count of the number of product lines offered by the firm

Question 13

product line depth

Answer 13

the number of products within a product line

Question 14

How do brands help facilitate purchases?

Answer 14

they signify a certain quality level and contain familiar attributes and are easily recognizable they help a consumer to make quick decisions about their purchases

Question 15

What are the five values of branding?

Answer 15

help to facilitate purchases, establish loyalty, protect from competition and price competition, they are assets, and they affect market value

Question 16

How does branding protect from competition and price competition?

Answer 16

because some brands are more established in the market and have a more loyal customer base neither competitive pressure on price nor retail level competition is as threatening to the firm

Question 17

brand equity

Answer 17

set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service

Question 18

brand awareness

Answer 18

measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it

Question 19

perceived value

Answer 19

the relationship between a products or services benefits and its cost

Question 20

brand associations

Answer 20

reflect the mental and emotional links that consumers make between a brand and its key product attributes such as logo and its color

Question 21

brand loyalty

Answer 21

occurs when a customer buys the same brands products repeatedly over time rather than buying from multiple suppliers

Question 22

manufacturer brands (national brands)

Answer 22

owned and managed by the manufacturer

Question 23

retailer/store brands (private label brands)

Answer 23

products developed by retailers

Question 24

family brand

Answer 24

a firms own corporate name used to brand its product lines and products

Question 25

co-branding

Answer 25

the practice or marketing two or more brands together on the same package or promotion

Question 26

individual brands

Answer 26

the use of individual brand names for each of a firms products

Question 27

brand extension

Answer 27

the use of the same brand name for new products being introduced to the same or new markets

Question 28

line extension

Answer 28

the use of the same brand name within the same product line and represents an increase in a product lines depth

Question 29

brand dilution

Answer 29

occurs when a brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold

Question 30

brand licensing

Answer 30

a contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, r characters in exchange for negotiated fee

Question 31

brand repositioning (rebranding)

Answer 31

strategy in which marketers change a brands focus to target new marketers or realign the brands core emphasis with changing market preferences

Question 32

primary package

Answer 32

the packaging the consumer uses such as the toothpaste tube from which he or she typically seeks convenience in terms of storage use and consumption

Question 33

secondary package

Answer 33

the wrapper or exterior carton that contains the primary package and provides the ups label used by retail scanners can contain additional product info that may not be available on the primary package