MARK 3000 Chapter 11

Question 1

what is a product?

Answer 1

anything that is of value to a customer an can be offered through a voluntary marketing exchange

Question 2

what are specialty products?

Answer 2

consumers have strong preference and will expend considerable effort to search (ex. wedding gowns)

Question 3

what are shopping products?

Answer 3

consumers will spend a fair amount of time comparing alternatives (ex. shoes, fragrances)

Question 4

what are convenience products?

Answer 4

consumer is willing to spend minimum effort to evaluate pre purchase (ex. shampoo, canned goods)

Question 5

what are unsought products?

Answer 5

consumers do not normally think of buying or do not know about it (ex. fire extinguisher, life insurance)

Question 6

what are the two types of product mix and product line decisions?

Answer 6

breadth and depth

Question 7

what is breadth?

Answer 7

number of product lines in a product mix

Question 8

what are examples of breadth?

Answer 8

feminine care, family care, baby care, etc

Question 9

what is the issue with breadth?

Answer 9

may be too costly to maintain too many times

Question 10

how can you increase breadth?

Answer 10

ADD new product lines to capture new or evolving markets (ex. vacuum co. created a face mask line during pandemic)

Question 11

what can you decrease breadth?

Answer 11

DROP line of goods that are no longer competitive or performing well (ex. P&G sold off pet care lines o focus on home/personal care)

Question 12

what is depth?

Answer 12

number of categories within a product line

Question 13

what are examples of depth?

Answer 13

tide pods, liquid detergent, powder

Question 14

what is the issue with depth?

Answer 14

may cannibalize products

Question 15

how can you increase depth example?

Answer 15

large range of band aid products

Question 16

how can you decrease depth example?

Answer 16

mccormick eliminates dozens of spices each year

Question 17

what is branding?

Answer 17

increases awareness and provides a way to differentiate from competitors

Question 18

what aspects make up a brand?

Answer 18

• brand name
• logo
• characters
• slogans
• jingles
• URLS
• distinctive packaging

Question 19

what are some values of branding for both the customer and firm?

Answer 19

• facilitates purchasing
• establishes loyalty
• protects from competition
• reduces marketing costs
• are assets
• impacts market value

Question 20

what are some aspects of brand equity?

Answer 20

• brand awareness
• perceived value
• brand association
• brand loyalty

Question 21

what is brand awareness?

Answer 21

measures how many consumers in a market are familiar with the brand and what is stands for (ex. Forbes list of most valuable brands)

Question 22

what is perceived value?

Answer 22

relationship between a products/ services benefits and its costs (ex. how retailers like target, tj max and h&M create value for customers)

Question 23

what is brand association?

Answer 23

mental and emotional links that consumers make between a brand and its key attributes

Question 24

what does brand association typically result from?

Answer 24

advertising and promotional efforts (like a good neighbor, State Farm is there)

Question 25

what is brand loyalty?

Answer 25

when a consumer repeatedly buys the same brands product/ service

Question 26

what type of customers are often less sensitive to price?

Answer 26

loyal

Question 27

what is much lower for a company with a strong brand loyalty?

Answer 27

marketing costs

Question 28

what are some aspects of branding strategies?

Answer 28

• brand ownership
• brand extension
• brand dilution
• co branding
• brand licensing
• brand repositioning

Question 29

what is brand ownership?

Answer 29

whether to use manufacturer/ national brands or retail/ private label/ store brands

Question 30

what is a store brand?

Answer 30

a brand owned by a store/retailer only available in that specific store (Kirkland)

Question 31

what are family brands?

Answer 31

firm uses its own corporate name to brand all of its products; ONLY A FAMILY BRAND IF COMPANY NAME IS REPEATED ON PRODUCTS (Kelloggs)

Question 32

what are individual brands?

Answer 32

products all owned by the same firm but the name is not on the product (ex. cheez it and Pringles both owned by Kelloggs)

Question 33

what is brand extension?

Answer 33

use of the same brand name within a different product line (ex. crest toothpaste, floss, mouthwash)

Question 34

what is brand dilution?

Answer 34

when brand extension negatively affects consumer perceptions about the attributes of the core brand

Question 35

true or false: you do not want to extend a brand name to too many products

Answer 35

true

Question 36

what is co branding?

Answer 36

marketing two or more brands together

Question 37

what can enhance perceptions of quality through linking brands?

Answer 37

co branding

Question 38

what is brand licensing?

Answer 38

a contractual agreement where a firm allows another to use its brand name, logos, symbols, and/or characters in exchange for a negotiated fee (ex. band aids with cartoon characters)

Question 39

what is brand repositioning?

Answer 39

changing a brands focus

Question 40

what can improve the brands fit within its target segment and can boost the vitality of old brands?

Answer 40

brand repositioning (Ex. weight watchers to WW)

Question 41

what are some functions of packaging?

Answer 41

• contain and protect product
• promote
• facilitate storage, use and convenience
• facilitate recycling
• provide information