The Concept of Needs, Wants, and Branding

Question 1

the product that the
entrepreneur intends to produce and sell
must be properly positioned in the minds of
the target consumers through a marketing
tool or strategy.

Answer 1

marketing mix

Question 2

Once the product fails to satisfy the needs
and wants of the target consumers better
than the competitors, the other elements of
the marketing mix will definitely lose their
significant value.

Answer 2

marketing mix

Question 3

things that a person must
have in order to survive.

Answer 3

needs

Question 4

things that a person must
have in order to be happy,
comfortable, and satisfied

Answer 4

wants

Question 5

This theory
will help the
entrepreneurs in
determining the
particular needs of the
target consumers.

Answer 5

In the theory of the
hierarchy of needs,
Abraham Maslow
postulates that human
needs are classified into
five levels.

Question 6

include food, shelter,
clothing, water, and
sleep. The ______________
widest base in the
hierarchy to include that
all human beings

Answer 6

Physiological needs

Question 7

These include
physical safety, economic
safety, and financial
safety. Maslow’s theory
suggests that the lower
level of needs should be
fulfilled first before
satisfying the needs on
the succeeding level

Answer 7

safety needs

Question 8

These
include the needs for
friends, acceptance, and
or love or belonging, which
are all viewed from the
perspective of social
groups.

Answer 8

belongingness & love
needs (social needs)

Question 9

These
include the need for
respect, recognition, and
honor for the local
community or by Filipino
people in general.

Answer 9

need for self-steem

Question 10

This
need is to satisfied when
people have finally
realized their “ultimate
dream”.

Answer 10

self-actualization

Question 11

terminal point of all needs because upon
reaching it, there are no other needs to be met.
However, that is not the case. The field of
economics strongly reiterates that human beings
have insatiable needs and wants.

Answer 11

self-actualization

Question 12

does not
carry any value to you as a future entrepreneur if
you simply memorize the different levels of
human needs. The theory provides you with a
sound basis for determining the kind or type of
product to product and sell.

Answer 12

theory of the hierarchy of needs

Question 13

refers to the name, design, color, symbol,
quality, features, or a combination of these
elements that make the product separate and
distinct from similar products of the
competitors.

Answer 13

BRAND

Question 14

critical in the
promotion of products among consumers.

In most instances, they associate the
features, attributes, benefits, or value of
the product with the brand.

Consumers
sometimes become more familiar with the
brand name than with the product itself.

They position the brand, and not the
product, at the back of their minds.

The
tendency is that the consumers directly
equate the product with the brand.

The
entrepreneur must exercise extra care
about the behavior of the consumers.

Answer 14

Branding

Question 15

_______________
process of creating a
unique image or identity
for a product in the
minds of consumers. It
defines how a product is
different from
competitors and why
customers should choose it.

Answer 15

Product positioning

Question 16

has been considered by experts in the field of
marketing and entrepreneurship to be another marketing
strategy of product positioning.

Answer 16

Branding

Question 17

The brand carries:

Answer 17

attributes
benefits
values of the product

Question 18

refer to the characteristics or qualities that define a
product, service, or brand.
unique aspects that showcase its value, quality, personality,
or at distinctiveness compared to competitors.

Answer 18

Attributes

Question 19

Attributes

Answer 19

Quality
Price
Design
Service
Brand Personality

Question 20

refer to the tangible and intangible advantages
that a product offers to its consumers. These ______________ can be both functional
and emotional, helping to meet consumer needs and enhance their overall
experience with the product

Answer 20

Benefits

Question 21

Benefits

Answer 21

-functional benefit
-emotional benefit
-competitive advantage
-customer loyalty

Question 22

the unique name given to a
business, product, or service that
helps differentiate it from
competitors. It is an essential part of
branding and plays a crucial role in
attracting customers, building trust,
and establishing a strong market
presence

Answer 22

Brand Name

Question 23

influence the buying decision of the
consumers. This is why the
entrepreneur must define a clear and
effective branding strategy, so that
the product remains competitive in
the market.

Answer 23

Brand Name

Question 24

Easy to remember and recognize

Answer 24

Memorable

Question 25

Stands out from competitors.

Answer 25

Unique

Question 26

Reflects the business, product, or industry.

Answer 26

Relevant

Question 27

Avoids confusion

Answer 27

Simple & Easy to Pronounce

Question 28

Can grow with the business.

Answer 28

Scalable

Question 29

Not trademarked by another company.

Answer 29

Legally Available

Question 30

starts with the formulation of a brand name for the first single product that the business intends to make. The situation becomes more complicated when the business starts to offer an additional product.

Answer 30

Branding strategy

Question 31

is a long-term plan for developing a strong brand identity that resonates with customers and builds loyalty. It includes the elements, messaging, and positioning that differentiate a business in the market

Answer 31

Branding strategy

Question 32

The visual and verbal elements that define the brand, including the logo, colors, typography, and tagline

Answer 32

Brand Identity

Question 33

How the brand is perceived in the market compared to competitors. It answers the question: What makes your brand unique?

Answer 33

brand positioning

Question 34

Understanding who the customers are and tailoring the brand message to their needs and preferences.

Answer 34

Target Audience

Question 35

The brand’s tone, voice, and character (e.g., fun, professional, luxurious, eco-friendly).

Answer 35

Brand Personality

Question 36

The narrative that connects emotionally with customers, including the company’s mission, vision, and values

Answer 36

Brand Story

Question 37

How the brand is promoted through advertising, social media, influencers, and other channels

Answer 37

Marketing & Communication

Question 38

Ensuring consistent quality and service to build trust and loyalty.

Answer 38

Customer Experienc

Question 39

a marketing strategy where a single brand name is used for a range of products or services. This creates unified identity across the entire product line, often emphasizing a shared value proposition, quality or reputation

Answer 39

Umbrella Brand Approach

Question 40

Umbrella Brand Approach

Answer 40

Benefits:: Brand Recognition Marketing Efficiency New Product launches Brand Extension

Question 41

company's practice of selling products under its own brand name, rather than under a manufacturer's or third-party label. This strategy is commonly used by retailers and large companies to create exclusive, cost-effective alternatives to well-known brands.

Answer 41

House Brand Approach

Question 42

The level or degree of the consumer’s perceptions or reactions to a brand is technically known as BRAND EQUITY. When the level is high or when the perception of the consumers is favorable to the brand , the b rand equity is considered positive. Entrepreneurial ventures with high positive brand equity are capitalizing or leveraging on such concept

Answer 42

Branding Extension Strategy

Question 43

it has been modified or altered resulting in new product or more products without eliminating the original product. The neww additional product must be within the same category.

Answer 43

Line Extension Approach

Question 44

a new product carries the brand name in a new category. The new or added product appears to be totally different from the old or existing product line.

Answer 44

Product Extension Approach