Chapter 11

Question 1

introduction phase -> growth phase -> maturity phase -> decline phase

Answer 1

product life cycle

Question 2

the initial purchase of a product by a customer

Answer 2

trial

Question 3

people who tried the product, were satisfied, and bought again

Answer 3

repeat purchasers

Question 4

dropping the product from the company’s product line

Answer 4

deletion

Question 5

when a company retains the product but reduces marketing costs

Answer 5

harvesting

Question 6

significant customer education is required and there is an extended introductory period

Answer 6

high-learning product

Question 7

little learning is required by the consumer and the benefits of purchase

Answer 7

low-learning product

Question 8

style of the times
introduced, decline and then seem to return

Answer 8

fashion product

Question 9

experiences rapid sales on introduction and then an equally rapid decline

Answer 9

fad product

Question 10

a product diffuses, or spreads, through the population

Answer 10

diffusion of innovation

Question 11

manages the marketing efforts for a close-knit family of products or brands

Answer 11

brand/product manager

Question 12

involves altering one or more of a product’s characteristics, such as its quality, performance, or appearance, to increase the product’s value to customers and increase sales

Answer 12

product modification

Question 13

the sale of two or more separate products in one package

Answer 13

product bundling

Question 14

Strategies by which a company tries to find new customers, increase a product’s use among existing customers, or create new use situations

Answer 14

market modification

Question 15

the exact same product that is out there but they are changing how they talk about it

Answer 15

product repositioning

Question 16

adding value to a product or product line with additional features or higher-quality materials

Answer 16

trading up

Question 17

reducing a product’s number of features, quality or price

Answer 17

trading down

Question 18

reducing the package content without changing package size and maintaining or increasing the price

Answer 18

shrinkflation

Question 19

a marketing decision which an organization using a name, phrase, design to identify its products

Answer 19

branding

Question 20

any word, device or combination to distinguish a seller’s products or services

Answer 20

brand name

Question 21

a firm has legally registered its brand name or trade name so it has its exclusive use

Answer 21

trademark

Answer 22

brand personality

Question 23

customer’s subjective and intangible assessment of the brand, above and beyond its objectively perceived value

Answer 23

brand equity

Question 24

why a brand exists

Answer 24

brand purpose

Question 25

a contractual agreement whereby one company allows its brand names or trademarks to be used with products

Answer 25

brand licensing

Question 26

A branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer

Answer 26

private branding/private labeling

Question 27

A component of a product that refers to any container in which it is offered for sale and on which label information is conveyed.

Answer 27

packaging

Question 28

identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients

Answer 28

labeling