Branding (Chapter 9)

Question 1

Product management

Answer 1

Systematic and usually team-based approach to coordinating all aspects of a products’ strategy development and execution.

Question 2

Product line

Answer 2

A firm’s total product offering designed to satisfy a single need or desire of target customers.

Question 3

Product line length

Answer 3

Determined by the number of separate items within the same category.

Question 4

Stock-keeping unit (SKU)

Answer 4

A unique identifier for each distinct product.

Question 5

Cannibazliation

Answer 5

The loss of sales of an existing brand when a new item in a product line or product family is introduced.

Question 6

Product mix

Answer 6

The total set of all products a firm offers for sale.

Question 7

Product mix width

Answer 7

The number of different product lines the firm produces

Question 8

Product quality

Answer 8

The overall ability of the product to satisfy customer expectations.

Question 9

Internal customers

Answer 9

Other employees with whom employees interact with the attitude that all activities ultimately impact external consumers.

Question 10

Internal customer mind-set

Answer 10

An organizational culture in which all organization members treat each other as valued customers.

Question 11

ISO 9000

Answer 11

Criteria developed by the International Organization for Standardization to regulate product quality in Europe.

Question 12

Six Sigma

Answer 12

A process whereby firms work to limit product defects to 3.4 per million or fewer.

Question 13

Product Life Cycle (PLC)

Answer 13

Concept that explains how products go through four distinct stages from birth to death: introduction, growth, maturity and decline.

Question 14

Intro stage

Answer 14

First stage of the PLC, in which slow growth follows the introduction of a new product in the marketplace.

Question 15

Growth stage

Answer 15

Second stage in PLC, during which consumers accept the product and sales rapidly increase.

Question 16

Maturity stage

Answer 16

3rd and longest stage in PLC, during which sales peak and profit margins narrow.

Question 17

Decline stage

Answer 17

Final stage in PLC, during which sales decrease as customer needs change.

Question 18

Brand

Answer 18

A name, a term, a symbol, or any other unique element of a product that identifies one firm’s product(s) and sets it apart from competition

Question 19

Trademark

Answer 19

Legal term for a brand name, bran mark, or trade character; trademarks legally registered by a gov’t obtain protection for exclusive use in that country.

Question 20

Brand Equity

Answer 20

The value of a brand to an organization.

Question 21

Brand meaning

Answer 21

The beliefs and associations that a customer has about the brand

Question 22

Brand storytelling

Answer 22

Compelling stories told by marketers about brands to engage consumers.

Question 23

Brand extensions

Answer 23

A new product sold with the same brand name as a strong existing brand.

Question 24

Sub-branding

Answer 24

Creating a secondary brand within a main brand that can help differentiate a product line to a desired target group.

Question 25

Family brand

Answer 25

Brand that a group of individual products or individual brands share.

Question 26

National/Manufacturer brands

Answer 26

Brands that the product manufacturer owns.

Question 27

Private-label brands

Answer 27

Brands that a certain retailer or distributor owns and sells.

Question 28

Generic branding

Answer 28

Strategy in which products are not branded and are sold at the lowest price possible.

Question 29

Licensing

Answer 29

Agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time.

Question 30

Cobranding

Answer 30

Agreement between two brands to work together to market a new product.

Question 31

Ingredient branding

Answer 31

A type of branding in which branded materials become "component parts" of other branded products.

Question 32

Package

Answer 32

The covering or container for a product that provides product protection, facilitates product use and storage, and supplies important marketing communication.

Question 33

Universal Product Code (UPC)

Answer 33

Set of black bars or lines printed on the side or bottom of most items sold in grocery stores and other mass-merchandising outlets that correspond to a unique 10-digit number.

Question 34

Brand manager

Answer 34

Individual who is responsible for developing and implementing the marketing plan for a single brand.

Question 35

Product category managers

Answer 35

Individuals who are responsible for developing and implementing the marketing plan for all the brands and products within a product category.

Question 36

Market manager

Answer 36

Individual who is responsible for developing and implementing the marketing plans for products sold to a particular customer group.

Question 37

Venture teams

Answer 37

Groups of people within an organization who work together to focus exclusively on the development of a new product.