Ch 10 Products and Branding

Question 1

Define a Product

Answer 1

It includes the core product itself, its supplemental features, and its symbolic or experiential value

Question 2

Define:

The Core Product

Answer 2

The product’s fundamental utility or main benefit
Addresses the basic needs of the consumer

Question 3

Define:

Supplemental Features

Answer 3

Provide added value or attributes in addition to a product’s core utility

Help differentiate the brand

Question 4

What are the three types of benefits

Answer 4

Functional

Social

Psychological

Question 5

Identify and define the two classifications of products

Answer 5

Consumer Products:
Products purchased to satisfy personal and family needs

Business Products:
Products bought to use in an organization’s operations, to resell, or to make other products

Question 6

Identify four types of Consumer Products

Answer 6

Convinience Products
Shopping Products
Specialty Products
Unsought Products

Question 7

Define:

Convenience Products

Answer 7

Relatively inexpensive, frequently purchsed items

Buyers exert minimal purchasing effort

Packaging is most important here

Question 8

Define:

Shopping Products

Answer 8

Items for which buyers are willing to expend considerable effort in planning and making purchases

This is the opposite end of the spectrum from Convienence products

Question 9

Define:

Specialty Products

Answer 9

Items with unique characteristics that buyers are
willing to expend considerable effort to obtain

Are preselected by the consumer

Have no close substitutes or alternatives

Question 10

Define:

Unsought Products

Answer 10

Products purchased to solve a sudden problem, products of which the customers are unaware, products that people will pay to avoid
and products that people do not necessarily think about buying

Question 11

What are the seven classifications of Business Products

Answer 11

Instillations
Accessory Ecquipment
Raw Materials
Component Parts
Process Materials
MRO Supplies
Business Services

Question 12

Define:

Installations

Answer 12

Facilities and non-portable major equipment

Office buildings, factories and warehouses,
production lines, very large machines

Question 13

# Define:
Accessory Equipment

Answer 13

Equipment that does not become part of the final physical product but is used in production or offics activities

File cabinets, small motors, calculators, and tools

Question 14

Define:

Raw Materials

Answer 14

Basic natural materials that become part of a physical product

DO NOT RETAIN THEIR IDENTITY

Ores, water and lumber

Question 15

Define:

Component Parts

Answer 15

Items that become part of the physical product

DO RETAIN THEIR IDENTITY

Question 16

Define:

Process Materials

Answer 16

Materials that are not readily identifiable when used directly in the production of other products

DO NOT RETAIN THEIR IDENTITY

such as screws, knobs, and handles

Question 17

Define:

MRO (Maintenance, Repair and Operating)

Answer 17

Items that facilitate production and do not become part of the finished product

such as cleaners, rubber bands, and staples

Question 18

Define:

Business Services

Answer 18

The intangible products that many orgnaizations use in their operations

such as cleaning, legal, consulting, and repair services

Question 19

Product Item

Answer 19

A specific version of a product that can be designated as a distinct offering among a firm’s products

Question 20

Product Line

Answer 20

A group of closely related product items viewed as a unit because of marekting, technical or end-use considerations

Question 21

# Define:
Depth of Product-Line

Answer 21

the number of items in a line

Question 22

Product Mix

Answer 22

The total group of products (all items) that an organization makes available to customers

Question 23

Define:

Width of a Product Mix

Answer 23

The number of product lines that a company offers

Question 24

What are the four Stages of the product life cycle

Answer 24

Question 25

What happens in the introduction phase

Answer 25

The initial stage of a product's life cycle Sales are at zero and profits are negative

Question 26

What happens during the Growth Stage

Answer 26

The stage of a products life cycle when sales rise rapidly and profits reach a peak and then start to decline Focus is on segmentation More Competitors enter the market

Question 27

What happens during the Maturity stage

Answer 27

The stage of a product's life cycle when the sales curve peaks and starts to decline and profits continue to fall Emphasis on improvements and differences in competitors' products

Question 28

What happens in the Decline

Answer 28

The stage of a product's life cycle when sales fall rapidly Could be planning to phase out the product

Question 29

What are the categories of product adoption process

Answer 29

Innovators: first adopters of new products Early Adopters: careful choosers of new products Early Majority: those adopting new products just before the average person Late Majority: Skeptics who adopt new products when they feel it is necessary Laggards: The last adopters who distrust new products

Question 30

Brand

Answer 30

A name, term, design, symbol, or any other feature that identifies one marketer's product as distinct from those of other marketers

Question 31

Brand Name

Answer 31

The part of a brand that can be spoken

Question 32

Brand Mark

Answer 32

The part of a brand not made up of words

Question 33

Trademark

Answer 33

A legal designation of exclusive use of a brand Registered

Question 34

Trade Name

Answer 34

Full legal name of an organization i.e. American Telephone and Telegraph Corporation (AT&T)

Question 35

Define and Identify the four parts of Brand Equity

Answer 35

# Define: The marketing and financial value associated with a brand's strength in a market 4 Parts: Brand Name Awareness Brand Loyalty Percieved Brand Quality Brand Associations

Question 36

Define Brand Name Awareness

Answer 36

Familiarity and Acceptability

Question 37

# Define: Brand Loyalty

Answer 37

A customers favorable attitude and behavioral predisposition toward a specific brand

Question 38

What are the three levels of Brand Loyalty

Answer 38

Brand Recognition: brand is viewed as an alternative if preferred brand is unavailable or other brand is unfamiliar Brand Preference: the degree of brand loyalty in which a customer prefers one brand over competitive offerings Brand Insistence: The degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute

Question 39

Define Brand Associations

Answer 39

"Linkages" made to help identify product's benefits, users or uses

Question 40

Define Percieved Brand Quality

Answer 40

Positioning efforts to portray a level-of-quality that consumers may not be able to judge or have no basis to judge

Question 41

What are the three types of brands

Answer 41

Manufacturer Brands: brands initiated by producers Private Distributor Brands: brands initiated and owned by resellers Generic Brands: brands indicating only the product category

Question 42

What are the degrees of protecting of a brand

Answer 42

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Question 43

What are the three types of branding policies

Answer 43

Individual Branding: a policy of naming each product differently Family Branding: branding all of a firm's products with the same name Brand Extension: using an existing brand name on a new product in a different category

Question 44

What is Co-Branding

Answer 44

Using two or more brands on one product Brands involved must represent a "complimentary" fit in the minds of consumers

Question 45

Define Brand Liscensing

Answer 45

An agreement whereby a company permits another organization to use its brand on other products for a licensing fee

Question 46

What are the Functions of Packaging

Answer 46

Protech the product and maintain its functional form Provide customer convenience Promote the Product's features and uses Communicate Quality through symbols

Question 47

# Define: Family Packaging

Answer 47

Similar packaging for all of a firms products or packaging that has one common design element

Question 48

# Define: Secondary-Use Packaging

Answer 48

Reusable packaging adds customer value

Question 49

# Define: Category Consistent Packaging

Answer 49

Packaging reflects customer expectations for the expected appearance of products in a category

Question 50

# Define: Labeling

Answer 50

Providing identifying, promotional, legal, or other information on package labels Helps identify the product Support promotional efforts for the product Provide legally required labeling information Provide information on product origin