Quiz 4

Question 1

1. What is a product?

Answer 1

Everything, both favorable and unfavorable (i.e., value), that a person receives in an exchange.

Question 2

2. What is associated in product “P” decisions?

Answer 2

a. Core Customer Value
b. Actual Product
c. Associated Services

Question 3

a. Core Customer Value

Answer 3

i. What are the basic problem solving benefits that you want your product to have

Question 4

b. Actual Product

Answer 4

i. Brand name
ii. Packaging
iii. Quality level
iv. Features/design

Question 5

c. Associated Services

Answer 5

i. Financing
ii. Product warranty
iii. Product support

Question 6

3. How does the product “p” relate to the other p’s?

Answer 6

a. It comes before all of the other p’s

Question 7

4. What is a brand?

Answer 7

Includes a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products

Gives a personality to a non-living object

Question 8

5. What are some aspects of branding?

Answer 8

Brand name
Brand mark
Brand equity

Question 9

d. Brand name

Answer 9

that part of a brand that can be spoken, including letters, words, and numbers.

i. Examples
1. Nike, 3m, Pepsi

Question 10

e. Brand mark

Answer 10

the elements of a brand that cannot be spoken.

i. Examples
1. The golden arches, nike swoosh, mickey mouse ears

Question 11

f. Brand equity

Answer 11

the value (assets and liabilities) of the brand name; ability to create demand and secure future earnings

Question 12

1. Brand awareness

Answer 12

measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it.

Question 13

g. Trademarks

Answer 13

the exclusive right to use a brand

Question 14

h. What is a registered trademark?

Answer 14

i. A governmental office declares whether or not you are worthy of getting a registered trademark

Question 15

ii. What parts of a brand can be registered for trademark protection?

Answer 15

1. Name, sounds, products, etc.

Question 16

iii. How do you continuously protect it?

Answer 16

1. You must re-register for a registered tm every 10-12 years
2. You must actively use the brand and actively fight if someone is using your tm

Question 17

iv. What happens if you don’t continuously protect it?

Answer 17

1. You run the risk of your brand becoming generic
2. Examples
   a. Aspirin, thermos, cola, zipper, trampoline

Question 18

i. Licensee

Answer 18

the people who want to borrow the brand

Question 19

j. Licensor

Answer 19

the people who own the brand

Question 20

k. What are royalties?

Answer 20

i. When the licensee pays the licensor in order to use their brand

Question 21

i. Infringement

Answer 21

l. What is it called when you use someone else’s brand without permission?

Question 22

p. What is cobranding

Answer 22

The practice of marketing two or more brands together on the same package or promotion

Question 23

o. Private brand

Answer 23

Brands developed and marketed by a retailer and available only from that retailer

Question 24

Manufacturer brand

Answer 24

Brands owned and managed by the manufacturer

Question 25

What is a market

Answer 25

A group of people with the same general need/want that also have the ability and willingness to buy

Question 26

What is a segment

Answer 26

A smaller group of the market with a specific need/want

Question 27

What is the step after segmentation

Answer 27

Pick a segment to target

Question 28

What is the step after picking a segment to target

Answer 28

Develop your marketing mix for that segment

Question 29

Why do companies bother with segmentation

Answer 29

To refine the needs/wants and develop the 4 p's that connect better with the consumers needs/wants

Question 30

What is a segmentation variable

Answer 30

Characteristics of individuals, groups, or organizations used to divide the total market into segments We segment people, not products

Question 31

Common segmentation variables

Answer 31

Geography, demographics, psychographics, usage rate, and occasion/situation of use

Question 32

Geography segmentation

Answer 32

Where will the consumer use the product

Question 33

Demographic segmentation

Answer 33

Age, gender, ethnicity, income, family size

Question 34

Psychographic segmentation

Answer 34

Lifestyle, attitudes, interests, AIO (attitudes, interests, and opinions)

Question 35

Usage rate segmentation

Answer 35

How often will the product be used

Question 36

Occasion/situation of use segmentation

Answer 36

When will the product be used

Question 37

Family life cycle

Answer 37

Combines 3 demographic variables: Age, married (Y/N), and children (Y/N)

Question 38

Young and single (Family life cycle)

Answer 38

You buy products that you specifically want

Question 39

Young and married without kids (Family life cycle)

Answer 39

People come together with different brand preferences and they will eventually come to a common household brand

Question 40

Young and married with kids (Family life cycle)

Answer 40

Now the parents kids will continue with their parents preferences

Question 41

Middle aged married with kids (Family life cycle)

Answer 41

More focused on durable goods

Question 42

Middle aged married without dependent kids (Family life cycle)

Answer 42

Focus on self improvement Cooking classes, vacations, remodeling, more education

Question 43

Older and married (Family life cycle)

Answer 43

More focused on healthcare

Question 44

Older and unmarried (Family life cycle)

Answer 44

Focused on attention and affection from family members

Question 45

Geodemographic segmentation

Answer 45

Segmenting potential customers into neighborhood lifestyle categories; combines geography, demographics, and psychographics

Question 46

What are the different targeting strategies

Answer 46

Undifferentiated/mass marketing Concentrated/niche Differentiated/multi-segment Micromarketing/1-1/mass customization

Question 47

Undifferentiated/mass marketing

Answer 47

Marketing approach that views the market as one big market with no individual segments and thus requires a single marketing mix Ex. commodities (sugar, salt, water)

Question 48

Undifferentiated/mass marketing advantages/disadvantages

Answer 48

Potential savings on production and marketing costs Unimaginative product offerings and more susceptible to competition

Question 49

Concentrated/niche

Answer 49

A strategy used to select one segment of a market for target marketing efforts

Question 50

Concentrated/niche advantages/disadvantages

Answer 50

Can charge higher prices All eggs are in one basket, very small market

Question 51

Differentiated/multi-segment

Answer 51

A strategy that chooses two or more well defined market segments and develops a distinct marketing mix for each

Question 52

Differentiated/multi-segment advantages/disadvantages

Answer 52

Greater financial success (bigger market share), economies of scale (cost/unit decreases as you produce more), lower overall risk (all of your eggs are not in your basket) Higher costs and cannibalization (when sales for one product eat into the sales of another product)

Question 53

Micromarketing

Answer 53

When a firm tailors part of the marketing mix to suit an individual customers wants/needs Theoretically meets the needs/wants the best It is individualized, expensive, relies heavily on technology, and difficult to execute

Question 54

Positioning

Answer 54

A process of defining the marketing mix variables so that target customers have a clear, distinctive, and desirable understanding of what the product does or what the company represents in comparison with the competition

Question 55

Value proposition

Answer 55

Communicates the customer benefits to be received from a product or service and thereby provides reasons for wanting to purchase it Includes the target market, brand name, product/service category, and unique benefits/differences from the competition