A logo is a brand's
identifying mark
Brand promise connects to customers on a(n) __________ level.
emotional
I'm lovin' it" is one of McDonald's famous brand
slogan
Which of the following is a true statement about brand promise:
It is not usually stated in words.
Which of the following is a benefit of brand promise:
It allows the company to stand out from the competition.
Brand promise helps to increase brand awareness and brand
loyalty.
How does brand promise affect employees?
It gives them a common goal.
When a customer sees a news story on television about a certain company or brand, it's an example of a(n)
touch point
Which of the following is considered a pre-sale touch point:
advertising
During-the-sale touch points should be designed to
reinforce that the customer is making the right buying decision
Which of the following is an example of a post-sale touch point:
Customer loyalty program
Which of the following is a true statement regarding touch points:
A business must prioritize which touch points to focus on.
A certain electronics brand portrays the characteristics of youth, energy, and hopefulness. This is an example of
brand personality.
A certain company values creativity and encourages this trait among its employees, affecting how its brand promise is carried out. This factor is called
corporate culture
The most important factor in carrying out brand promise is
employees.
The benefit that a brand promises to its target customers must be
important to them.
Customers are more likely to be loyal to brands that they feel
share their values and beliefs
You can recognize a true brand promise if it
is authentic and credible.
When it comes to brand promise, employees should
incorporate it into all of their daily activities.
When it comes to brand promise, it's best to leave it to chance.
false
To meet the needs of its customers and help it achieve its company goals, a drugstore offers a large assortment of products, known as its product
mix.
At the grocery store, you might decide to buy a bottle of Coca-Cola, a DiGiorno frozen pizza, and a can of Dole pineapple chunks. Each of these purchases is a product
item.
Which of the following is an example of a product line:
Kraft meats
Which of the following is a way a business can classify a product line:
Depth
A technology company that offers its products in many different colors and at several different price points likely has a _________ product mix.
broad
Which of the following is one of the elements included in judging the consistency of a company's product lines:
End use
Which of the following is an example of a business with a broad product mix:
Discount store
Which of the following is a reason for a business to have a narrow product mis:
To allow the company to specialize
Why would a business use a broad product mix?
To promote one-stop shopping
Why would a business use a shallow product mix?
To control costs
A salon recently added nail service to its product mix. This strategy is called
expansion.
Which of the following is a reason for a business to add product items or lines to its product mix:
To satisfy customers' desire for variety
A fast-food company offers burgers, chicken nuggets, pizza, and French fries. Eventually, the company realizes that the pizzas are not profitable and decides to stop selling them. Which product-mix strategy is the company using?
Contraction
Why would a business remove of delete product items or lines from its product mix?
To avoid legal liabilities
A shampoo company decides to update its packaging to appeal to new customer attitudes and give its products fresh appeal. Which product-mix strategy is this company using?
Alteration
Which of the following is a reason that a business would make changes to its products:
To keep up with changing consumer preferences
Why would a business add higher priced products to its product mix?
To enhance the image of the company
Which of the following is a disadvantage associated with the addition of a higher priced product or line to a company's product mix:
Sales of established products may decline.
A high-end department store decides to start selling a lower priced line of clothing to appeal to a different market. Which product-mix strategy is the department store using?
Trading down
Which of the following is a disadvantage associated with the addition of a lower prices product or line to a company's product mix:
The company's reputation may be damaged.
The stages a product moves through from the time it enter the market until the time it exits the market
product life cycle
the stage of the life cycle in which many products fail
introduction
the stage of the product life cycle in which the product quickly becomes accepted in the market
growth
the phrase that refers to costs going down as a company makes more and more of a product
economies of scale
A person who purchases a new product before most others do
early adopter
The longest-lasting stage of the product life cycle
maturity
The stage of the product life cycle in which profits begin to erode
decline
A state in which the only chance for increased sales occurs with population growth or a shift in market share
market saturation
A strategy that involves setting prices high to recover costs
skimming
A strategy that involves setting prices low to achieve market acceptance
penetration pricing
A strategy that involves selling a package of products together for one price
bundling
A strategy that involves lowering a product's costs but continuing to sell it
harvesting
a tangible object that can be manufactured and produced for resale,
along with its associated benefits.
good
an intangible activity performed by other people in exchange for payment, along with
its associated benefits.
service
when the service is attached to some sort of tangible
good. ex. verizon
product-related service
when a company is not attached to any tangible goods. Instead, the
service itself is the business's primary product. ex. Geico
pure service
is a strategy in which a business creates a certain image or impression of a product in the minds of consumers. ex. luxury car brands
Positioning
all the combined impressions and experiences associated
with a company.
corporate brand
when buys permission to sell the product but does not actually own it
license
Weak products with declining sales and profitability are also called:
product discontinuation
What is product/service management?
Obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities
The particular assortment of products a business offers to meet its
market's needs and its company's goals
product mix
a group of related product items
product line
The product line consists of products with similar characteristics or functions.
Product class
The product line consists of products that appeal to a certain target market.
Customer group
Items in these product lines are in the same price bracket or of the same quality level.
price and quality
These product lines are set up according to the outlets through which they are marketed.
Distribution method
also called breadth, refers to the number of product lines a company carries. It is usually referred to as being narrow or broad. Normally called narrow or broad.
Product-mix dimension- Width
when a company offers a limited number of product lines. ex ben and jerrys ice cream
narrow product mix
offers many product lines. ex. discount stores
broad product mix
the total number of products in the product mix. ex. a hygiene company sells hair care items and skin care items
Product-mix dimensions- length
a business has many products, gives customers many products to choose from.
long product mix.
a business has few items, helps to keep costs down and avoid
competing with its own products.
short product mix
term refers to the assortment of sizes, colors, flavors, and models offered in a company's product lines. normally called shallow or deep.
Product-mix dimensions- Depth
offers a significant variation of its products, This allows the
business to meet the needs of a variety of consumers, consumers, to use a range of prices, and to compete effectively.
deep product mix
offers few variations within the product line. Limiting its product
offerings helps a business control costs and ensure a profit.
shallow product mix
refers to how closely a company's product lines are related in terms of: End use, Methods of distribution and production, Target market(s). and Price range
Consistency
A business may expand its product mix by adding additional product items or lines, completely new products.
expansion
removing product items or lines from the product mix.
Contraction
when there may be enough overlap between products that the sales of one product take away sales from another product.
cannibalization
This product-mix strategy involves making changes in the company's products or lines. Products may be completely redesigned or changes may be made in their basic styles, characteristics, packaging, or pricing.
alteration
When a company decides to add a higher priced product or line to its mix. This is also sometimes called stretching up or brand leveraging, a company puts a luxury item in the product mix.
Trading Up
When a company decides to add a lower priced product or line to its mix, This is also sometimes called stretching down. a company uses a cheaper item in the product mix.
Trading Down
the point at which the product goes into full-scale production, a marketing plan is put in place, service and sales training are conducted, and the product's life cycle begins.
Commercialization.
the specific benefit that customers can expect from using the good/service and interacting with the company. It connects to customers on an emotional level and gives meaning to the brand.
brand promise
a memorable phrase used to advertise a product or brand.
slogan
refers to how familiar customers and potential customers are with the brand.
brand awareness
refers to customers' level of commitment to buying the brand.
Brand loyalty
is any interaction between a business and a customer or potential
customer.
touch point
This is made up of the distinctive traits and characteristics that make the brand special and set it apart from the competition.
brand personality
The values and ideals that an organization encourages among
its employees make
corporate culture