Marketing Final Exam

Has the exclusive right to use a brand or part of a

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: name, term, symbol, design, or combination of these that identifies a seller’s products and differentiates them from competitors’ products. A brand name is that part of a brand that can be spoken. The brand mark is the part of the brand that cannot be spoken––a picture, logo, special decoration, or design. A trademark is a legal term indicating the owner has the exclusive right to use a brand or part of a brand; others are prohibited from using the brand without permission. A service mark performs the same functions as a trademark but is reserved for services. PTS: 1 REF: 162 | 164 Communication KEY: CB&E Model Product OBJ: 10-4 TOP: AACSB MSC: BLOOMS Synthesis 10. What purposes does branding serve? ANS: Branding has three main purposes: identification, repeat sales, and new-product sales. In terms of identification, branding allows marketers to distinguish their products from all others. Brands become familiar to consumers as indicators of quality. Brand equity refers to the value of a well-recognized brand name. Repeat sales come from satisfied customers who recognize which brands to purchase again and which brands to avoid. Branding also helps word-of-mouth and mass media promotion. Brand loyalty occurs when a consumer consistently prefers one brand over all others. The third main purpose of branding is to facilitate new-product sales. Brands with high equity are extremely useful when introducing new products. PTS: 1 REF: 162 Communication KEY: CB&E Model Product OBJ: 10-4 TOP: AACSB MSC: BLOOMS Synthesis 11. Define co-branding and describe the three different types of co-branding. ANS: CO-BRANDING entails placing two or more brand names on a product or its package. Three common types of co-branding are ingredient branding, cooperative branding, and complementary branding. INGREDIENT BRANDING identifies the brand of a part that makes up a product. COOPERATIVE BRANDING occurs when two brands receiving equal treatment borrow from each other’s brand equity. COMPLEMENTARY BRANDING occurs when products are advertised or marketed together to suggest usage. PTS: 1 REF: 164 Communication KEY: CB&E Model Product OBJ: 10-4 TOP: AACSB MSC: BLOOMS Synthesis 12. Packaging is an important component of the product strategy. List and briefly describe the four major functions of packaging. ANS: CONTAIN AND PROTECT PRODUCTS. Packaging contains products in liquid, granular, or other divisible forms. Packaging allows firms to market products in specific quantities. Physical protection of the product is also necessary because most products are handled often between manufacture and final consumption. Packages protect products from breakage, light, heat, cold, infestation, spoilage, and so on. PROMOTE PRODUCTS. A key role of packaging is promotion. Labels not only provide brand identification, ingredient listings, feature specifications, and directions but also use designs, colors, shapes, and materials to influence consumers’ perceptions and buyi...
View Full Document

This document was uploaded on 09/29/2013.

Ask a homework question - tutors are online