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60 Cards in this Set

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1) The first step in the strategic brand management process is ________.
B) identifying and establishing brand positioning
2) ________ is the differential effect that brand knowledge has on consumer response to the marketing of that brand.
B) Customer-based brand equity
3) The result of positioning is the successful creation of ________, which provides a cogent reason why the target market should buy the product.
B) a customer-focused value proposition
4) A customer judges a product offering by three basic elements: product features and quality, services mix and quality, and ________.
D) Price
5) Which one of the following would be considered high in credence qualities?
D) psychotherapy
6) Many consumers are willing to pay $100 for a perfume that contains $10 worth of scent because the perfume is from a well-known brand. What kind of a pricing is the company depending on?
B) image pricing
7) According to the brand asset valuator model, which of the components of brand equity measures how aware and familiar consumers are with the brand?
D) knowledge
8) The ________ defines which other brands a brand competes with and therefore which brands should be the focus of competitive analysis.
D) competitive frame of reference
9) ________ refers to training and motivating employees to serve customers well.
D) internal marketing
10) When a company introduces a product at a very high price and then gradually drops the price over time, it is pursuing a ________ strategy.
B) market-skimming pricing
11) As a market-follower strategy, a counterfeiter emulates the leader’s products, name, and packaging, with slight variations.
False
12) The most constructive response to protecting market share is continuous innovation.
True
13) Fads are fashions that come quickly into public view, are adopted with great zeal, peak early, and decline very fast.
True
14) Marketing planning begins with formulating an offering to meet target customers’ needs or wants.
True
15) The product hierarchy stretches from basic needs to particular items that satisfy those needs.
True
16) The four product-mix dimensions (length, width, depth, consistency) permit the company to expand Its business.
True
17) Members of the same generational cohort share the same major cultural, political, and economic experiences And have similar outlooks and values.
True
18) Physical goods, services, and stores can be branded, but ideas and people cannot.
False
19) Situational factor segmentation variables in the business marketplace include urgency, specific application and size of order.
True
20) The last step in the seven-step marketing segmentation process would be to develop a marketing-mix Strategy reflective of segment positioning strategies.
False
market segment
consists of a group of customers who share a similar set of needs and wants
life stage
defines a person's major concern, such as going through a divorce, going into a second marriage, taking care of an older parent, etc. These life stages present opportunities for marketers who can help people cope with their major concerns
psychographics
the science of using psychology and demographics to better understand consumers
supersegment
a set of segments sharing some exploitable similarity,.
branding
endowing products and services with the power of a brand, its all about creating differences between products
brand
a name, term, sign, symbol, or design or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competitors
brand equity
the added value endowed on products and services
brand knowledge
all the thoughts, feelings, images, experiences and beliefs associated with the brand
brand promise
the marketer's vision of what the brand must be and do for consumers
brand elements
trademarkable devices that identify and differentiate the brand (the NIKE swoosh)
brand contact
any information-bearing experience whether positive or negative, a customer or prospect has with the brand, its product category, or its market
integrated marketing
is about mixing and matching marketing activities to maximize their individual and collective effects
brand community
a specialized community of consumers and employees whose identification and activities focus around the brand
brand audit
is a consumer-focused series of procedures to assess the health of the brand, uncover its sources of brand equity, and suggest ways to improve and leverage its equity.
branding strategy
reflects the number and nature of both common and distinctive brand elements
brand dilution
occurs when consumers no longer associate a brand with a specific product or highly similar set of products and start thinking less of the brand
category membership
the products or sets of products with which a brand competes and which function as close substitutes
industry
a group of firms offering a product or class of products that are close substitutes for one another
competitive advantage
a company's ability to perform in one or more ways that competitors cannot or will not match
niche
the alternative to being a follower in a large market is to be a leader in a small market - niche
customer-value hierarchy
the five product levels marketers address and each level adds more customer value. the fifth constitute is a customer-value hierarchy
convenience goods
purchased frequently, immediately, and with minimal effort (soft drinks)
shopping goods
goods that consumers compare on the basis of suitability, quality, price and style (major appliances)
mass customization
with this a company meets each customer's requirements, on a mass basis, by individually designing products, services, programs, and communications
performance quality
the level at which the product's primary characteristics operate,
conformance quality
the degree to which all produced units are identical and meet promised specifications, a product with low conformance quality will disappoint some buyers
line stretching
occurs when a company lengthens its product line beyond its current range, down-market, up-market or both ways
co-branding
two or more well-known brands are combined into a joint product or marketed together in some fashion
Adoption
an individual's decision to become a regular user of a product and is followed by the consumer-loyalty process
service
any act or performance one party can offer to another that is essentially intangible and does not result in the ownership of anything
reference price
comparing an observed price to an internal reference price they remember or an external frame of reference such as a posted "regular retail price"
penetration pricing
firms set the lowest price, assuming the market is price sensitive
market-skimming pricing
prices start high and slowly drop over time, makes sense when 1) a sufficient number of buyers have a high current demand, 2) the unit costs of producing a small volume are not so high that they cancel the advantage of charging what the traffic will bear, 3) the high initial price does not attract more competitors, and 4) the high price communicates the image of a superior product
target costing
costs change as a result of a concentrated effort by designers, engineers, and purchasing agents to reduce them through target costing
target-return pricing
the firm determines the price that yields its target rate of return on investment
countertrade
many buyers want to offer other items in payment, known as countertrade. US companies are often forced to engage in countertrade if they want the business. Types: barter, compensation deal, buyback agreement, offset
price discrimination
occurs when a company sells a product or service at two or more prices that do not reflect a proportional difference in costs
product
anything that can be offered to a market to satisfy a want or need
unsought goods
goods that the consumer does not know about or normally think of buying
design
the totality of features that affect how a product looks, feels and functions to a consumer