MKT 350-Exam 2 Review with Accurate
Solutions
Branding includes which of the following? - ANS-Slogans, logos, distinctive packaging
How do brands improve consumers' shopping experience? - ANS-They help shoppers
distinguish between similar products.
They indicate a certain level of quality.
They make it easier to decide which products to buy.
Marketers invest in developing a strong brand identity to help establish ______. - ANS-
buyer loyalty
Brands have value as corporate assets and the "value of the brand" refers to ______. -
ANS-the earning potential of the brand over the next year
Manufacturer brands such as Nike and Coca-Cola are also known as ______ brands. -
ANS-national
True or false: In order to achieve success, a brand must have a name that is a part of
the English language. - ANS-False
Since brands are easily recognized by consumers and signify a certain quality level to
buyers, brands ______. - ANS-help consumers to make quick decisions
The majority of the brands marketed in the United States are ______ brands. - ANS-
Manufacturer
When consumers experience brand loyalty, which feeling do they associate with the
brand? - ANS-Trust
A brand that is projected to earn $1 billion over the next 12 months has a high brand
______. - ANS-Value
Manufacturer brands such as Kraft and Nike are owned and managed by whom? -
ANS-The Manufacturer
True or false: Most brands marketed in the United States are manufacturer brands. -
ANS-True
, When consumers see new packaging on a product that is otherwise untouched, they
tend to ______. - ANS-be more interested in trying the product
The element of a product that is used both to physically protect and to market the item
is the ______. - ANS-packaging
Which government agency is responsible for enforcing product labeling laws in the
United States for consumer products? - ANS-Food and Drug Administration
People prefer that the _____ package on their products is convenient in terms of
storage, use, and consumption. - ANS-Primary
A product's exterior wrapper or exterior carton that contains additional product
information is known as the ______. - ANS-secondary package
When a firm changes its packing as a means of repositioning the product, what is it
trying to accomplish? - ANS-Appear more up to date
Attract a new target market
True or false: The sole purpose of a product package is to protect the product from
damage while in the supply chain. - ANS-False
What can marketers learn from the diffusion of innovation theory? - ANS-Which markets
are likely to be most receptive to new products or services.
The rate at which consumers are likely to adopt a new product or service.
Labels must comply with laws and regulations and must include which of the following?
- ANS-Ingredients contained in the product
Safety precautions
______ or breakthrough products are brand new products that establish a completely
new market or radically change both the rules of competition and consumer preferences
in a market. - ANS-Pioneers
Because they include information such as ingredients, nutrition, and the product
benefits to a consumer, labels can be considered ______ tools. - ANS-communication
What are some advantages experienced by pioneer firms over later entrants? - ANS-
More readily recognizable to consumers.
Establish an early market share lead.
More likely to command a greater market share over a long period.
Apple created an entirely new brand that started with the iPod and evolved into different
product categories (e.g., iPhone, iPad) before anyone else could catch on. Thus, Apple
was the ______, which made the firm easily recognizable to consumers, helping it to
gain an early market share lead. - ANS-First mover
Solutions
Branding includes which of the following? - ANS-Slogans, logos, distinctive packaging
How do brands improve consumers' shopping experience? - ANS-They help shoppers
distinguish between similar products.
They indicate a certain level of quality.
They make it easier to decide which products to buy.
Marketers invest in developing a strong brand identity to help establish ______. - ANS-
buyer loyalty
Brands have value as corporate assets and the "value of the brand" refers to ______. -
ANS-the earning potential of the brand over the next year
Manufacturer brands such as Nike and Coca-Cola are also known as ______ brands. -
ANS-national
True or false: In order to achieve success, a brand must have a name that is a part of
the English language. - ANS-False
Since brands are easily recognized by consumers and signify a certain quality level to
buyers, brands ______. - ANS-help consumers to make quick decisions
The majority of the brands marketed in the United States are ______ brands. - ANS-
Manufacturer
When consumers experience brand loyalty, which feeling do they associate with the
brand? - ANS-Trust
A brand that is projected to earn $1 billion over the next 12 months has a high brand
______. - ANS-Value
Manufacturer brands such as Kraft and Nike are owned and managed by whom? -
ANS-The Manufacturer
True or false: Most brands marketed in the United States are manufacturer brands. -
ANS-True
, When consumers see new packaging on a product that is otherwise untouched, they
tend to ______. - ANS-be more interested in trying the product
The element of a product that is used both to physically protect and to market the item
is the ______. - ANS-packaging
Which government agency is responsible for enforcing product labeling laws in the
United States for consumer products? - ANS-Food and Drug Administration
People prefer that the _____ package on their products is convenient in terms of
storage, use, and consumption. - ANS-Primary
A product's exterior wrapper or exterior carton that contains additional product
information is known as the ______. - ANS-secondary package
When a firm changes its packing as a means of repositioning the product, what is it
trying to accomplish? - ANS-Appear more up to date
Attract a new target market
True or false: The sole purpose of a product package is to protect the product from
damage while in the supply chain. - ANS-False
What can marketers learn from the diffusion of innovation theory? - ANS-Which markets
are likely to be most receptive to new products or services.
The rate at which consumers are likely to adopt a new product or service.
Labels must comply with laws and regulations and must include which of the following?
- ANS-Ingredients contained in the product
Safety precautions
______ or breakthrough products are brand new products that establish a completely
new market or radically change both the rules of competition and consumer preferences
in a market. - ANS-Pioneers
Because they include information such as ingredients, nutrition, and the product
benefits to a consumer, labels can be considered ______ tools. - ANS-communication
What are some advantages experienced by pioneer firms over later entrants? - ANS-
More readily recognizable to consumers.
Establish an early market share lead.
More likely to command a greater market share over a long period.
Apple created an entirely new brand that started with the iPod and evolved into different
product categories (e.g., iPhone, iPad) before anyone else could catch on. Thus, Apple
was the ______, which made the firm easily recognizable to consumers, helping it to
gain an early market share lead. - ANS-First mover
