GB 350 Exam 3 Cascio Questions and
Answers
Shopping consumer product purchase - ANSWER-require comparison shopping
Specialty consumer product purchases - ANSWER-particular items for which
consumers search extensively and are reluctant to accept substitutes
Unsought consumer product purchase - ANSWER-products unknown to the potential
buyer OR known products that the buyer does not actively seek
Product items - ANSWER-specific versions of a product that can be designated as a
distinct offering among an organization's products
Product lines - ANSWER-groups of closely related product items
Product mixes - ANSWER-all product that an organization sells
Product mix width - ANSWER-refers to the number of product liens an organization
offers
Product line depth - ANSWER-the number of product items in a product line
Benefits of product lines - ANSWER-equivalent quality
advertising economies
standardized components
efficient sales and distribution
Equivalent quality - ANSWER-line items perceived as having similar quality
Advertising economies - ANSWER-spread costs of promotion for multiple items
Standardized components - ANSWER-product lines allow firms to standardize
components, this reducing manufacturing and inventory costs
Efficient sales and distribution - ANSWER-enables a targeted range of choices to
customers. which results in better distribution and retail coverage
Adjustments - ANSWER-product items
product mixes
product lines
Product item adjustments - ANSWER-product modifications that add, remove, or
change user capabilities
, Product mix and line adjustments - ANSWER-a company can adjust its product mix
by adding or removing a product line
Brand - ANSWER-an essential component of product strategy
- name, term, symbols, design, or combination that identifies a seller's products and
differentiates them from competitor's
Brand name - ANSWER-part of a brand that can be spoken, including letters, words,
and numbers
Brand mark - ANSWER-elements of a brand that cannot be spoken
Brand equity - ANSWER-value of a company or brand name
Global brand - ANSWER-brand that obtains at least one-third of its earnings form
outside its home country
Brand loyalty - ANSWER-consistent preference for one brand over all others
Manufacturer's brand - ANSWER-manufacturer produces and markets brand under
its own brand names
Private brands - ANSWER-known as a private label or store brand, owned by a
wholesaler or a retailer
Captive brand - ANSWER-carries no evidence of the store's affiliation, are
manufactured by a third party, and are sold exclusively by retailer
Individual branding vs family branding - ANSWER-individual branding: using different
brand names for different products
family branding: marketing several different products under the same brand name
Types of co-branding - ANSWER-ingredient: identifies the brand of a part that makes
up the product
cooperative: occurs when two brands receive equal treatment brow from each
other's bard equity and split costs of marketing
complementary: suggests usage by advertising and marketing products that are
used together
Trademarks - ANSWER-exclusive rights to use a brand or part of a brand
registration is recommended, but can be earned through use rather than formal grant
provides legal protection
Functions of packaging - ANSWER-contains and protects products
promotes products
facilitates storage, use, and convenience of products
facilitates recycling and reduces environmental damage
Answers
Shopping consumer product purchase - ANSWER-require comparison shopping
Specialty consumer product purchases - ANSWER-particular items for which
consumers search extensively and are reluctant to accept substitutes
Unsought consumer product purchase - ANSWER-products unknown to the potential
buyer OR known products that the buyer does not actively seek
Product items - ANSWER-specific versions of a product that can be designated as a
distinct offering among an organization's products
Product lines - ANSWER-groups of closely related product items
Product mixes - ANSWER-all product that an organization sells
Product mix width - ANSWER-refers to the number of product liens an organization
offers
Product line depth - ANSWER-the number of product items in a product line
Benefits of product lines - ANSWER-equivalent quality
advertising economies
standardized components
efficient sales and distribution
Equivalent quality - ANSWER-line items perceived as having similar quality
Advertising economies - ANSWER-spread costs of promotion for multiple items
Standardized components - ANSWER-product lines allow firms to standardize
components, this reducing manufacturing and inventory costs
Efficient sales and distribution - ANSWER-enables a targeted range of choices to
customers. which results in better distribution and retail coverage
Adjustments - ANSWER-product items
product mixes
product lines
Product item adjustments - ANSWER-product modifications that add, remove, or
change user capabilities
, Product mix and line adjustments - ANSWER-a company can adjust its product mix
by adding or removing a product line
Brand - ANSWER-an essential component of product strategy
- name, term, symbols, design, or combination that identifies a seller's products and
differentiates them from competitor's
Brand name - ANSWER-part of a brand that can be spoken, including letters, words,
and numbers
Brand mark - ANSWER-elements of a brand that cannot be spoken
Brand equity - ANSWER-value of a company or brand name
Global brand - ANSWER-brand that obtains at least one-third of its earnings form
outside its home country
Brand loyalty - ANSWER-consistent preference for one brand over all others
Manufacturer's brand - ANSWER-manufacturer produces and markets brand under
its own brand names
Private brands - ANSWER-known as a private label or store brand, owned by a
wholesaler or a retailer
Captive brand - ANSWER-carries no evidence of the store's affiliation, are
manufactured by a third party, and are sold exclusively by retailer
Individual branding vs family branding - ANSWER-individual branding: using different
brand names for different products
family branding: marketing several different products under the same brand name
Types of co-branding - ANSWER-ingredient: identifies the brand of a part that makes
up the product
cooperative: occurs when two brands receive equal treatment brow from each
other's bard equity and split costs of marketing
complementary: suggests usage by advertising and marketing products that are
used together
Trademarks - ANSWER-exclusive rights to use a brand or part of a brand
registration is recommended, but can be earned through use rather than formal grant
provides legal protection
Functions of packaging - ANSWER-contains and protects products
promotes products
facilitates storage, use, and convenience of products
facilitates recycling and reduces environmental damage
