MKT 600 - FINAL EXAM QUESTIONS WITH
ACCURATE ANSWERS
3 Gate Components correct answer 1. Deliverables
2. Criteria
3. Output
3 Strategies for Branding correct answer 1. Multi-product
branding: use the same brand name for all products within a
product class
2. Multi-branding: each product within a product line has a unique
brand name
3. Private label: manufacturer supplies a re-seller with a product
they can brand for themselves
6 M's Model correct answer Market - who are you targeting
Mission - objective of the communication
Message - information that will be communicated
Media - what type of communication will be used
Money - what is the budge
Measurement - assessment of the communication's effectiveness
Advertising correct answer - communication is not personal in
nature
- paid for by the organization
- mediums: radio newspaper, television, magazines, online
Advantages: potential to reach a larger audience & good for
creating awareness
Disadvantages: Expensive depending on medium & diminishing
returns
Agent correct answer A business unit that negotiates purchases,
sales, or both but does not take title to the goods in which it deals
Basic New Product Process correct answer Phase 1: Opportunity
Identification/Selection
Phase 2: Concept Generation
, Phase 3: Concept/Project Evaluation
Phase 4: Development
Phase 5: Launch
Benefits & Drawbacks of Multi-branding correct answer Benefits:
- Useful when targeting different segments of the market
- Helps build unique positioning for the product
Drawbacks:
- More expensive than multi-product branding
- Attitudes toward the brand do not carry over
- Management of so many brands can be a burden
Benefits & Drawbacks of Multiproduct branding correct answer
Benefits:
- easy to transfer brand experiences across different products
- lower advertising and promotion expenses
- higher brand awareness
Drawbacks:
- can dilute the meaning of the brand
- use sub-branding
Benefits & Drawbacks of Private Label correct answer Benefits
from supplier's perspective:
- Helps use excess production capacity
- Can be a big help for profitabiltiy
Drawbacks from supplier's perspective:
- Have to manage relationship with the reseller
Benefits from the reseller's perspective:
- Avoid price competition
- Builds loyalty from consumers
Benefits of the NPD Process correct answer - Helps manage risk of
product development
- Helps focus firms on key activities such as marketing and
customer testing
- Keeps communication lines open between different
ACCURATE ANSWERS
3 Gate Components correct answer 1. Deliverables
2. Criteria
3. Output
3 Strategies for Branding correct answer 1. Multi-product
branding: use the same brand name for all products within a
product class
2. Multi-branding: each product within a product line has a unique
brand name
3. Private label: manufacturer supplies a re-seller with a product
they can brand for themselves
6 M's Model correct answer Market - who are you targeting
Mission - objective of the communication
Message - information that will be communicated
Media - what type of communication will be used
Money - what is the budge
Measurement - assessment of the communication's effectiveness
Advertising correct answer - communication is not personal in
nature
- paid for by the organization
- mediums: radio newspaper, television, magazines, online
Advantages: potential to reach a larger audience & good for
creating awareness
Disadvantages: Expensive depending on medium & diminishing
returns
Agent correct answer A business unit that negotiates purchases,
sales, or both but does not take title to the goods in which it deals
Basic New Product Process correct answer Phase 1: Opportunity
Identification/Selection
Phase 2: Concept Generation
, Phase 3: Concept/Project Evaluation
Phase 4: Development
Phase 5: Launch
Benefits & Drawbacks of Multi-branding correct answer Benefits:
- Useful when targeting different segments of the market
- Helps build unique positioning for the product
Drawbacks:
- More expensive than multi-product branding
- Attitudes toward the brand do not carry over
- Management of so many brands can be a burden
Benefits & Drawbacks of Multiproduct branding correct answer
Benefits:
- easy to transfer brand experiences across different products
- lower advertising and promotion expenses
- higher brand awareness
Drawbacks:
- can dilute the meaning of the brand
- use sub-branding
Benefits & Drawbacks of Private Label correct answer Benefits
from supplier's perspective:
- Helps use excess production capacity
- Can be a big help for profitabiltiy
Drawbacks from supplier's perspective:
- Have to manage relationship with the reseller
Benefits from the reseller's perspective:
- Avoid price competition
- Builds loyalty from consumers
Benefits of the NPD Process correct answer - Helps manage risk of
product development
- Helps focus firms on key activities such as marketing and
customer testing
- Keeps communication lines open between different
