MKT 456 FINAL EXAM QUESTIONS WITH
product - ANSWER is a good, service or idea.
Tangible attributes; Intangible attributes
brand - ANSWER is a bundle of images and experiences in consumers' minds. A
promise made by a particular company about a particular product; A quality
certification
Differentiation between competing products; Brands ignite feelings, have
personalities and cultivate relationships.
products vs. brands - ANSWER *Are brands and products the same? - No,
brands create an image for the product
*difference? -Brands are more than products. Brands have dimensions that
differentiate them from other products designed to satisfy the same need.
Local Products & Brands: Brands that have achieved success in a single
national market; Represent the lifeblood of domestic companies; Entrenched
local products/brands can be a significant competitive hurdle to global
companies
-Example: Coca-Cola beverages you wont find on US shelves.
International Products and Brands:
Ex: Products and brands offered in several markets in a particular region
"Euro-brands". Honda 5-door hatchback known as Jazz in Europe and Middle
East (among others) and Fit in Japan and U.S. (among others).
Global Products and Brands: Global products meets the wants and needs of a
global market and are offered in all regions of the world.
tablet
Global brands have the same name and similar image and positioning
throughout the world.
BMW (Ultimate driving machine), Gillette (the best a man can get), Visa
Nestle makes the very best (everyone knows this globally)
Every brand isn't suited to becoming a global brand
*Questions to ask when management is deciding whether to build a global
brand:
Does this move fit the company and/or its markets?
Will anticipated scale economies materialize?
,How difficult will it be to develop a global brand team?
Can a single brand be imposed on all markets successfully?
Brand Equity - ANSWER The total value that accrues to a product as a result of
investments in the marketing of the brand.
An asset that represents the value created by the relationship between the
brand and customer over time
If a product didn't have a brand name, it would just be worth the cost of it.
If a product had a brand name, it would be worth more.-The difference is the
value of the brand.
Benefits of Strong Brand Equity: Greater loyalty, Less vulnerability to marketing
actions, Less vulnerability to marketing crises, Larger margins
More inelastic (insensitive) consumer response to price increases, More elastic
(sensitive) consumer response to price decreases, Increased marketing
communication effectiveness
Needs - ANSWER are basic motives that can be related to biological or
psychological elements (e.g., air, water, food, power, friendship)
Wants - ANSWER are ways that society has taught us that a needs can be
satisfied
Maslow's Hierarchy of Needs - ANSWER helps marketers understand how and
why local products go beyond the home-country; Create products that fulfill a
social function; Lower-level needs (Physiological needs) must generally be met
before people will be motivated by higher-level needs (Self-Actualization).
Country of Origin as a Brand Element - ANSWER Perceptions about and
attitudes toward particular countries often extend to product and brands known
to originate in those countries; Country-related stereotypes can be positive or
negative.
Packaging - ANSWER Offers communication cues to consumers
*Consumer packaged goods (CPGs) are products whose packaging protects or
contains the product from production to the end user (e.g., shipping, retail, point
of use)
*Eco-packaging addresses environmental issues like recycling,
biodegradability, and sustainable forestry
*Must engage the senses, make an emotional connection and enhance the brand
experience
Labeling - ANSWER Provides consumers with various types of information
, *Regulations differ by country regarding various products
Health warnings on tobacco products
*EU requires labels on any food products with ingredients from genetically
modified crops
*US has a country-of-origin labeling (COOL) law that requires food retailers to
display information on the country from which meat, poultry, and certain other
foods come from
Aesthetics - ANSWER Global marketers must understand the importance of
visual aesthetics, which differ around the world
Extension - ANSWER offering products virtually unchanged in markets outside of
home country; Some firms will simply adopt the same product or communication
strategy used in their home market.
Adaptation - ANSWER changing elements of design, function, and packaging
according to needs of different country markets
Creation - ANSWER developing new markets for the world market
Strategic Alternatives: - ANSWER *Strategy 1: Dual Extension
Most profitable and straightforward global marketing strategy
Ethnocentric orientation (all markets are alike)
More frequently appearing in B2B products
Advertiser's message must be understood across different cultures
*Strategy 2: Product Extension/Communication Adaptation
Value proposition is different from country-to-country
A product fills a different need, appeals to a different segment, or serves a
different function in a particular country
*Strategy 3: Product Adaptation/Communication Extension
Adapt the product to local use or preference but message stays essentially the
same.
*Strategy 4: Dual Adaptation
Polycentric orientation (all markets are different)
Both may need to be changed for legal, cultural, or other environmental reasons
Regional managers may simply act independently
*Strategy 5: Innovation
Important for reaching mass markets in less industrialized nations and certain
segments of industrialized countries.
How to Choose a Strategy? The product itself (what function or need does it
serve)
The market (how will the product be used, preference, ability to buy)
Cost of adaptation and manufacturing changes
product - ANSWER is a good, service or idea.
Tangible attributes; Intangible attributes
brand - ANSWER is a bundle of images and experiences in consumers' minds. A
promise made by a particular company about a particular product; A quality
certification
Differentiation between competing products; Brands ignite feelings, have
personalities and cultivate relationships.
products vs. brands - ANSWER *Are brands and products the same? - No,
brands create an image for the product
*difference? -Brands are more than products. Brands have dimensions that
differentiate them from other products designed to satisfy the same need.
Local Products & Brands: Brands that have achieved success in a single
national market; Represent the lifeblood of domestic companies; Entrenched
local products/brands can be a significant competitive hurdle to global
companies
-Example: Coca-Cola beverages you wont find on US shelves.
International Products and Brands:
Ex: Products and brands offered in several markets in a particular region
"Euro-brands". Honda 5-door hatchback known as Jazz in Europe and Middle
East (among others) and Fit in Japan and U.S. (among others).
Global Products and Brands: Global products meets the wants and needs of a
global market and are offered in all regions of the world.
tablet
Global brands have the same name and similar image and positioning
throughout the world.
BMW (Ultimate driving machine), Gillette (the best a man can get), Visa
Nestle makes the very best (everyone knows this globally)
Every brand isn't suited to becoming a global brand
*Questions to ask when management is deciding whether to build a global
brand:
Does this move fit the company and/or its markets?
Will anticipated scale economies materialize?
,How difficult will it be to develop a global brand team?
Can a single brand be imposed on all markets successfully?
Brand Equity - ANSWER The total value that accrues to a product as a result of
investments in the marketing of the brand.
An asset that represents the value created by the relationship between the
brand and customer over time
If a product didn't have a brand name, it would just be worth the cost of it.
If a product had a brand name, it would be worth more.-The difference is the
value of the brand.
Benefits of Strong Brand Equity: Greater loyalty, Less vulnerability to marketing
actions, Less vulnerability to marketing crises, Larger margins
More inelastic (insensitive) consumer response to price increases, More elastic
(sensitive) consumer response to price decreases, Increased marketing
communication effectiveness
Needs - ANSWER are basic motives that can be related to biological or
psychological elements (e.g., air, water, food, power, friendship)
Wants - ANSWER are ways that society has taught us that a needs can be
satisfied
Maslow's Hierarchy of Needs - ANSWER helps marketers understand how and
why local products go beyond the home-country; Create products that fulfill a
social function; Lower-level needs (Physiological needs) must generally be met
before people will be motivated by higher-level needs (Self-Actualization).
Country of Origin as a Brand Element - ANSWER Perceptions about and
attitudes toward particular countries often extend to product and brands known
to originate in those countries; Country-related stereotypes can be positive or
negative.
Packaging - ANSWER Offers communication cues to consumers
*Consumer packaged goods (CPGs) are products whose packaging protects or
contains the product from production to the end user (e.g., shipping, retail, point
of use)
*Eco-packaging addresses environmental issues like recycling,
biodegradability, and sustainable forestry
*Must engage the senses, make an emotional connection and enhance the brand
experience
Labeling - ANSWER Provides consumers with various types of information
, *Regulations differ by country regarding various products
Health warnings on tobacco products
*EU requires labels on any food products with ingredients from genetically
modified crops
*US has a country-of-origin labeling (COOL) law that requires food retailers to
display information on the country from which meat, poultry, and certain other
foods come from
Aesthetics - ANSWER Global marketers must understand the importance of
visual aesthetics, which differ around the world
Extension - ANSWER offering products virtually unchanged in markets outside of
home country; Some firms will simply adopt the same product or communication
strategy used in their home market.
Adaptation - ANSWER changing elements of design, function, and packaging
according to needs of different country markets
Creation - ANSWER developing new markets for the world market
Strategic Alternatives: - ANSWER *Strategy 1: Dual Extension
Most profitable and straightforward global marketing strategy
Ethnocentric orientation (all markets are alike)
More frequently appearing in B2B products
Advertiser's message must be understood across different cultures
*Strategy 2: Product Extension/Communication Adaptation
Value proposition is different from country-to-country
A product fills a different need, appeals to a different segment, or serves a
different function in a particular country
*Strategy 3: Product Adaptation/Communication Extension
Adapt the product to local use or preference but message stays essentially the
same.
*Strategy 4: Dual Adaptation
Polycentric orientation (all markets are different)
Both may need to be changed for legal, cultural, or other environmental reasons
Regional managers may simply act independently
*Strategy 5: Innovation
Important for reaching mass markets in less industrialized nations and certain
segments of industrialized countries.
How to Choose a Strategy? The product itself (what function or need does it
serve)
The market (how will the product be used, preference, ability to buy)
Cost of adaptation and manufacturing changes
