MKT 456 FINAL EXAM COMPLETE
QUESTIONS WITH 100% CORRECT
ANSWERS
\.product - ANSWERS✔-is a good, service or idea.
Tangible attributes; Intangible attributes
\.brand - ANSWERS✔-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 - ANSWERS✔-*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 - ANSWERS✔-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 - ANSWERS✔-are basic motives that can be related to biological or
psychological elements (e.g., air, water, food, power, friendship)
\.Wants - ANSWERS✔-are ways that society has taught us that a needs can be
satisfied
\.Maslow's Hierarchy of Needs - ANSWERS✔-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 - ANSWERS✔-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 - ANSWERS✔-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 - ANSWERS✔-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 - ANSWERS✔-Global marketers must understand the importance of
visual aesthetics, which differ around the world
QUESTIONS WITH 100% CORRECT
ANSWERS
\.product - ANSWERS✔-is a good, service or idea.
Tangible attributes; Intangible attributes
\.brand - ANSWERS✔-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 - ANSWERS✔-*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 - ANSWERS✔-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 - ANSWERS✔-are basic motives that can be related to biological or
psychological elements (e.g., air, water, food, power, friendship)
\.Wants - ANSWERS✔-are ways that society has taught us that a needs can be
satisfied
\.Maslow's Hierarchy of Needs - ANSWERS✔-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 - ANSWERS✔-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 - ANSWERS✔-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 - ANSWERS✔-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 - ANSWERS✔-Global marketers must understand the importance of
visual aesthetics, which differ around the world
