MKTG 3010 Final Exam UPDATED
ACTUAL QUESTIONS AND CORRECT
ANSWERS
Decisions for an individual product - CORRECT ANSWER Product attributes; Branding;
Packaging; Labeling; Product support services
Brand equity - CORRECT ANSWER The impact of knowing the brand name of a product on
customers' evaluation of the product
Benefits of branding (sellers) - CORRECT ANSWER Valuable intangible asset; Differentiation;
Reduce promotion; Foster customer loyalty
Benefits of branding (buyers) - CORRECT ANSWER Simplifies decision process; Signals
quality; Satisfies social status
Brand positioning - CORRECT ANSWER Position a brand around the attributes, benefits, or
beliefs and values of its product
Brand name - CORRECT ANSWER Select a unique name and protect it
Brand sponsorship - CORRECT ANSWER Manufacturer's brand; Private brand; Licensing; Co-
branding
Brand development - CORRECT ANSWER Line extensions; Brand extensions; Multibrands;
New brands
Packaging - CORRECT ANSWER Designing and producing the container or wrapper of a
product
Labeling - CORRECT ANSWER Designing and putting information on the package
, Product line - CORRECT ANSWER A group of closely related products that a company sells
Product line length - CORRECT ANSWER Number of models being sold in a product line
Product mix - CORRECT ANSWER The combination of all the product lines that a company
sells
Product mix width - CORRECT ANSWER Number of product lines
Product mix consistency - CORRECT ANSWER How closely related the product lines are
Line filling - CORRECT ANSWER Adding more items within the current range
Line stretching - CORRECT ANSWER Extending the product line beyond current range
Product Life Cycle (PLC) - CORRECT ANSWER Introduction; Growth; Maturity; Decline
Price (company view) - CORRECT ANSWER The amount of money a company is willing to
accept for offering a product or service
Price (customer view) - CORRECT ANSWER The amount of money that target customers are
willing to pay for having or using a product/service
What is special about price - CORRECT ANSWER Only 'P' that produces revenue; Most
dynamic 'P'
Price floor - CORRECT ANSWER Costs (no profits below this price)
Price ceiling - CORRECT ANSWER Customer perceptions of value (no demand above this
price)
ACTUAL QUESTIONS AND CORRECT
ANSWERS
Decisions for an individual product - CORRECT ANSWER Product attributes; Branding;
Packaging; Labeling; Product support services
Brand equity - CORRECT ANSWER The impact of knowing the brand name of a product on
customers' evaluation of the product
Benefits of branding (sellers) - CORRECT ANSWER Valuable intangible asset; Differentiation;
Reduce promotion; Foster customer loyalty
Benefits of branding (buyers) - CORRECT ANSWER Simplifies decision process; Signals
quality; Satisfies social status
Brand positioning - CORRECT ANSWER Position a brand around the attributes, benefits, or
beliefs and values of its product
Brand name - CORRECT ANSWER Select a unique name and protect it
Brand sponsorship - CORRECT ANSWER Manufacturer's brand; Private brand; Licensing; Co-
branding
Brand development - CORRECT ANSWER Line extensions; Brand extensions; Multibrands;
New brands
Packaging - CORRECT ANSWER Designing and producing the container or wrapper of a
product
Labeling - CORRECT ANSWER Designing and putting information on the package
, Product line - CORRECT ANSWER A group of closely related products that a company sells
Product line length - CORRECT ANSWER Number of models being sold in a product line
Product mix - CORRECT ANSWER The combination of all the product lines that a company
sells
Product mix width - CORRECT ANSWER Number of product lines
Product mix consistency - CORRECT ANSWER How closely related the product lines are
Line filling - CORRECT ANSWER Adding more items within the current range
Line stretching - CORRECT ANSWER Extending the product line beyond current range
Product Life Cycle (PLC) - CORRECT ANSWER Introduction; Growth; Maturity; Decline
Price (company view) - CORRECT ANSWER The amount of money a company is willing to
accept for offering a product or service
Price (customer view) - CORRECT ANSWER The amount of money that target customers are
willing to pay for having or using a product/service
What is special about price - CORRECT ANSWER Only 'P' that produces revenue; Most
dynamic 'P'
Price floor - CORRECT ANSWER Costs (no profits below this price)
Price ceiling - CORRECT ANSWER Customer perceptions of value (no demand above this
price)
