Chat with AIExam 11: Developing and Managing Brand and Product Strategies
Explain how a strong brand identity benefits firms in marketing their products.
(36) 
VerifiedA brand can go a long way toward making or breaking a company's reputation. A strong brand identity backed by superior quality offers important strategic advantages for a firm. First, it increases the likelihood that consumers will recognize the firm's product or product line when they make purchase decisions. Second, a strong brand identity can contribute to buyers' perceptions of product quality. Branding can also reinforce customer loyalty and repeat purchases. A consumer who tries a brand and likes it will probably look for that brand on future store visits.
Identify and describe the consumer adoption process and its stages.
(30) VerifiedThe adoption process involves consumers going through a series of stages, from learning about a new product, to trying it and deciding whether to use it regularly or to reject it. Those stages are:
a. Awareness: Individuals first learn of the new product but lack information about it.
b. Interest: Information is sought regarding the product.
c. Evaluation: A determination of the benefits of the product is made.
d. Trial: Trial purchases are made to determine the usefulness of the product.
e. Adoption/Rejection: If the trial purchase is satisfactory, consumers decide to use the product regularly.
What is the introduction of brand new products into readily identifiable or established markets referred to as?
(37) VerifiedA
At what stage of brand loyalty are consumers at when they refuse alternatives and search extensively for the desired merchandise?
(41) Under the concept of product liability, an aircraft manufacturer might be sued if a passenger suffered injury when the aircraft's inflatable ramp did not open properly.
(30) Explain the difference between a brand manager and a category manager. Which is more common today?
(44) Consumer innovators are individuals who develop novel uses for products already on the market and are themselves part of the adoption process.
(35) The product adoption process involves five steps: from becoming aware of a product to the acceptance or rejection of it after a purchase has been made.
(35) How does the package fit into the marketing of a product? What are the functions of a product package?
(32) In Young & Rubicam's Brand Asset Valuator model, what is the measure of the real and perceived appropriateness of a brand to a large consumer segment called?
(33) What is the process by which new goods or services are accepted in the marketplace is known as?
(40) Match each item to the statement or sentence listed below.
a.brand
b.brand preference
c.brand insistence
d.generic product
e.family brand
f.brand equity
g.category management
h.trademark
i.brand extension
j.consumer innovator
k.diffusion process
l.captive brands
m.trade dress
n.product liability
o.brand name
p.private brand
q.brand manager
r.cannibalization
s.product liability
t.brand mark
u.label
-A(n) _____ is a branding component that carries an item's brand name or symbol, the name and address of the manufacturer or distributor, information about the product, and recommended uses.
(42) Product diversification is a relatively risky expansion strategy because it introduces new products into new markets, unlike other strategies that already have the product or market established.
(37) Captive brands are spinoffs of manufacturers' brands that are sold in selected stores.
(35) Packaging cost is not as important as the function it is serving.
(38) New product venture teams typically have a defined time period in which they are to accomplish their work; they are disbanded afterward.
(43) Brand extension is the strategy of developing individual offerings that appeal to different market segments while remaining closely related to the existing product line.
(34) What is the first step in the process for companies that adopt category management system?
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