Question 1

Which of the following is the first of four steps in building brand equity?

Accepted Answer

A)   developing positive brand awareness
B)   lowering the price of products
C)   easing consumers' decision making
D)   incorporating higher value in products
E)   creating market modificationF) B) and E)
G) C) and D)

Question 2

At which stage in the product life cycle do industry profits usually peak?

Accepted Answer

A)   introduction
B)   growth
C)   maturity
D)   decline
E)   accelerated developmentF) A) and E)
G) C) and D)

Question 3

The McDonald's Corporation recently announced that it will begin phasing out the use of eggs from hens housed in cages. The company uses about two billion eggs annually, or a little more than 4 percent of the eggs produced in the United States. This change in McDonald's egg-containing products to appeal to healthy eating habits is a ________ strategy.

Accepted Answer

A)   product modification
B)   market-product grid
C)   diversification
D)   market modification
E)   product class extensionF) B) and D)
G) A) and C)

Question 4

Which of the following is a multiproduct branding strategy?

Accepted Answer

A)   mixed branding
B)   product line extensions
C)   multibranding
D)   brand licensing
E)   private brandingF) B) and E)
G) A) and C)

Question 5

An early breakthrough for Justin's was offering its nut butter product in squeeze packs, a low risk to try and very convenient. The packaging in this case mostly likely offers which type of benefits?

Accepted Answer

A)   functional benefits
B)   perceptual benefits
C)   communication benefits
D)   technology benefits
E)   sustainability benefitsF) C) and D)
G) None of the above

Question 6

All of the following are true about a skimming pricing strategy when used during the introduction stage of the product life cycle except which?

Accepted Answer

A)   It capitalizes on the price insensitivity of early buyers.
B)   It typically results in profit margins that are high.
C)   It encourages competitive entrants into the market.
D)   It helps recover the R&D costs of the new offering.
E)   It helps build unit volume.F) A) and E)
G) B) and E)

Question 7

Mott's applesauce promotes itself as a low-fat alternative to cooking oil for baked goods. Mott's is

Accepted Answer

A)   finding new users through a product modification strategy.
B)   increasing use by existing customers through a product modification strategy.
C)   modifying the product characteristics.
D)   creating new use situations through a market modification strategy.
E)   demarketing the product.F) C) and E)
G) C) and D)

Question 8

Which of the following statements about perceptual benefits conveyed by a product's packaging and labeling is false?

Accepted Answer

A)   Packaging and labeling convey a brand's positioning and build brand equity.
B)   Packaging and labeling have been shown to enhance brand recognition and facilitate the formation of strong, favorable, and unique brand associations.
C)   The legal requirements for the conveyance of information are an important component of perceptual benefits.
D)   Changes in packaging and labeling can update or uphold a brand's image in consumers' minds.
E)   The color, shape, and graphics of a package or label can help distinguish one brand from another.F) A) and E)
G) All of the above

Question 9

Which of the following quotes from a new-product adopter would signal the need for a firm to counteract a risk barrier?

Accepted Answer

A)   "It is against my religion."
B)   "What if I can't make the monthly payments?"
C)   "I don't want to try this if it means I have to swallow it with milk."
D)   "Big deal, the only difference is the shape of the package."
E)   "Sure I'll try it; why not!"F) B) and D)
G) B) and C)

Question 10

When a company sells a new product with the current brand name to enter a new market segment in its product class, it is using a ________ strategy.

Accepted Answer

A)   mixed branding
B)   brand extension
C)   co-branding
D)   family branding
E)   product line extensionF) A) and E)
G) A) and C)

Question 11

According to the concept of the diffusion of innovation, consumers who are deliberate adopters with many informal social contacts are called

Accepted Answer

A)   innovators.
B)   early adopters.
C)   the early majority.
D)   the late majority.
E)   laggards.F) B) and D)
G) C) and D)

Question 12

The Reynolds Wrap aluminum foil box has two side tabs that say "Press Here to Lock Roll" to keep the roll of foil in place during use. This demonstrates which elements of good packaging?

Accepted Answer

A)   perceptual benefits and functional benefits
B)   protection benefits and functional benefits
C)   communication benefits and perceptual benefits
D)   communication benefits and functional benefits
E)   functional benefits and protection benefitsF) C) and D)
G) None of the above

Question 13

Service providers use tools such as ________, which consists of charging different prices for different times of the day or during different days of the week to manage the variations in demand for their services.

Accepted Answer

A)   scale pricing
B)   capacity pricing
C)   down-time pricing
D)   off-peak pricing
E)   fraction pricingF) All of the above
G) B) and E)

Question 14

According to the diffusion of innovation concept, early adopters

Accepted Answer

A)   have a fear of debt and use neighbors and friends as information sources.
B)   are skeptical and have below average social status.
C)   are deliberate and use many informal social contacts.
D)   are leaders in social settings and have a slightly above average education.
E)   are venturesome, highly educated, and use multiple information sources.F) A) and E)
G) C) and D)

Question 15

Figure 10-6
-Figure 10-6 above shows the sequential process of building brand equity. F represents the fourth and last step, which is to

Accepted Answer

A)   elicit the proper consumer responses to a brand's identity and meaning.
B)   develop positive brand awareness.
C)   reward loyal customer behavior.
D)   establish a brand's meaning in the minds of consumers.
E)   create a consumer-brand connection.F) A) and E)
G) A) and D)

Question 16

What federal law protects the trademarks of a firm?

Accepted Answer

A)   Sherman Act
B)   Lanham Act
C)   ISO 9000
D)   Clayton Act
E)   Robinson-Patman ActF) D) and E)
G) All of the above

Question 17

One of the primary benefits of branding for consumers is that branding

Accepted Answer

A)   identifies products of highest quality.
B)   guarantees lowest prices.
C)   makes decision making easier for consumers.
D)   indicates that products have more or newer features.
E)   makes advertising and other promotion unnecessary.F) A) and D)
G) B) and E)

Question 18

Any word, device (design, sound, shape, or color) , or combination of these used to distinguish a seller's products or services is referred to as a

Accepted Answer

A)   brand name.
B)   copyright.
C)   trade name.
D)   trademark.
E)   label.F) A) and E)
G) C) and D)

Question 19

Figure 10-5
-The consumers represented by E in Figure 10-5 above are called

Accepted Answer

A)   laggards.
B)   innovators.
C)   late majority.
D)   early majority.
E)   early adopters.F) None of the above
G) A) and C)

Question 20

Imagine that Eveready has developed solar rechargeable batteries that cost only slightly more to produce than the rechargeable batteries currently available. These solar batteries can be recharged by sunlight up to five times, after which they are to be discarded. Unfortunately, the production process cannot be patented, so competitors could enter the market within a year. Which of the following is the best description of the product life cycle of this product?

Accepted Answer

A)   rapid growth followed by rapid decline
B)   long, level beginning, and rapid ascent
C)   moderately slow introduction, followed by modest growth, gradually leveling off
D)   high introductory sales followed by rapid decline
E)   high initial sales followed by slow declineF) A) and B)
G) B) and E)

Exam 10: Managing Successful Products, Services, and Brands

According to the diffusion of innovation concept, early adopters

Correct Answer
verified

When a company sells a new product with the current brand name to enter a new market segment in its product class, it is using a ________ strategy.

Correct Answer
verified

The Reynolds Wrap aluminum foil box has two side tabs that say "Press Here to Lock Roll" to keep the roll of foil in place during use. This demonstrates which elements of good packaging?

Correct Answer
verified

Which of the following statements about perceptual benefits conveyed by a product's packaging and labeling is false?

Correct Answer
verified

Correct Answer
verified

Mott's applesauce promotes itself as a low-fat alternative to cooking oil for baked goods. Mott's is

Correct Answer
verified

One of the primary benefits of branding for consumers is that branding

Correct Answer
verified

What federal law protects the trademarks of a firm?

Correct Answer
verified

All of the following are true about a skimming pricing strategy when used during the introduction stage of the product life cycle except which?

Correct Answer
verified

Figure 10-5 -The consumers represented by E in Figure 10-5 above are called

Correct Answer
verified

Any word, device (design, sound, shape, or color) , or combination of these used to distinguish a seller's products or services is referred to as a

Correct Answer
verified

An early breakthrough for Justin's was offering its nut butter product in squeeze packs, a low risk to try and very convenient. The packaging in this case mostly likely offers which type of benefits?

Correct Answer
verified

Service providers use tools such as ________, which consists of charging different prices for different times of the day or during different days of the week to manage the variations in demand for their services.

Correct Answer
verified

Which of the following is the first of four steps in building brand equity?

Correct Answer
verified

Which of the following is a multiproduct branding strategy?

Correct Answer
verified

Which of the following quotes from a new-product adopter would signal the need for a firm to counteract a risk barrier?

Correct Answer
verified

Correct Answer
verified

At which stage in the product life cycle do industry profits usually peak?

Correct Answer
verified

Figure 10-6 -Figure 10-6 above shows the sequential process of building brand equity. F represents the fourth and last step, which is to

Correct Answer
verified

According to the concept of the diffusion of innovation, consumers who are deliberate adopters with many informal social contacts are called

Correct Answer
verified

Exam 10: Managing Successful Products, Services, and Brands

According to the diffusion of innovation concept, early adopters

Correct AnswerverifiedShow Answer

When a company sells a new product with the current brand name to enter a new market segment in its product class, it is using a ________ strategy.

Correct AnswerverifiedShow Answer

The Reynolds Wrap aluminum foil box has two side tabs that say "Press Here to Lock Roll" to keep the roll of foil in place during use. This demonstrates which elements of good packaging?

Correct AnswerverifiedShow Answer

Which of the following statements about perceptual benefits conveyed by a product's packaging and labeling is false?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Mott's applesauce promotes itself as a low-fat alternative to cooking oil for baked goods. Mott's is

Correct AnswerverifiedShow Answer

One of the primary benefits of branding for consumers is that branding

Correct AnswerverifiedShow Answer

What federal law protects the trademarks of a firm?

Correct AnswerverifiedShow Answer

All of the following are true about a skimming pricing strategy when used during the introduction stage of the product life cycle except which?

Correct AnswerverifiedShow Answer

Figure 10-5 -The consumers represented by E in Figure 10-5 above are called

Correct AnswerverifiedShow Answer

Any word, device (design, sound, shape, or color) , or combination of these used to distinguish a seller's products or services is referred to as a

Correct AnswerverifiedShow Answer

An early breakthrough for Justin's was offering its nut butter product in squeeze packs, a low risk to try and very convenient. The packaging in this case mostly likely offers which type of benefits?

Correct AnswerverifiedShow Answer

Service providers use tools such as ________, which consists of charging different prices for different times of the day or during different days of the week to manage the variations in demand for their services.

Correct AnswerverifiedShow Answer

Which of the following is the first of four steps in building brand equity?

Correct AnswerverifiedShow Answer

Which of the following is a multiproduct branding strategy?

Correct AnswerverifiedShow Answer

Which of the following quotes from a new-product adopter would signal the need for a firm to counteract a risk barrier?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

At which stage in the product life cycle do industry profits usually peak?

Correct AnswerverifiedShow Answer

Figure 10-6 -Figure 10-6 above shows the sequential process of building brand equity. F represents the fourth and last step, which is to

Correct AnswerverifiedShow Answer

According to the concept of the diffusion of innovation, consumers who are deliberate adopters with many informal social contacts are called

Correct AnswerverifiedShow Answer

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