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Franchises and Franchising Quiz

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Questions and Answers

What are the five functions of packaging in product differentiation according to the text?

Cost pricing, target costing, competitive pricing, price skimming, psychological pricing

Manufacturer’s brands, private-label brands, family brands, individual brands, co-branding

Attract customers, make products more affordable to certain groups, create prestige, make a profit, match or beat the competition

Protect the product, help consumers use the product, provide product information, indicate price & universal product code, promote the product & differentiate it from competitors (correct)

Which type of innovation involves making small improvements to an existing product?

Dynamically continuous innovation

Penetration pricing

Continuous innovation (correct)

Discontinuous innovation

What is the main goal of branding according to the text?

To differentiate the company’s product from competing products (correct)

To attract customers

To make a profit (target return on investment)

To make entering new markets easier

What does brand equity refer to?

The value associated with a brand's name Signup and view all the answers

Which pricing strategy focuses on setting prices based on what competitors are charging?

Competitive pricing Signup and view all the answers

What does brand loyalty refer to?

The insistence of customers to buy a particular brand Signup and view all the answers

In product differentiation, what does co-branding involve?

Using multiple brand names for one product Signup and view all the answers

What is the pricing strategy that sets prices high initially then gradually lowers them?

Price skimming Signup and view all the answers

Which type of branding refers to brands that are created and owned by retailers?

Private-label brands Signup and view all the answers

Which of the following represents a packaging function that provides consumers with information about a product?

Provide product information Signup and view all the answers