Marketing Basics: Brands vs Products

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What is a way retailers can introduce their own brands?

By acquiring other retailers

By using their store name or creating new names (correct)

By partnering with national brands

By importing products from other countries

What is a characteristic of strong online brands?

They are limited to specific geographic regions

They create unique aspects of the brand (correct)

They have a strong offline presence

They are critically dependent on advertising

What is a product, as defined in the context of branding?

A company or firm that produces goods or services

Anything offered to a market for attention, acquisition, use, or consumption (correct)

A symbol or logo that represents a company or its products

A dimension that differentiates one brand from another

What type of branding involves a person or an organization?

People and organizations branding Signup and view all the answers

What are the two ways that differences between a product and a brand can be characterized?

Rational and tangible, symbolic and emotional Signup and view all the answers

What is an advantage of private label brands for retailers?

They increase customer loyalty and generate higher profits Signup and view all the answers

What is one function that brands provide to consumers?

Lowering the search costs for products Signup and view all the answers

What are some examples of strong digital brands?

Amazon, Google, and Facebook Signup and view all the answers

What is one way that a brand is more than a product?

A brand has dimensions that differentiate it from other products Signup and view all the answers

What is important for a person or organization to be a successful brand?

They need to be known outside their industry Signup and view all the answers

What is the name of the publication that rated the firms in Figure 1.2?

Fast Company Signup and view all the answers

Who benefits from brands?

Both consumers and firms Signup and view all the answers

In what industries has branding become especially valuable?

Sports, Arts, and Entertainment Signup and view all the answers

What has contributed to the rise in place marketing?

Increased mobility of people and businesses Signup and view all the answers

What is a characteristic of the strongest brands?

They are best known and most highly regarded Signup and view all the answers

Which of the following is an example of an idea or cause being branded?

An AIDS ribbon Signup and view all the answers

Why is maintaining brand relevance important?

To maintain brand success Signup and view all the answers

What is a common practice in the arts?

Brand plays Signup and view all the answers

What is a primary goal of branding a product?

To give consumers a label and provide meaning for the brand Signup and view all the answers

Which of the following industries has adopted branding?

A variety of industries, including industrial B2B, high-tech, and physical goods Signup and view all the answers

What can branding help retailers and distributors achieve?

Consumer interest, patronage, and loyalty, as well as higher price margins and increased sales volumes Signup and view all the answers

What is an example of a branded service?

American Express Signup and view all the answers

What is a benefit of branding whenever consumers are in a choice situation?

Marketers can benefit from branding Signup and view all the answers

What is a key function of branding for retailers and other channel members?

To create an image and establish positioning within an industry Signup and view all the answers

What is the primary consequence of disintermediation in the travel industry?

There is a significant decline in the need for travel agencies Signup and view all the answers

What is the role of brands in the modern market?

To translate trends and act on changing customer tastes Signup and view all the answers

What is the characteristic of a winner-takes-all market?

Market leaders within categories are likely to be chosen at an even greater rate Signup and view all the answers

What is the consequence of the internet on consumer behavior?

Consumers rely less on brands as signals of quality Signup and view all the answers

What is an example of reintermediation in the modern market?

The introduction of online consumer guides and influential bloggers Signup and view all the answers

What is the primary consequence of reintermediation in the market?

The introduction of new intermediaries that perform some of the same functions or have additional roles Signup and view all the answers