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Marketing: Branding and Product Concepts

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Marketing: Branding and Product Concepts

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Questions and Answers

What is the primary purpose of branding for customers?

To gain repeated sales

To introduce new products into the market

To reduce the level of perceived risk of purchase (correct)

To evaluate the quality of products

What is a key characteristic of a manufacturing/national brand?

It has a generic brand name

It is widely available and has reliable quality (correct)

It is owned by a retailer

It is usually cheaper

What is the primary benefit of branding for businesses?

To evaluate the quality of products

To gain repeated sales (correct)

To reduce the level of perceived risk of purchase

To introduce new products into the market

What is the role of colour psychology in branding?

To gain sustainable competitive advantages Signup and view all the answers

What is the primary difference between a private/house brand and a manufacturing/national brand?

The ownership of the brand Signup and view all the answers

What is the goal of product differentiation in branding?

To distinguish a product from competitors Signup and view all the answers

What is the main objective of Qantas Frequent Flyer Scheme?

To increase market share and fill otherwise empty seats Signup and view all the answers

What is the primary focus of Qantas' product strategy?

Differentiation through comfort-based features Signup and view all the answers

What is the main advantage of market-based pricing?

It sets prices according to supply and demand Signup and view all the answers

What is the primary strength of the Qantas brand?

Its safety record Signup and view all the answers

What is the primary goal of a skimming pricing strategy?

To establish a premium brand image Signup and view all the answers

What is the main difference between cost-based and market-based pricing?

Cost-based pricing focuses on production costs Signup and view all the answers

What is the primary goal of competitive positioning in global marketing?

To differentiate products from competitors Signup and view all the answers

What is the benefit of adopting standardisation in global marketing?

It helps businesses to exploit economies of scale and reduce costs Signup and view all the answers

What is the primary focus of market customisation in global marketing?

To tailor products to local market conditions Signup and view all the answers

What is the main advantage of adopting a standard worldwide price?

It enables businesses to charge customers the same price globally Signup and view all the answers

What is the main benefit of global branding for McDonald's?

It enables them to increase their international revenues and growth Signup and view all the answers

What is the main advantage of adopting market customised pricing?

It enables businesses to vary prices according to local market conditions Signup and view all the answers