Chapter 8 - Delivering Products and Brands That Meet Customer Needs
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Questions and Answers

What describes the individuals who never buy a product innovation?

  • Market innovators
  • Brand loyalists
  • Early adopters
  • Non-adopters (correct)

    • What are the stages of the product life cycle (PLC)?

  • Development, introduction, growth, maturity, decline (correct)
  • Creation, promotion, retention, termination
  • Introduction, competition, market saturation, decline
  • Concept, testing, launch, market sharing

    • What is brand equity?

  • The popularity of a brand in the market
  • The cost of creating a brand
  • The customer loyalty associated with a brand
  • The financial value of a brand (correct)

    • What occurs during the process of branding?

    <p>Giving meaning to brands</p> Signup and view all the answers

    What is brand extension?

    <p>Applying a valued brand name to multiple products</p> Signup and view all the answers

    What is the primary reason customers purchase products?

    <p>They are seeking benefits.</p> Signup and view all the answers

    Which type of brand extension involves diversifying into unrelated product categories?

    <p>Out-Of-Category Extensions</p> Signup and view all the answers

    What do marketers need to consider at the planning stage of new product development?

    <p>Creating a marketing strategy consistent with company visions.</p> Signup and view all the answers

    Which of the following is NOT a characteristic used to distinguish services from goods?

    <p>Marketability</p> Signup and view all the answers

    What is the definition of continuous innovation in marketing?

    <p>Minor adjustments that enhance product performance.</p> Signup and view all the answers

    What do sensory benefits primarily appeal to?

    <p>One or more of the five senses</p> Signup and view all the answers

    What aspect of branding includes visual designs and logos?

    <p>Brand marks</p> Signup and view all the answers

    What is typically a result of premature product release in the market?

    <p>High failure rates</p> Signup and view all the answers

    Which factor is NOT associated with the goods-services continuum?

    <p>Profit orientation</p> Signup and view all the answers

    What is the core product level in the context of product offerings?

    <p>The benefits that the product provides</p> Signup and view all the answers

    Which stage of new product development involves testing market demand and refining sales forecasts?

    <p>Commercialization</p> Signup and view all the answers

    What do out-of-category extensions do in branding?

    <p>Expand into entirely different product categories.</p> Signup and view all the answers

    Which benefit addresses how customers emotionally respond to their purchases?

    <p>Psychological benefits</p> Signup and view all the answers

    What is a co-brand in marketing?

    <p>A product that features another brand as an ingredient</p> Signup and view all the answers

    What are the essential motivating benefits that the customer is purchasing called?

    <p>Core Product</p> Signup and view all the answers

    Which type of benefit relates to the emotional response elicited from a product purchase?

    <p>Psychological Benefits</p> Signup and view all the answers

    In which stage of the product life cycle do category sales begin to peak and then level off?

    <p>Maturity Stage</p> Signup and view all the answers

    What type of innovation involves significant improvements to a product's delivery capabilities?

    <p>Discontinuous Innovations</p> Signup and view all the answers

    Which of the following is known for experiencing varying quality from provider to provider?

    <p>Variability</p> Signup and view all the answers

    What does the term 'market nicher' refer to?

    <p>A brand that dominates a small market segment</p> Signup and view all the answers

    What is the primary focus during the planning step of product development?

    <p>Evaluating viability with marketing strategy</p> Signup and view all the answers

    In terms of adopting innovations, who are the 'laggards'?

    <p>Last group to adopt innovations</p> Signup and view all the answers

    Which characteristic of services makes them impossible to store or keep for later?

    <p>Perishability</p> Signup and view all the answers

    What does 'augmented product' refer to?

    <p>Additional attributes enhancing the product</p> Signup and view all the answers

    What stage comes immediately after the introduction stage in the product life cycle?

    <p>Growth Stage</p> Signup and view all the answers

    What is defined as the financial value of a brand?

    <p>Brand Equity</p> Signup and view all the answers

    Which consumer group adopts innovation after the early adopters?

    <p>Early Majority</p> Signup and view all the answers

    Which of the following best describes the 'product life cycle'?

    <p>The pattern of sales growth and decline in a product category</p> Signup and view all the answers

    What is the main purpose of the commercialization stage in product development?

    <p>To launch and sell the product</p> Signup and view all the answers

    What is the primary function of brands for consumers?

    <p>To simplify identification and set expectations</p> Signup and view all the answers

    Which type of brand seeks to dominate a small segment of the market?

    <p>Market nicher</p> Signup and view all the answers

    What best describes brand equity?

    <p>The willingness to pay more for one brand over another</p> Signup and view all the answers

    Why do brands help convey relative value?

    <p>They provide a standard for quality assurance.</p> Signup and view all the answers

    What is an example of an out-of-category brand extension?

    <p>A clothing brand releasing a perfume</p> Signup and view all the answers

    Which approach focuses on leadership in branding?

    <p>Building an image on market leadership</p> Signup and view all the answers

    What is a characteristic of market challengers?

    <p>They seek direct competition to gain market share.</p> Signup and view all the answers

    What is known as a co-brand strategy?

    <p>Featuring one brand within another as an ingredient</p> Signup and view all the answers

    What is one reason new products fail at a high rate?

    <p>Insufficient marketing strategies prior to launch</p> Signup and view all the answers

    How are new products categorized in terms of innovation?

    <p>As either innovative or imitative</p> Signup and view all the answers

    What are innovators in the diffusion of innovation framework?

    <p>Consumers who adopt a product early in the process</p> Signup and view all the answers

    What does a brand's promise typically convey?

    <p>The expected experience with the product</p> Signup and view all the answers

    What is considered a low-price branding strategy focused on?

    <p>Building an image associated with affordability</p> Signup and view all the answers

    What signifies a brand concept being successfully commercialized?

    <p>It is broadly accepted in the marketplace</p> Signup and view all the answers

    Study Notes

    8.1 What Products Mean to Marketers

    • Products are benefit delivery systems; customers buy benefits, not products.
    • Benefits include sensory, functional, resource, and psychological aspects.
    • Products are total market offerings with multiple levels: core, actual, and augmented.
    • Goods and services exist on a continuum; services are intangible, perishable, inseparable, and variable.

    8.2 New Products and Innovation

    • Innovation improves a product's benefit delivery, categorized as discontinuous (major improvement) or continuous (small improvement).
    • New product development is a process involving conceptualization (idea generation, screening), planning (strategy development), and commercialization (production, launch).
    • New product failures are common and costly, often due to issues like poor timing, inadequate marketing, and bad ideas.

    8.3 Product Life Cycle

    • The product life cycle (PLC) tracks sales and profits for a product category over time.
    • Stages include development, introduction, growth, maturity, and decline.
    • PLC patterns can be varied, including fads and fashions.

    8.4 Product Brands and Branding

    • Brands identify products and services, consisting of brand names (spoken) and brand marks (visual).
    • Brand equity is the financial value of a brand, reflecting customers' willingness to pay more.
    • Different brand roles exist (market leader, challenger, follower, nicher).
    • Brand extensions (in-category, near-category, out-of-category) leverage existing brand equity.
    • Co-branding combines two brands to create a new product.
    • Branding develops a brand image, a collection of associations.

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    Description

    Test your knowledge on key marketing concepts including product innovation, stages of the product life cycle, brand equity, and branding processes. This quiz will help you understand the fundamentals essential for marketing strategies.

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