Marketing Quiz 2 - 5/6/7

Question 1

Brand Management
Definition:
What is a Brand?

Accepted Answer

A name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products

Answer

Part of a brand consisting of words, numbers, or letters that can be spoken and that identifies and distinguishes a firm’s offerings from those of its competitors

Answer

Symbol or pictorial design that distinguishes a product

Question 2

Brand Management
Definition:
What is a Brand Name?

Accepted Answer

Any part of a brand that can be spoken

Answer

Symbol or pictorial design that distinguishes a product

Answer

A statement that clearly spells out the brand benefits to a target audience

Question 3

Brand Management
Definition:
What is Brand Mark?

Accepted Answer

any part of a brand that is related to the brand name but doesn’t involve identifiable letters or numbers

Answer

any part of a brand that can be spoken

Answer

A name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products

Question 4

Brand Management
Definition:
What is Brand Statement?

Accepted Answer

A statement that clearly spells out the brand benefits to a target audience

Answer

Added value that a respected, well-known brand name gives to a product in the marketplace

Answer

any part of a brand that is related to the brand name but doesn’t involve identifiable letters or numbers

Question 5

Brand Management
Definition
What is Brand Equity?

Accepted Answer

Added value that a respected, well-known brand name gives to a product in the marketplace

Answer

A statement that clearly spells out the brand benefits to a target audience

Answer

Symbol or pictorial design that distinguishes a product

Question 6

Brand Management
Match the definitions:

[blank_start]Brands[blank_end] - Is an element of marketing that has a widespread presence in modern society.
[blank_start]Brand Mark[blank_end] - any part of a brand that is related to the brand name but doesn’t involve identifiable letters or numbers
[blank_start]Brand Name[blank_end] - Any part of a brand that can be spoken
[blank_start]Brand Equity[blank_end] - an Added value that a respected, well-known brand name gives to a product in the marketplace
[blank_start]Brand Statement[blank_end] - A statement that clearly spells out the brand benefits to a target audience

Accepted Answer

Brands

Accepted Answer

Brand Mark

Accepted Answer

Brand Name

Accepted Answer

Brand Equity

Accepted Answer

Brand Statement

Question 7

Brand Building
Definition:

[blank_start]Brand Identity[blank_end] - The visible elements of a brand (e.g., logo, colours, design, name) that together identify and distinguish the brand in the consumers’ mind
[blank_start]Brand Awareness[blank_end] - The extent to which consumers are aware of distinctive qualities or image of a particular brand
[blank_start]Brand Vision[blank_end] - An idea of what the brand represents for its most important partners—its customers and employees
[blank_start]Brand Image[blank_end] - The impression in the consumers’ mind of the brand personality, either real or imagined

Accepted Answer

Brand Identity

Accepted Answer

Brand Awareness

Accepted Answer

Brand Vision

Accepted Answer

Brand Image

Answer

brand Identity

Question 8

Brand Building
Brand awareness, brand image, and brand performance can all be aspects of which of the following?

Accepted Answer

Brand Equity

Answer

Brand Vision

Answer

Brand Identity

Answer

Brand Life

Question 9

Brand Building
According to the American Marketing Association, what does a company need to do to build a brand?

Accepted Answer

Create an image of what the brand stands for.

Answer

Move forward in developing its brand.

Answer

Tell the brand story over time.

Answer

Have an impact on its vision

Question 10

Brand Building
What term means the same thing as brand value?

Accepted Answer

Brand Equity

Answer

Brand Awareness

Answer

Brand Personality

Answer

Brand Perforamance

Question 11

How is a brand mark different from a brand name?

Accepted Answer

It cannot be spoken

Answer

It cannot be identified

Answer

It cannot be seen

Answer

It cannot be recognized

Question 12

What is the main reason marketers try to create personality traits for a brand?

Accepted Answer

To be different from competition

Answer

To be more aligned with target market

Answer

To be more of a brand mark

Answer

To be personified

Question 13

Which of the following would you need in order to move forward in developing a brand?

Accepted Answer

Core Vision Elements

Answer

Brand Awareness

Answer

Target Market Characteristics

Answer

Brand Story

Question 14

Definition:
Brand Management
What is Brand Personality?

Accepted Answer

Human traits or characteristics associated with a brand

Answer

A strategy in which a new name, logo, symbol, or design is adopted in order to change its image in the mind of the consumer

Answer

The process of maintaining, improving, and upholding a brand so that the name is associated with positive results

Answer

A recognizable and distinctive graphic design, unique symbol, or stylized name for identifying an organization

Answer

How someone appears to the world

Question 15

What are the famous "golden arches" that signify McDonalds an example of?

Accepted Answer

brand mark

Answer

brand identity

Answer

brand name

Answer

brand personality

Question 16

Which of the following is NOT part of a brand identity?

Accepted Answer

price

Answer

logo

Answer

symbol

Answer

name

Question 17

It is difficult to measure the effect of a marketer's branding efforts. Which of the following allows a marketer to better understand whether their branding efforts are having an effect?

Accepted Answer

brand equity

Answer

brand personality

Answer

brand statement

Answer

brand identity

Question 18

What is the key difference between a product category and a brand?

Accepted Answer

Brands outlast product categories.

Answer

Brands have symbols.

Answer

Brands need a brand statement.

Answer

Brands have equity.

Question 19

What is the margarine brand Becel using in its brand management when it partners with the Heart and Stroke Foundation to sponsor heart health awareness events?

Accepted Answer

contribution

Answer

competitive advantage

Answer

community

Answer

communication

Question 20

What are the 3Cs of brand

[blank_start]Contribution[blank_end]: an altruistic virtue that goes beyond the financial bottom line and into the social and environmental bottom lines (often referred to overall as the “triple bottom line”)

[blank_start]Competitive advantage[blank_end]: something you do better than anyone else, which delights (as opposed to “satisfies”) customers

[blank_start]Communication[blank_end]: meaningful, relevant, and compelling storytelling using a combination of advertising, logos, and taglines, but also in today’s environment, social media and experiential marketing communications

Accepted Answer

Contribution

Accepted Answer

Competitive advantage

Accepted Answer

Communication

Question 21

Which of the following best defines the difference between a brand and a logo?

Accepted Answer

a logo is a subset of brand communication

Answer

there is no difference

Answer

a brand has equity

Answer

a logo is visual

Question 22

Brand Equity is added value that a respected, well-known brand name gives to a product in the marketplace.
This allows the brand to have:
Longevity 
Role in the purchasing
Financial

Answer

true

Question 23

A brand is synonymous with a logo
Synonymous: having the same or nearly the same meaning as another word or phrase in the same language.

Answer

true

Question 24

Competitive advantage, communication, and contribution are the common features of which of the following?

Accepted Answer

a successful brand

Answer

a logo

Answer

a vision

Answer

a brand

Question 25

Competitive advantage, communication, and contribution are the common features of which of the following?

Accepted Answer

brand management

Answer

brand vision

Answer

brand integrity

Answer

brand personality

Question 26

What is "The 4I's" in product strategy?
[blank_start]Intangible[blank_end] (Hint: Can't Store it)
[blank_start]Inseparable[blank_end] (Hint: Have to connect with the service provider)
[blank_start]Inconsistent[blank_end] (Hint: Seeing the same barista every day. And they have mood swings every day)
[blank_start]Inventory[blank_end] (Hint: You can't store an appointment)

Accepted Answer

Intangible

Accepted Answer

Inseparable

Accepted Answer

Inconsistent

Accepted Answer

Inventory

Question 27

What are "The 4I's"?
Goods are tangible. Services are intangible. That intangibility leads to three other I-word characteristics of services:

Accepted Answer

Intangible

Accepted Answer

Inseperable

Accepted Answer

Inconsistent

Accepted Answer

Inventory

Question 28

Classifying Products
Consumer products and business products are both categorized in different ways.

Accepted Answer

Business

Accepted Answer

Consumer

Accepted Answer

Component part

Accepted Answer

Practical use

Accepted Answer

Convenience

Accepted Answer

Shopping

Accepted Answer

Specialty

Accepted Answer

Unsought

Answer

Convenience part

Question 29

Consumer Products include:

[blank_start]unsought[blank_end] products (e.g., insurance)
[blank_start]convenience[blank_end] products (e.g., soft drinks)
[blank_start]shopping[blank_end] products (e.g., furniture)
[blank_start]specialty[blank_end] products (e.g., antiques)

Accepted Answer

unsought

Accepted Answer

convenience

Accepted Answer

shopping

Accepted Answer

specialty

Question 30

Which of the following includes tangible goods, services, ideas, and people?

Accepted Answer

A product offering

Answer

A consumer product

Answer

A brand image

Answer

A business product

Question 31

Which consumer product category is buying furniture an example of?

Accepted Answer

Shopping products

Answer

Convenience products

Answer

Specialty products

Answer

Unsought products

Question 32

Price, distribution, and promotion are all affected by a decision on which of the following?

Accepted Answer

The nature of the product

Answer

The look of the product

Answer

The product mix

Answer

The product width

Question 33

Which term refers to a solution that best meets the needs of the individual customer?

Accepted Answer

An offering

Answer

A service

Answer

A product

Answer

A tangible good

Question 34

In order. What is the Product Life Cycle?
1. [blank_start]Introduction[blank_end]
2. [blank_start]Growth[blank_end]
3. [blank_start]Maturity[blank_end]
4. [blank_start]Decline[blank_end]

Accepted Answer

Introduction

Accepted Answer

Growth

Accepted Answer

Maturity

Accepted Answer

Decline

Question 35

Product Life Cycle Variations (The 4 Basics)
	[blank_start]Fads[blank_end] - Fidget spinner
	[blank_start]Snails[blank_end] - Car2Go
	[blank_start]Fashion[blank_end] - Champion Brand / Man-Buns
	[blank_start]Simplicity[blank_end] - Red Bull Energy Drink

Accepted Answer

Fads

Accepted Answer

Snails

Accepted Answer

Fashion

Accepted Answer

Simplicity

Question 36

Match it to the right definition:

[blank_start]product mix[blank_end]
An assortment of product lines and individual product offerings that a company sells

These assortments are needed to be considered.
[blank_start]product depth[blank_end]
The different version of a product item in a product line
[blank_start]product width[blank_end]
The number of product lines a particular firm offers to the market

Accepted Answer

product mix

Accepted Answer

product depth

Accepted Answer

product width

Question 37

What are some examples of non-durable goods?

Accepted Answer

food

Accepted Answer

tissues

Accepted Answer

laundry detergent

Answer

plastic cups

Answer

batteries

Question 38

Which term best defines a good that cannot be held, touched, or put into a box?

Accepted Answer

a service

Answer

a consumer good

Answer

a business good

Answer

an inventory

Question 39

The characteristics of intangibility, inseparability, and inventory all stem from which of the following?

Accepted Answer

The fact the product is intangible

Answer

The fact the product consumer product

Answer

The fact the product business product

Answer

The fact the product is a good

Question 40

The sense of nostalgia and having fun when eating an Oreo cookie is considered to be in which layer of the product?

Accepted Answer

potential

Answer

augmented

Answer

core

Answer

desired

Question 41

Consider the red Heinz squeezable ketchup bottle with an easy flip-off lid and the iconic Heinz label that means quality. Which part of the product layer would those characteristics belong to?

Accepted Answer

augmented

Answer

core

Answer

potential

Answer

quality

Question 42

When a consumer goes to a hair salon to have a haircut there are many factors of the offering in play. Which of the following is the actual act of cutting hair?

Accepted Answer

service

Answer

ideas

Answer

people

Answer

tangible good

Question 43

Which term would best describe the type of product a loaf of bread would be?

Accepted Answer

convenience

Answer

specialty

Answer

unsought

Answer

shopping

Question 44

When Cineplex Odeon creates a VIP movie experience offering in-seat dining, comfy leather chairs, surround sound, and a licensed lounge, what is it adding an intangible to?

Accepted Answer

value proposition

Answer

experience

Answer

product

Answer

idea

Question 45

When the developers and content producers for MindTap for Marketing, which is an intangible service, went to work building a platform and a content repository from the ground up, which characteristic of service were they addressing?

Accepted Answer

inconsistency

Answer

intangibility

Answer

inseparability

Answer

inventory loss

Question 46

When something is to be used as part of the development of another product, it is considered to be which of the following?

Accepted Answer

a business product

Answer

part of the product mix

Answer

a consumer product

Answer

part of the product depth

Question 47

Toyota does not build all their parts at their own manufacturing company. Toyota would ask other companies through B2B to ask for help build some of the components. Such as tires, wheels, engines, etc.

This is an example of a [blank_start]business product[blank_end]. Since goods and services purchased for use either directly or indirectly of other goods and services for resale.

Accepted Answer

business product

Answer

consumer product

Question 48

Which term describes Proctor and Gamble's product mix that includes product types such as laundry detergent, floor cleaners, diapers, shampoo, and soap?

Accepted Answer

product width

Answer

product lines

Answer

product depth

Answer

product variety

Question 49

Snapple has ice tea flavours such as peach, green tea, lemon, and raspberry. Which term refers to Snapple's variety of flavours?

Accepted Answer

product depth

Answer

product width

Answer

product mix

Answer

product line

Question 50

Price Elasticity:
A customer's sensitivity to price changes.

Decide which price elasticity is high or low:
Prices are easy to compare - [blank_start]high[blank_end]
Products are perceived to be necessities - [blank_start]low[blank_end]
There are a lack of substitutes - [blank_start]low[blank_end]
Complementary products exist - [blank_start]low[blank_end]
There are substitute product - [blank_start]high[blank_end]
Price differences are heavily promoted - [blank_start]high[blank_end]

Accepted Answer

high

Accepted Answer

low

Accepted Answer

low

Accepted Answer

low

Accepted Answer

high

Accepted Answer

high

Question 51

Pro-active Pricing Strategies (Five of them). What are they?

[blank_start]Penetration[blank_end] - Relatively low price for a product initially as a way to reach the mass market. Capture large market share early on.
[blank_start]Matching Competition[blank_end] - Offering the 'going rate'. Advantages of simplicity. May ignore demand or cost.
[blank_start]Skimming[blank_end] - "Market-Plus approach". A high introductory approach, coupled with heavy promotion. Used when a company is perceived to have unique advantages, accompanied by an above average price. May lower prices over time.
[blank_start]Value Pricing[blank_end] - Setting the price at a level that seems to the customer to be a good price compared with the prices of other options (EDLP)
[blank_start]Prestige[blank_end] - Skimming strategy on steroids. The setting of a high price to match quality and exclusivity

Accepted Answer

Penetration

Accepted Answer

Matching Competition

Accepted Answer

Skimming

Accepted Answer

Value Pricing

Accepted Answer

Prestige

Answer

Matching competition

Question 52

What does a skimming price strategy do?

Accepted Answer

Prices higher than competition

Answer

Prices lower than competition

Answer

Price matches the competition

Answer

Prices to reflect target customer

Question 53

Which price tactic would be used when a company has multiple products within one product line?

Accepted Answer

Price Lining

Answer

Odd Pricing

Answer

Price Bundling

Answer

Prestige Pricing

Question 54

Pro-active Pricing Tactics (Five of Them)

[blank_start]Odd Pricing[blank_end] - Using odd-numbered prices to connote a bargain. Retailers often price products at odd numbers, to make consumers feel they pay a lower price. $49.99

[blank_start]Even Pricing[blank_end] -  even-numbered prices to imply quality. $49.95

[blank_start]Price Lining[blank_end] - Offering a product line with several items at specific price points.

[blank_start]Self-Price Tactic[blank_end] - All goods and services at the same price (or limited range) i.e. Dollarama.

[blank_start]Loss Leader Pricing[blank_end] - Selling a product near or even below cost in the hope that shoppers will buy other items once they are in the door. 'Door-crashers.'

Accepted Answer

Odd Pricing

Accepted Answer

Even Pricing

Accepted Answer

Price Lining

Accepted Answer

Self-Price Tactic

Accepted Answer

Loss Leader Pricing

Answer

Self-Price Tact

Question 55

According to the economic concept of demand, what happens when prices go down?

Accepted Answer

Demand goes up

Answer

Demand goes down

Answer

People buy less

Answer

Nothing happens

Question 56

When conditions in a market change, what must a seller be prepared to do to an initial set price?

Accepted Answer

Adjust price accordingly

Answer

Scan the environment

Answer

Look for opportunities

Answer

Look out for threats

Question 57

Proactive Pricing Strategies
Organize all five from low to high pricing strategies

Accepted Answer

Penetration

Accepted Answer

Value Pricing

Accepted Answer

Matching Competition

Accepted Answer

Skimming

Accepted Answer

Prestige

Question 58

Match these companies to the correct strategy they are mostly using.

Walmart - [blank_start]Value Pricing[blank_end]
Acura (Sister of Honda) - [blank_start]Prestige[blank_end]
Utility Providers - [blank_start]Penetration[blank_end]
iPhone - [blank_start]Skimming[blank_end]
Best Buy - [blank_start]Matching Competition[blank_end]

Accepted Answer

Value Pricing

Accepted Answer

Prestige

Accepted Answer

Penetration

Accepted Answer

Skimming

Accepted Answer

Matching Competition

Question 59

What are the elements of price?

Accepted Answer

Costs / Demand / Competition / Elasticity

Answer

Service / Cost / Competition / Penetration

Answer

Elasticity / Matching / Competition / Service

Answer

Service / Elasticity / Price / Demand

Question 60

What is a Stakeholder?

Accepted Answer

Stakeholders are anyone in the community or the area that is at stakes

Answer

Stakeholders are people who are daily traders

Answer

Stakeholders are anyone in the business that has stakes on the business

Marketing Quiz 2 - 5/6/7

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