Performance Indicator 3.04 Review

3.04 MKT Performance Indicator 3.04 Review Position products/services to acquire desired business image. Part 1 – Short Answer 1. What is a product brand? A product brand is a name, term, symbol, or design that identifies and differentiates a product from other products 2. Explain the difference between brand names, brand marks, and trade characters. Brand names are words, letters, or numbers that can be spoken and identified (e.g., Nike). Brand marks are unique symbols, designs, or distinctive coloring (e.g., Apple logo). Trade characters are specific types of brand marks that represent a brand visually (e.g., Ronald McDonald) 3. What is the difference between a manufacturer’s brand and a private brand? A manufacturer's brand is owned by the producer of the product, while a private brand is owned by a wholesaler or retailer 4. What is an advantage of family branding? An advantage of family branding is that new products are easier to introduce since they leverage the existing brand's reputation and recognition 5. What is an advantage of individual branding? An advantage of individual branding is that each product can be promoted and positioned independently, allowing for greater flexibility in targeting different market segments 6. Why should a product brand name describe the product’s benefits and uses? A product brand name should describe the product's benefits and uses to communicate its value proposition effectively 7. Why is it important that a brand name be easy to read, pronounce, and remember? It is important that a brand name be easy to read, pronounce, and remember to facilitate word-ofmouth marketing and consumer recall 8. What is an example of a brand name that creates appealing images? An example of a brand name that creates appealing images could be "Disney" which conjures up images of magic, fantasy, and family entertainment 9. Why should a brand name be distinctive? A brand name should be distinctive to avoid confusion with other brands and to establish a unique identity in the market 10. What kind of qualities will a brand name possess if it is adaptable? Adaptable brand names possess qualities that allow them to be used across different markets, cultures, and product categories 11. Why is it important to make sure that a particular brand name is not the property of another company? It's important to ensure that a particular brand name is not the property of another company to avoid legal issues such as trademark infringement 12. Why are shorter brand names better for packaging and advertising? Shorter brand names are better for packaging and advertising because they are easier to remember and fit well in limited spaces 13. What are two main reasons why brands are used? Brands are used primarily for identification and differentiation purposes 14. Describe the three stages of brand loyalty. The three stages of brand loyalty are recognition, preference, and insistence 15. What are four questions that a business should ask itself when deciding whether to brand a product? Four questions a business should ask itself when deciding whether to brand a product include: Does the product offer unique features or benefits? Can the product be easily identified by a brand? Will branding add value to the product? Will the brand be legally available for use? 16. Discuss the stages of the initial branding process. The stages of the initial branding process include brand idea generation, screening and evaluation, and trademark availability search and registration 17. What is a trademark? A trademark is a legally registered symbol, word, or words representing a company or product 18. Explain three types of branding strategies. The three types of branding strategies are family branding, individual branding, and private branding Part 2 – Multiple Choice 19. Names, terms, symbols, or designs that identify products are called a. product brands. b. trade names. c. product lines. d. generic terms. 20. Which of the following is an example of a trade name: a. b. c. d. Ford Mustang Diet Coke Ford 501 Jeans 21. The Keebler Elves, Ronald McDonald, and Mr. Peanut are examples of a. b. c. d. product brands. trade names. trade characters. private brands. 22. Which of the following is an advantage of family branding: a. b. c. d. New products are easier to introduce. New products are not tied to company image. Sellers need less shelf space. Unrelated products are recognizable. 23. A disadvantage of individual brands is that they may a. contaminate each other. b. be associated with one-of-a-kind benefits. c. prevent companies from reaching different markets. d. require more promotion. 24. Whenever possible, an effective brand name should always be a. short and memorable. b. multiple syllables and flashy. c. related to other brands. d. unrelated to product features. 25. Determine which of the following is a true statement: a. b. c. d. The more common the brand name, the better it is. A good brand name creates an appealing image. Long brand names are more graphically pleasing. Brand names belonging to other firms are available free. 26. Why should a brand name be distinctive? a. b. c. d. So that it gives the product a generic image So that it can be used in multinational marketing So that it can easily be changed over time So that it sets the product apart from other products 27. Can any brand name be selected and used by a business? a. b. c. d. Yes, a business can use any name it wants to use. No, the name must be registered before it can be used. No, the name must be legally available for use. Yes, brand names cannot be owned by a business. 28. Which of the following is a primary reason that businesses use brands: a. b. c. d. To identify their products To charge high prices To increase materialism To reduce expenses 29. Consumers develop feelings towards brands in terms of various levels of awareness and preference. This is referred to as brand a. loyalty. b. insistence. c. promise. d. identity. 30. Why do businesses want customers to demonstrate brand insistence for them? a. b. c. d. Their touch points pretty much take care of themselves. Businesses will not have to market themselves. Research shows that customers will pick their brand in a double-blind test 95% of the time. Customers will bypass other brands because they are brand loyal and will buy only the desired brand. 31. Which of the following questions should be asked by a firm that is trying to decide whether to brand its products: a. How much total sales revenue will the product earn? b. Can the product be easily identified by a brand? c. Will Company B find out we are using its brand? d. Can we sell this product without a trademark? 32. Pharmaceuticals, packaged foods, and vitamins that are sold more inexpensively in plain packaging without brand names are a. undersold items. b. generic items. c. stealth brands. d. private brands. 33. Determine which of the following is a true statement: a. b. c. d. The last step in the initial branding process is determining brand objectives. Brand ideas may come from many sources, including company employees and customers. Determining what URLs are available is necessary only when a product will be sold online. A trademark is a brand mark that has been made to seem lifelike. 34. Before selecting a brand name for a new product, marketers should determine the acceptability of brand possibilities among different cultures. As part of this process, marketers should: a. create URLs for the product in each of the countries where the product will be marketed. b. develop a different trade character for each of the countries where the product will be marketed. c. determine if the brand name would be culturally taboo where the product will be marketed. d. choose a different brand name for each country where the product will be marketed. 35. The actions a business takes with a brand in order to accomplish its goals are referred to as a. b. c. d. multinational marketing. market share. brand positioning. brand strategies. 36. Jeni’s Ice Creams recently added ice cream sandwiches to its highly successful ice cream brand. Such anaddition to an existing brand is an example of a. brand positioning. b. brand extension. c. brand licensing. d. co-branding. 37. The non-profit organization Sesame Workshop, which produces the Sesame Street television series, often gives permission to manufacturers such as Fisher Price and Build-a-Bear Workshop to use numerous Sesame Street characters on their products for a fee. This arrangement between Sesame Workshop and these companies is known as a. brand positioning. b. brand extension. c. brand licensing. d. co-branding. 38. Several restaurant companies, including Long John Silver’s and KFC, have successfully joined forces in the past few years to increase recognition, customer loyalty, and sales for all companies involved. Such arrangements between companies are examples of a. brand positioning. b. brand extension. c. brand licensing. d. co-branding.