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MKTG 350 Exam 3 Worsham USC || with 100% Errorless Solutions.
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product mix correct answers The complete set of all products offered by a firm. product lines correct answers Groups of associated items, such as those that consumers use together or think of as part of a group of similar products. breadth correct answers Number of product lines offered by a ...

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  • August 28, 2024
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  • 2024/2025
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MKTG 350 Exam 3 Worsham USC || with 100% Errorless
Solutions.
product mix correct answers The complete set of all products offered by a firm.

product lines correct answers Groups of associated items, such as those that consumers use
together or think of as part of a group of similar products.

breadth correct answers Number of product lines offered by a firm; also known as variety.

depth correct answers The number of categories within a product line.

Brand Ownership correct answers Brands can be owned by any firm in the supply chain, whether
manufacturers, wholesalers, or retailers. There are two basic brand ownership strategies:
manufacturer brands and retailer/store brand

National Brands correct answers are owned and managed by the manufacturer. Some famous
manufacturer brands are Nike, Coca-Cola, KitchenAid, and Sony

Retailer/Store Brands correct answers also called private-label brands, are products developed by
retailers.

Family Brands correct answers the individual brands benefit from the overall brand awareness
associated with the family name. Kellogg's uses its family brand name prominently on its cereal
brands (e.g., Kellogg's Special K, Kellogg's Froot Loops, Kellogg's Rice Krispies)

Individual Brand correct answers names for each of its products. For example, while Kellogg's
makes good use of the family branding strategy, it also allows other products, such as
Morningstar Farms, Famous Amos cookies, Keebler cookies, and Cheez-Its

Branding correct answers key features: Name, logo symbols, characters, slogans, jingles and
even distinctive packages.

Brand Name correct answers The spoken component of branding, it can describe the product or
service characteristics and/or be composed of words invented or derived from colloquial or
contemporary language. Examples include Comfort Inn (suggests product characteristics), Apple
(no association with the product)

Branding Key Features correct answers - brand name
- URLs
- Logos and symbols
- characters
- slogans
- Jingles/Sounds

, Brand Equity correct answers or the set of assets and liabilities linked to a brand that add to or
subtract from the value provided by the product or service

Brand Awareness correct answers measures how many consumers in a market are familiar with
the brand and what it stands for and have an opinion about it. The more aware or familiar they
are, the easier their decision-making process is, which improves the chances of purchase

Brand Extensions correct answers refers to the use of the same brand name in a different product
line. It is an increase in the product mix's breadth

Brand Dilution correct answers occurs when the brand extension adversely affects consumer
perceptions about the attributes the core brand is believed to hold.

Brand Licensing correct answers is a contractual arrangement between firms whereby one firm
allows another to use its brand name, logo, symbols, and/or characters in exchange for a
negotiated fee

Co-Branding correct answers is the practice of marketing two or more brands together on the
same package, promotion, or store. Co-branding can enhance consumers' perceptions of product
quality by signaling unobservable product quality through links between the firm's brand and a
well-known quality brand

Repositioning correct answers refers to a strategy in which marketers change a brand's focus to
target new markets or realign the brand's core emphasis with changing market preferences

Packaging correct answers Packaging is an important brand element with more tangible or
physical benefits than other brand elements.

Primary Packaging correct answers is the one the consumer uses, such as the toothpaste tube.

Secondary Packaging correct answers is the wrapper or exterior carton that contains the primary
package and provides the UPC label used by retail scanners

sustainable packaging correct answers Product packaging that is ecologically responsible.

Labeling correct answers Labels on products and packages provide information the consumer
needs for his or her purchase decision and consumption of the product. In that they identify the
product and brand, labels are also an important element of branding and can be used for
promotion.

What ways do brands add value for both customers and firms? correct answers Brands:

1. facilitate purchases
2. establish loyalty
3. protect from competition
4. are assets

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