MGT 103 EXAM 2 Questions And Answers
nondurable good is an item consumed in one or a few uses, such as food products and
fuel.
durable good is one that usually lasts over many uses, such as appliances, cars, and
smartphones. This classification method also provides direction for marketing act...
· Branding which an organization uses a name, phrase, design, symbols, or combination of
these to identify its products and distinguish them from those of competitors; Your brand
communicates to the market Who are you? What do you do? Who do you do it for?
o Brand personality a set of human characteristics associated with a brand name
o Brand Equity A brand's financial value to its organization, premium placed on the
company because of brand ownership; 1. develop positive brand awareness 2. a marketer must
establish a brand's meaning in the minds of consumers. 3.elicit the proper consumer responses to
a brand's identity and meaning. 4.The final, and most difficult, step is to create a consumer-brand
connection evident in an intense, active loyalty relationship between consumers and the brand.
Individual Branding (multibranding) Separate brands for each product or product line; •
Allows company to serves multiple segments without diluting the image of the brands• Different
people will buy Cadillac than will buy Chevrolet• The segment that buys Toyota will be different
from thosethat buy Lexus
, MGT 103 EXAM 2 Questions And Answers
Co-branding pairing two or more strong brands to facilitate marketing of a joint product
or service for mutual benefit
risks:
Too many uses for one brand name can dilute meaning of a brand for consumers; harms brand
equity
Brand dilution - consumers no longer associate brand with specific product or service or start
thinking less favorably about the brand
Price elasticity of demand (E) percentage change in quantity demanded relative to
percentage change in price
Umbrella (Family) Branding (multiproduct branding) A single brand for (nearly) all of a
company's products; • Leverages equity of existing brand, instant recognition, avoid costs of
building new brand risk: Awareness must be generated for each brand without benefit of any
previous impressions
Complexity and expenses of implementing
Legal and ethical considerations Price fixing
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