Question 1

_____ refers to brining customers or prospective customers directly into the product development process.

Accepted Answer

Cocreation refers to involving customers or prospective customers directly in the product development process. This approach can help companies better understand customer needs, preferences, and behavior, leading to the creation of more relevant and effective products.

Question 2

ZAP News Inc. ,a media company,offers a line of related products like magazines,newspapers,journals and news websites under its brand name.Which of the following branding strategies is used by ZAP News?

Accepted Answer

Family branding is a strategy in which a company uses the same brand name for all of its products. In this case, ZAP News Inc. is using its brand name for all of its media products, such as magazines, newspapers, journals, and news websites. Therefore, the correct answer is D- Family branding.

Question 3

Harper Inc.is a multinational consumer goods company that markets multiple brands.The company's brands include Sunshine tea,Goldie cookies,Arch fragrance products,and so on.Which of the following branding strategies is practiced by Harper Inc.?

Accepted Answer

Harper Inc. practices individual branding as it markets multiple brands, each with its own distinct name and identity.

Question 4

Which of the following refers to an arrangement where different products work together to create barriers of competition?

Accepted Answer

Product system refers to an arrangement where different products work together to create barriers of competition. Product penetration refers to increasing the market share of an existing product by increasing its usage or consumption. Line extension refers to introducing additional products in the same product line. Brand extension refers to using an existing brand name on new products or in new product categories.

Question 5

Which of the following is a common activity in the service component of a product?

Accepted Answer

Handling inquiries promptly is a common activity in the service component of a product. This involves providing customer support, responding to complaints, and offering assistance with product use or troubleshooting. The other options (A, B, and D) are more closely associated with the production or manufacturing process of a product.

Question 6

A short product line:

Accepted Answer

A short product line simplifies inventories by reducing the number of products that need to be tracked and managed. While a larger product line may have economies of scale, it can also create confusion and inefficiencies in inventory management. Additionally, a short product line may still have room for line extensions or family brands, so C may not necessarily be true. Lastly, the stage of product development is not necessarily related to the length of the product line, so D is not a relevant choice.

Question 7

Which of the following serves the functions of protecting,facilitating use of,and promoting the product,as well as providing information about the product and its use?

Accepted Answer

Packaging serves the function of protecting the product during transportation and storage, facilitating the use of the product, promoting the product through branding and labeling, and providing information about the product and its use through instructions and warnings. Assembling, fabrication, and manufacturing may contribute to the production of the product but do not necessarily fulfill all the functions of packaging.

Question 8

Petunia Inc. ,a multinational firm,owns brands like Blue Eyes fragrance products,Buttons leather goods,Degree Interiorz,and so on.Which of the following branding strategies is followed by the marketers of Petunia Inc.?

Accepted Answer

Individual branding strategy is used when a company gives each of its products a distinct name. Petunia Inc. uses different brand names like Blue Eyes, Buttons, Degree Interiorz for its various products, which is characteristic of individual branding.

Question 9

Swoosh Inc.provides customers online tools to design their own sneakers,wallets and bags.The company later manufactures products based on the designs made by customers.This type of manufacturing is an example of:

Accepted Answer

This type of manufacturing, where customers contribute to the design process and the company creates the final product, is known as co-creation.

Question 10

Explorer Group started business by manufacturing electronic appliances branded as Fortune appliances.The company later launched other brands such as Fortune apparels and Fortune optical.This is an example of:

Accepted Answer

This is an example of brand extension where a company uses its existing brand name to launch a new product line or category. In this case, Explorer Group uses its Fortune brand to launch new products such as apparels and optical products.

Question 11

The more service-sensitive the market,the:

Accepted Answer

Service-sensitive markets are those where customers are highly concerned about the quality and level of service they receive. In such markets, companies that are able to provide superior service have a greater opportunity to differentiate themselves from competitors and charge premium prices, leading to greater profits. Therefore, the correct option is D, which highlights the greater opportunity for profits in service-sensitive markets.

Question 12

Which of the following is true of family branding?

Accepted Answer

Family branding involves using a common brand name for a range of products or product lines. It leads to reduced costs because advertising and promotion costs can be shared among the products. It also enables transfer of customer satisfaction from one product to another, resulting in increased customer loyalty to the overall brand.

Question 13

Which of the following branding strategies uses the same brand name to cover a group of products or product lines?

Accepted Answer

Family branding, also known as umbrella branding, is a branding strategy that uses the same brand name to cover a group of products or product lines. This approach allows the brand to capitalize on the reputation and recognition of the parent brand, making it easier to introduce new products and expand the product line. Individual branding, on the other hand, uses separate brand names for each product or product line, while corporate branding focuses on creating a strong brand identity for the organization as a whole. Personal branding is a strategy used by individuals to promote and differentiate themselves in the marketplace.

Question 14

Developing additional products to serve more narrowly targeted,or different,market segments is known as:

Accepted Answer

Line extension refers to developing additional products within the same product line to cater to different market segments. This strategy allows the company to address the specific needs and wants of different customer groups, increase brand loyalty, and generate more revenue without investing in creating an entirely new product line. Cobranding and individual branding relate to the marketing and branding strategies, and line stretch involves extending the product line to new and unrelated markets.

Question 15

Which of the following is a branding strategy in which it is easier to launch product modifications such as new package sizes and types,or new products?

Accepted Answer

Family branding is a branding strategy in which multiple products are marketed under the same brand name, making it easier to launch product modifications or new products because they are already associated with the established brand. This provides a consistent image for consumers and may increase their level of trust and loyalty to the brand.

Question 16

One of the biggest causes for the failure of new products introduced into the market place is the lack of:

Accepted Answer

Ultimately, a product's success depends on whether there is enough consumer interest and demand for it. Even if a product has good technical features or is well-advertised, if consumers are not interested in it, it will not sell well and may fail in the market.

Question 17

_____ uses the same brand name to cover a group of products or product lines.

Accepted Answer

Family branding uses the same brand name to cover a group of products or product lines. Individual branding uses separate brand names for each product or product line, Personal branding associates a product with a particular individual, and Global branding refers to a strategy where a company uses the same branding strategy across multiple countries.

Question 18

_____ involves the use of a family brand name established in one product class as a vehicle to enter another product class.

Accepted Answer

Brand extension involves using the established brand name in one product category to launch new products in a different category. This can help in leveraging the brand equity to create awareness and acceptance for the new product category.

Question 19

Emma's choice shop is has five retail outlets in New York.The company sells products of various manufacturers and it also sells products that are branded as Emma's products in its outlets.Emma's is an example of a(n)_____ brand.

Accepted Answer

Emma's is a store brand, as it refers to the products sold under the name of the retail outlet, rather than products manufactured by a specific company or individual.

Question 20

Which of the following is a branding strategy that uses multiple brand names with a single product or service offering?

Accepted Answer

Co-branding is a branding strategy where two or more brand names are used for a single product or service offering. This is done to leverage the strengths of each brand and create a unique and differentiated offering. Family branding is the use of a single brand name for multiple related products or services. Brand extension involves using an established brand name to enter a new product or service category. Global branding is the use of the same brand name and identity across different geographic markets.

Quiz 10: Product Decisions