Question 1

Which of the following is most likely to be seen as the major enduring asset of a company,outlasting the company's specific products and facilities?
A)brands
B)equity
C)innovation
D)personnel
E)inventory

Accepted Answer

Brands are often recognized as the major enduring asset of a company as they outlast the company's specific products and facilities. A company's brand has the potential to hold value for an extended period even if it discontinues its current product line and introduces a new line of products. Additionally, strong brands can also act as a competitive advantage and help companies differentiate themselves from their competitors.

Question 2

Woolworths Select products are an example of a ________.
A)national brand
B)support brand
C)private brand
D)sponsorship brand
E)manufacturer's brand

Accepted Answer

Woolworths Select products are owned and sold exclusively by Woolworths, making them a private brand.

Question 3

A replacement diet meal with the brand name of Quik-Loss is a desirable brand name because it exhibits which of the following brand name characteristics?
A)The brand name suggests something about the product's benefit.
B)The brand name sounds like a lot of other similar weight loss products.
C)The brand name will travel to other categories.
D)The brand name promises success.
E)The brand name emphasises the product's features.

Accepted Answer

The brand name "Quik-Loss" suggests something about the product's benefit, which is quick weight loss.

Question 4

For a fee,some companies ________ names or symbols previously created by other manufacturers,names of well-known celebrities,and\or characters from popular movies and books,any of which can provide an instant and proven brand name.
A)service
B)license
C)market
D)package
E)brand

Accepted Answer

The word "license" fits perfectly in the context of using previously created names, symbols, or characters for a fee. The company would obtain the legal rights to use these already established brands through a licensing agreement.

Question 5

An increasing number of retailers and wholesalers have created their own ________,also called store brands.
A)unsought products
B)private brands
C)specialty products
D)service variability
E)shopping products

Accepted Answer

Private brands, also known as store brands, are created by retailers and wholesalers.

Question 6

A manager of a Holiday Inn said,'We have power and value in the market and people are willing to pay for it'.This manager is referring to ________.
A)social marketing
B)brand equity
C)specialty products
D)line filling
E)product length

Accepted Answer

The manager is referring to the value and strength of the hotel brand, which is known as brand equity. This indicates that people are willing to pay a premium price for the product or service due to the strong reputation and recognition of the brand within its market segment.

Question 7

Which of the following is NOT one of the four consumer perception dimensions used by ad agency Young & Rubicam to measure brand strength?
A)brand differentiation
B)brand knowledge
C)brand valuation
D)brand esteem
E)brand relevance

Accepted Answer

The four consumer perception dimensions used by ad agency Young & Rubicam to measure brand strength are brand differentiation, brand knowledge, brand esteem, and brand relevance. Brand valuation is not one of these dimensions.

Question 8

Which of the following is the lowest level on which marketers can position their brands in target customers' minds?
A)interactive marketing
B)internal marketing
C)product attributes
D)strong beliefs and values
E)added service

Accepted Answer

Product attributes are the lowest level on which marketers can position their brands in target customers' minds. This refers to physical characteristics, features, or benefits of the product, such as color, size, or taste.

Question 9

The factor of ________ indicates that when considering services,there is no stored inventory.

Accepted Answer

The answer of The factor of ________ indicates that when...

Question 10

In most ________ situations,one company licenses another company's well-known brand to use in combination with its own.
A)brand extension
B)brand equity
C)co-branding
D)internal marketing
E)line extension

Accepted Answer

The term used in the statement is "licenses another company's well-known brand to use in combination with its own", which is the definition of co-branding. Brand extension refers to the use of the same brand name on different products whereas brand equity refers to the value attributed to a brand by consumers. Internal marketing refers to the marketing activities aimed at employees and line extension refers to adding new products within the same product line.

Question 11

The strongest brands go beyond attributes or benefit positioning;they are positioned on ________.
A)desirable benefit
B)good packaging
C)service inseparability
D)strong beliefs and values
E)customer image

Accepted Answer

Strong beliefs and values are what sets apart the strongest brands from others. They are not just about the benefits or attributes, rather they have a clear and strong positioning based on values that resonate with their target audience. This creates a strong emotional connection between the brand and its customers.

Question 12

Which of the following is NOT a desirable quality for a brand name?
A)It should suggest something about the product's benefits and qualities.
B)It should be easy to pronounce,recognise and remember.
C)The name should be a long word to get attention.
D)The name should translate easily into foreign languages.
E)It should be distinctive.

Accepted Answer

A long name does not necessarily make it easier to remember or recognise. In fact, shorter and simpler names are often better for branding purposes. Customers are more likely to remember and recognise a name that is easy to pronounce and spell.

Question 13

John West brand tuna sells more than the same size competitive brand tuna,even though the other tuna costs $0.15 less per can.John West has high brand ________.
A)extension
B)equity
C)licensing
D)service
E)evidence

Accepted Answer

High brand equity refers to the added value a brand name brings to a product. In this scenario, John West's brand name is worth more to consumers than the $0.15 price difference, indicating that they have established brand loyalty and a strong reputation for quality.

Question 14

________ occurs when two established brand names of different companies are used on the same product.
A)A brand extension
B)Brand equity
C)Co-branding
D)Internal marketing
E)Cannibalisation

Accepted Answer

Co-branding occurs when two established brand names from different companies are used on the same product. This allows both brands to benefit from each other's equity and increase their visibility and appeal to a wider range of consumers. Examples of successful co-branding partnerships include Nike and Apple (Nike+), Starbucks and Pepsi (Frappuccino bottled drinks), and Target and Neiman Marcus (Target + Neiman Marcus holiday collection).

Question 15

All of the following are a manufacturer's sponsorship options for a product EXCEPT ________.
A)manufacturer's brand
B)multibrands
C)private brand
D)licensed brand
E)co-branding

Accepted Answer

The answer of All of the following are a manufacturer's...

Question 16

The factor of ________ indicates that services lack a physical element.

Accepted Answer

The answer of The factor of ________ indicates that services...

Question 17

In the competition between ________ and ________ brands,retailers have the advantages of controlling what products will be stocked,where products will be stocked,what prices will be charged and which products will be featured in print promotions.
A)national;manufacturer's
B)store;private
C)national;private
D)store;licensed
E)private;distributor

Accepted Answer

In this scenario, the competition is between national and private brands. Retailers have the advantages of controlling what products will be stocked, where products will be stocked, what prices will be charged, and which products will be featured in print promotions. This type of control is more common in the relationship between retailers and private brands rather than manufacturer's brands. Therefore, option C is the best choice.

Question 18

The fundamental asset underlying brand equity is ________- the value of the customer relationships that the brand creates.A powerful brand is important,but what it really represents is a set of loyal consumers.
A)the customer mix
B)customer equity
C)line equity
D)service variability
E)the service encounter

Accepted Answer

Customer equity refers to the total value of a company's customer relationships. It includes both the tangible aspects such as customer loyalty and repeat business, as well as intangible aspects such as brand perception and reputation. A brand's equity is based on the value of the customer relationships it creates, making customer equity the fundamental asset underlying it.

Question 19

The total financial value of a brand is estimated through the process of brand ________.
A)differentiation
B)valuation
C)extensions
D)positioning
E)equity

Accepted Answer

The process of determining the total financial value of a brand is known as brand valuation. This involves analyzing various factors such as the brand's reputation, customer loyalty, market share, and financial performance to arrive at an estimate of the brand's worth. Sometimes, this process is also referred to as brand equity valuation.

Question 20

It is harder to judge ________ quality than product quality.

Accepted Answer

The answer of It is harder to judge ________ quality...

Quiz 7: Customer-Driven Marketing Strategy: Creating Value for Target Customers

Which of the following is most likely to be seen as the major enduring asset of a company,outlasting the company's specific products and facilities?

Woolworths Select products are an example of a ________.

A replacement diet meal with the brand name of Quik-Loss is a desirable brand name because it exhibits which of the following brand name characteristics?

For a fee,some companies ________ names or symbols previously created by other manufacturers,names of well-known celebrities,and\or characters from popular movies and books,any of which can provide an instant and proven brand name.

An increasing number of retailers and wholesalers have created their own ________,also called store brands.

A manager of a Holiday Inn said,'We have power and value in the market and people are willing to pay for it'.This manager is referring to ________.

Which of the following is NOT one of the four consumer perception dimensions used by ad agency Young & Rubicam to measure brand strength?

Which of the following is the lowest level on which marketers can position their brands in target customers' minds?

The factor of ________ indicates that when considering services,there is no stored inventory.

In most ________ situations,one company licenses another company's well-known brand to use in combination with its own.

The strongest brands go beyond attributes or benefit positioning;they are positioned on ________.

Which of the following is NOT a desirable quality for a brand name?

John West brand tuna sells more than the same size competitive brand tuna,even though the other tuna costs $0.15 less per can.John West has high brand ________.

________ occurs when two established brand names of different companies are used on the same product.

All of the following are a manufacturer's sponsorship options for a product EXCEPT ________.

The factor of ________ indicates that services lack a physical element.

In the competition between and brands,retailers have the advantages of controlling what products will be stocked,where products will be stocked,what prices will be charged and which products will be featured in print promotions.

The fundamental asset underlying brand equity is ________- the value of the customer relationships that the brand creates.A powerful brand is important,but what it really represents is a set of loyal consumers.

The total financial value of a brand is estimated through the process of brand ________.

It is harder to judge ________ quality than product quality.