Question 1

__________ is the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.

Accepted Answer

Brand equity refers to the set of assets and liabilities that are linked to a brand, which contribute to or subtract from the value that the product or service provides. This includes factors such as brand recognition, brand loyalty, and perceived quality, all of which can affect the overall value and success of the brand.

Question 2

Salina is working to create greater brand awareness for her company's new line of personal digital assistants.To increase brand awareness,the LEAST important information that should be included in promotions is

Accepted Answer

While product history may be interesting to some consumers, it is not a crucial piece of information when trying to increase brand awareness for a new line of products. The focus should be on the brand name, logo, packaging, and slogan to create a strong and recognizable brand identity.

Question 3

Jenna always buys Stacy's brand pita bread chips.She does not even consider alternatives.Jenna is a __________ customer.

Accepted Answer

Jenna's behavior indicates brand loyalty, as she consistently chooses Stacy's brand pita chips without considering other alternatives.

Question 4

A __________ is one where there is a contractual arrangement between firms allowing one to use its brand name for a fee.

Accepted Answer

A licensed brand is one where a contractual agreement is made between firms allowing one to use the brand name for a fee.

Question 5

Brands are assets that can be legally protected through

Accepted Answer

Brands can be protected through copyrights and trademarks, which are legal means of safeguarding intellectual property. Financial reporting, brand extensions, and corporate branding strategies are not means of legal protection for brands. Generic branding is the opposite of branding and does not protect a particular brand.

Question 6

Matt was passionate about Abercrombie & Fitch.It was the only place he'd buy his clothes.If anyone asked him about clothes,he would talk for what seemed like hours about why he only shopped there.From a strictly marketing perspective,this word of mouth is part of

Accepted Answer

Matt's passionate loyalty to Abercrombie & Fitch is an example of brand loyalty, as he only shops at that specific brand and is willing to speak at length about it to others.

Question 7

If many consumers in the marketplace are familiar with a brand and what it stands for and have an opinion about the brand,the brand has considerable

Accepted Answer

The answer of If many consumers in the marketplace are...

Question 8

Sometimes brand names become synonymous with a product itself.If that happens,the firm

Accepted Answer

When a brand name becomes synonymous with a product itself, it may lead to a loss of trademark. This is because the brand name is no longer seen as a distinct identifier for a specific product, but as a generic term for a type of product. As a result, other companies may be allowed to use the brand name, leading to dilution of the brand's value and identity.

Question 9

Whether they like them or not,most U.S.automobile customers are familiar with and have an opinion about American-made cars.This familiarity makes it easier for consumers to

Accepted Answer

The familiarity and opinion that most U.S. automobile customers have about American-made cars make it easier for them to make purchase decisions.

Question 10

The value of a brand is often calculated by assessing the

Accepted Answer

The answer of The value of a brand is often...

Question 11

Nora is deciding whether to purchase brand name sneakers or a store brand.She has purchased other shoes with the same brand name in the past but was only marginally satisfied.In this situation,Nora is likely to purchase the store brand sneakers because they offer

Accepted Answer

Nora's past experience with the brand name sneakers has only resulted in marginal satisfaction, indicating that their perceived value may not be worth the higher cost. Therefore, the store brand sneakers, which likely have a lower price point, may offer greater perceived value to Nora.

Question 12

Firms spend millions of dollars annually to build brand equity,recognizing brand equity contributes to

Accepted Answer

Building brand equity is ultimately done to increase profitability.

Question 13

In the case of Band-Aid adhesive bandages,the brand name has

Accepted Answer

Band-Aid has become synonymous with adhesive bandages in the minds of consumers. The brand has been so successful that it is often used as a generic term for adhesive bandages, even though there are other brands and generic alternatives on the market. This level of brand recognition and association is the epitome of a strong brand.

Question 14

In a competitive market,perceived value is determined by consumers mostly

Accepted Answer

Perceived value is determined by consumers in relation to the value of competitors' offerings. Consumers assess the quality, benefits, and price of a product or service compared to similar products or services offered by competitors in the market. This is why it is crucial for companies to understand their competition and differentiate their offerings to create a unique value proposition.

Question 15

For marketers,one of the benefits of having achieved brand loyalty is

Accepted Answer

Having achieved brand loyalty allows marketers to spend less on marketing efforts aimed at retaining loyal customers, as they are more likely to continue purchasing from the brand. This helps to lower overall marketing costs.

Question 16

Laura prefers Sony products and will only purchase alternatives when there are no Sony products available.Laura's brand loyalty means she is

Accepted Answer

The answer of Laura prefers Sony products and will only...

Question 17

Why would a firm spend over $2 million for a 30-second ad on television during the Super Bowl?

Accepted Answer

The Super Bowl is watched by millions of viewers, giving brands the opportunity to create significant brand awareness. A 30-second ad during the Super Bowl is viewed as a worthwhile investment by many firms as it can lead to increased sales and brand recognition.

Question 18

Which of the following is NOT one of the four criteria used for determining how "good" a brand is?

Accepted Answer

The four criteria used for determining how "good" a brand is are brand awareness, brand loyalty, brand associations, and brand perceived value. Brand conceptualization is not one of the criteria.

Question 19

Many former Enron professionals who had nothing to do with the corporate scandal have found that listing employment with Enron hurt their chances of being hired elsewhere.For these people,the Enron name has

Accepted Answer

Negative brand equity refers to the negative perception or associations that people have with a brand. In this case, the Enron scandal has tainted the reputation of the company and anyone associated with it, resulting in negative brand equity for former employees.

Question 20

Relatively few consumers like to go to the dentist.Dental insurance plans that pay for regular checkups increase the __________ of dental care by reducing the cost to the consumer.

Accepted Answer

Dental insurance plans that pay for regular checkups reduce the cost to the consumer, which increases the perceived value of dental care. This means that consumers are more likely to see the benefits of going to the dentist and may be more willing to go for regular checkups.

Quiz 11: Product,Branding,and Packaging Decisions