Question 1

Manufacturers' brands carry the brand name of the producers that distribute the products nationally.

Accepted Answer

Manufacturers' brands carry the brand name of the producers who distribute the products nationally. These brands are also known as national or producer brands.

Question 2

Chevrolet is an example of a generic name in the automobile market.

Accepted Answer

Chevrolet is a brand name of a specific automobile company, and not a generic term for cars.

Question 3

Brand loyalty refers to the degree to which customers are satisfied with a brand and are committed to further purchases.

Accepted Answer

Brand loyalty is indeed defined as the level of satisfaction and commitment to a particular brand.

Question 4

The best strategy for brand name manufacturers to respond to the challenge of generic goods is to use price discounts and coupons to price their products more aggressively.

Accepted Answer

The answer of The best strategy for brand name manufacturers...

Question 5

The purpose of a brand name is to establish an image of generic goods or services.

Accepted Answer

The purpose of a brand name is to establish a unique identity and differentiate itself from generic goods or services. A brand name represents the quality, reputation, and values associated with the product or service.

Question 6

The U.S.legal system does not offer trademark protection.

Accepted Answer

The U.S. legal system offers trademark protection through the United States Patent and Trademark Office (USPTO). Businesses and individuals can file a trademark application with the USPTO to claim exclusive rights to use a particular word, logo, or design in connection with their goods or services.

Question 7

The legal protection offered to an established brand name prevents that name from being used as a generic name for a product.

Accepted Answer

The answer of The legal protection offered to an established...

Question 8

A brand includes practically all means of identifying a product.

Accepted Answer

A brand includes various elements such as name, logo, slogan, packaging, design, and other associated features that help identify and distinguish a product from its competitors.

Question 9

Dealer (private)brands are products that do not carry the manufacturer's name,but rather carry the name of a distributor or retailer.

Accepted Answer

Dealer (private) brands are also known as store brands or own brands, and they are manufactured by third-party manufacturers but are sold under the distributor or retailer's name.

Question 10

Most manufacturers hope that their brand names will become a generic name.

Accepted Answer

The answer of Most manufacturers hope that their brand names...

Question 11

Brand names can significantly impact consumer perceptions of a product.

Accepted Answer

Brand names can evoke positive or negative associations based on the brand's reputation or marketing efforts, which can influence consumer perceptions and purchasing decisions.

Question 12

Brand names help sellers with new-product introductions and create an opportunity for higher prices.

Accepted Answer

Brand names help sellers create a competitive advantage by making it easier for customers to recognize and remember their products. This recognition can lead to increased sales and can even justify higher prices due to the perceived value of the brand. Additionally, new product introductions can benefit from a strong brand name by leveraging the existing brand equity and loyalty of customers.

Question 13

Brand equity refers to those factors that people associate with a specific brand name,such as awareness,perceived quality,and loyalty.

Accepted Answer

Brand equity is defined as the value that a brand adds to a product or service. It includes the unique associations that people have with a particular brand, such as its reputation, perceived quality, and overall brand awareness. These factors work together to create a sense of trust and loyalty among customers, which ultimately enables a brand to command a premium price and generate long-term growth.

Question 14

The benefits provided by a brand name for a buyer include reduced search time,prestige,and quality assurance.

Accepted Answer

A well-known brand name can save buyers time and effort by helping them quickly identify products that meet their needs. Additionally, buying a brand name product may make the buyer feel more prestigious and confident in their purchase, as these brands often have a positive reputation. Finally, a brand name can provide quality assurance, as the buyer may trust the brand's reputation for producing reliable and high-quality products.

Question 15

A trademark is a brand that has been given exclusive legal protection for both the brand name and the pictorial design.

Accepted Answer

A trademark provides legal protection for both the brand name and pictorial design, distinguishing it from other brands in the market. This protection prevents others from using the same brand name or design, and helps to build brand recognition and trust among consumers.

Question 16

Although their names are similar,brand loyalty and brand equity are unrelated.

Accepted Answer

The answer of Although their names are similar,brand loyalty and...

Question 17

The use of price discounts and coupons may erode the commitment of consumers to brand names.

Accepted Answer

Offering price discounts and coupons may make consumers more price sensitive and therefore less loyal to particular brand names, as they may be more inclined to switch to a different brand that is currently offering a discount or coupon.

Question 18

Sales of generic products are decreasing because consumers prefer the higher quality of the nationally known brands.

Accepted Answer

The statement is the opposite of the current trend, as sales of generic products have actually been increasing in recent years due to consumer preference for lower-cost options.

Question 19

Healthy Pick designed a new type of packaging that significantly improves taste and texture of food when defrosted.Unfortunately,firms seldom find that improvements in packaging impact market share and profits.

Accepted Answer

It is not necessarily true that firms do not find that improvements in packaging impact market share and profits. It can vary depending on the product and the extent of the improvement.

Question 20

A knockoff brand is a brand name that has lost its exclusive legal protection.

Accepted Answer

The answer of A knockoff brand is a brand name...

Quiz 14: Developing and Pricing Goods and Services