Question 1

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 goods or services from those of competitors.

Question 2

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 3

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 reduce the time a buyer spends on searching for a product, as they may be more familiar with the brand and its reputation. Additionally, a brand name can carry prestige and be associated with high-quality products, providing assurance to the buyer that they are making a good purchase.

Question 4

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 5

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

Accepted Answer

Manufacturers' brands are also known as national brands and they carry the brand name of the producers that distribute the products on a national level.

Question 6

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

Accepted Answer

Price discounts and coupons undermine the perceived value of a brand, which can cause consumers to be less committed to it.

Question 7

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 exclusive legal protection to both the brand name and the pictorial design associated with it.

Question 8

A brand includes practically all means of identifying a product.

Accepted Answer

A brand includes various elements such as the name, logo, packaging, design, colors, slogans, and other distinctive features that help identify and differentiate a product from competitors.

Question 9

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

The statement "Unfortunately, firms seldom find that improvements in packaging impact market share and profits" is false. Improvements in packaging can often lead to increased market share and profits, especially if the packaging enhances the taste and texture of the product as in the case of Healthy Pick.

Question 10

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

Accepted Answer

Chevrolet is a brand name in the automobile market, not a generic name. A generic name would be a non-proprietary term used to refer to a class or category of products, such as "sedan" or "pickup truck."

Question 11

As a result of increased advertising and well-trained salespeople,packaging is less important than in the past.

Accepted Answer

The statement is incorrect as packaging still plays a significant role in consumer purchasing decisions. While advertising and salespeople can influence consumers, packaging is still the first point of contact with a product and can attract or deter potential buyers.

Question 12

While the Universal Product Code (UPC)improves efficiency at the retail check-out counter,it has increased problems in controlling inventory.

Accepted Answer

The UPC has actually improved inventory control by allowing for easier tracking and management of products.

Question 13

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

Accepted Answer

The statement is false. Sales of generic products may decrease for several reasons, but it is not necessarily because consumers prefer nationally known brands. Some possible reasons for the decrease in sales include a decrease in demand for the product overall or an increase in competition from other generic brands. Additionally, some consumers may prefer generic products because they can be less expensive than nationally known brands.

Question 14

Regardless of changes in packaging,the total product offer remains unchanged.

Accepted Answer

The answer of Regardless of changes in packaging,the total product...

Question 15

Brand names can significantly impact consumer perceptions of a product.

Accepted Answer

Brand names can influence consumer perceptions through branding strategies such as brand recognition, brand reputation, and brand loyalty. A strong brand name can make a product appear more desirable, trustworthy, and of higher quality than a similar product with a less recognizable or respected brand name.

Question 16

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

Accepted Answer

The U.S. legal system does offer trademark protection. Trademarks are protected under federal law via the Lanham Act and can be registered with the United States Patent and Trademark Office (USPTO). State laws also provide additional protection for trademarks.

Question 17

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 18

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 house brands and are commonly found in supermarkets, drugstores, and discount stores. They are developed and marketed by the retailer or distributor and do not carry the manufacturer's name. Examples of dealer brands include Target's Up & Up, Walmart's Great Value, and Costco's Kirkland Signature.

Question 19

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

Accepted Answer

Brand names can help create a unique identity and value for a product, which can be used to justify higher prices. Additionally, consumers may be willing to pay more for a well-established and trusted brand.

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