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Exam 10: Managing Successful Products, Services, and Brands

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Question 201

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The __________ stage of the product life cycle is characterized by the appearance of competitors.

A) decline
B) maturity
C) introduction
D) growth
E) harvest

F) B) and D)
G) A) and C)

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Question 202

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Brand equity refers to __________.

A) the resources invested to create a name, phrase, design, symbol, or combination of these to identify a firm's products and distinguish them from those of its competitors
B) the difference between the revenues generated and the costs incurred to sell a product
C) increasing the content contained within the brand's package without changing its size or increasing its price
D) the net present value of the royalties the firm receives as a result of licensing its brand to other firms to manufacture and/or market
E) the added value a brand name gives to a product beyond the functional benefits provided

F) A) and C)
G) None of the above

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Question 203

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Despite the success of its Pentium chips, Intel faced a major threat from competitors like AMD's K6 chips that were cheaper and better placed to serve the emerging low-cost PC market. Intel wanted to protect the brand equity and price premium of its Pentium microprocessors, but it also wanted to avoid AMD gaining a foothold into the lower end of the market. So it created Celeron as a cheaper, less powerful version of its Pentium chips to serve this market. This is a notable example of a __________.

In the late 1950s and 1960s, television westerns were extremely popular. These adventure shows had settings and costumes very unlike other shows of that time (comedy, variety, crime, etc.) . Popular programs included Gunsmoke, Bonanza, Wagon Train, and The Big Valley. When ratings declined as viewers gradually stopped watching this TV genre, the networks no longer wanted to produce and televise such shows. The production companies used a(n) __________ strategy and stopped production on all television westerns when the networks stopped showing them.

In which stage of the product life cycle do marginal competitors begin to leave the market?

A __________ product requires little learning by the consumer, and the benefits of the purchase are readily understood.

Packaging that provides convenience, product quality assurance, protection, or easy storage offers what kind of benefits?

Which stage in the product life cycle is characterized by a rapid increase in sales and the appearance of competitors?

When Apple first introduced the Apple II personal computer in 1977, industry analysts predicted that very few would be sold. However, a short time after the product was made available, consumers who were young, well-educated, bold, and well-informed began buying them. While those buyers were relatively few in number, marketers like IBM and Compaq were encouraged because other, less adventuresome consumers like businesspeople would likely adopt personal computers later. Based on the diffusion of innovation concept, those first buyers of personal computers were __________.

The second step in the sequential process of building brand equity is to __________.

During the introduction stage of the product life cycle, a(n) __________ pricing strategy may be used. This pricing strategy charges a high initial price to recoup the costs of product development.

For many years, Kellogg's Frosted Flakes, a ready-to-eat breakfast cereal, was perceived as a cereal for children. Tony the Tiger, a cartoon character, extolled Frosted Flakes, and advertisements depicted children enjoying the product with Tony in competitive situations. Recently, in response to declining sales of Frosted Flakes, the cereal-maker has adopted a new series of advertisements that show adults admitting that they enjoy Frosted Flakes, too. Kellogg's is attempting to __________.

Gatorade is classified as a(n) __________ brand.

To help differentiate a company's brand from competitors, an improved version is created, or new features are added to the original design, and product proliferation occurs in the __________ stage of the product life cycle.

Identify and describe the four branding strategies that product and brand managers use.

If Proctor and Gamble (P&G) were to package a Gillette Fusion ProGlide Razor with its Old Spice Pure Sport Anti-Perspirant & Deodorant, P&G would be engaged in __________.

Four key challenges that package and label designers face include: (1) __________; (2) environmental concerns; (3) health, safety, and security issues; and (4) cost reduction.

Brand licensing refers to __________.

-Figure 10-1 above represents the stages of the product life cycle. What does the portion of the curve labeled B represent?

The two most common pricing alternatives for products in the introduction stage of the product life cycle are __________ and __________.