Marketing Exam Review

Why do companies use brands for their products?

• To differentiate their products

• To charge higher prices

• To encourage materialism

• To demonstrate creativity

A business that says it tries harder because its product is not number one, is using product positioning to achieve which goal?

• Motivate

• Upgrade

• Organize

• Compete

In which stage of brand loyalty do people become aware of the brand?

• Recognition

• Satisfaction

• Insistence

• Prefernece

A company that makes ink pens claims no other pen on the

market uses a type of ink that changes color when exposed to light. The company is positioning its product according to which strategy?

• Price and Quality

• Features and Benefits

• Unique Characterisitics

• Relation to other products in a line

A company advertises that its products are durable and

lightweight, and come in a variety of colors. Which strategy is the company using to position its products?

• Price and quality

• features and benefits

• unique characteristics

• Relationship to other products

Brand or trade names are used primarily to identify which

component?

• The market

• The standard

• The product

• The trend

A drawback of brands as compared to unbranded products is that which action happens?

• Differentiation of products

• Sell of products at higher prices

• Creation of brand loyalty

• Requirement of trademark registration

How do companies make brand promises to their customers?

• They provide customers with a sworn statement.

• They meet or exceed customer expectations on a consistent

  basis.

• Salespeople verbally make brand promises to each customer.

• They fulfill special requests for customers.

Why must all businesses incorporate their values into every

aspect of its operations?

• This will reinforce their promises to customers and build the

  brands.

• It is less expensive to operate if everyone buys into the same

  thing.

• It gives businesses something interesting to advertise.

• There will be less employee resistance if there is a standard philosophy.

How does technology help businesses when it enables them to

obtain and analyze vast amounts of information that impact the

pricing function?

• By generating profit-and- loss statements

• By deciding how much to spend on advertising

• By calculating the cost of hiring more employees

• By determining the best time to adjust prices