MF 8-9 Updated

Why do marketers need to understand changes in consumer habits and tastes?

• A. To increase product prices

• B. To create solutions satisfying evolving market demands

• C. To reduce the variety of products offered
  

• D. To focus on traditional marketing strategies
  

In retail, what are products commonly referred to as?

• A. Services

• B. Merchandise

• C. Raw materials
  

• D. Commodities
  

Which of the following is NOT one of the three levels of a product?

• A. Core

• B. Actual
  

• C. Augmented
  

• D. Premium
  

What is the primary purpose of branding?

• A. To standardize product prices
  

• B. To distinguish product offerings from the competition
  

• C. To complicate the purchase decision
  

• D. To limit product features
  

What is a key difference between a product and a brand?

• A. Products satisfy customer needs; brands do not.

• B. Products have higher value; brands have lower value.
  

• C. Products cannot be differentiated; brands can.

• D. Brands distinguish a company's offerings in the competitive environment.

Which of the following is a benefit of brands for companies?

• A. Lower company value
  

• B. Decreased consumer preference and loyalty
  

• C. Increased competition
  

• D. High profits
  

How do customer benefit from brands?

• A. By complicating the purchasing decision
  

• B. By increasing the risk in purchasing
  

• C. By communicating features and benefits
  

• D. By devaluing symbolic meaning
  

What should a good brand name do?

• A. Create negative associations
  

• B. Be difficult to pronounce and remember
  

• C. Suggest product drawbacks
  

• D. Evoke positive association
  

When choosing a brand name, why is it important that it does not infringe on an existing registered brand name?

• A. To avoid legal issues
  

• B. To confuse consumers
  

• C. To mimic competitors
  

• D. To decrease brand value
  

What is the primary goal of brand management?

• • A) To reduce operational costs

• • B) To build, manage, and improve a brand

• • C) To decrease the workforce

• • D) To outsource product development