Free returns are at the heart of Zappos customer-centric strategy. C) government buyers E) Brand equity is stabilized. They do this to see if their breakthrough innovations win over the masses. Co-brand- Nike partnered with Apple for Apple Watch. A) manufacturers' brand The research shows that 76% of 18 - 34-year-olds like it when CEOs of companies they buy from speak out on issues they care for. Reach New Markets. C) private brand Demographic segmentation. Shop California Roots. B) service intangibility This product is a(n) ________ product. Identify the buyer personas and target audience for your product. A) A brand extension C) A company can expand its existing brand into a category it otherwise might have difficulty entering alone. For example, the sedans product line shows a contribution margin of $570,000, and the fixed costs that could be saved if the product line is to be discontinued are salaries of $400,000. D) internal marketing Lets take a look at a few different product value propositions from ten well-known companies and see why they work well. ________ are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style. Brand awareness is about knowing the simple fact that a brand exists, without making judgments as to its status, value, popularity, or anything else. A) product mixing A) line extension B) brand equity C) private brand For those venturing into podcast audio, adhere to a theme that supports your brand message, value, and voice. C) Social marketing D) strong beliefs and values e. Social-cultural. A) It can add new product lines, thus widening its product mix. B) It can lengthen its existing product lines. It planned on increasing its market share in the bodybuilding equipment market 5 by rolling out marketing campaigns to extreme athletes and obtain 1000 new leads for its new product line by July 2016. A) service intangibility Then they refine the heck out of the user experience, obsessing over every detail and pushing the product specs to offer top-of-the-line options at a premium price point. Terms in this set (28) Brand differentiation. Chapter-9: MCQ's and short questions: 1. Then, deduct the initial cost of acquiring them. B) brand extension C) market B) length C) value; cost A) the collection of businesses and products that make up the company. - May 11, 2022. When market segments are conceptually distinguishable and respond distinctively to various marketing mix elements and programs, they are said to be ________. This particular market segment can be considered an extension of focus on quality customers segment discussed above. Customer-centricity allows for a loyal fan base, which eventually leads to long-term success. B) brand equity B) Unsought products Procter & Gamble markets 250 brands organized into many product lines. C) specialty products C) width Value goes around. Life goals. Product mix, on the other hand, is the total number of product lines a company offers to its customers. Product branding is especially important when a company has a diverse line of products to market to different segments. For example, if that new product may not be in a prospects current budget. A) convenience product Carefully examine the social media presence for the product. From snacks and frozen foods to our breakfast icons were passionate about our family of brands and the markets were in. perceived brand equality. JACKSONVILLE, Fla. (February 16, 2017) Today, Southeastern Grocers (SEG), home of BI-LO, Fresco y Ms, Harveys and Winn-Dixie stores, announces its largest-ever transformation of private label product, which will span approximately 3,000 items across all categories throughout each banner specific store throughout 2017. E) provider-customer interaction, Gina's Nail Salon is serious about pleasing its customers. Social status. 03. At the same time youll be keeping a base product ie one with fewer or older features with lower performance expectations on sale as a lower. Core customer value - what is bought by consumer (iPad, but more so a window to the world) 2. The good news is retailers, DEBBIE RADIE CHIEF OPERATING OFFICER, BOARDMAN FOODS Recently named Woman of the Year by the American Frozen Food Institute (AFFI), Radie has a long history, Hamilton, Mont.-based Local Bounti Corp. (localbounti.com) launches heat-and-eat Asian Style Chicken Lettuce Wrap Kits featuring its own sustainably greenhouse-grown butter lettuce. D) service variability B) undifferentiated marketing. Successful service companies focus their attention on both their customers and their employees. Consumers spend much time and effort in gathering information and making comparisons about these products. C) work to influence individuals' behavior to improve their well-being View and manage your segments. Achieving it wont An effective penetration pricing strategy provides an organization the space to target customers with specific price points. ________ are a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything. Which Bank Is Best for Mortgage Loans in India. When youre trying to stay ahead of the curve, not every potential customer initially realizes that it will scratch an itch they didnt know they had yet. When a product-centric company releases a new product, theres not always an instant crushing demand for their offering. D) specialty product A) brand differentiation The fundamental asset underlying brand equity is _____-the value of the customer relationships that the brand creates. D) Advertising, sales, promotion, and marketing must be carefully coordinated. These products have been developed to quality benchmarks as close, if not better than the taste and quality currently offered by the established brands already in the market but at significantly lower prices. Design describes the appearance of a product. Warby Parker has managed to quickly develop a brand that is unique and best in class. They have their own private brand, but the brand is called Publix. E) chairs, Paper, pencils, lubricants, paint, nails, and brooms are examples of ________. A) interactive marketing As part of our customer focused strategy at Brandfolder, we're always trying to help our customers discover value. C) Package B) product attributes To learn more about the products we love and the places they live click on a brand logo below. C) The name should be a long word to get attention. D) service; line extension They strategize, grow, and sell their company around . B) specialty LessAccounting - Bookkeeping, Without the Hassle. E) Product mixing, Many companies now use a combination of phone, e-mail, fax, Internet, and other technologies to provide ________. 1) Wear your shirt into our store/location on [specific date] and receive 10% off your purchase! This manager is referring to ________. Which is NOT one of these ways? This compares to 66% of 35-54-year-olds and 55% of the 55+ age group. On the other hand, Brand is created by us i.e. Which of the Following Is Not a Controllable Risk What Does an Upside Down Exclamation Mark Mean, Which Blue Shop Towels Are Best for Face Masks. Retailers ought to consider the following questions regarding communications, marketing, and packaging of private-brand products: D) Social marketing C) Total quality management SE Grocers Essentials Dependable quality at an affordable price. E) Cannibalization, In most ________ situations, one company licenses another company's well-known brand to use in combination with its own. A market segment is less attractive when ________. B) convenience by. A) buildings Total quality management is an approach in which all of the company's people are involved in constantly improving the quality of products, services, and business processes. SEG said it has put its focus on improving the overall quality of the own-brand products offered across the four grocery brands in the Southeast, including the development of a test kitchen and sensory lab tasting facility at its Florida headquarters. Founded in 1980, Muji is a global Japanese retail company selling a wide variety of household consumer items, furniture, clothing, and food products. The goal of product line pricing is to maximize profits by positioning new products with the highest number of features or with the most cutting-edge individual features at the highest price point. B) service inseparability D) Specialty product marketing c. Behavioral. product management plays an integral role. B) product experience D) new brands The strategy of a product-centric company differs from a customer-centric company in that a company centered on their product is going to build their customer base on how much value the product itself brings, and will rely heavily on the product's core features and functionality to sell. A brand name should translate easily into foreign languages. The three new brands are: SE Grocers Essentials, SE Grocers and Prestige. C) support services A company's brandincluding company values, brand story, visual identity, and taglinehas a major impact on consumers. E) The company can occupy more retail shelf space. Companies often expand . C) Social marketing E) healthy service profits and growth, Through ________, the service firm trains and motivates its customer-contact employees and supporting service people to work as a team to provide customer satisfaction. B) line extension E) franchising, While advertising campaigns can help to create name recognition, brand knowledge, and maybe even some brand preference, brands are not maintained by advertising but by ________. E) undifferentiated, Major brand marketers often spend huge amounts on advertising to create brand ________ and to build preference and loyalty. Price and service are the major marketing factors; branding and advertising tend to be less important. Product-centric companies build their growth strategy around the upgradation of their product. Using advanced scientific and engineering research, the company offers vacuums, fans, and all sorts of other products based on air movement that far exceed the competition in quality and performance. Ignoring customer communication channels while building segments. C) augmented A) It should suggest something about the product's benefits and qualities. C) width 7. A psychologist who uses aversive conditioning to treat a child's bed-wetting problem is using which of the following approaches? Creating happy customers and keeping them happy is the entire focus for the product team and the company. E) marketing tools, ________ is one of the marketer's major positioning tools because it has a direct impact on product or service performance; it is therefore closely linked to customer value and satisfaction. D) conformance The Jacksonville, Fla.-based supermarket portfolio, which operates BI-LO, Fresco y Ms, Harveys and Winn-Dixie stores, said its conducting its largest transformation of private label products, which will span approximately 3,000 items across all categories throughout each banner-specific store throughout 2017. An image of the product or brand in the consumer's mind relative to competing products and brands is referred to as the product's _____. Not only are we transforming by investing in our stores and in lower prices, but we are also investing in the quality of our products, said Ian McLeod, president and CEO of Southeastern Grocers, in a press release. B) brand line E) Convenience products, ________ are those products purchased for further processing or for use in conducting a business. This is known as product attributes in brand positioning. C) product quality Customers want to associate themselves with brands they admire and rely on providing quality. B) hamburger and ice cream The Prestige brand offers an indulgent experience, at an incredible price, the retailer said. These businesses focus on understanding their user and buyer personas, learning about their challenges, and building solutions to address . Biological. E) wholesalers, ________ are industrial products that aid in the buyer's production or operations, including installations and accessory equipment. A) cost; line extension C) Specialty products Companies create and manage customer experiences with their brands or companies. These new brands are: Southeastern Grocers has put its focus on improving the overall quality of the own brand products offered across the four grocery brands in the southeast, including the development of a test kitchen and sensory lab tasting facility at their Florida headquarters. 1. Businesses cant successfully do this halfway. D) Specialty items B) only an augmented product A) extension Customer-centric companies also excel at breaking down silos since their cross-functional goals. E) all of the above, The impossibility of a barber storing haircuts for later sale is an example of which of the following? The end-to-end customer experience now rules. Rent expense is allocated, and the company would still incur a total of $500,000 in rent expense if the sedan product line is eliminated. D) Packaging Act of 1970 Education. C) service inseparability B) packaging Employees are trained to immediately and pleasantly respond to any customer complaints, and they are empowered to offer discounts and free add-ons to customers who believe they have received anything less than the best service. E) Intermarket marketing, ________ involves activities undertaken to create, maintain, or change attitudes toward particular cities, states, and regions. This is the largest market segment by income and the promotion of products in this segment is typically crucial to business success. This is an example of ________. E) brand symbol. D) service differentiation Southeastern Grocers Streamlines Private Label Offerings. C) satisfied and productive service employees E) beliefs and values, Costco's Kirkland products are an example of a(n) ________. 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