QUESTION Name and describe the three types of innovation. What will be an ideal response? ANSWER Answer: (1) Continuous innovation represents modest improvements to an existing product to distinguish it from competitors; they require little consumer behavior change. (2) Dynamically continuous innovation represents marked changes to an existing product that require a moderate amount […]
QUESTION What are the three reasons for understanding how the process of innovation works? What will be an ideal response? ANSWER Answer: (1) Product obsolescence: Existing products become obsolete as consumers’ needs change or competitors add better features. (2) Frequent failure of new products: Constant innovation is necessary because most new products your company […]
QUESTION Differentiate among brand names, brand marks, and trademarks. What will be an ideal response? ANSWER Answer: Brand names are those parts of a brand that can be expressed verbally, such as by words, letters, or numbers. Brand names are those parts of a brand that cannot be expressed verbally, such as graphics and […]
QUESTION What is a brand manager, or product manager, responsible for? What will be an ideal response? ANSWER Answer: A brand manager, or product manager, is responsible for the key elements of the marketing mix—product, price, place, and promotion—for one brand or one product line. Explanation: Many companies have a brand manager, or product […]
QUESTION What is a brand? What will be an ideal response? ANSWER Answer: A brand is a unique name, symbol, or design that identifies an organization and its product or service. Explanation: Brands fall into the three general classes of brand names, brand marks, and trademarks.
QUESTION In hopes of encouraging children to wash dishes, Squishy Sponge Company has come up with the idea of making animal-shaped sponges sized to a child’s hand. The product idea has been screened, and the product analysis has been conducted. What does the company have left to do? (Assume the product is successful at each […]
QUESTION Most of us are likely familiar with the simple elegance of the containers associated with the Method brand of cleaning products. How does the packaging help the brand outside of the packaging’s normal purposes? What will be an ideal response? ANSWER Answer: It helps promote brand awareness. Explanation: Brand awareness means that consumers […]
QUESTION Give an example from your own life about brand preference. What will be an ideal response? ANSWER Answer: Answers will vary. Sample answer: I prefer to purchase organic yogurt from a local dairy but will buy other brands if my grocery store is out of the organic. Explanation: Brand preference means that consumers […]
QUESTION Give a real-world application of co-branding. What will be an ideal response? ANSWER Answer: Answers will vary. Sample answers from the text include: Target and Visa credit card; L.L.Bean and Subaru car; American Airlines Arena (Dallas); Staples SportsCenter (Los Angeles); AT&T Park (San Francisco). Explanation: Sometimes two companies or entities will get together […]
QUESTION Think of the functions of packaging and then tell how consumers might judge a book by its cover. What will be an ideal response? ANSWER Answer: One function of packaging is to protect the product. A hard cover will protect a book better than a soft cover. Another function of packaging is to […]
