CHAP 1

What is a brand according to the American Marketing Association?

• A type of service

• A symbol or design to differentiate products

• A legal requirement for products

• A sales strategy

Why do consumers prefer branded products over non-branded products?

• Branded products are always cheaper

• Brands reduce risk in purchasing

• Brands guarantee high quality

• Brands are easier to find in stores

What is one role of brands for firms?

• Reduce inventory levels

• Eliminate competitive advantage

• Secure competitive advantage

• Simplify product development

One role of brands for consumers is to:

• Complicate decision-making

• Simplify decision-making

• Increase inventory complexity

• Reduce market competition

Brands can take on:

• Legal characteristics

• Financial characteristics

• Human-like characteristics

• Historical significance

What is the main goal of marketing?

• To reduce prices

• To manage inventory

• To build brand and customer relationships

• To create complex advertising strategies

Traditional marketing goals have focused on selling:

• Only services

• Goods, services, and ideas

• Social media content

• Government bonds

Which of the following is NOT part of the marketing mix (the four Ps)?

• Product

• Place

• Profit

• Promotion

Positive customer relationships create what for a brand?

• Market confusion

• Added costs

• Value

• Decreased sales

Marketing communication (marcom) includes all EXCEPT:

• Advertising

• Public relations

• Medical research

• Digital media