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100. A detailed picture of what happens to a specific product’s sales and profits over time
Match the term with its definition.
a. Brand
b. Brand image
c. Brand name
d. Brandmark
e. Design patent
f. Direct channel
g. Indirect channel
h. Patent
i. Service mark
j. Trade dress
k. Trademark
l. Utility patent
101. The overall perception of a brand
102. A distribution system without intermediaries
103. A legal term indicating that a company has the exclusive right to use a brand to identify a service
104. Registered protection for the appearance of a product and its inseparable parts
105. A legal trerm indicating that a firm has exclusive rights to use a brand to promote a product
106. A verbal and/or symbolic means of identifying a product
107. Registered protection for a new or improved process, machine, or product
108. A brand that cannot be spoken
109. Elements of a firm’s distinctive image not protected by a trademark, patent, or copyright
110. A distribution system with one or more intermediaries
111. A brand that can be spoken
112. Discuss three considerations in constructing a channel of distribution.
113. Marie is a songwriter who has a full catalogue of material she has been compiling as a hobby since 1985. Recently
she was approached about someone recording her songs. To protect her rights to her songs, what does Marie need to do to
secure her rights?
114. Will, Max and Isaac are brothers and owners of Wood Toys of Yesterday, a company specializing in handmade
wood toys typical of the late 1800’s. The business had been a part-time enterprise when a national magazine did an
October cover story on the company and sales rose by 200% over their normal holiday increase. Make suggestions to
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them for the company to survive this rapid increase in growth especially considering the nature of their business and the
timing of the increase.
115. How can a small business protect its marketing assets?
116. Describe the differences between a brand, a logo, a trademark and a service mark. In what order would they be
developed?
117. Josiah has developed an avalanche safety kit that includes a small but powerful locator beacon. When he developed
and researched the idea, he found other kits on the market but his business analysis revealed a less expensive way of
producing the kits. How should he proceed?
118. Ollie has developed a new product for radio that allows the listener to rewind and listen to songs or dialogue that was
missed. The listener can then resume play in live mode, similar to a DVR product used on home TVs. Ollie knows his
competitive advantage will dwindle over time as new technology emerges. What can he do to secure the future of his
product and himself as an innovator?
119. Discuss the characteristic differences between marketing products versus services.
120. How can intermediaries impact a company’s supply chain?
121. After listing the six categories of major product strategies, discuss the implications for a small business.
122. Donnie owns a small tree farm known in the region for its maples. He has been approached about expanding. What
supply chain issues would he face?
123. Discuss the purposes of packaging, labeling and warranties in relation to a company’s brand.
124. How can a successfully growing firm fall into a growth trap?
125. Patricia has developed a new product that she would like to patent and produce. What can she do to reduce the risk
of failure?
126. Holley and Ellison are sisters whose parents started a stable 15 years ago boarding pleasure horses. The parents want
the sisters to take over the operation as they would like to retire and the business is starting to suffer. What could the
sisters do to move the company out of the decline stage of the product life cycle?
127. Sandra, after attending culinary school, has returned home to start a small French restaurant using sustainable, local
items as well as foods and wines from France. What type of distribution would she have and who would belong at what
level?
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Answer Key
1. True
2. True
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26. False
27. False
28. True
29. False
30. False
31. True
32. False
33. True
34. False
35. False
36. True
37. c
38. a
39. d
40. c
41. a
42. b
43. d
44. c
45. b
46. a
47. c
48. b
49. a
50. a
51. c
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77. d
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Copyrights are the exclusive right of a creator (author, composer, designer, or artist) to reproduce, publish, perform,
display, or sell work that is the product of that person’s intelligence and skill.
Trade dress describes the elements of a firm’s distinctive operating image not specifically protected under a trademark,
patent, or copyright. Trade dress is the “look” that a firm creates to establish its marketing advantage.
116. A brand is a verbal and/or symbolic means of identifying a product and has both tangible and intangible
components. The tangible aspects of a brand are its brand name (something that can be spoken) and brandmark
(something that cannot be verbalized). The brand image is the intangible aspect of the brand and reflects the overall
perception of the brand by consumers.
After these aspects of the brand are determined, a logo may also be developed as a firm’s special signature to symbolize
the firm. The logo may be the brandmark in combination with words to reflect the company.
The brand name, brandmark, and logo should be unique, easy to remember and related to the product or service. Then the
entrepreneur should run a search to determine if the brand name and/or symbol are in use. If not, this aspect of a company
should be legally protected by licensing a brand name and brandmark and also filing either for trademark or a service
mark. A trademark is a legal term indicating the exclusive right to use brand names and brand marks to promote a
product; a servicemark offers a similar protection for services.
117. Josiah now needs to complete product testing which will determine if his product is acceptable, safe, effective and
durable for use. The kits should be tested in the market to gauge consumer reaction. From the results, he may change his
prototype.
118. Ollie needs to develop a sustainable competitive advantage, a value-creating position that is likely to endure over
time. To incorporate sustainability into his business strategy, Ollie should use the unique capabilities of the firm and his
product in a way that competitors will find difficult to imitate. However, since rivals will discover a way to copy any
value-creating strategy sooner or later, it is important to think about and plan for its transformation over the long
run. Ollie and his company should plan now for the hidden curves and the corrective actions needed before the current
invention has slipped into the decline stage of the competitive advantage life cycle.
119. The characteristics of tangibility, amount of time separating production and consumption, standardization, and
perishability create differences between marketing a product versus marketing a service.
Services have intangible, standardized products where the consumption occurs when it is produced and has greater
perishability. Products are tangible products with different consumption and production times. Standardization is
increased but perishability is decreased for products.
The major implication of this distinction is that marketing services obviously present unique challenges that are not faced
when marketing goods.
120. Intermediaries can often perform marketing functions better than the producer. While the producer can perform its
own distribution functions if the market geographic area is small, customers’ needs are specialized, and risk levels are
low, intermediaries generally provide more efficient means of distribution if customers are widely dispersed or if special
packaging and storage are needed.
Merchant middlemen take ownership of the goods they distribute which helps a company decrease risk. Agents or brokers
do not take ownership and assume less market risk than do merchant middlemen.
121. The six strategies are:
*One product/one market
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