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level: Level 2

Questions and Answers List

level questions: Level 2

Question	Answer
marketing practice in which a company creates a name, a symbol or a design that is easily identifiable as belonging to the company either a name, a term, a sign , a symbol, or a design or a combination of this that are intended to identify the goods and services of one seller or group of sellers and to differentiate them of those of competitors If you start your business it is important that you create this	• Brand
1 part of the brand that can be vocalized 2 part of the brand which can be recognize but is not alterable or cannot be vocalize, this can be symbol, design or distinctive coloring or lettering	1 Brand name 2 Brand mark
1 part of the brand that is given a legal protection, it protects the sellers exclusive right to use the brand name or brand mark 2 exclusive legal right to reproduce, publish or sell the matter of your own product	1 Trademark 2 Copyright
every product the company offers to the market bears same brand name and sometimes the name of the company; • the cost of introducing the drug product will be less. Definitely because of there is a brand name already widely recognized, accepted, and preferred by target consumers	Blanket Family Name
when a company uses one of its establish brand name on a new product or new product category; also known as BRAND STRETCHING; strategy is to use the company already established brand to launch a newest product - uses the popularity of the brand name to save the company of the high cost or expensive na promotional tools for the specific product GIVE EXAMPLES	Brand Extension Decision Ex. Myra, Vicks
the seller develops two or more brand in the same drug product category or the same generic equivalence; a company will launch several brand with the same generic name They have MORE SHELF SPACE at the selling area of drug outlets	Multi-branding Decision
Multi-branding Decision Advantages:	– (1) MORE SHELF SPACE at the selling area of drug outlets – (2) very few CONSUMERS of a drug product are that loyal to a brand they will NOT TRY ANOTHER COMPANY – (3) creating new brands DEVELOP HEALTHY COMPETITION within the manufacturer’s organization comprising several Product divisions or subsidiary companies – (4) a multibranding strategy positions brands on DIFFERENT BENEFITS AND APPEALS and each brand can ATTRACT a separate following when positioned in several target market segments • Ex. Unilever, P&G
Selecting a Brand Name for a Drug Product • Desirable qualities for a brand name:	– (1) it should CLOSELY SUGGEST something about the PRODUCT'S BENEFITS AND QUALITIES that the intended markets could associate with easily. EX. (Diatabs, Stresstabs, Licealiz, fungisol, drivemax, neurobion) – (2) it should be EASY TO PRONOUNCE, RECOGNIZE, AND REMEMBER. – (3) it should be DISTINCTIVE to readily arrest ATTENTION.
marketing activity or creatively designing, producing the appropriate container or wrapper for a drug product suitable to its target market that is relative to competition product Every company argues about packaging	Packaging Decisions
1 Through __ you can attract attention to your perspective buyers or describe a drug product to actually make the sale to the ultimate consumer 2 Rising consumer __ means that consumers are willing to pay a little more for the convenience, safety, appearance, dependability, and the prestige of better value packages for drug products in the marketplace.	1 Packaging 2 Affluence
• Drug products, consider several different package designs for new and existing product lines, selecting the best-balanced choice:	– (1) that will SATISFACTORILY CATER to the NEEDS of drug outlets in terms of CONVENIENCE and EASE OF HANDLING – (2) that end users will favorably RESPOND TO AT SHORT NOTICE – (3) physicians and dentists to PRESCRIBE with HIGHER CONFIDENCE – (4) pharmacists and allied professionals will readily ENDORSE OUT OF A HIGH-QUALITY PERCEPTION of the drug product – (5) that will generate GREATER PRODUCT AWARENESS, immediate trials and repeat purchases associated with the distinct and unique power of good innovative packaging.
strategy of developing a product line which usually you develop a new category or new product that are closely related either because first its function in a similar manner or they are sold to the same customer groups or marketed through the same types of outlets or fall within a given price ranges	PRODUCT LINE DECISIONS
termed as product assortment, set of all the product line or an item that a particular seller offers sale to a buyer	PRODUCT MIX DECISIONS
A company’s product mix will have certain features:	1 Width (different product category, ex. Analgesic, anti-infective) 2 Length (different brand name or diff generic name that they can possibly do under the same category ex. – ibuprofen, paracetamol, aspirin, medicol) 3 Depth 4 Consistency WeL DC