Exam 13: Setting Product Strategy

McDonald's restaurants inside Walmart stores and Starbucks inside Super Targets are examples of ________, whose main advantages are that the products can or may be convincingly positioned by virtue of the associated brands.

The potential disadvantages of ________ are the risks and lack of control from becoming aligned with another brand in the consumers mind. Consumer expectations about the level of involvement and commitment are likely to be high, so unsatisfactory performance could be very negative for the brands involved.

A ________ is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.

Guarantees are most effective in two situations. The first is when the company or products are not well known. The second is when the product's quality is ________ to competition.

The ________ of a product mix refers to how many variants are offered of each product in the line.

A ________ is the set of all products and items a particular seller offers for sale.

A company positioned in the "middle" market introduces a lower-priced product line. What type of line-stretching is this?

As the newest member of the marketing department, your immediate boss asks you to comment on the company's proposal to add two new shoes to the company's middle-of-the-road pricing and product-line strategies. The first pair will retail for $ 40 and has as its target market the "bargain" shopper. The second pair will retail for $200 and is targeted at the "sophisticated shopper." In relation to product-line strategy, what is the company trying to accomplish with these two new items?

________ describes the product's look and feel to the buyer; it has an advantage of creating distinctiveness that is difficult to copy.

The vast array of products that consumers buy can be classified on the basis of shopping habits and are broken down into four main areas. List these four main classifications of consumer goods and explain what elements are included within.

When companies search for new ways to satisfy customers and distinguish their offering from others, they look at the ________ product, which encompasses all the possible augmentations and transformations of the product.

The Robinson-Patman Act, passed by Congress in 1967, set mandatory labeling requirements, encouraged voluntary industry packaging standards, and allowed federal agencies to set packaging regulations in specific industries.

Because they are intangible, durable goods normally require more quality control, supplier credibility, and adaptability than either services or nondurable goods.

A(n) ________ is defined as a distinct unit within a brand or product line distinguishable by size, price, appearance, or some other attribute.

Carlos always buys bread and milk when he goes grocery shopping. In this case, bread and milk are examples of impulse goods.

A product system is a group of diverse and unrelated items that does not function in a compatible manner and includes the product mix and product assortment.

The way the user performs the tasks of getting and using products and related services is the user's total ________.

We define packaging as all the activities of designing and producing the container for a product. This includes up to three levels of material: primary package, secondary package, and ________ package.

Studying how consumers shop, how they use a particular product or service, and how they dispose of the product when consumed is important for marketers. This information forms the basis of product strategy. Define the consumption system and identify the two upcoming product strategies that are affected by this knowledge.

Differentiating on ________ is important for companies with complex products and becomes an especially good selling point when targeting technology novices.