Exam 13: Setting Product Strategy

The product-line length can be obtained by averaging the number of variants within the brand groups.

When a physical product cannot easily be differentiated, the key to competitive success may lie in adding valued services and improving quality. Identify the six main service differentiators.

The product hierarchy stretches from basic needs to particular items that satisfy those needs.

Co-branding is when two or more well-known existing brands are combined into a joint product and/or marketed together in some fashion.

To avoid "feature fatigue," companies must be careful to prioritize those features that are included and find unobtrusive ways to provide information about how consumers can use and benefit from the feature.

If the physical product cannot be easily differentiated, the key to competitive advantage lies in the pricing of the related "services" provided by the manufacturer.

Marketers must see themselves as benefit providers. For example, when a shopper purchases new shoes, he or she expects the shoes to cover his or her feet and allow him or her to walk unobstructed. This is an example of what level in the consumer-value hierarchy?

In offering a product line, companies normally develop a ________ and modules that can be added to meet different customer requirements.

Capital items are long-lasting goods that facilitate developing or managing the finished products.

A group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups, are marketed through the same outlets or channels, or fall within given price ranges is known as a ________.

Which of the following are tangible goods that normally survive many uses?

The ability to design custom jeans through Levi's and create merchandise with your own images through Zazzle are examples of mass customization.

What is the importance of guarantees?

A consumer products firm manufactures and sells over 200 different sizes and varieties of jams and jellies. We can say that this manufacturer's product mix has high ________.

A product is anything that can be offered to a market to satisfy a want or need.

When the physical product cannot be easily differentiated, the key to competitive success may lie in adding valued services and improving their quality. The main service differentiators are ordering ease, delivery, installation, ________, customer consulting, maintenance, and repair.

Gillette uses ________ pricing when it offers razor handles at a low cost, but places a high markup on the replacement razor blades that fit in the handles.

Environmental concerns matter to consumers, and they expect companies to make changes to address their concerns.

Which of the following actions would result in the elimination of uncontrollable returns of products in the short run?

________ is the ability of a company to prepare on a large-scale basis individually designed products, services, programs, and communications.