Question 1

Sellers must label their products.Labels serve many purposes beyond just "naming" the product.List the additional services provided by a product's label.

Accepted Answer

A label identifies the product

Question 2

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.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) width 
B) length 
C) depth 
D) consistency 
E) height 
A) width 
B) length 
C) depth 
D) consistency 
E) height

Question 4

Using the ________ level of the product hierarchy to market its soups,Campbell Soups feature the company name first,then the soup variety on their packaging.

Accepted Answer

A) item 
B) product-type 
C) need-family 
D) product-family 
E) product-line 
A) item 
B) product-type 
C) need-family 
D) product-family 
E) product-line

Question 5

It was sunny when Jenny went to class,but by the time class was over it was raining heavily,so Jenny stopped by the student store to buy an umbrella before she walked back to her dorm.In this case,the umbrella is an example of a(n)________.

Accepted Answer

A) impulse good 
B) staple 
C) homogeneous shopping good 
D) emergency good 
E) heterogeneous shopping good 
A) impulse good 
B) staple 
C) homogeneous shopping good 
D) emergency good 
E) heterogeneous shopping good

Question 6

Companies in the "middle market" should never attempt to stretch their line in both directions.

Accepted Answer

A) True 
 B)False

Question 7

A Maserati sports car is considered a specialty good because interested buyers will travel far to buy one.

Accepted Answer

A) True 
 B)False

Question 8

________ are similar in quality but different enough in price to justify shopping comparisons.

Accepted Answer

A) Emergency goods 
B) Homogeneous shopping goods 
C) Heterogeneous shopping goods 
D) Specialty goods 
E) Impulse goods 
A) Emergency goods 
B) Homogeneous shopping goods 
C) Heterogeneous shopping goods 
D) Specialty goods 
E) Impulse goods

Question 9

In discussions with the packaging design team,it seems that they are unclear as to what should be included on the final product (consumer package)packaging.You list these objectives in a memo.List these objectives here.

Accepted Answer

Labels must first identify the product o

Question 10

Your service firm is contemplating adding a "guarantee" component.Members of senior management are unclear as to the marketing advantages of a guarantee.How would you convince members of senior management that a guarantee can provide a marketing advantage?

Accepted Answer

Guarantees reduce the buyer's

Question 11

Companies may wish to implement a(n)________ to achieve more growth,to realize higher margins,or simply to position themselves as full-line manufacturers.

Accepted Answer

A) up-market stretch 
B) down-market stretch 
C) service-market stretch 
D) consulting-model stretch 
E) obsolescence strategy 
A) up-market stretch 
B) down-market stretch 
C) service-market stretch 
D) consulting-model stretch 
E) obsolescence strategy

Question 12

Many products can be differentiated in terms of their ________,-size,shape,or physical structure.

Accepted Answer

A) form 
B) performance quality 
C) conformance quality 
D) reliability 
E) design 
A) form 
B) performance quality 
C) conformance quality 
D) reliability 
E) design

Question 13

A product line can also be lengthened by adding more items within the present range.There are several motives for line filling: ________,trying to satisfy dealers who complain about lost sales because of missing items in the line,trying to utilize excess capacity,and others.

Accepted Answer

A) responding to senior management wishes 
B) responding to consumer wishes 
C) reaching for incremental profits 
D) reaching for incremental capacity 
E) responding to sales-force demands 
A) responding to senior management wishes 
B) responding to consumer wishes 
C) reaching for incremental profits 
D) reaching for incremental capacity 
E) responding to sales-force demands

Question 14

The five product levels constitute a ________.At each level more customer value is added.

Accepted Answer

A) customer-augmented product 
B) customer consumption system 
C) customer value-hierarchy 
D) customer-perceived value 
E) customer hierarchy 
A) customer-augmented product 
B) customer consumption system 
C) customer value-hierarchy 
D) customer-perceived value 
E) customer hierarchy

Question 15

A benefit of product mapping is that it identifies ________.

Accepted Answer

A) market matrices 
B) target markets 
C) market segments 
D) consumers 
E) none of the above 
A) market matrices 
B) target markets 
C) market segments 
D) consumers 
E) none of the above

Question 16

Many sellers offer either general or specific guarantees.Guarantees reduce the buyer's ________ risk.

Accepted Answer

A) actual 
B) perceived 
C) real 
D) implied 
E) stated 
A) actual 
B) perceived 
C) real 
D) implied 
E) stated

Question 17

When differentiated,products can then be branded.List the possible ways that physical products can be differentiated.

Accepted Answer

Products can be differentiated

Question 18

The customer-value hierarchy consists of the basic product,core benefit,expected product,augmented product,and the consumption system.

Accepted Answer

A) True 
 B)False

Question 19

The customer will judge the offering by three basis elements: ________,services mix and quality,and price.

Accepted Answer

A) performance 
B) salespeople 
C) price 
D) product features and quality 
E) none of the above 
A) performance 
B) salespeople 
C) price 
D) product features and quality 
E) none of the above

Question 20

The main point in segmenting products into different classes is that companies should recognize that these items ________ in the potential for being priced higher or advertised more as ways to increase sales,margins,or both.

Accepted Answer

A) differ 
B) are more elastic 
C) are less elastic 
D) respond to advertising differently 
E) none of the above 
A) differ 
B) are more elastic 
C) are less elastic 
D) respond to advertising differently 
E) none of the above

Exam 12: Setting Product Strategy

Sellers must label their products.Labels serve many purposes beyond just "naming" the product.List the additional services provided by a product's label.

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.

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

Using the ________ level of the product hierarchy to market its soups,Campbell Soups feature the company name first,then the soup variety on their packaging.

It was sunny when Jenny went to class,but by the time class was over it was raining heavily,so Jenny stopped by the student store to buy an umbrella before she walked back to her dorm.In this case,the umbrella is an example of a(n)________.

Companies in the "middle market" should never attempt to stretch their line in both directions.

A Maserati sports car is considered a specialty good because interested buyers will travel far to buy one.

________ are similar in quality but different enough in price to justify shopping comparisons.

In discussions with the packaging design team,it seems that they are unclear as to what should be included on the final product (consumer package)packaging.You list these objectives in a memo.List these objectives here.

Your service firm is contemplating adding a "guarantee" component.Members of senior management are unclear as to the marketing advantages of a guarantee.How would you convince members of senior management that a guarantee can provide a marketing advantage?

Companies may wish to implement a(n)________ to achieve more growth,to realize higher margins,or simply to position themselves as full-line manufacturers.

Many products can be differentiated in terms of their ________,-size,shape,or physical structure.

A product line can also be lengthened by adding more items within the present range.There are several motives for line filling: ________,trying to satisfy dealers who complain about lost sales because of missing items in the line,trying to utilize excess capacity,and others.

The five product levels constitute a ________.At each level more customer value is added.

A benefit of product mapping is that it identifies ________.

Many sellers offer either general or specific guarantees.Guarantees reduce the buyer's ________ risk.

When differentiated,products can then be branded.List the possible ways that physical products can be differentiated.

The customer-value hierarchy consists of the basic product,core benefit,expected product,augmented product,and the consumption system.

The customer will judge the offering by three basis elements: ________,services mix and quality,and price.

The main point in segmenting products into different classes is that companies should recognize that these items ________ in the potential for being priced higher or advertised more as ways to increase sales,margins,or both.

Defining Marketing for the 21st Century

Developing Marketing Strategies and Plans

Gathering Information and Scanning the Environment

Conducting Marketing Research and Forecasting Demand

Creating Customer Value, satisfaction, and Loyalty

Analyzing Consumer Markets

Analyzing Business Markets

Identifying Market Segments and Targets

Creating Brand Equity

Crafting the Brand Positioning

Dealing With Competition

Designing and Managing Services

Developing Pricing Strategies and Programs

Designing and Managing Integrated Marketing

Managing Retailing, wholesaling, and Logistics

Designing and Managing Integrated Marketing Communications

Managing Mass Communications:

Managing Personal Communications:

Introducing New Market Offerings

Tapping Into Global Markets

Managing a Holistic Marketing Organization

Filters