Question 1

When a company positioned in the "middle" market introduces a lower-priced product line,this is an example of ________.

Accepted Answer

A) product-line length 
B) up-market stretch 
C) down-market stretch 
D) maintenance 
E) none of the above 
A) product-line length 
B) up-market stretch 
C) down-market stretch 
D) maintenance 
E) none of the above

Question 2

The consumer usually purchases ________ frequently,immediately,and with a minimum of effort.

Accepted Answer

A) specialty goods 
B) shopping goods 
C) "must haves" goods 
D) personal goods 
E) convenience goods 
A) specialty goods 
B) shopping goods 
C) "must haves" goods 
D) personal goods 
E) convenience goods

Question 3

How do the four product-mix dimensions (width,length,depth,and consistency)affect a firm's product and corporate strategies?

Accepted Answer

These four product-mix dimensions permit

Question 4

Price-setting logic must be modified when the product is part of a product mix.In that case,the firm searches for a set of prices that ________ profits on the total mix.

Accepted Answer

A) are ineffective on total 
B) have no effect on total 
C) maximize 
D) minimize 
E) capitalize upon 
A) are ineffective on total 
B) have no effect on total 
C) maximize 
D) minimize 
E) capitalize upon

Question 5

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.

Accepted Answer

A) customer limiting 
B) customer orders 
C) niche marketing 
D) customer training 
E) customer marketing 
A) customer limiting 
B) customer orders 
C) niche marketing 
D) customer training 
E) customer marketing

Question 6

A guarantee's greatest contribution to a product's success is that it decreases the buyer's perceived risk in the purchase of the product.

Accepted Answer

A) True 
 B)False

Question 7

A product system is a group of diverse but related items that function in a compatible manner and includes the product mix and product assortment.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

Moving ________ carries risks.The new brand can cannibalize core brand sales and lower the core brand's quality image.

Accepted Answer

A) up-market 
B) two ways 
C) one way 
D) down-market 
E) none of the above 
A) up-market 
B) two ways 
C) one way 
D) down-market 
E) none of the above

Question 10

In planning its market offering,the marketer must address the five product levels of the customer-value hierarchy.Describe the "customer-value hierarchy" and identify the five levels of product contained within.

Accepted Answer

Each layer adds more customer value,and

Question 11

Buyers expect products to have a high ________,which is the degree to which all the produced units are identical and meet the promised specifications.

Accepted Answer

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

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

Line filling,if overdone,may result in self-cannibalization and increased customer loyalty.

Accepted Answer

A) True 
 B)False

Question 15

Because ________ are purchased frequently,marketers should make them available in many locations,charge only a small markup,and advertise heavily to induce trial and build preference.

Accepted Answer

A) nondurable goods 
B) durable goods 
C) services 
D) consumption systems 
E) potential products 
A) nondurable goods 
B) durable goods 
C) services 
D) consumption systems 
E) potential products

Question 16

Every company's product line covers a certain part of the total possible range of products and consumer levels.

Accepted Answer

A) True 
 B)False

Question 17

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.

Accepted Answer

A) consumption system 
B) expected 
C) potential 
D) augmented 
E) basic 
A) consumption system 
B) expected 
C) potential 
D) augmented 
E) basic

Question 18

Warranties are formal statements of expected product performance by the manufacturer.

Accepted Answer

A) True 
 B)False

Question 19

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 ________.

Accepted Answer

A) product type 
B) product class 
C) need family 
D) product variant 
E) product line 
A) product type 
B) product class 
C) need family 
D) product variant 
E) product line

Question 20

The homogeneity of natural materials limits the amount of demand-creation activity that producers undertake.

Accepted Answer

A) True 
 B)False

Exam 12: Setting Product Strategy

When a company positioned in the "middle" market introduces a lower-priced product line,this is an example of ________.

The consumer usually purchases ________ frequently,immediately,and with a minimum of effort.

How do the four product-mix dimensions (width,length,depth,and consistency)affect a firm's product and corporate strategies?

Price-setting logic must be modified when the product is part of a product mix.In that case,the firm searches for a set of prices that ________ profits on the total mix.

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.

A guarantee's greatest contribution to a product's success is that it decreases the buyer's perceived risk in the purchase of the product.

A product system is a group of diverse but related items that function in a compatible manner and includes the product mix and product assortment.

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

Moving ________ carries risks.The new brand can cannibalize core brand sales and lower the core brand's quality image.

In planning its market offering,the marketer must address the five product levels of the customer-value hierarchy.Describe the "customer-value hierarchy" and identify the five levels of product contained within.

Buyers expect products to have a high ________,which is the degree to which all the produced units are identical and meet the promised specifications.

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

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

Line filling,if overdone,may result in self-cannibalization and increased customer loyalty.

Because ________ are purchased frequently,marketers should make them available in many locations,charge only a small markup,and advertise heavily to induce trial and build preference.

Every company's product line covers a certain part of the total possible range of products and consumer levels.

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.

Warranties are formal statements of expected product performance by the manufacturer.

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 ________.

The homogeneity of natural materials limits the amount of demand-creation activity that producers undertake.

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