Exam 8: Developing and Managing Products and Services

________ is the product life cycle period when sales fall off and profits drop. Introduction Growth Maturity Decline Development

Berkowitz Piano Company can expand its product line in one of two common ways.Which of the following is one of those ways? internal marketing line filling product mixing social marketing line mixing

Service productivity can be managed by increasing the quantity of service and giving up some quality.

Carrying a weak product during the decline stage of the PLC can be very costly to a firm, and not just in profit terms.Which one of these is least likely to be one of those costs? takes up much of management's time frequent price and inventory adjustment requires advertising and sales force attention few customer concerns about company image all of the above

The impossibility of a barber storing haircuts for later sale is an example of which of the following? service intangibility service inseparability service variability service perishability provider-customer interaction

________ are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. Shopping products Unsought products Specialty products Industrial products Line extensions

Why might a company pursue a strategy of less product mix consistency?

Unsought products are products that the customer buys frequently, immediately, and with a minimum of comparison and buying effort.

Service inseparability means that the quality of services depends on who provides them, as well as when, where, and how they are provided.

New product development starts with ________. idea generation idea screening concept development concept testing test marketing

________ are industrial products that aid in the buyer's production or operations, including installations and accessory equipment. Materials Parts Capital items Specialty items Supplies

Most products in the marketplace are in the ________ stage of the product life cycle. development introduction growth maturity decline

Up to 80 percent of all consumer products fail or dramatically underperform.

Because service quality depends on the quality of buyer-seller interaction during the service encounter, service marketers use ________ to train employees in the art of interacting with customers to satisfy their needs. internal marketing external marketing service-profit marketing service differentiation service productivity

Describe the role of packaging.

Scenario Herb Marks built his enterprise on the faithful patronage of four specialty shops and a large contract from Elmore Distributors.But after two years, the maker of novelty pens and pencils had to rethink his strategy when his two-year contract with Elmore ended. erb built a company reputation on the manufacturing and distribution of a variety of wooden writing utensils with customized engravings.Specialty shops loved to display the products in their fancy, lighted showcases, but such specialty shops alone were not profitable.Herb Marks established a brand name, known merely as Marks, and decided to expand on it. erb extended his writing utensil lines to include quills, felt-tip pens, and multiple-cartridge pens that write in different colors.He even added a line of various grades of personalized stationery and business cards.Perhaps Herb's biggest added touch, however, was the addition of two salespeople who would work to explain the diverse array of products offered by Marks, as well as nurture existing accounts. We make an excellent product," Herb Marks stated, "and we honour a good guarantee on everything we sell.But let's face it-we face hundreds of competitors! We need Marks representatives out there to help prospects understand what they should demand in something as simple as a writing tool." he Marks brand is now fast-becoming synonymous with top-notch customer service.Part of the purchase package brought personal visits from the Marks representative, before the purchase and long after. Describe Herb's core product.

Which stage of the typical consumer product life cycle is out of order below? product development introduction maturity growth decline

Give three examples of convenience products.

Mabel Lu is planning to buy a new washing machine.She notices that they come in numerous price ranges.She wants to make sure she gets the most for her money.This product is a(n) ________ product. augmented specialty convenience shopping unsought

You have an upset stomach.Your spouse rushes to the corner convenience store for a bottle of Pepto-Bismol.This product is a(n) ________ product. unsought convenience augmented shopping specialty