Exam 8: Developing and Managing Products and Services

__________ refers to the identification of good ideas (and the dropping of poor ones) as soon as possible. Crowdsourcing Idea generation Concept testing Idea screening Concept development

________ means that services cannot be seen, tasted, felt, heard, or smelled before they are bought. Service inseparability Service variability Service intangibility Service perishability Service heterogeneity

A _________ is a detailed description, drawing, or prototype of that idea that can be shown to potential customers. concept test product concept marketing strategy product development business analysis

At the very least, the ________ identifies the product or brand.It might also describe several things about the product and promote the brand. line extension social marketing label specialty product package

Why might ad expenditures remain high in the growth stage of the PLC?

Products and services fall into two broad classes based on the types of consumers that use them.Name these two broad classes and describe how they are different from each other.

Product planners must design the actual product and also find ways to ________ it in order to create the bundle of benefits that will create the most customer value. promote package brand augment present

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. Is line filling evident in this scenario Explain.

An attractive idea must be developed into a ________. product idea product concept product image test market product strategy

A manufacturer with a product in the decline stage of the product life cycle might decide to ________ if it has reason to hope that competitors will leave the industry. harvest the product maintain the product without change drop the product search for replacements delay planning

Which of the following is/are examples of product mix depth? hamburger and cheeseburger hamburger and ice cream Coke and Diet Coke A and C all of the above

You have just flown first-class from Winnipeg to Calgary.Last month you flew economy-class from Ottawa to Vancouver.When assessing the quality of service you received on both flights, you admit that you preferred the economy-class flight.List three possible factors that may have led to that variability.

If the product or service passes the business analysis test, it moves into what stage? concept development product development market testing strategy development product proposal

Using the R-W-W new-product screening framework, marketers first ask "Is it real?" Explain what is meant by this question.

GreenTree Lawn and Garden Products is engaged in a review of the sales, costs, and profit projections for some new products to find out whether they satisfy the company's objectives.This activity is called business product development.

A sensational ________ may grab consumers' attention and produce pleasing aesthetics, but it does not necessarily improve a product's performance. design style experience service-profit chain augmented product

Successful service companies focus their attention on both their customers and their employees.

In the concept testing stage of new-product development, a _________ form of the product concept is presented to groups of target consumers. physical conceptual final market-tested commercial

Give examples of the second level of product, the actual product.

The first part of the marketing strategy statement describes the target market; the planned product positioning; and goals for sales, profits, and ________. market share competition secondary market competition's anticipated reaction life-cycle duration