Exam 12: Setting Product Strategy

Ingredient branding can take on a form called "self-branding" in which the company advertises its own branded ingredients.

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.

Labels can identify the product and must contain legal statements that under various Federal laws cannot be misleading, false, or deceptive.

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

In your position as a marketing manager for a small industrial company, you have been asked by the president to help differentiate the company's product from its competitors. In reviewing your marketing management notes, you note that the text stated that physical products could be differentiated in nine ways. These nine areas comprise the "meat" of the memo you are writing to the president of your firm. What are the nine ways that physical products can be differentiated?

Packaging is all the activities of designing and producing the container for a product.

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

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

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

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

What are the situations in which guarantees are most effective?

What goods are similar in quality but different enough in price to justify shopping comparisons?

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

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

To be branded, products must be differentiated. List the possible ways that physical products can be differentiated.

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.

When shopping for tires for your automobile, you notice that the manufacturer you have selected has tires for your car priced low, average, and high, based upon performance and features. This is an example of what type of product-mix pricing?

Betty Crocker cake mixes using Hershey syrup in its cake mixes and "Lunchables" lunch combinations with Taco Bell tacos are examples of what special type of branding?

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

Carlos always buys bread and milk when he goes grocery shopping. In this case, bread and milk are examples of impulse goods.