Exam 8: Products, Services, and Brands: Building Customer Value

Refer to the scenario below to answer the following questions. 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 contract with Elmore ended. Herb 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. Herb 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 honor 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." The Marks brand was 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. -An easier,more comfortable,more stylish transfer of thought onto paper is the of Herb's offerings.

Quaker produces a variety of cereals.This variety is called its product line.

Customer retention is perhaps the best measure of quality-a service firm's ability to hang on to its customers depends on how consistently it delivers value to them.

Branding can add consumer value to a product.

A product is a key element in the .At one extreme,it may consist of pure tangible goods or at the other extreme,pure services.

When the Twin Six Cafe provides gourmet menu options to its customers,as well as impeccable service-which even allows customers to hand- select their own cuts of meat- is/are evident.

Most manufactured materials and parts are sold directly to .Price and service are the major marketing factors;branding and advertising tend to be less important.

Consumers form relationships with products via brands.What might happen that allows a consumer to move from merely recognizing a brand to preferring a brand?

An apparel marketer is planning to launch an existing brand name into a new product category.Which brand development strategy is being implemented?

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.

Costco's Kirkland products are an example of a(n).

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.

Paper,pencils,paint,nails,and brooms are examples of .

A(n)represents consumers' perceptions and feelings about a product and its performance.

All of the following are a manufacturer's sponsorship options for a product EXCEPT .

Give three examples of shopping products.

We define a as anything that can be offered to a market for attention,acquisition,use,or consumption and that might satisfy a want or need.

means that services cannot be seen,tasted,felt,heard,or smelled before they are bought.

consists of activities undertaken to create,maintain,or change the attitudes and behavior of target consumers toward an organization.

The strongest brands go beyond attributes or benefit positioning;they are positioned on _.