Exam 13: Products and Services for Consumers

An American company wants to launch a new product in Madrid. Freda asks her product manager to distribute some samples to potential customers there so that she can gauge the consumer preferences there before introducing the product. Freda is attempting to reduce the degree of economic and/or social risk, also known as ________, associated with product use.

Dry cleaning, hair styling, and hotel accommodations have intrinsic value resulting from a process, a performance, or an occurrence that only exists while it is being created. Which characteristic of services is being referred to here?

Adaptation of the nonphysical features of a product should be avoided when adapting the product to a new culture.

The washing machines marketed by Talcho failed in Asian markets as those countries lacked the skills necessary to repair and maintain Talcho's products. Also, the washing machine parts available in local markets were not compatible with these machines. This product failure is most likely to be a result of lack of attention by the company to the ________ component of the product.

Describe the five characteristics of an innovation that assist in determining the rate of acceptance or resistance of the market to a product.

PG Autos introduces a new technology in its cars to improve their mileage and reduce carbon emissions. It also takes measures to improve its production facilities in order to reduce its carbon footprint. Actual introduction of green measures to meet the government guidelines rather than just through advertising and marketing shows that PG Autos engages in ________ marketing.

In Russia, products are divided into two categories-"ours" and "imported." This is an example of

The cost and quality of the product are among the most important criteria by which purchases are made.

A manufacturer of toiletries and cleaning products uses the name Home Helper, for most products in their international markets. The name has created a universal appeal for its products as customers identify their products with the name; hence, Home Helper can be regarded as a ________ brand.

From a sociological point of view, any idea perceived as new by a group of people is an innovation.

An important first step in adapting a product to a foreign market is to determine the cost-benefit as perceived by the intended market.

Compare and contrast the two ways consumers determine a product's quality.

Product diffusion or acceptance is more rapid when product perceptions are similar to current cultural values.

According to Everett Rogers, the goals of the diffusion researcher and the marketer are to shorten the time lag between

Services such as insurance and dry cleaning typically are classified as tangible.

In countries with low literacy rates, the pictures and symbols on products are taken literally as instructions and information.

How has the increased presence of global competition changed business strategies in the marketplace?

What is a physical attribute of a motorcycle that is essential for its primary function?

Phineas is comparing the innovation characteristics of his company's water filters with those that are already being marketed in the local market. He believes there is lot of potential for his filters as they are functionally more advanced, have a longer life, and can also be marketed at a more competitive price than those of other sellers in the local market. The innovation characteristic of Phineas's product that will help in wide acceptance of his product in the local market is its

A company focusing its efforts on making its new innovation more user-friendly than before is working on the _______ of the product.