Exam 10: Product and Service Strategies

What is the number of product lines a firm offers referred to as?

When a manufacturer of the food condiment vinegar promotes its use as a metal cleaner, the manufacturer is attempting to extend the product's life by increasing its frequency of use.

Why do grocery stores usually display items such as candy, gum, and magazines near the checkout counter?

During the decline stage of the product life cycle, the preferred marketing strategy is to increase prices to ensure profitability.

What type of convenience product do customers constantly replenish to maintain a ready inventory?

Match each item to the statement or sentence listed below. a.marketing mix b.benchmarking c.product d.convenience product e.shopping product f.specialty product g.product line h.product mix i.unsought product j.maturity stage k.raw materials l.total quality management m.product life cycle n.installations o.services p.impulse goods q.wholesaler r.business-to-business (B2B) s.supplies t.emergency goods u.component parts v.staples w.line extension -Products purchased on the spur of the moment are called _____.

What are finished business products of one producer that become part of the final products of another producer are called?

After researching and comparing several types of alarm clocks, Trisha decided on one that gives a choice of being wakened to music, bird calls, or ocean waves. In this case, what type of product would the alarm clock be classified as?

What type of products are financial, legal, and medical services?

Ryan, a successful entrepreneur, is planning to get into the petroleum business. He has bought two jack-up rigs running into millions of dollars to start the business. What type of product are these rigs examples of?

The products whose lifecycles can be extended or stretched indefinitely are referred to as orphan brands.

The expected and perceived quality of a service offering has little effect on the competitiveness of a company.

Marketers typically define product mixes using concepts of size, number, and price.

Using the consumer products classification system, which statement best describes the marketing mix factors for a specialty product?

List and describe the categories of consumer products. How does this grouping influence the method in which the products are marketed?

Impulse purchase items are marketed to consumers who may not yet recognize a need for them.

A company that decides to offer several complete product lines is most likely interested in growth and enhancing the company's position in the market.

Which product is, for most consumers, unsought?

What are fashions with abbreviated life cycles called?

In the context of the business products, what are capital items that typically cost less and last for shorter periods than installations are called?