Exam 10: Product and Service Strategies

In terms of planning time involved in a purchase, convenience and specialty products take very little time, while shopping products take an extensive amount of time.

Using the consumer products classification system, which statement best describes the consumer factors for specialty products?

Shopping products typically cost less than convenience purchases.

What are the five variables of service quality? Define service gap.

How do elements of the marketing mix change during the product life cycle?

Which statement best describes the maturity stage of the product lifecycle?

Technical problems are common during the introductory stage of the product life cycle as companies fine-tune product design.

Which of the following has a mandate of advancing the quality movement in Canada by providing advice on change management, organizing events to promote quality, and offering educational certification programs?

A university education is a product.

Zara Inc., a well-known cosmetics manufacturer, introduced its anti-wrinkle cream in the Asian market after its sales in the European market levelled out due to stiff competition from rival products. How is Zara Inc. attempting to extend product lifecycle?

How might you categorize convenience products that customers constantly replenish in order to maintain a ready inventory?

Which variable of service quality best represents the readiness to serve one's customers?

Companies with one product line have unlimited growth potential.

Which product relies least on personal selling?

Which of the following industries does NOT belong to the service sector?

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 -A product that is purchased frequently, immediately, and with minimal effort is classified as a(n) _____.

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 -Development of individual offerings that appeal to different market segments while remaining closely related to the existing product line is referred to as _____.

What is the first main activity involved in benchmarking?

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 bought in response to unexpected and urgent needs are called _____.

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 -The _____ is the blending of the four strategy elements to fit the needs and preferences of a target market.