Question 1

With respect to product descriptors, the product's _____ communicate(s) how the product behaves, hopefully in a fashion that is distinctive and appealing to customers.

Accepted Answer

A)  features 
B)  benefits 
C)  image 
D)  position 
E)  advantages 
A)  features 
B)  benefits 
C)  image 
D)  position 
E)  advantages E

Question 2

Mallory is an avid collector of antiques. In fact, she spends practically every weekend traveling to small towns and antique shops in search of unique antique treasures. For Mallory, antiques are a perfect example of a:

Accepted Answer

A)  convenience product. 
B)  shopping product. 
C)  supplemental product. 
D)  influential product. 
E)  specialty product. 
A)  convenience product. 
B)  shopping product. 
C)  supplemental product. 
D)  influential product. 
E)  specialty product. E

Question 3

Without a doubt, the most important tool of product differentiation is:

Accepted Answer

A)  the product's image. 
B)  the brand. 
C)  the product's features. 
D)  perceptual mapping. 
E)  the product's price. 
A)  the product's image. 
B)  the brand. 
C)  the product's features. 
D)  perceptual mapping. 
E)  the product's price. B

Question 4

Which of the following IS NOT a function or potential function of packaging?

Accepted Answer

A)  protection 
B)  storage 
C)  convenience 
D)  integration 
E)  co-branding 
A)  protection 
B)  storage 
C)  convenience 
D)  integration 
E)  co-branding

Question 5

Unlike tangible goods, virtually all services are susceptible to inconsistency and variations in quality. Why is this so?

Accepted Answer

A)  because services depend on people for their delivery 
B)  because services cannot be managed due to their intangibility 
C)  because services are extremely time-and-place dependent 
D)  because service marketers cut corners to reduce expenses 
E)  because service marketers set unrealistic customer expectations 
A)  because services depend on people for their delivery 
B)  because services cannot be managed due to their intangibility 
C)  because services are extremely time-and-place dependent 
D)  because service marketers cut corners to reduce expenses 
E)  because service marketers set unrealistic customer expectations

Question 6

Why is the demand for most services--such as popular restaurants--extremely time-and-place dependent?

Accepted Answer

A)  because popular services typically lack sufficient capacity 
B)  because services cannot be stored for future use 
C)  because customers must be present for service to be delivered 
D)  because service customers are typically unsure of their needs 
E)  because competing services force customers to make tradeoffs between quality and time 
A)  because popular services typically lack sufficient capacity 
B)  because services cannot be stored for future use 
C)  because customers must be present for service to be delivered 
D)  because service customers are typically unsure of their needs 
E)  because competing services force customers to make tradeoffs between quality and time

Question 7

Assume Kia has developed a new product idea to launch a midsize pickup. Currently, Kia is developing a prototype and working on projected costs, revenues, and profit potential. Kia is currently at what stage of the new product development process?

Accepted Answer

A)  idea generation 
B)  development 
C)  screening and evaluation 
D)  test marketing 
E)  commercialization 
A)  idea generation 
B)  development 
C)  screening and evaluation 
D)  test marketing 
E)  commercialization

Question 8

One way of looking at _____ is to consider the marketing and financial value associated with a brand's position in the marketplace.

Accepted Answer

A)  brand equity 
B)  brand identity 
C)  brand equality 
D)  brand value 
E)  brand capitalization 
A)  brand equity 
B)  brand identity 
C)  brand equality 
D)  brand value 
E)  brand capitalization

Question 9

Which stage of the product life cycle has 1) establishing a strong, defensible market position and 2) achieving financial objectives that repay investment as its main priorities?

Accepted Answer

A)  Introduction 
B)  Growth 
C)  Maturity 
D)  Development 
E)  Decline 
A)  Introduction 
B)  Growth 
C)  Maturity 
D)  Development 
E)  Decline

Question 10

Why would a firm offer a deep assortment of products in its product portfolio?

Accepted Answer

A)  to attract a wide range of customers and market segments 
B)  to capitalize on the firm's reputation 
C)  to diversify its risk 
D)  to maximize differentiation across its product lines 
E)  None of the above 
A)  to attract a wide range of customers and market segments 
B)  to capitalize on the firm's reputation 
C)  to diversify its risk 
D)  to maximize differentiation across its product lines 
E)  None of the above

Question 11

Explain the key differences between product differentiation and product positioning. Other than branding, what are other factors on which product differentiation can be based?

Accepted Answer

People sometimes confuse differentiation

Question 12

Compare and contrast brand loyalty and brand equity, as well as how these concepts are related. Must a brand possess high brand loyalty in order to possess high brand equity? Explain.

Accepted Answer

Brand loyalty is a positive attitude tow

Question 13

To compete in the fast-growing hybrid segment, Honda introduced the Civic Hybrid with unique styling and great fuel economy. Which product development strategy has Honda implemented?

Accepted Answer

A)  Repositioning 
B)  New product line 
C)  Product innovation 
D)  Product improvement 
E)  Product line extension 
A)  Repositioning 
B)  New product line 
C)  Product innovation 
D)  Product improvement 
E)  Product line extension

Question 14

Why is the product life cycle an important consideration in selecting and developing a marketing strategy? What are the core differences among the PLC stages that force marketers to alter their marketing programs over time?

Accepted Answer

Managing the entire portfolio of product

Question 15

Discuss the benefits associated with offering a large portfolio of products. What are some of the key issues involved in managing the product portfolio?

Accepted Answer

Although offering a large portfolio of p

Question 16

Firms using the _____ approach during the decline stage of the product life cycle will gradually reduce marketing expenditures and use a less resource-intensive marketing mix.

Accepted Answer

A)  divesting 
B)  harvesting 
C)  repositioning 
D)  life extending 
E)  balanced 
A)  divesting 
B)  harvesting 
C)  repositioning 
D)  life extending 
E)  balanced

Question 17

As a tool of positioning strategy, perceptual maps illustrate two basic issues. First, they indicate products/brands that are similar in terms of relative mental position. Second, they illustrate:

Accepted Answer

A)  which brands occupy the same relative space. 
B)  how competing brands imitate one another. 
C)  voids in the current mindscape for a product category. 
D)  how long a brand has held its relative mental image. 
E)  how much longer a brand is likely to hold its relative mental image. 
A)  which brands occupy the same relative space. 
B)  how competing brands imitate one another. 
C)  voids in the current mindscape for a product category. 
D)  how long a brand has held its relative mental image. 
E)  how much longer a brand is likely to hold its relative mental image.

Question 18

When Meghan went to buy groceries, she found everything on her list except Pampers diapers. While the store had other competing brands in stock, Meghan left and drove five miles to the next store where she found the Pampers. It appears that Meghan exhibits a high degree of _____ for Pampers diapers.

Accepted Answer

A)  brand recognition 
B)  brand preference 
C)  brand insanity 
D)  brand equity 
E)  brand insistence 
A)  brand recognition 
B)  brand preference 
C)  brand insanity 
D)  brand equity 
E)  brand insistence

Question 19

During the maturity stage of the product life cycle, a firm has four general goals that can be pursued. Which of the following IS NOT one of these options?

Accepted Answer

A)  divest the product 
B)  generate cash flow 
C)  steal market share 
D)  hold market share 
E)  increase share of customer 
A)  divest the product 
B)  generate cash flow 
C)  steal market share 
D)  hold market share 
E)  increase share of customer

Question 20

One of the most common marketing goals during the introduction stage of the product life cycle is to:

Accepted Answer

A)  conduct test marketing studies. 
B)  maintain market share. 
C)  find new uses for the product. 
D)  engage in customer education activities. 
E)  spread misleading information about competing products. 
A)  conduct test marketing studies. 
B)  maintain market share. 
C)  find new uses for the product. 
D)  engage in customer education activities. 
E)  spread misleading information about competing products.

With respect to product descriptors, the product's _____ communicate(s) how the product behaves, hopefully in a fashion that is distinctive and appealing to customers.

Mallory is an avid collector of antiques. In fact, she spends practically every weekend traveling to small towns and antique shops in search of unique antique treasures. For Mallory, antiques are a perfect example of a:

Without a doubt, the most important tool of product differentiation is:

Which of the following IS NOT a function or potential function of packaging?

Unlike tangible goods, virtually all services are susceptible to inconsistency and variations in quality. Why is this so?

Why is the demand for most services--such as popular restaurants--extremely time-and-place dependent?

Assume Kia has developed a new product idea to launch a midsize pickup. Currently, Kia is developing a prototype and working on projected costs, revenues, and profit potential. Kia is currently at what stage of the new product development process?

One way of looking at _____ is to consider the marketing and financial value associated with a brand's position in the marketplace.

Which stage of the product life cycle has 1) establishing a strong, defensible market position and 2) achieving financial objectives that repay investment as its main priorities?

Why would a firm offer a deep assortment of products in its product portfolio?

Explain the key differences between product differentiation and product positioning. Other than branding, what are other factors on which product differentiation can be based?

Compare and contrast brand loyalty and brand equity, as well as how these concepts are related. Must a brand possess high brand loyalty in order to possess high brand equity? Explain.

To compete in the fast-growing hybrid segment, Honda introduced the Civic Hybrid with unique styling and great fuel economy. Which product development strategy has Honda implemented?

Why is the product life cycle an important consideration in selecting and developing a marketing strategy? What are the core differences among the PLC stages that force marketers to alter their marketing programs over time?

Discuss the benefits associated with offering a large portfolio of products. What are some of the key issues involved in managing the product portfolio?

Firms using the _____ approach during the decline stage of the product life cycle will gradually reduce marketing expenditures and use a less resource-intensive marketing mix.

As a tool of positioning strategy, perceptual maps illustrate two basic issues. First, they indicate products/brands that are similar in terms of relative mental position. Second, they illustrate:

When Meghan went to buy groceries, she found everything on her list except Pampers diapers. While the store had other competing brands in stock, Meghan left and drove five miles to the next store where she found the Pampers. It appears that Meghan exhibits a high degree of _____ for Pampers diapers.

During the maturity stage of the product life cycle, a firm has four general goals that can be pursued. Which of the following IS NOT one of these options?

One of the most common marketing goals during the introduction stage of the product life cycle is to:

Marketing in Todays Economy

Strategic Marketing Planning

Marketing Ethics and Social Responsibility in Strategic Planning

Collecting and Analyzing Marketing Information

Developing Competitive Advantage and Strategic Focus

Customers, Segmentation, and Target Marketing

Pricing Strategy

Distribution and Supply Chain Management

Integrated Marketing Communications

Marketing Implementation and Control

Developing and Maintaining Long Term Customer Relationships

Filters

Exam 7: Product Strategy

With respect to product descriptors, the product's _____ communicate(s) how the product behaves, hopefully in a fashion that is distinctive and appealing to customers.

Mallory is an avid collector of antiques. In fact, she spends practically every weekend traveling to small towns and antique shops in search of unique antique treasures. For Mallory, antiques are a perfect example of a:

Without a doubt, the most important tool of product differentiation is:

Which of the following IS NOT a function or potential function of packaging?

Unlike tangible goods, virtually all services are susceptible to inconsistency and variations in quality. Why is this so?

Why is the demand for most services--such as popular restaurants--extremely time-and-place dependent?

Assume Kia has developed a new product idea to launch a midsize pickup. Currently, Kia is developing a prototype and working on projected costs, revenues, and profit potential. Kia is currently at what stage of the new product development process?

One way of looking at _____ is to consider the marketing and financial value associated with a brand's position in the marketplace.

Which stage of the product life cycle has 1) establishing a strong, defensible market position and 2) achieving financial objectives that repay investment as its main priorities?

Why would a firm offer a deep assortment of products in its product portfolio?

Explain the key differences between product differentiation and product positioning. Other than branding, what are other factors on which product differentiation can be based?

Compare and contrast brand loyalty and brand equity, as well as how these concepts are related. Must a brand possess high brand loyalty in order to possess high brand equity? Explain.

To compete in the fast-growing hybrid segment, Honda introduced the Civic Hybrid with unique styling and great fuel economy. Which product development strategy has Honda implemented?

Why is the product life cycle an important consideration in selecting and developing a marketing strategy? What are the core differences among the PLC stages that force marketers to alter their marketing programs over time?

Discuss the benefits associated with offering a large portfolio of products. What are some of the key issues involved in managing the product portfolio?

Firms using the _____ approach during the decline stage of the product life cycle will gradually reduce marketing expenditures and use a less resource-intensive marketing mix.

As a tool of positioning strategy, perceptual maps illustrate two basic issues. First, they indicate products/brands that are similar in terms of relative mental position. Second, they illustrate:

During the maturity stage of the product life cycle, a firm has four general goals that can be pursued. Which of the following IS NOT one of these options?

One of the most common marketing goals during the introduction stage of the product life cycle is to:

Marketing in Todays Economy

Strategic Marketing Planning

Marketing Ethics and Social Responsibility in Strategic Planning

Collecting and Analyzing Marketing Information

Developing Competitive Advantage and Strategic Focus

Customers, Segmentation, and Target Marketing

Pricing Strategy

Distribution and Supply Chain Management

Integrated Marketing Communications

Marketing Implementation and Control

Developing and Maintaining Long Term Customer Relationships

Filters