Question 1

When the physical product cannot be easily differentiated, the key to competitive success may lie in adding valued services and improving their quality. The main service differentiators are ordering ease, delivery, installation, ________, customer consulting, maintenance, and repair.

Accepted Answer

A)  technology intensity 
B)  responsivity 
C)  ease of use 
D)  customer training 
E)  adaptability

Question 2

Marketing planning begins with formulating an offering to meet target customers' needs or wants.

Accepted Answer

A) True 
 B)False

Question 3

Warranties are formal statements of expected product performance by the manufacturer.

Accepted Answer

A) True 
 B)False

Question 4

Alongside its midrange Corolla model, Toyota added the Camry to serve the upper end of the car market, and the Vios to serve the compact car market. It also introduced the Lexus as a premium offering for the luxury car segment. This is an example of a firm that successfully performed a ________ to reach more consumers and ventures that are more profitable.

Accepted Answer

A)  upstream integration 
B)  two-way stretch 
C)  up-market stretch 
D)  down-market stretch 
E)  downstream integration

Question 5

A product system is a group of diverse and unrelated items that does not function in a compatible manner and includes the product mix and product assortment.

Accepted Answer

A) True 
 B)False

Question 6

It was sunny when Jenny went to class, but by the time class was over it was raining heavily, so Jenny stopped by the student store to buy an umbrella before she walked back to her dorm. In this case, the umbrella is an example of a(n) ________.

Accepted Answer

A)  impulse good 
B)  specialty good 
C)  homogeneous shopping good 
D)  emergency good 
E)  heterogeneous shopping good

Question 7

Some service firms often engage in ________, consisting of a fixed fee plus a variable usage fee.

Accepted Answer

A)  pure bundling 
B)  pure pricing 
C)  mixed pricing 
D)  captive pricing 
E)  two-part pricing

Question 8

To avoid "feature fatigue," companies must be careful to prioritize those features that are included and find unobtrusive ways to provide information about how consumers can use and benefit from the feature.

Accepted Answer

A) True 
 B)False

Question 9

We define packaging as all the activities of designing and producing the container for a product. This includes up to three levels of material: primary package, secondary package, and ________.

Accepted Answer

A)  retailer package 
B)  design package 
C)  shipping package 
D)  consumer package 
E)  supplier package

Question 10

What are the situations in which guarantees are most effective?

Accepted Answer

The answer of What are the situations in which guarantees...

Question 11

When companies search for new ways to satisfy customers and distinguish their offering from others, they look at the ________ product, which encompasses all the possible augmentations and transformations of the product.

Accepted Answer

A)  consumption 
B)  expected 
C)  potential 
D)  augmented 
E)  basic

Question 12

Various factors have contributed to the increased importance of packaging as a marketing tool. List and briefly describe these events.

Accepted Answer

The answer of Various factors have contributed to the increased...

Question 13

Many products can be differentiated in terms of their ________, which is its size, shape, or physical structure.

Accepted Answer

A)  form 
B)  prototype 
C)  architecture 
D)  model 
E)  blueprint

Question 14

The ________ of a product mix refers to how many variants are offered of each product in the line.

Accepted Answer

A)  width 
B)  length 
C)  depth 
D)  consistency 
E)  height

Question 15

A ________ is the set of all products and items a particular seller offers for sale.

Accepted Answer

A)  product line 
B)  product mix 
C)  product extension 
D)  product system 
E)  product class

Question 16

You know that marketers have traditionally classified products based on characteristics of durability, tangibility, and use. You also know that each product type has an appropriate marketing-mix strategy attached. In analyzing your company's products, you decide to list each of these products and the appropriate marketing-mix strategy to understand where your products "fit." List these products and their appropriate marketing-mix strategies.

Accepted Answer

The answer of You know that marketers have traditionally classified...

Question 17

The five product levels constitute a ________. At each level more customer value is added.

Accepted Answer

A)  product line 
B)  business model 
C)  customer value-hierarchy 
D)  value grid 
E)  demand chain

Question 18

What goods are similar in quality but different enough in price to justify shopping comparisons?

Accepted Answer

A)  emergency goods 
B)  homogeneous shopping goods 
C)  heterogeneous shopping goods 
D)  specialty goods 
E)  convenience goods

Question 19

As the marketing manager for your firm, you have been approached by your key component manufacturer suggesting that your two firms "ingredient brand" a new item. What are some of the requirements for succeeding in ingredient branding?

Accepted Answer

The answer of As the marketing manager for your firm,...

Question 20

Co-branding is when two or more well-known existing brands are combined into a joint product and/or marketed together in some fashion.

Accepted Answer

A) True 
 B)False

Exam 12: Setting Product Strategy

When the physical product cannot be easily differentiated, the key to competitive success may lie in adding valued services and improving their quality. The main service differentiators are ordering ease, delivery, installation, ________, customer consulting, maintenance, and repair.

Marketing planning begins with formulating an offering to meet target customers' needs or wants.

Warranties are formal statements of expected product performance by the manufacturer.

A product system is a group of diverse and unrelated items that does not function in a compatible manner and includes the product mix and product assortment.

It was sunny when Jenny went to class, but by the time class was over it was raining heavily, so Jenny stopped by the student store to buy an umbrella before she walked back to her dorm. In this case, the umbrella is an example of a(n) ________.

Some service firms often engage in ________, consisting of a fixed fee plus a variable usage fee.

To avoid "feature fatigue," companies must be careful to prioritize those features that are included and find unobtrusive ways to provide information about how consumers can use and benefit from the feature.

We define packaging as all the activities of designing and producing the container for a product. This includes up to three levels of material: primary package, secondary package, and ________.

What are the situations in which guarantees are most effective?

When companies search for new ways to satisfy customers and distinguish their offering from others, they look at the ________ product, which encompasses all the possible augmentations and transformations of the product.

Various factors have contributed to the increased importance of packaging as a marketing tool. List and briefly describe these events.

Many products can be differentiated in terms of their ________, which is its size, shape, or physical structure.

The ________ of a product mix refers to how many variants are offered of each product in the line.

A ________ is the set of all products and items a particular seller offers for sale.

The five product levels constitute a ________. At each level more customer value is added.

What goods are similar in quality but different enough in price to justify shopping comparisons?

As the marketing manager for your firm, you have been approached by your key component manufacturer suggesting that your two firms "ingredient brand" a new item. What are some of the requirements for succeeding in ingredient branding?

Co-branding is when two or more well-known existing brands are combined into a joint product and/or marketed together in some fashion.