Question 1. What are the major components of an offering
goods, ideas and products
tangible goods and intangible services
product and price
features and benefits
Question 2. The major advantage to the service-dominant approach to products is _____.
the firm doesn’t have to be concerned with providing tangible benefits.
the firm can adjust the price of a service easier and more frequently than a tangible product.
the recognition that in today’s economy everything is essentially a service.
the ability to view the offering from the consumer’s point of view and the value they are seeking from the offering.
Question 3. Generally built on a core technology platform, a group of related products that meet differing consumer needs is called a _______.
Question 4. A bag of potato chips offered for sale at the neighborhood gas station is a ___________.
Question 5. Annie has been planning her dream wedding and the wedding dress is very important to her. She has been scanning wedding magazines for years and is now about begin looking for her perfect dress. Annie’s wedding dress is an example of a __________.
Question 6. Which of the following best describe the new offering-development process
Ideation, design, testing, screening, development, launch, and evaluation
Idea generation, development, testing, and commercialization
Idea generation, idea screening, feature specification, development, testing, commercialization, and evaluation
Product design, testing, feature screening, and commercialization
Question 7. Why is it important for a firm to establish a brand for its offerings
Because consumers find brand logos easier to recognize than product names.
Because any product sold under a brand can benefit from the sales of all products sold under the same brand umbrella.
Because the brand logo and name identifies the product and differentiates it from competing offerings thereby positioning it in the minds of consumers.
Because brands are families and like families are best known by their name.
Question 8. At the recent annual meeting of Apple shareholders, the iCar product design was unveiled and it was announced that sales would most likely begin in the first half of the next year. At which stage of the new product development process is the iCar
Question 9. Why is a product package important to the marketer
Because marketing is responsible for any product breakage
Because the package communicates the offering at the point of sale
Because package design is essentially a creative process and therefore part of the marketer’s responsibility
Because packaging that is not eye appealing may not receive prominent shelf space by the retailer
Question 10. Kellogg Cereal markets All Bran, a non-sweetened and minimally processed cereal. It is in the late maturity stage of the product life cycle and the brand manager is concerned it might enter decline. What can Kellogg do to generate new interest in All Bran and extend the length of the product life cycle
Offer price promotions with deep discounts to sell more boxes of All Bran.
Try to get better shelf position for All Bran so consumers see it better and therefore more likely to buy it.
Update the product and find a new market segment who would value the healthy cereal such as millinnials.
Consider the cereal a ‘dog’ and take it off the shelves to cut their losses.
Question 11. When an accounting firm packages its audit report in an expensive official looking report cover using linen stationary and the logo embossed on every page, what are they trying to convey to the client who is expected to pay a premium price for the audit of his business
a marketing message to promote their brand name to other business people who see the report in hopes of leaving a positive impression for future business
a way to present canned information in a way that looks customized
to appear as if the audit service is really a tangible product
That the firm provided a high quality service as evidenced by the quality report to help the customer trust and evaluate the service and be comfortable with the price paid.
Question 12. Which of the following is an example of total cost of ownership
purchase of a blood glucose meter and the strips necessary to test blood glucose levels.
A BOGO (buy one get one free) price for a pair of shoes
a Lego set and another related Lego product
Price of a hair appointment and the cost of gas to get to the salon
Question 13. In the Idea Generation stage of the New Product Development Process, who should be considered a primary source of new product ideas, especially in B2B products
Question 14. Price is ________.
the manufacturer’s suggested list price (mslp) and not necessarily what the consumer will pay for an offering.
the value the company believes the product is worth in order for them to make a profit.
the amount of money a customer pays to receive the offering’s benefits.
always expressed in terms of US dollars.
Question 15. Why is an understanding of a product’s life cycle important for marketers
The product life cycle tells the marketer when to stop selling the product because it can no longer be profitable.
The product life cycle tells the marketer precisely how long the product will last in each stage.
The product life cycle compares the product against the life cycle of competing products and helps the marketer make decisions regarding price discounts and marketing communication strategies.
The product life cycle helps the marketer plan strategy based on the life cycle stages to extend the life (and profitability) of the product.
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