2.01-2.04 Marketing test

A shampoo company decides to update its packaging to appeal to new customer attitudes and give its products fresh appeal. Which product-mix strategy is this company using?

Alteration

The product line consists of products that appeal to a certain target market.

Customer group

Which of the following is an example of a post-sale touch point:

Customer loyalty program

Which of the following is a way a business can classify a product line:

Depth

Which of the following is an example of a business with a broad product mix:

Discount store

These product lines are set up according to the outlets through which they are marketed.

Distribution method

Which of the following is one of the elements included in judging the consistency of a company's product lines:

End use

Which of the following is a benefit of brand promise:

It allows the company to stand out from the competition.

How does brand promise affect employees?

It gives them a common goal.

Which of the following is a true statement about brand promise:

It is not usually stated in words.

Which of the following is an example of a product line:

Kraft meats

What is product/service management?

Obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities

is a strategy in which a business creates a certain image or impression of a product in the minds of consumers. ex. luxury car brands

Positioning

refers to how familiar customers and potential customers are with the brand.

brand awareness

This is made up of the distinctive traits and characteristics that make the brand special and set it apart from the competition.

brand personality

A certain electronics brand portrays the characteristics of youth, energy, and hopefulness. This is an example of

brand personality.

the specific benefit that customers can expect from using the good/service and interacting with the company. It connects to customers on an emotional level and gives meaning to the brand.

brand promise

A technology company that offers its products in many different colors and at several different price points likely has a _________ product mix.

broad

A strategy that involves selling a package of products together for one price

bundling

also called breadth, refers to the number of product lines a company carries. It is usually referred to as being narrow or broad. Normally called narrow or broad.

Product-mix dimension- Width

term refers to the assortment of sizes, colors, flavors, and models offered in a company's product lines. normally called shallow or deep.

Product-mix dimensions- Depth

the total number of products in the product mix. ex. a hygiene company sells hair care items and skin care items

Product-mix dimensions- length

Which of the following is considered a pre-sale touch point:

advertising

This product-mix strategy involves making changes in the company's products or lines. Products may be completely redesigned or changes may be made in their basic styles, characteristics, packaging, or pricing.

alteration

when there may be enough overlap between products that the sales of one product take away sales from another product.

cannibalization

all the combined impressions and experiences associated with a company.

corporate brand

A certain company values creativity and encourages this trait among its employees, affecting how its brand promise is carried out. This factor is called

corporate culture

The values and ideals that an organization encourages among its employees make

corporate culture

The stage of the product life cycle in which profits begin to erode

decline

offers a significant variation of its products, This allows the business to meet the needs of a variety of consumers, consumers, to use a range of prices, and to compete effectively.

deep product mix

A person who purchases a new product before most others do

early adopter

the phrase that refers to costs going down as a company makes more and more of a product

economies of scale

Brand promise connects to customers on a(n) __________ level.

emotional

The most important factor in carrying out brand promise is

employees.

A business may expand its product mix by adding additional product items or lines, completely new products.

expansion

A salon recently added nail service to its product mix. This strategy is called

expansion.

When it comes to brand promise, it's best to leave it to chance.

false

a tangible object that can be manufactured and produced for resale, along with its associated benefits.

good

the stage of the product life cycle in which the product quickly becomes accepted in the market

growth

A strategy that involves lowering a product's costs but continuing to sell it

harvesting

A logo is a brand's

identifying mark

The benefit that a brand promises to its target customers must be

important to them.

When it comes to brand promise, employees should

incorporate it into all of their daily activities.

the stage of the life cycle in which many products fail

introduction

You can recognize a true brand promise if it

is authentic and credible.

At the grocery store, you might decide to buy a bottle of Coca-Cola, a DiGiorno frozen pizza, and a can of Dole pineapple chunks. Each of these purchases is a product

item.

when buys permission to sell the product but does not actually own it

license

a business has many products, gives customers many products to choose from.

long product mix.

Brand promise helps to increase brand awareness and brand

loyalty.

A state in which the only chance for increased sales occurs with population growth or a shift in market share

market saturation

The longest-lasting stage of the product life cycle

maturity

To meet the needs of its customers and help it achieve its company goals, a drugstore offers a large assortment of products, known as its product

mix.

when a company offers a limited number of product lines. ex ben and jerrys ice cream

narrow product mix

A strategy that involves setting prices low to achieve market acceptance

penetration pricing

Items in these product lines are in the same price bracket or of the same quality level.

price and quality

Weak products with declining sales and profitability are also called:

product discontinuation

The stages a product moves through from the time it enter the market until the time it exits the market

product life cycle

a group of related product items

product line

The particular assortment of products a business offers to meet its market's needs and its company's goals

product mix

when the service is attached to some sort of tangible good. ex. verizon

product-related service

when a company is not attached to any tangible goods. Instead, the service itself is the business's primary product. ex. Geico

pure service

During-the-sale touch points should be designed to

reinforce that the customer is making the right buying decision

an intangible activity performed by other people in exchange for payment, along with its associated benefits.

service

offers few variations within the product line. Limiting its product offerings helps a business control costs and ensure a profit.

shallow product mix

Customers are more likely to be loyal to brands that they feel

share their values and beliefs

a business has few items, helps to keep costs down and avoid competing with its own products.

short product mix

A strategy that involves setting prices high to recover costs

skimming

"I'm lovin' it" is one of McDonald's famous brand

slogan

a memorable phrase used to advertise a product or brand.

slogan

When a customer sees a news story on television about a certain company or brand, it's an example of a(n)

touch point

is any interaction between a business and a customer or potential customer.

touch point

refers to customers' level of commitment to buying the brand.

Brand loyalty

The product line consists of products with similar characteristics or functions.

Product class

Which of the following is a disadvantage associated with the addition of a lower prices product or line to a company's product mix:

The company's reputation may be damaged.

Which of the following is a reason for a business to have a narrow product mis:

To allow the company to specialize

offers many product lines. ex. discount stores

broad product mix

removing product items or lines from the product mix.

Contraction

Which of the following is a true statement regarding touch points:

A business must prioritize which touch points to focus on.

the point at which the product goes into full-scale production, a marketing plan is put in place, service and sales training are conducted, and the product's life cycle begins.

Commercialization.

refers to how closely a company's product lines are related in terms of: End use, Methods of distribution and production, Target market(s). and Price range

Consistency

A fast-food company offers burgers, chicken nuggets, pizza, and French fries. Eventually, the company realizes that the pizzas are not profitable and decides to stop selling them. Which product-mix strategy is the company using?

Contraction

Which of the following is a disadvantage associated with the addition of a higher priced product or line to a company's product mix:

Sales of established products may decline.

Why would a business remove of delete product items or lines from its product mix?

To avoid legal liabilities

Why would a business use a shallow product mix?

To control costs

Why would a business add higher priced products to its product mix?

To enhance the image of the company

Which of the following is a reason that a business would make changes to its products:

To keep up with changing consumer preferences

Why would a business use a broad product mix?

To promote one-stop shopping

Which of the following is a reason for a business to add product items or lines to its product mix:

To satisfy customers' desire for variety

When a company decides to add a lower priced product or line to its mix, This is also sometimes called stretching down. a company uses a cheaper item in the product mix.

Trading Down

When a company decides to add a higher priced product or line to its mix. This is also sometimes called stretching up or brand leveraging, a company puts a luxury item in the product mix.

Trading Up

A high-end department store decides to start selling a lower priced line of clothing to appeal to a different market. Which product-mix strategy is the department store using?

Trading down