M370 Final Exam Review

What are products that household buyers use for their own use called? Ritual products Loyalty products Business products Consumer products

Consumer products

True pioneer products are products that have never been seen before and literally create new markets. Which of the following products would be considered a pioneer product at the time it was introduced? (Choose every correct answer.) Pampers disposable diapers in the early 1960s Coca-Cola's New Coke in 1984 Amana's microwave oven in 1967 Microsoft's Bing Search Engine in 2009

Pampers disposable diapers in the early 1960s Amana's microwave oven in 1967

Why are many firms shifting some of their promotional dollars AWAY from advertising? (Choose every correct answer.) Print media have grown and become more specialized. Advances in technology have led to a variety of new and traditional media channel options for consumers. Direct marketing and personal selling are usually the best ways to deliver messages to a target audience. Studies show that advertising is not a very effective way to communicate with consumers.

Print media have grown and become more specialized. Advances in technology have led to a variety of new and traditional media channel options for consumers.

Which traits are true of ALL products? (Choose every correct answer.) Something that a customer values Offered through a marketing exchange Delivered directly to the consumer Bought through an online distributor

Something that a customer values Offered through a marketing exchange

The set of assets and liabilities linked to a brand that add to or subtract from the value provided by a product or service is ____ equity.

brand

Brands are assets that a firm can build and harness over time to increase its ______.

equity

A company that develops a new merchandise tracking technology that automatically notifies suppliers when a new shipment is needed is using its new product to: improve business relationships. identify new target markets. increase market share. eliminate competition.

improve business relationships.

The overall sacrifice a consumer makes to acquire a product or service is known as ___.

price

What does a brand need in order to be somewhat protected from competition from other firms and price competition? (Choose every correct answer.) A celebrity endorsement An established track record in the market A loyal customer base A hard plastic package

An established track record in the market A loyal customer base

Which of the following are considered part of the five Cs of pricing? (Choose every correct answer.)

Company objectives Channel members Customers Competition Costs

Without innovation, what options would be available to firms? (Choose every correct answer.) Develop new products for current markets Develop new products for new markets Continue to market current products to current customers Take current products to new markets

Continue to market current products to current customers Take current products to new markets

According to the diffusion of innovation curve, when would marketers expect to see the highest frequency of purchases for a given product or service?

In the middle of the curve

What are some advantages experienced by pioneer firms over later entrants? (Choose every correct answer.) More likely to command a greater market share over a longer period More readily recognizable to consumers Low failure rate once new product launches Lower costs since the market is smaller Establish an early market share lead

More likely to command a greater market share over a longer period More readily recognizable to consumers Establish an early market share lead

Which pieces of information should be communicated to customers through a company's website? (Choose every correct answer.) Reviews of products or services Where customers can purchase products Features of products and services Contact information for competitors

Reviews of products or services Where customers can purchase products Features of products and services

Which of the following refers to the basic problem-solving benefits that consumers seek in a product? Augmented product Associated services The actual product The core customer value

The core customer value

True or False: Brands are sold either under a common/family name or as an individual brand.

True

Branding provides a way for a firm to ______ its product offerings from those of its competitors. license differentiate monetize commoditize

differentiate

One advantage of product innovation is that a firm can expand into different product categories. The point of the risk ______ strategy is that if some products in one category are competing poorly, others in another category could be doing very well.

diversification

Apple sells the majority of products under its Apple name brand. This is known as a(n) ______ brand.

family

The complete set of all products and product lines offered by a firm is called its product assortment, or product _____.

mix, or depth