Unit 5.2

When a company offers different products and services within the same category,

A. it is trying to serve different customer needs. *** b. it has failed to take the competition into account. c. its position strategy has failed. d. it will be unable to make a profit.

Creating an image for a product in the customer's mind is called

A. positioning *** b. distributing c. branding d. packaging

The Nike "swoosh" is an example of a product

a. feature b. package C. brand *** d. label

Companies that use the marketing concept will

a. focus on product features more than on consumer needs. B. select a product mix that will most appeal to their target market. *** c. make sure that all products and services they offer are profitable. d. all of these

The marketing concept

a. gives large businesses an advantage over small businesses. b. states that consumers buy a product because it meets their wants or needs. c. allows large businesses to be more flexible when trying to satisfy customer needs. D. none of these ***

A product mix

a. identifies features such as color, size, and quality. b. is used to maximize sales. C. is the different products and services that a business sells. *** d. helps determine the pricing strategy.

Product characteristics that will satisfy customer needs are called

a. the product mix B. features *** c. services d. brands

To satisfy a specific customer need, a business

a. uses channels of distribution. b. sets price objectives. C. positions its product in a certain market. *** d. uses cost- based pricing

Not every product has features.

false

Over the past 50 years, the U.S. market has changed from being a consumer-driven market to being a product-driven market.

false

Examining the competition's positioning strategy can help you determine the best positioning strategy for your target market.

true

For many businesses, a small percentage of their product mix often makes up the majority of the sales revenue.

true

Product features include such things as color, size, quality, warranties, delivery, and installation.

true

Products within the same category, such as cars, are positioned in the market to serve different customer needs.

true

The brand is the name, symbol, or design used to identify your product.

true

The marketing concept can give small businesses an advantage over larger businesses.

true

The product mix often includes items of convenience for customers even though those products may not be profitable.

true