Chapter 7

The cartoon character​ "Jake" embodies the organizational values of Life is Good and is intended as a symbol of optimism and all that is right with the world. The​ "Jake" logo is an important symbol of the​ company's __________. A. product mix B. product portfolio C. brand D. product quality E. product line

C. brand

What are the two broad classifications of products?

Consumer products and industrial produdcts

Jim​ Laughlin, the director of communications for Life is​ Good, emphasized the importance of spreading awareness of the​ organization's goal of helping children through the sale of products to both customers and employees. If consumers rate Life Is Good more favorably because of these​ efforts, the company has increased its​ ____. A. brand equity B. service variability C. product mix D. product lines E. brand value

A. Brand equity

After a recent health​ scare, you decide that you should purchase life insurance. Life insurance is which type of​ product? A. Unsought B. Convenience C. Shopping D. Service E. Business

A. Unsought

After your big promotion at​ work, you decide to purchase a Rolex watch for yourself. Which type of product is your new​ watch? A. Business B. Specialty C. Shopping D. Service E. Convenience

B. Specialty

For many of Life is​ Good's customers, understanding of the​ company's positive message and social role makes a significant difference in terms of their response to the​ company's products and marketing. If this improves the​ company's financial​ position, it has increased its​ _____. A. internal marketing B. brand value C. brand equity D. brand awareness E. service intangability

B. brand value

You have decided to take your family on a vacation to the Bahamas. Which type of product is your​ vacation? A. Convenience B. Unsought C. Services D. Business E. Specialty

C. Services

Suppose you are moving to a new college dorm and need to buy a new piece of furniture. Which type of product is the furniture you​ purchase? A. Unsought B. Business C. Shopping D. Services E. Convenience

C. Shopping

What is the definition of a product?

A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

What are the four major brand strategy decisions?

1. Brand positioning 2. Brand name selection 3. Brand sponsorship 4. Brand development

What are the four choices a company has for developing brands?

1. Line extensions 2. Brand extensions 3. Multibrands 4. New brands

What are the five important decisions marketers must make when developing individual products or services?

1. Product attributes 2. Branding 3. Packaging 4. Labeling 5. Product support services

What 4 aspects are services characterized by?

1. Services are intangible 2. Inseparable 3. Variable 4. Perishable

Which of the following statements is true regarding the marketing of services? A. Service providers do not need to differentiate their offerings B. Customer-facing employees are not important in the marketing of services C. Service providers do need to use segmentation and target marketing D. For service providers, a solution to price competition is to develop a differentiated offer, delivery, and image E. Buyer-seller interaction during the service encounter has little impact on service quality

D. For service providers, a solution to price competition is to develop a differentiated offer, delivery, and image

Your favorite candy​ bar, that you purchase​ often, is most likely considered which type of​ product? A. Shopping B. Unsought C. Services D. Convenience E. Business

E. Convenience

Life is Good utilizes a percentage of its profits to support its own charitable​ foundation, whose purpose is to provide support services for frontline childcare providers. Its notion of​ "Do well by doing​ good" is encapsulated by which of the following​ concepts? A. Branding B. Co-branding C. Brand extension D. Interactive marketing E. Social marketing

E. Social marketing

The founders of Life is Good started their business by hawking​ t-shirts on the street and selling them door to door in college towns. As the organization​ grew, the number of different lines of products it offered​ grew, too.​ Collectively, these assorted product lines might be described as Life is​ Good's __________. A. service offerings B. unsought goods C. product assortment D. merchandise assortment E. product mix

E. product mix

The major product line decision involves the line's _________, or the number of items in the product line

Length