Marketing (HW 4 --> 7 & 8)

Companies must make important decisions about their individual products and services. Individual product decisions involve​ ________________, and product support services. A. product​ attributes, branding,​ packaging, labeling B. product​ characteristics, branding,​ packaging, labeling C. product​ mix, branding,​ packaging, labeling D. product​ colors, branding,​ packaging, labeling E. product​ attributes, product line​ decisions, branding, labeling

A

Good service companies understand the service profit​ chain, which links​ ________. A. service firm profits with employee and customer satisfaction B. service firm profits with customer satisfaction C. product profits with​ employee, vendor, and customer satisfaction D. service firm profits with employee satisfaction E. product profits with employee and customer satisfaction

A

In building​ brands, companies need to make decisions about four key powerful​ areas: ________________________________. A. brand​ positioning, brand name​ selection, brand​ sponsorship, and brand development B. brand name​ selection, brand​ positioning, brand​ advertising, and brand sponsorship C. brand extension​ selection, brand name​ selection, brand​ sponsorship, and brand development D. brand name​ selection, brand​ logos, brand​ sponsorship, and brand development E. brand​ positioning, brand name​ selection, advertising​ sponsorship, and brand development

A

Services are characterized by four key​ aspects: ______________________. A. services are​ intangible, inseparable,​ variable, and perishable B. services are​ intangible, variable,​ perishable, and inexpensive C. services are​ inexpensive, easy to​ find, intangible, and variable D. services are​ intangible, perishable,​ consistent, and inseparable E. services are​ intangible, inexpensive, easy to​ find, and automated

A

Which of the following correctly identifies the levels for which marketers make product and service​ decisions? A. individual​ product, product​ line, and product mix decisions B. primarily individual product and product line decisions C. individual​ product, product line​ extensions, and product mix decisions D. primarily individual product and product mix decisions E. product​ development, individual​ product, product​ line, and product mix decisions

A

Which of the following statements is true regarding product life cycle​ curves? A. The sales of a typical product follow an​ S-shaped curve made up of five stages. B. Once a product reaches the decline​ stage, it cannot be recycled back to growth. C. Managing products through their life cycle is an easy task. D. All products follow the traditional​ five-stage PLC model. E. Marketing strategies do not change for different life cycle stages.

A

Ad agency Young​ & Rubicam's BrandAsset Valuator measures brand strength along four consumer perception dimensions. Brand​ ___________ is defined in terms of how highly consumers regard and respect the brand. A. knowledge B. esteem C. equity D. differentiation E. relevance

B

Companies find and develop new product ideas from a variety of sources. Which of these is an internal source for new product​ ideas? A. Customers B. ​R&D C. Suppliers D. Distributors E. Competitors

B

Crowdsourcing is used in the​ _______________________ step of the new product development process. A. marketing strategy development B. idea screening C. commercialization D. product development E. idea generation

C

A new product may fail for many reasons. Which of the following is NOT one of​ them? A. Poor marketing research B. Poor product positioning C. Overestimated market size D. Rapid market acceptance E. Poor product design

D

Charles Revson of Revlon once​ said, "In the factory we make​ cosmetics; in the store we sell​ hope." Which product level is Revson referring​ to? A. Brand name B. Actual C. Augmented D. Core customer value E. Quality level

D

Services marketing strategy calls not only for external​ marketing, but also for internal marketing to motivate​ ________ and interactive marketing to create service delivery skills among​ ________. A. customer support​ staff; service providers B. ​employees; customers C. ​employees; supply-chain members D. ​employees; service providers E. sales​ teams; service providers

D

Which of the following is considered part of an augmented product rather than that of an actual product or core customer​ value? A. Product features B. Brand name C. Packaging D. Warranty E. Design

D

All products have a life cycle. The sales of a typical product follow​ __________________, which is made up of five stages. A. a​ bell-shaped curve B. a spiral curve C. an inverted​ V-shaped curve D. a​ V-shaped curve E. an​ S-shaped curve

E

The totality of a​ company's product lines and items offered to customers is known as its​ _________________. A. product mix B. product line length C. product line depth D. product lines E. product line width

A

To be more socially​ responsible, some companies are appointing​ _____________. Their job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems. A. product stewards B. product managers C. product champions D. brand managers E. attorneys

A

When a company builds a​ brand, it needs to make important decisions regarding the brand. Of the​ following, which is NOT one of those​ decisions? A. Brand licensing opportunities B. Brand positioning C. Brand name selection D. Brand development E. Brand sponsorship options

A

When a company lengthens a product line by adding more items within that​ line's current​ range, the company is​ ________. A. filling the line B. decreasing the depth of the line C. increasing the width of the product mix D. stretching the line downward E. stretching the line upward

A

​Ideally, a company must carry out strong new product planning and set up a systematic new product development process that is​ _________ to find and grow new products. A. ​customer-driven B. profitable C. ​employee-driven D. ​cost-effective E. ​competitor-driven

A

Broadly​ defined, a product is anything that can be offered to a market for​ ___________, or consumption that might satisfy a want or need. Products include not only physical​ objects, but also​ services, events,​ persons, places,​ organizations, ideas, or mixtures of these entities. A. ​requisition, use, attention B. ​attention, acquisition, use C. ​rent, acquisition, use D. ​acquisition, trial, attention E. ​use, purchase, acquisition

B

Firms have four brand development choices. These are​ _____________. A. line​ extensions, brand​ extensions, multibrands, and sponsorships B. line​ extensions, brand​ extensions, multibrands, and new brands C. line​ extensions, brand​ extensions, sponsorships, and new brands D. brand​ extensions, co-brands, private​ brands, and national brands E. new​ brands, brand​ extensions, positioning, and sponsorships

B

In determining product​ quality, what are the two dimensions of quality marketers must decide​ upon? A. Level and conformance B. Level and consistency C. Consistency and packaging D. Consistency and conformance E. Level and price

B

Many companies are now developing​ ________ programs to generate new product ideas. A. external​ R&D B. crowdsourcing or​ open-innovation C. customer panel D. college and university E. distributor and supplier

B

The first part of a marketing strategy statement describes the​ ________ of a new product. A. marketing mix strategy B. target market C. marketing budget D. planned price E. profit goals

B

The number of product lines a company manages is the product mix​ ______. The total number of items a company carries within its product line is the product mix​ _____. A. ​consistency; depth B. ​width; length C. ​depth; length D. ​width; depth E. ​length; width

B

The strongest brands are positioned on​ ______. A. benefits B. beliefs and values C. sponsorship D. attributes E. name selection

B

To create successful new​ products, a company must​ _______. A. cut costs to keep the price of new products low while delivering acceptable quality B. understand its​ consumers, markets, and competitors and develop products that deliver superior value to customers C. obtain successful products through acquisitions instead of doing internal development D. spend more on research and development​ (R&D) than its competitors and understand its consumers E. focus its new product development efforts only on consumers and deliver value

B

When a company lengthens a product line by adding more items beyond its current​ range, it is​ ________. A. decreasing the depth of the line B. stretching the line C. decreasing the width of its product mix D. increasing the width of its product mix E. filling the line

B

When marketers create services marketing​ strategy, they understand they must execute on external marketing but also develop​ _______________________________. A. employee and​ customer-facing marketing strategies as well B. internal strategies to motivate employees and interactive marketing to create service delivery skills among service providers C. internal marketing programs for customer service representatives D. create strategies that enhance​ buyer-seller interaction E. interactive marketing strategies for service providers and vendors

B

When we see Hello Kitty on​ children's clothing, Disney characters on​ lunchboxes, and SpongeBob SquarePants on breakfast​ cereals, which form of brand sponsorship is being​ used? A. Private branding B. Licensing C. ​Co-branding D. National branding E. Store branding

B

Which of the following is NOT a product life cycle​ (PLC) stage? A. Decline B. Commercialization C. Introduction D. Growth E. Maturity

B

Which of the following is the correct definition of a​ product? A. A product is a tangible good or a service that can be offered to a market for​ attention, acquisition,​ use, or consumption that does not satisfy a want or need. B. A product is anything that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need. C. A product is a tangible good that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need. D. A product is anything that can be offered to a market for consumption that does not satisfy a want or need. E. A product is a tangible good or a service that can be offered to a market for consumption that might satisfy a want or need.

B

Which of the following statements concerning new products is​ correct? A. Products that are merely improved in some way are not considered new. B. Modified and improved products are considered new. C. To be considered​ new, the product must be something consumers have not seen before. D. A modified product is not considered a new product. E. Most new products succeed within two years of their introduction.

B

________________ is the service characteristic to which marketers need to pay close attention when there are fluctuations in demand. A. Tangibility B. Perishability C. Variability D. Inseparability E. Intangibility

B

_____________________ is the value of customer relationships that a brand creates. A. Brand differentiation B. Customer equity C. Brand value D. Brand equity E. Customer value

B

Adding a new product line to an existing portfolio means that the line has​ __________________. A. increased product support services B. differentiated its product mix depth C. increased product mix width D. altered its product mix consistency E. extended product line length

C

In the new product development​ process, ideas that pass the idea screening step continue through​ ________. Strong concepts proceed to​ ________. A. product concept​ development; business analysis B. marketing strategy​ development; product concept development C. product concept​ development; marketing strategy development D. marketing strategy​ development; business analysis E. product concept​ development; product development

C

Marketers must consider potential product issues related to social responsibility. Of the​ following, which is NOT one of the product issues associated with social​ responsibility? A. Patent protection B. Product safety C. Product differentiation and positioning D. Product warranties E. Public policy issues and regulations

C

New product development consists of eight sequential steps. Which step reduces the number of ideas based on the​ company's criteria? A. Business analysis B. Concept testing C. Idea screening D. Product concept development E. Ideation

C

Service providers often face price competition. As a solution to​ this, service providers can further differentiate themselves based on which three​ characteristics? A. The service​ offer, delivery, and intangibility B. ​Delivery, image, and discounting C. The service​ offer, delivery, and image D. The service​ offer, image, and intangibility E. ​Intangibility, perishability, and variability

C

When a product is in the maturity stage of the​ PLC, the company tries to increase consumption by finding new users and new market segments for its brands. This attempt to increase consumption is known as​ ______________________. A. market maintenance B. milking the market C. modifying the market D. harvesting the market E. market stimulation

C

Which of the following incorporates the advantage of brands operating in different categories with the combined brands creating broader consumer appeal and greater brand​ equity? A. National branding B. Store branding C. ​Co-branding D. Distributor branding E. Private branding

C

Which of the following is a pure tangible​ good? A. A medical checkup B. A spa treatment C. Toothpaste D. Financial advice E. A meal at a restaurant

C

Which stage of the product life cycle normally lasts longer than the others and poses great challenges to marketing​ management? A. Decline B. Growth C. Maturity D. Introduction E. Product development

C

Which type of consumer products are frequently purchased with little​ planning, little comparison or shopping​ effort, and low customer​ involvement? A. Specialty products B. Shopping products C. Convenience products D. Capital products E. Industrial products

C

Service​ _______ means that the quality of services depends on who provides them as well as​ when, where, and how they are provided. A. intangibility B. inseparability C. packaging D. variability E. perishability

D

Which of the following statements regarding packaging is​ correct? A. Product safety is not impacted by packaging. B. Product strategy does not include packaging as an important consideration. C. Packaging should change every few months. D. Innovative packaging can give a company an advantage over competitors and boost sales. E. Companies can say anything they want on product packaging.

D

At which step does a company perform a review of the​ sales, costs, and profit projections for a new product to determine whether the new product is likely to satisfy​ objectives? A. Product concept development B. Marketing strategy development C. Idea screening D. Commercialization E. Business analysis

E

Because markets and consumers worldwide differ​ widely, companies usually respond to these differences by​ ________. A. maintaining a consistent image and lowering marketing costs B. standardizing their product offerings C. creating entirely different products market by market D. standardizing shipping and distribution costs E. adapting their product offerings

E

Consumer products are products and services bought by final consumers for personal consumption. Consumer product classifications include​ _______________, and unsought products. A. ​shopping, specialty, sought products B. ​convenience, shopping, seasonal C. ​convenience, shopping, optional D. ​luxury, specialty E. ​convenience, shopping, specialty

E

Installing an innovation management system to​ collect, review,​ evaluate, and manage new product ideas represents​ a(n) ______________ approach to new product development. A. ​customer-centered B. intrapreneurial C. sequential D. crowdsourced E. systematic

E

Kroger, headquartered in​ Cincinnati, Ohio, is one of the​ nation's largest grocery chains. It owns several brands sold in its​ stores, including Private​ Selection, Heritage​ Farm, and Simple. These brands represent which type of brand​ sponsorship? A. ​Manufacturer's brand B. Private labels C. Generic brands D. ​Co-brands E. Private brands

E

The stages of the product life cycle are​ ______________________________. A. product​ development, introduction,​ growth, maturity, and harvest B. ​introduction, growth,​ maturity, decline, and retirement C. product​ development, introduction,​ growth, maturity,​ decline, and maintenance D. ​introduction, growth,​ maturity, maintenance, and decline E. product​ development, introduction,​ growth, maturity, and decline

E

The three functions of​ __________ include​ identifying, describing, and promoting the product. A. product design B. product lines C. innovation D. packaging E. labeling

E

Which of the following statements about new product development strategy is​ correct? A. A new product will succeed as long as it is priced correctly. B. Good advertising creates successful new products. C. New products are not a major source of growth for companies. D. New products are usually successful because consumers like new things. E. Innovation can be very expensive and very risky.

E

Which of the following terms correctly describes the positive differential effect that knowing the brand name has on customer response to the product or the​ service? A. Brand name B. Brand voice C. Brand positioning D. Brand personality E. Brand equity

E

​___________________ are the two ways firms can obtain new products. A. Mergers and acquisitions B. New product development and external research and development C. Acquisitions and external research and development D. New product development and existing product modification E. Acquisitions and new product development

E