MKTG 380: Chap 12 & 8 - Product Strategy
The assortment of product lines and individual product offerings a company sells is called the _____.
product mix
Intangible tasks that satisfy the needs of consumer and business users are called _____.
services
Products consumers purchase after comparing competing offerings are called _____.
shopping products
Products with unique characteristics that cause buyers to prize those particular brands are called _____.
specialty products
The convenience goods and services that consumers constantly replenish to maintain a ready inventory are called _____.
staples
_____ constitute the regular expenses a firm incurs in its daily operations.
supplies
Continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance is referred to as _____.
total quality management
Channel intermediaries that take title to goods they handle and then distribute these goods to retailers, or business or B2B customers are known as _____.
wholesalers
Bubbles, a major player in the beverage industry, is currently negotiating the purchase of a purification plant and a bottling unit. This is an important investment for Bubbles and the products have been designed specifically for them. Which of the following types of products is being purchased by Bubbles? A- Installations B- Component parts and materials C- Accessory equipments D- Supplies
A
In the context of business products, office stationery will fall under the category of: A- supplies. B- shopping products. C- accessory equipments. D- installations.
A
Rangers, a firm that provides a towing service, boasts of a very consistent performance track record and promises a quick and good quality service "anytime, anywhere." According to this information, Rangers is focusing on which of the following variables of service quality? A- Reliability B- Substitutability C- Empathy D- Sympathy
A
In the context of the business products, capital items that typically cost less and last for shorter periods than installations are called _____. A- shopping products B- accessory equipment C- supplies D- impulse products
B
Variations in each product a firm markets in its mix are referred to as the _____ of its product mix. A- volume B- depth C- width D- length
B
Development of individual offerings that appeal to different market segments while remaining closely related to the existing product line is referred to as _____.
line extension
Supermarkets usually display items such as candies, gums, and magazines near the checkout counter because: A- they tend to be purchased on the spur of the moment. B- they can be replenished easily on short notice. C- of the prestige associated with their ownership. D- they are closely evaluated prior to purchase.
A
The _____ is the blending of the four strategy elements—product, distribution, promotion, and price—to fit the needs and preferences of a specific target market.
marketing mix
A bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs is called a(n) _____.
product
Fresh, a company that manufactures personal care products such as soaps and shampoos, decides to produce and market dishwashing liquid and cleaners. This decision of the company represents: A- an increase in product mix depth. B- an increase in product mix width. C- an increase in the product mix consistency. D- an increase in the product lifecycle.
B
Which of the following is true of specialty products? A- Purchasers are usually bargain hunters who are not willing to pay much. B- Purchasers begin shopping with complete information of the desired product. C- Purchasers tend to exert minimal effort to obtain the desired product. D- Purchasers generally accept substitutes if the desired product is unavailable.
B
Procter and Gamble offers several varieties of Tide liquid detergent for high efficiency washers. It recently added a "Sport" formulation plus Febreeze targeted to active consumers who have noticed that sports apparel such as dri-fit shirts are difficult to clean. The "Sport" formulation represents a(n): A- novelty product B- line extension C- evolved product D- product fabrication
B
A product that contributes directly or indirectly to the output of other products for resale is also known as a(n) _____ product.
B2B
Convenience products that customers constantly replenish to maintain a ready inventory are categorized as: A- shopping products. B- impulse goods. C- staples. D- emergency goods.
C
Delectable, a fast food chain, emphasizes a lot on things like how the staffs are dressed, how the food is presented, as well as cleanliness of their service area. According to this information, Delectable is focusing on which of the following variables of service quality? A- Assurances B- Responsiveness C- Tangibles D- Empathy
C
For a past few months H&S Products has been involved in intensive price competition with its competitors for one of its products. A shift in consumer preferences is resulting in a decrease in sales. Profits are low and market researchers are concerned that losses will soon occur due to a decrease in the size of the market for the product. This product appears to reached the _____ stage of the product lifecycle. A- introductory B- maturity C- decline D- growth
C
Motels and luxury hotels cater to the same want satisfaction-a place to stay. However, their respective guests have considerably different expectations of service. Which of the following characteristics of services best represents these different expectations in service? A- Services are perishable. B- Services are intangible. C- Service standards show wide variations. D- Companies cannot easily standardize services.
C
Prescott purchased a 5-series BMW sedan and chose the vehicle because he loves the sporty ride and great handling. He usually takes the Interstate to work and lately has become disillusioned with the car and is bored. Which of the following might you recommend to Prescott to enhance his "want satisfaction" related to the vehicle purchase. A- Trade-in the BMW 5-series sedan and purchase a sports car B- Read articles or reviews about the BMW 5-series vehicle C- Change his driving route and get off the Interstate D- Drive faster than the speed limit to heighten the thrill of driving
C
You are contemplating starting a business in the next few months. You have expertise in both goods-based and services-based businesses, but aren't sure which route to take. You are, however, determined to develop jobs for the small factory town in which you grew up. Based on what you know about the U.S. business economy, which of the following approaches would you take? A- start a services-based business because demand has increased exponentially B- start a goods-based business because the demand is higher C- start a services-based business because such businesses are expected to account for 18 million new jobs by 2020 D- start a goods-based business because it is cheaper to maintain E- start a goods-based business because such businesses are expected to account for 35% of new job opportunities in the next 10 years
C
As head of marketing for Clarity Eyewear, you are focused on developing a promotional campaign that provides information about the product's features. You are also working to induce channel members to stock it. Unfortunately, the company is experiencing some technical problems and financial losses related to the product. Clarity Eyewear is most likely in which stage of the product lifecycle? A- Maturity B- Growth C- Introductory D- Research and Development E- Decline
C
When Sara developed a headache due to stress just before an important sales presentation, she quickly bought a pain reliever from a nearby pharmacy. This is an example of buying a(n) A- shopping product B- impulse good C- emergency good D- staple
C
The progression of a product through introduction, growth, maturity, and decline stages is called its _____.
product lifestyle
A company manufacturing hair care products introduced a new shampoo with keratin to enhance hair quality and reduce hair breakage. To ensure the right spot for the shampoo bottles on the supermarket shelves, the company paid retailers a substantial amount of money to stock the product. The money paid is called: A- push money. B- rebate. C- premium. D- slotting fees.
D
Casanova Supplies specializes in pharmaceuticals, home and office cleaning supplies, bath essentials, and pet care. The pharmaceutical line, which has five products, is the company's newest line. The home and office line has 12 unique products; the bath essentials line has 10 products; and the pet care line has seven products. Which of the following statements is true about Casanova Supplies? A- The company has a narrow product mix length. B- The company has four items in its product mix. C- The company has a product mix depth of 34 items. D- The company has a product mix width of 4. E- The company lacks a product mix.
D
Johnson & Johnson manufactures more than 100 brands in nearly 50 product categories. The total number of products they manufacture represents the _____ of its product mix. A- consistency B- depth C- width D- length
D
Special Confectioners, a major chocolate company, has recently started promoting its festive packs with the tag line,"making each moment special." By doing so, management is trying to make its customers realize the everyday relevance of their festive packs. In doing so, the company is attempting to extend product lifecycle by: A- increasing the number of users. B- finding new uses for the product. C- changing product quality. D- increasing the frequency of use.
D
When shifts in consumer preferences bring about an absolute slump in industry sales, a product is said to be in the _____ stage of the product lifecycle. A- introductory B- growth C- maturation D- decline
D
Which of the following business products would be classified as an installation? A- Paper clips B- Office filing cabinets C- Liquid inkjet printers D- Underground mining loaders
D
The Nestle Company is celebrating 150 years of success and has evolved from a single product company - sweet condensed milk to over 2000 brands across such categories of baby food, bottled water, pet food, drinks, ice cream, nutritional foods, and chocolate. These various product categories reflect the product ______ of Nestle. A- complexity B- depth C- extension D- width
D
A series of related products offered by one company is called a(n) _____.
product line
For the first time, your company is implementing the tool called benchmarking to set performance standards. In a memo you received introducing the new effort, you noticed an error. Which of the following statements was (were) wrong? A- Benchmark analyses establish a baseline for comparison. B- Implementing changes for quality improvement is part of the benchmarking process. C- The ultimate goal of benchmarking is to achieve competitive advantage. D- This approach provides an objective basis for making improvements. E- Benchmark analyses can be internal or external.
E
T/F: During the maturity stage of the product lifecycle, the industry sales curve for a product reaches a minimum point as competitors exhaust the supply of potential customers.
F
T/F: Price is generally the deciding factor in purchasing raw materials since the costs vary widely across markets.
F
T/F: Product line extension refers to the development of items that would expand the width of the product mix a company has to offer.
F
T/F: SUVs produced by different automobile companies constitute a single product line.
F
T/F: The decision about whether to delete products from the product line is usually faced during the late growth and early maturity phases of the product lifecycle.
F
T/F: The seller's image is very important for those marketers who sell convenience products.
F
Products purchased on the spur of the moment are called _____.
impulse goods
_____ are major capital investments in the B2B market.
installations
T/F: A service encounter is a point at which a consumer interacts with a service provider.
T
T/F: Advertising is an important component in the marketing mix for accessory equipments.
T
T/F: During the introductory stage of the product lifecycle, the public becomes acquainted with the item's merits and begins to accept it.
T
T/F: Homeshoring enables firms to save on office space, furnishings, and supplies.
T
T/F: In the case of shopping products, a store's name and reputation have considerable influence on people's buying behavior.
T
T/F: In the maturity stage of a product lifecycle, differences between competing products diminish as competitors discover the product and promotional characteristics most desired by customers.
T
T/F: In the maturity stage, heavy promotional outlays emphasize any differences still separating competing products, and brand competition intensifies.
T
T/F: Installations' marketers typically focus their promotional efforts on employing highly trained sales representatives, often with technical backgrounds.
T
T/F: Marketing accessory equipment requires continuous representation and dealing with the widespread geographic dispersion of purchasers.
T
The method of measuring quality by comparing performance against industry leaders is known as _____.
benchmarking
Finished business products of one producer that become part of the final products of another producer are called _____.
component parts and materials
Goods and services consumers want to purchase frequently, immediately, and with minimal effort are called _____.
convenience products
Products bought in response to unexpected and urgent needs are called _____.
emergency goods