Chapter 7 Warm-Up

Which of the following is the correct definition of a product? a. A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. b. 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. c. A product is anything that can be offered to a market for consumption that does not satisfy a want or need. d. 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. e. 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.

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

The major product line decisions involves the line's _________________, or the number of items in the product line a. length b. mix c. depth d. scope e. portfolio

a. length

What are the four choices a company has for developing brands? a. Line​ extensions, licensing, brand​ extensions, and new brands b. Line extensions, brand extensions, multibrands, and new brands c. Line​ extensions, brand​ extensions, new​ brands, and brand phase out d. Single​ brands, multibrands, line​ extensions, and licensing e. Line​ extensions, line​ supplements, new​ lines, and new brands

b. line extension, brand extensions, multibrands, and new brands

The four major brand strategy decisions involve brand _______________. a. name​ selection, logo​ selection, sponsorship, and identity b. positioning, name selections, sponsorship, and development c. equity, identity, name​ selection, and logo selection d. equity, name​ selection, sponsorship, and development e. equity, value, name​ selection, and positioning

b. positioning, name selections, sponsorship, and development

Which of the following correctly identifies the five important decisions marketers must make when developing individual products and services? a. Product​ attributes, branding, quality​ level, pricing, and distribution b. ​Branding, pricing,​ advertising, distribution, and product support services c. Quality​ level, pricing,​ advertising, distribution, and promotion d. Product attributes, branding, packaging, labeling and product support services e. Product​ attributes, pricing,​ advertising, distribution, and promotion

d. Product attributes, branding, packaging, labeling and product support services

What are the two broad classifications of products? a. Grocery products and luxury products b. Consumer products and household products c. Consumer products and industrial products d. Consumer products and business products e. Necessity products and luxury products

c. Consumer products and industrial products

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

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

Services are characterized by four key aspects: _______________. a. services are​ intangible, perishable,​ consistent, and inseparable. b. services are​ intangible, inexpensive, easy to​ find, and automated. c. services are​ intangible, variable,​ perishable, and inexpensive. d. services are​ inexpensive, easy to​ find, intangible, and variable. e. services are intangible, inseparable, variable, and perishable

e. services are intangible, inseparable, variable, and perishable