There are four levels of a product: core, tangible, augmented, and promised Which of the following represents an intangible product?
1) A new projector screen TV for teens to share with their friends
2) An outdoor kitchen to improve the value and appearance of a home
3) Life insurance with a high premium and high cash value after 20 years
4) A new Range Rover for its unique styling and brand name
What is the advantage of a service-dominated approach to products?
1) Because everything today is essentially a service
2) Because it integrates the product, price, and service dimensions of an offering
3) Because you don't have to be concerned with tangible benefits
4) Because services are more dominant today that pure goods.
Which stages are part of the product life cycle?
1) Early maturity, late maturity, demarket
2) Product development, product testing and launch
3) Introduction, launch, demarketing
4) Growth, maturity, decline
The product line is a group of related offerings. Which answer does NOT explain the definition of a product line?
1) A line extension can be added
2) Can be broad or narrow
3) The entire assortment of products a company offers
4) Created to make marketing strategies more efficient
The service-dominant approach to marketing considers three separate and distinguishable characteristics. Which of the following is NOT one of them?
Which of the following best describe the new offering-development process?
1) Product design, testing, feature screening, and commercialization
2) Idea generation, idea screening, feature specification, development, testing, commercialization, and evaluation
3) Idea generation, development, and commercialization
4) Ideation, design, testing, screening, development, and evaluation
In the idea screening stage, companies evaluate new offerings by determining ______.
1) if the product costs more during idea generation than expected.
2) the product's features
3) if the product fits with the image and corporate strategy
4) if the product works like it is supposed to work or if it needs further development.
Price is _______.
1) the amount of money a customer pays to receive the offering's benefits.
2) the value the company believes the product is worth in order for them to make a profit.
3) the manufacturer's suggested list price (mslp) and not necessarily what the consumer will pay for an offering.
4) always expressed in terms of US dollars.
Which of the following is an example of total cost of ownership?
1) A BOGO (buy one get one free) price for a pair of shoes
2) purchase of a blood glucose meter and the strips necessary to test blood glucose levels.
3) a Lego set and another related Lego product
4) Price of a hair appointment and the cost of gas to get to the salon
When an accounting firm packages its audit report in an expensive official looking report cover using linen stationary and the logo embossed on every page, what are they trying to convey to the customer?
1) a way to present canned information in a way that looks customized
2) to appear as if their service is really a product
3) A marketing message to promote their brand name to anyone who sees the report
4) A tangible aspect to the audit service to help the customer evaluate the service, trust the service, and be comfortable with price paid
Do all products have a technology platform?
1) No, technology platforms are unique to products using technology as the basis of their product
2) Yes, products need technology to be manufactured.
3) No, the technology as the basis for the product is irrelevant to describing a product.
4) Yes, all products have some aspect of technology involved in them.
For most customers, a fur coat would be an example of what type of consumer offering?
1) shopping offering
2) specialty offering
3) convenience offering
4) unsought offering
Apple begins markting an iCar. In which stage of the product life cycle would you put the iCar?
Kellogg Cereal markets All Bran, a non-sweetened and minimally processed cereal. It is in the decline stage of the product life cycle. What can Kellogg do to generate new interest in All Bran and extend the length of the product life cycle?
1) Try to get better shelf position for All Bran so consumers see it better and therefore more likely to buy it.
2) Consider the cereal a 'dog' and take it off the shelves and cut their losses.
3) Find a new market segment who would value the healthy cereal such as millinials.
4) Offer price promotions with deep discounts to sell more boxes of All Bran.
Why is having a good brand a great marketing strategy?
1) To ensure customers don't buy competing offerings
2) So that other products offered under the same brand name can receive the halo effect of the brand name and brand image
3) So that marketers don't have to constantly find new product names
4) So that competitors can't use the same brand name