Quiz
What are the major components of an offering?
Question 1 options:
features and benefits
tangible goods and intangible services
product and price
goods, ideas and products
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Question 2 Question 2 Unsaved
The major advantage to the service-dominant approach to products is _____
Question 2 options:
the recognition that in today's economy everything is essentially a service.
the ability to view the offering from the consumer's point of view and the value they are seeking from the offering.
the firm doesn't have to be concerned with providing tangible benefits.
the firm can adjust the price of a service easier and more frequently than a tangible product.
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Question 3 Question 3 Unsaved
Generally built on a core technology platform, a group of related products that meet differing consumer needs is called a ___________.
Question 3 options:
product mix.
product family.
product line.
line extension.
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Question 4 Question 4 Unsaved
A bag of potato chips offered for sale at the neighborhood gas station is a ___________.
Question 4 options:
convenience offering.
speciality offering.
shopping offering
unsought offering.
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Question 5 Question 5 Unsaved
Annie has been planning her dream wedding and the wedding dress is very important to her. She has been scanning wedding magazines for years and is now about begin looking for her perfect dress. Annie's wedding dress is an example of a __________.
Question 5 options:
convenience offering.
shopping offering.
unsought offering.
specialty offering.
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Question 6 Question 6 Unsaved
Which of the following best describe the new offering-development process?
Question 6 options:
Ideation, design, testing, screening, development, launch, and evaluation
Idea generation, development, testing, and commercialization
Product design, testing, feature screening, and commercialization
Idea generation, idea screening, feature specification, development, testing, commercialization, and evaluation
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Question 7 Question 7 Unsaved
Why is it important for a firm to establish a brand for its offerings?
Question 7 options:
Because the brand logo and name identifies the product and differentiates it from competing offerings thereby positioning it in the minds of consumers.
Because brands are families and like families are best known by their name.
Because consumers find brand logos easier to recognize than product names.
Because any product sold under a brand can benefit from the sales of all products sold under the same brand umbrella.
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Question 8 Question 8 Unsaved
Apple iCar design
At the recent annual meeting of Apple shareholders, the iCar product design was unveiled and it was announced that sales would most likely begin in the first half of the next year. At which stage of the new product development process is the iCar?
Question 8 options:
testing
development
feature specification
launch
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Question 9 Question 9 Unsaved
Why is a product package important to the marketer?
Question 9 options:
Because packaging that is not eye appealing may not receive prominent shelf space by the retailer
Because the package communicates the offering at the point of sale
Because marketing is responsible for any product breakage
Because package design is essentially a creative process and therefore part of the marketer's responsibility
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Question 10 Question 10 Unsaved
Kellogg Cereal markets All Bran, a non-sweetened and minimally processed cereal. It is in the late maturity stage of the product life cycle and the brand manager is concerned it might enter decline. What can Kellogg do to generate new interest in All Bran and extend the length of the product life cycle?
Question 10 options:
Consider the cereal a 'dog' and take it off the shelves to cut their losses.
Update the product and find a new market segment who would value the healthy cereal such as millinnials.
Offer price promotions with deep discounts to sell more boxes of All Bran.
Try to get better shelf position for All Bran so consumers see it better and therefore more likely to buy it.
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Question 11 Question 11 Unsaved
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 client who is expected to pay a premium price for the audit of his business?
Question 11 options:
a marketing message to promote their brand name to other business people who see the report in hopes of leaving a positive impression for future business
to appear as if the audit service is really a tangible product
way to present canned information in a way that looks customized
That the firm provided a high quality service as evidenced by the quality report to help the customer trust and evaluate the service and be comfortable with the price paid.
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Question 12 Question 12 Unsaved
Which of the following is an example of total cost of ownership?
Question 12 options:
a Lego set and another related Lego product
A BOGO (buy one get one free) price for a pair of shoes
Price of a hair appointment and the cost of gas to get to the salon
purchase of a blood glucose meter and the strips necessary to test blood glucose levels.
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Question 13 Question 13 Unsaved
In the Idea Generation stage of the New Product Development Process, who should be considered a primary source of new product ideas, especially in B2B products?
Question 13 options:
competitors
market researchers
suppliers
customers
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Question 14 Question 14 Unsaved
Price is ________.
Question 14 options:
the amount of money a customer pays to receive the offering's benefits.
the value the company believes the product is worth in order for them to make a profit.
always expressed in terms of US dollars.
the manufacturer's suggested list price (mslp) and not necessarily what the consumer will pay for an offering.
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Question 15 Question 15 Unsaved
Why is an understanding of a product's life cycle important for marketers?
Question 15 options:
The product life cycle compares the product against the life cycle of competing products and helps the marketer make decisions regarding price discounts and marketing communication strategies.
The product life cycle tells the marketer when to stop selling the product because it can no longer be profitable.
The product life cycle helps the marketer plan strategy based on the life cycle stages to extend the life (and profitability) of the product.
The product life cycle tells the marketer precisely how long the product will last in each stage.
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