Question 1. There are four levels of a product: core, tangible, augmented, and promised Which of the following represents an intangible product?
A new Range Rover for its unique styling and brand name
A new projector screen TV for teens to share with their friends
Life insurance with a high premium and high cash value after 20 years
An outdoor kitchen to improve the value and appearance of a home
Question 2: What is the advantage of a service-dominated approach to products?
Because services are more dominant today that pure goods.
Because you don't have to be concerned with tangible benefits
Because everything today is essentially a service
Because it integrates the product, price, and service dimensions of an offering
Question 3: Which stages are part of the product life cycle?
Introduction, launch, demarketing
Early maturity, late maturity, demarket
Growth, maturity, decline
Product development, product testing and launch
Question 4: The product line is a group of related offerings. Which answer does NOT explain the definition of a product line?
The entire assortment of products a company offers
Created to make marketing strategies more efficient
A line extension can be added
Can be broad or narrow
Question 5: The service-dominant approach to marketing considers three separate and distinguishable characteristics. Which of the following is NOT one of them?
Planning
Products
Services
Prices
Question 6: Which of the following best describe the new offering-development process?
Idea generation, idea screening, feature specification, development, testing, commercialization, and evaluation
Idea generation, development, and commercialization
Product design, testing, feature screening, and commercialization
Ideation, design, testing, screening, development, and evaluation
Question 7: In the idea screening stage, companies evaluate new offerings by determining ______.
if the product costs more during idea generation than expected.
the product's features
if the product fits with the image and corporate strategy
if the product works like it is supposed to work or if it needs further development.
Question 8: Price is _______.
always expressed in terms of US dollars.
the value the company believes the product is worth in order for them to make a profit.
the amount of money a customer pays to receive the offering's benefits.
the manufacturer's suggested list price (mslp) and not necessarily what the consumer will pay for an offering.
Question 9: Which of the following is an example of total cost of ownership?
Price of a hair appointment and the cost of gas to get to the salon
A BOGO (buy one get one free) price for a pair of shoes
purchase of a blood glucose meter and the strips necessary to test blood glucose levels.
a Lego set and another related Lego product
Question 10: 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?
a way to present canned information in a way that looks customized
A marketing message to promote their brand name to anyone who sees the report
A tangible aspect to the audit service to help the customer evaluate the service, trust the service, and be comfortable with price paid
to appear as if their service is really a product
Question 11: Do all products have a technology platform?
No, technology platforms are unique to products using technology as the basis of their product
Yes, all products have some aspect of technology involved in them.
No, the technology as the basis for the product is irrelevant to describing a product.
Yes, products need technology to be manufactured.
Question 12: For most customers, a fur coat would be an example of what type of consumer offering?
convenience offering
shopping offering
unsought offering
specialty offering
Question 13: Apple begins markting an iCar. In which stage of the product life cycle would you put the iCar?
decline
growth
maturity
introduction
Question 14: 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?
Try to get better shelf position for All Bran so consumers see it better and therefore more likely to buy it.
Find a new market segment who would value the healthy cereal such as millinials.
Consider the cereal a 'dog' and take it off the shelves and cut their losses.
Offer price promotions with deep discounts to sell more boxes of All Bran.
Question 15: Why is having a good brand a great marketing strategy?
So that marketers don't have to constantly find new product names
To ensure customers don't buy competing offerings
So that other products offered under the same brand name can receive the halo effect of the brand name and brand image
So that competitors can't use the same brand name