Setting Product Strategy

Topics: Marketing, Product management, Pricing Pages: 38 (8587 words) Published: November 5, 2012
Chapter 12: Setting Product Strategy


Multiple Choice

1.Marketing planning begins with the formulation of an offering to ________ target customers’ needs or wants. a. exceed
b. meet
c. capture
d. compete with
e. comprehend
Answer: bPage: 372 Level of difficulty: Easy

2.The customer will judge the offering by three basis elements: ________, services mix and quality, and price. a.performance
c. price
d.product features and quality
e.none of the above
Answer: dPage: 372Level of difficulty: Easy

3.The components of the market offering include all of the following EXCEPT ________. a.product feature
b.product quality
c.reputation of firm mix and quality
e.value-based pricing
Answer: cPage: 372 Level of difficulty: Easy

4.In planning its market offering, the marketer needs to address five product levels. These levels include all of the following EXCEPT ________. a.potential product
b.augmented product
c. core benefit
d. basic product
e. product usage/purpose
Answer: e Page: 372 Level of difficulty: Medium

5.The five product levels constitute a ________. At each level more customer value is added. a.customer augmented product
b.customer consumption system
c.customer value hierarchy
d.customer perceived value
e. customer hierarchy
Answer: cPage: 372 :Level of difficulty: Medium

6.The way the user performs the tasks of getting and using products and related services is the user’s total ________. a.consumption system
b.consumable system
c. consistent use system
d.augmented system
e. none of the above
Answer: aPage 372 Level of difficulty: Medium

7.Marketers have traditionally classified products on the basis of characteristics: ________, tangibility, and use. a.customer value hierarchy
d. durability
e. none of the above
Answer: d Page: 373 Level of difficulty: Hard

8. When companies search for new ways to satisfy customers and distinguish their offering from others, they look at the ________ product, which encompasses all the possible augmentations and transformations of the product. a. consumption system

b. expected
e. basic
Answer: c Page: 373 Level of difficulty: Hard

9.The vast array of goods consumers buy can be classified on the basis of shopping habits. We can distinguish among convenience, ________, specialty, and unsought goods. a. “must haves”
Answer: cPage: 374 Level of difficulty: Easy
10.The consumer usually purchases ________ frequently, immediately, and with a minimum of effort. a.specialty goods goods
c.“must haves” goods
d. personal goods
e.convenience goods
Answer: ePage: 374 Level of difficulty: Medium

11. ________ are similar in quality but different enough in price to justify shopping comparisons. a.Emergency goods
b.Homogeneous shopping goods
c.Heterogeneous shopping goods
d.Specialty goods
e. None of the above
Answer: bPage: 374 Level of difficulty: Medium

12. Examples of products such as insurance, cemetery plots, and smoke detectors, are examples of ________ that are products that the consumer does not know about or does not normally think of buying. a. specialty goods

b.unsought goods
c. heterogeneous shopping goods
d.homogeneous shopping goods
e. none of the above
Answer: bPage: 374Level of difficulty: Hard

13. Industrial-goods can be classified in terms of how they enter the production process and their relative costliness. We can distinguish three groups of...
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