Deck 5: Managing Market Offerings

Question 1

Information & design assistance intranet and asset management are systems of a(n)_______.

A)brand
B)minimally augmented product
C)core product
D)augmented product

Answer 1

D

Question 2

With _______,supplier managers simply set their price in relation to what the competitors' prices are.The price may be set exactly the same as the predominant competitors,signaling commodity,or it may be slightly higher or lower because of perceived minor reputation,quality,or service differences.

A)cost-plus pricing
B)competition-based pricing
C)value-based pricing
D)skimming pricing

Answer 2

B

Question 3

In _______,price should be set in relation to a market offering's value.

A)cost-plus pricing
B)competition-based pricing
C)value-based pricing
D)skimming pricing

Answer 3

C

Question 4

The core product must be a concrete,palpable "thing" not a service.

Question 5

'Because of their greater dependence on the provider,services have the potential for high variance in their performance' describes the _______ characteristic of services.

A)intangibility
B)inseparability of production and consumption
C)perishability
D)heterogeneity

Question 6

'Services cannot be saved or stored for later use' describes the _______ characteristic of services.

A)intangibility
B)inseparability of production and consumption
C)perishability
D)heterogeneity

Question 7

The _______ is simply the fundamental,functional performance a generic product provides that solves a customer's basic problem.

A)core product
B)minimally augmented product
C)augmented product
D)potential product

Question 8

Specification,problem-solving,and trouble-shooting are technical services of a(n)_______.

A)brand
B)minimally augmented product
C)core product
D)augmented product

Question 9

Firms construct _______ for each market segment-the bare minimum of products and services that all segment members uniformly value.

A)naked solutions
B)residual variation
C)mass customization
D)options

Question 10

The _______ goes beyond the augmented product to encompass any imaginable product change or service,program,or system a supplier might create to add value or reduce cost in ways that set itself apart from others.

A)brand
B)minimally augmented product
C)core product
D)potential product

Question 11

The difference between value of the product and price of the product represents the _______.In business markets,the value provided will likely exceed the price or else the customer will be indifferent.

A)cost-plus pricing
B)competition-based pricing
C)value-based pricing
D)customer incentive to purchase

Question 12

The _______ adds to the core product the least amount or number of services,programs,or systems that customers consider absolutely essential for doing business with any supplier.

A)brand
B)minimally augmented product
C)augmented product
D)potential product

Question 13

Deals,terms,conditions,and allowances are economic programs of a(n)_______.

A)brand
B)minimally augmented product
C)core product
D)augmented product

Question 14

The _______ adds to the core product the those services,programs,and systems a supplier offers to meet a broader set of customer requirements and preferences,or to exceed the customer's expectations in ways that add value or reduce cost for the customer of any supplier.

A)brand
B)minimally augmented product
C)augmented product
D)potential product

Question 15

A brand is a shorthand descriptor of the promised value that a market offering delivers to targeted customers and a means of differentiating this value from that of other market offerings.

Question 16

In _______,based upon knowledge of their own costs,supplier managers add some percentage onto those costs to arrive at the market offering price.

A)cost-plus pricing
B)competition-based pricing
C)value-based pricing
D)skimming pricing

Question 17

As products mature and customers gain experience with them,there appears to be a routine narrowing of perceived differences among offerings in customers' minds and a corresponding unwillingness to pay anything different for them.In other words,the offerings over time tend to become undifferentiated in the minds of customers,with price becoming the sole basis for deciding among them.This is the definition of a _______.

A)commodity
B)minimally augmented product
C)core product
D)potential product

Question 18

Flexible market offerings are composed of a few well-chosen naked solutions,each of which is wrapped with well-chosen options,where the supplier makes these choices prior to offering them to customers.

Question 19

'Services can't be touched but rather are experienced' describes the _______ characteristic of services.

A)intangibility
B)inseparability of production and consumption
C)perishability
D)heterogeneity

Question 20

'Services are consumed as they are produced' describes the _______ characteristic of services.

A)intangibility
B)inseparability of production and consumption
C)perishability
D)heterogeneity

Question 21

Because business markets are predominately about aesthetics and taste,they are inherently more global in nature than consumer markets,which are predominately about functionality and performance.

Question 22

A skimming pricing strategy,is used when the firm intends to make its overall profits through selling fewer units at a higher profit per unit.