Question 1

Campbell Soups all feature the name "Campbell Soup" on their packaging first then the particular variety such as Cream of Mushroom. This is an example of a firm using what level of product hierarchy to market its products?

Accepted Answer

The use of "Campbell Soup" as the first element in the product name indicates that the company is marketing its products at the product line level of the product hierarchy. All of the varieties of soup fall under the Campbell Soup product line.

Question 2

________ refers to the training the customer's employees to use the vendor's equipment properly and efficiently.

Accepted Answer

Customer training refers to providing training to customers on how to properly and efficiently use the vendor's equipment or solution. This training can include product demonstrations, user manuals, online tutorials or training sessions, and other resources to ensure that the customers can use the product to its fullest potential.

Question 3

________ describes the product's look and feel to the buyer; it has an advantage of creating distinctiveness that is/might be difficult to copy.

Accepted Answer

Style refers to the visual appearance and aesthetic appeal of a product, which can create a unique identity that is hard to replicate.

Question 4

The branding of products that have similar characteristics, form, features, and benefits is a tough job for marketers. Some marketers have had success with products like Lilydale chickens and Bayer aspirins. Others struggle to keep their brand names out of "common usage" such as Xerox and Kleenex for copiers and tissues. Which of the following bases for differentiation involves calculating customer value versus company cost?

Accepted Answer

Calculating customer value versus company cost is a basis for differentiation that involves the product features. Marketers need to determine which features are most valuable to customers and which ones the company can afford to include in the product. This process helps to create a unique selling proposition that sets the product apart from competitors.

Question 5

A ________ is the set of all products and items a particular seller offers for sale.

Accepted Answer

A product mix is the set of all products and items that a particular seller offers for sale. It includes all the product lines and individual products within those lines.

Question 6

A ________ is defined as a distinct unit within a brand or product line distinguishable by size, price, appearance, or some other attribute.

Accepted Answer

A stock keeping unit (SKU) is a specific item listed in inventory, which is distinguishable by its attributes such as size, price, appearance or any other unique characteristic. It enables companies to track inventory levels, manage stock levels, and control the supply chain efficiently. A product line refers to a group of similar products that are sold by a company, UPC (uniform product code) is a barcode that is used to identify products, and product type refers to the general category of a product such as clothing or electronics. SU (Stock Unit) is not a commonly used term in supply chain management or inventory control.

Question 7

Most products can be offered with varying ________ that supplement its basic function.

Accepted Answer

Features refer to additional characteristics and functions that can be added to a product to enhance its offering and increase its appeal to consumers. Reliability, forms, flavours, and conformance qualities can also be important aspects of a product, but they do not necessarily supplement its basic function in the same way that features do.

Question 8

Most products are established at one of four performance levels: low, average, high or superior. For example, mountain bikes come in a variety of sizes and physical attributes. When a consumer purchases a mountain bike costing $1000 she/he expects the bike to perform to specifications and to have a high ________ meeting the promised specifications.

Accepted Answer

Conformance quality refers to the degree to which a product's design and operating characteristics meet established standards. In this context, when a consumer expects a mountain bike to perform to specifications, they are expecting it to have a high conformance quality, meaning it conforms to the promised specifications.

Question 9

________ recognize the emotional power of design and the importance to consumers of how things look and feel.

Accepted Answer

Holistic marketers recognize the emotional power of design and the importance to consumers of how things look and feel. Holistic marketing is a comprehensive and integrated approach to marketing that considers the wider context of a business and its impact on the economy, society, and the environment. It recognizes that the success of a business is not only determined by its ability to generate profits but also by its ability to create value for all its stakeholders. Design is an essential element of holistic marketing as it can help create products and experiences that are not only functional but also emotionally appealing.

Question 10

________ is the level at which the product's primary characteristics operate.

Accepted Answer

Performance quality refers to the level at which a product's primary characteristics operate. It pertains to how well the product functions and performs the tasks for which it is designed.

Question 11

When Baxter Medical supplied their hospitals with computer terminals directly linked to Baxter's ordering system, this was an example of a company differentiating itself versus competition in terms of

Accepted Answer

The direct link between the hospital's computer terminals and Baxter's ordering system differentiated the company in terms of ordering ease, making it easier and more streamlined for customers to place orders.

Question 12

A consumer products firm manufacturers and sells over 200 different sizes and varieties of jams and jellies. We can say that this manufacturer's product mix has a ________ of products in this category.

Accepted Answer

Depth refers to the number of different products within a specific product line. In this case, the jams and jellies are a product line, and the manufacturer offers over 200 different sizes and varieties, indicating a high level of depth within the product line.

Question 13

When the physical product cannot be easily differentiated, the key to competitive success may lie in adding valued services and improving their quality. The main service differentiators are ordering ease, delivery, installation, ________, customer consulting, maintenance, and repair.

Accepted Answer

The options provided are all services that can differentiate a company's offering. However, customer training seems to be the best fit as it can help customers better understand how to use the product effectively and efficiently, which can ultimately improve customer satisfaction and loyalty.

Question 14

Many products can be differentiated in terms of ________; the size, shape, or physical structure.

Accepted Answer

The size, shape, or physical structure of a product relates to its form, which is how it is differentiated in this context.

Question 15

In increasingly fast-paced markets, prices, and technology are not enough. ________ is the factor that will often give a company its competitive edge and is defined as the totality of features that affect how a product looks and functions in terms of customer requirements.

Accepted Answer

In the given context, design is the factor that will often give a company its competitive edge. It involves the totality of features that affect how a product looks and functions in terms of customer requirements. While services, performance, style, and reliability are all important factors, design is the key to standing out in the market and meeting evolving customer needs.

Question 16

Buyers expect products to have a high ________, which is the degree to which all the produced units are identical and meet the promised specifications.

Accepted Answer

Conformance quality refers to the degree to which a product meets the specified standards and requirements. Buyers expect consistency in the quality of the products they purchase. If a product complies with the promised specifications, then it has high conformance quality. Form refers to the physical appearance and shape of the product. Reliability is the ability of a product to perform its functions for a certain period without breaking down. Durability refers to how long a product lasts. Performance quality refers to how well a product performs its intended functions. While all of these are important quality attributes, conformance quality is specifically relevant to meeting the promised specifications, making it the best choice in this scenario.

Question 17

The ________ of the product mix refers to how closely related the various product lines are in end use, production requirements, distribution channels, or some other way.

Accepted Answer

Consistency refers to how closely related the product lines are in terms of factors such as end use, production requirements, and distribution channels. Width refers to the number of different product lines offered by the company, depth refers to the variety of products within a product line, and length refers to the total number of products in the company's product mix. Composition is not a relevant term in this context.

Question 18

A product hierarchy stretches from basic needs to particular items that satisfy those needs. Which of the following levels of a product's hierarchy involves a group of products having a certain functional coherence?

Accepted Answer

The answer of A product hierarchy stretches from basic needs...

Question 19

________ refers to data, information systems, and advice services that the seller offers to their buyers.

Accepted Answer

Customer consulting refers to the data, information systems, and advice services that the seller offers to their buyers to help them make informed purchasing decisions and better utilize the seller's products or services. This can include providing analysis, recommendations, and customized solutions tailored to the specific needs of the customer.

Question 20

Delivery refers to how well the product or service is delivered to the customer. It includes speed, ________, and care attending the delivery process.

Accepted Answer

The answer of Delivery refers to how well the product...

Quiz 12: Setting Product Strategy