Question 1

Today, many tangible products include aspects that impact the customer's satisfaction before and after the purchase. These aspects that complement the tangible features of a product are called ________.

Accepted Answer

Intangible characteristics refer to aspects that cannot be physically touched or seen, such as a customer's perception or experience of the product before and after purchase. These intangible characteristics can greatly impact a customer's satisfaction and loyalty to a brand or product.

Question 2

________ can be defined as anything that delivers value to satisfy a need or want and includes physical merchandise, services, events, people, places, organizations, information, even ideas.

Accepted Answer

The definition provided in the statement clearly describes a product, which can be a physical item, service, event, etc. Therefore, the correct choice is D, product.

Question 3

The failure of Apple Newton, the first PDA, highlights the fact that ________.

Accepted Answer

The failure of Apple Newton underscores that technical superiority does not guarantee market success. Despite its advanced features for the time, the Newton struggled with issues like handwriting recognition, which impacted its usability and market acceptance.

Question 4

Late majority are product followers who are price-sensitive and risk-averse.

Accepted Answer

The late majority are typically cautious about new products and are often influenced by the opinions of others. They tend to be price-sensitive and prefer to wait until a product has been established in the market before adopting it, which makes them product followers. Additionally, they are risk-averse and are hesitant to try new products until they feel confident that they are reliable and effective.

Question 5

Everyone in a target market falls into one of five groups based on their willingness to try the innovation, including innovators, early adopters, early majority, late majority, and laggards.

Accepted Answer

This is known as the diffusion of innovation theory and it categorizes a target market into five groups according to their willingness to try a new innovation – innovators, early adopters, early majority, late majority, and laggards.

Question 6

Unsought goods are characterized as being the kinds of goods that consumers ________.

Accepted Answer

Unsought goods are products that consumers do not actively seek to purchase, and may actually prefer not to have to purchase at all. Examples of unsought goods include funeral services, insurance policies, and medical procedures.

Question 7

An important issue for consumers is conformance, which is the product's ability to ________.

Accepted Answer

Conformance refers to whether a product meets the specifications and promises made in its marketing communications, such as its features and performance characteristics. It is important for consumers to receive what they were promised and paid for in order to ensure satisfaction and build trust in the brand.

Question 8

Companies often use features to differentiate themselves from competitors. However, a company must balance the features customers want with ________.

Accepted Answer

While all of the options listed are important to consider when developing new features, ultimately a company must balance the features customers want with what they are willing to pay for. Offering too many expensive or complex features may make a company uncompetitive in terms of pricing, while omitting important features may lead to dissatisfied customers. Therefore, a company needs to carefully evaluate what its customers want and what they are willing to pay for those features.

Question 9

When a company can show that its product's projected lifetime is high under certain operating conditions, it is using ________ as a product discriminator.

Accepted Answer

Durability refers to a product's ability to withstand wear, pressure, or damage over time. If a company can show that its product has a long projected lifetime under certain operating conditions, it is using durability as a product discriminator. This can be a competitive advantage for the company, especially if the product is expected to have a long life or require infrequent replacement or maintenance.

Question 10

More than any other product discriminator, style offers the advantage to a company of being ________.

Accepted Answer

Style is difficult for competition to copy, as it involves a combination of design elements that are unique to a particular brand or product. This makes it an effective differentiator for companies looking to stand out in a crowded marketplace. Additionally, because style is subjective, it allows companies to appeal to different consumer tastes and preferences, which can help to increase sales and build brand loyalty.

Question 11

________ goods are unique purchases made based on a defining characteristic for the consumer, which might be a real or perceived product feature, such as Apple iPhone's easy user interface.

Accepted Answer

Specialty goods are products that have unique features and attributes that set them apart from other products in the market. Consumers are willing to spend more money and time to purchase these products due to their unique characteristics or high quality. Examples of specialty goods include luxury cars, designer clothing, and high-end electronics such as the Apple iPhone.

Question 12

In the context of product classifications, tangibility refers to the ________.

Accepted Answer

Tangibility refers to the physical aspects of a product, such as its size, shape, weight, color, and other attributes that can be perceived through the senses. This is in contrast to intangible products such as services, which have no physical form.

Question 13

Clothes, furniture, and major appliances such as refrigerators and dishwashers are examples of ________ goods.

Accepted Answer

These items are considered shopping goods because consumers typically spend time comparing prices, quality, and style before making a purchase. Unlike convenience goods, which are bought frequently and with minimal effort, shopping goods require more thought and comparison shopping.

Question 14

In the context of product characteristics, companies translate the essential benefit into physical, tangible elements known as the ________ product.

Accepted Answer

The core product refers to the essential benefit that a customer is seeking to fulfill when purchasing a product. It is the primary reason why a product is purchased. Companies then translate this essential benefit into physical, tangible elements known as the core product. The other answer choices are not relevant or applicable to this concept.

Question 15

Frequently purchased, relatively low-cost products for which customers have little interest in seeking new information and rely heavily on prior purchase behavior are called ________ goods.

Accepted Answer

Convenience goods are frequently purchased, low-cost products for which customers have little interest in seeking new information and rely heavily on prior purchase behavior. Shopping goods are more expensive and require more research, specialty goods are unique and high-priced, and unsought goods are products that customers may not actively seek out. There is no such category as consenting goods.

Question 16

The primary function of marketing and the entire organization, in a broader context, is to ________.

Accepted Answer

The primary function of marketing and the entire organization is to deliver value to the customer. Marketing aims to create, communicate, and deliver value to the target market, and the entire organization should be focused on delivering products or services that satisfy customer needs and wants. This creates a strong customer base and promotes long-term success for the organization. Increasing employee turnover, offering highly customized products, focusing on short-term benefits, and eliminating barriers to market entry may also be important goals, but they are not the primary function of marketing and the organization as a whole.

Question 17

A product ________ is a group of products linked through usage, customer profile, price points, and distribution channels.

Accepted Answer

A product line is a group of products that are similar or related to one another, such as a line of skincare products or a line of athletic shoes. These products are typically marketed together and are aimed at similar target customers. A product mix refers to the entire range of products that a company offers. While a product line is a subset of the product mix, the product mix may include many different product lines as well as individual products.

Question 18

Early adopters are product watchers who seek out new products but are price-sensitive.

Accepted Answer

Early adopters are individuals who seek out new products early in their lifecycle and are willing to pay a premium for the latest technology or innovation, rather than being particularly price-sensitive.

Question 19

When companies provide too few products in a product line, they run the risk of ________.

Accepted Answer

If a company provides too few products in a product line, they may miss important market opportunities. This means they may be unable to meet the needs and wants of their target market, which could result in lost sales and market share.

Question 20

The ________ product extends the core product to include additional features, designs, and innovations that exceed customer expectations.

Accepted Answer

The term "enhanced" means to improve or add to something that already exists, which fits the definition given in the sentence. The other options do not accurately reflect the meaning of extending the core product with additional features and innovations.

Quiz 8: Product Strategy and New Product Development