Question 1

Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market?

Accepted Answer

A product line is a group of products offered by a firm that are physically similar or are intended for a similar market. A product matrix refers to a company's products categorized by both product lines and customer segments. A product mix refers to the total range of products offered by a company, including all product lines. A total product offer refers to the complete package of benefits offered by a product, including quality, packaging, branding, and customer support.

Question 2

When consumers decide to purchase a particular product,they:

Accepted Answer

Consumers usually make their decisions based on a variety of factors, such as the price, quality, features, and overall benefits of the product. While advertising and branding may be important factors, they are not always the primary considerations for consumers. The product's package may also be a factor, but it is unlikely to be the initial or most important evaluation criteria for most consumers. Therefore, the best choice is B.

Question 3

Anything that encourages people to talk favourably about an organization is effective word-of-mouth promotion.

Accepted Answer

Word-of-mouth promotion is based on positive recommendations and discussions about an organization, product or service, and anything that encourages people to talk favorably about an organization is effective in promoting it through word-of-mouth.

Question 4

LoRider Wheels sells high quality bicycles and accessories.The store is known for a pleasant environment,friendly salespeople and an excellent service department.All of these elements are part of the ___________ offered by LoRider.

Accepted Answer

The total product offer includes not only the physical product, but also the accompanying services, environment, and support offered by the company. LoRider's pleasant environment, friendly salespeople, and excellent service department are all part of their total product offer. The other options - product line, competitive environment, and marginal utility package - do not encompass all of these elements.

Question 5

In putting together a promotion mix,characteristics of the target consumers need to be considered.

Accepted Answer

The promotion mix should be tailored to the characteristics of the target consumers, such as their demographics, psychographics, and behaviors. This ensures that the messages and channels used in the promotion will be most effective in reaching and convincing the target audience.

Question 6

Which of the following is the best example of a product line?

Accepted Answer

Kellogg offers a variety of cold ready-to-eat cereals, which are all part of the same product line. The other options offer a mix of different product categories, but not necessarily a cohesive product line.

Question 7

A push strategy directs heavy advertising to consumers.

Accepted Answer

The answer of A push strategy directs heavy advertising to...

Question 8

Successful product differentiation:

Accepted Answer

Successful product differentiation can be based on either real or perceived differences in products. This can include differences in quality, design, features, packaging, branding, and advertising. It can help a company stand out from competitors and create a unique value proposition for customers. However, it is important to note that there are legal and ethical limits to product differentiation, and practices that restrict price competition and market access may be prohibited. The growth of the Internet may have changed the competitive landscape, but it has not diminished the importance of product differentiation.

Question 9

The best product development strategy for most firms is to:

Accepted Answer

Constantly monitoring consumer wants and needs and being willing to adapt is important in keeping up with a changing market and staying competitive. Sticking with a small number of products or maintaining one product line may not allow for growth or keeping up with customer demands. Focusing only on the actual product or service neglects important factors that can affect customer satisfaction and loyalty.

Question 10

For small businesses,product differentiation:

Accepted Answer

For small businesses, product differentiation can be an important strategy to gain market share. By offering unique features or benefits, small businesses may be able to attract customers away from larger competitors. While it may be more difficult for small businesses to invest in extensive product research and development, they may still be able to differentiate themselves in other ways, such as through marketing or customer service. Pricing is not the only component of the total product offer, and differentiation may be important in areas such as quality or design. While it is true that product differentiation may be important for large firms with multiple product lines, this doesn't mean that it is less important for small businesses.

Question 11

The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a:

Accepted Answer

A total product offer encompasses not only the physical product, but also factors such as price, packaging, advertising, after-sales service, and brand reputation that influence a consumer's decision to buy a good or service. Product mix refers to the assortment of product lines offered by a company, product differentiation refers to the ways in which a product is unique from its competitors, and product package refers specifically to the physical container or wrapping that the product is sold in.

Question 12

When consumers calculate the value of a product,they:

Accepted Answer

Consumers calculate the value of a product by looking at the benefits it provides and then subtracting the cost. It is this cost-benefit analysis that allows consumers to decide whether a product is worth purchasing or not. Option A is incorrect because the cost of production is not relevant to consumers; they are only concerned with the cost to them. Option B is incorrect because non-tangible elements, such as brand image and reputation, can play a significant role in a consumer's perception of a product's value. Option D is incorrect because while identifying the variable and fixed components of a product's benefits is useful for marketers, it is not a factor in consumers' calculation of value.

Question 13

The combination of product lines offered by a manufacturer is called the firm's:

Accepted Answer

The term "product mix" refers to the combination of product lines offered by a manufacturer. The other choices may also be used to describe a company's product offerings, but "product mix" is the most commonly accepted term.

Question 14

Many companies have found success in podcasting and creating videos for YouTube.

Accepted Answer

Many companies have found success in using podcasting and creating videos for YouTube as a way to reach and engage with their audience. These mediums allow for a more personal and authentic connection with customers and can help build brand loyalty.

Question 15

Mailing ads to nearby residents helps grocery stores reach their target market with information of special sales.This represents direct marketing.

Accepted Answer

Mailing ads to nearby residents is a form of direct marketing as it targets a specific group of potential customers with personalized messages.

Question 16

The Procter & Gamble Company produces bar soap,disposable diapers,deodorants,laundry detergents,peanut butter,cookies,cake mix,shampoo,shortening,coffee,and many other products.These products are part of P&G's:

Accepted Answer

P&G's products are diverse and include various categories such as food, personal care, and household care. This range of products offered by the company is called its product mix.

Question 17

All of the following would be included in the total product offer of benefits that consumers consider when buying a good or service except the:

Accepted Answer

The total product offer includes all the benefits consumers consider when buying a good or service. These benefits can include the price, the buyer's past experience with the product or similar products, the store's atmosphere, and any additional features or services offered. The consumer's income, however, is not typically considered as part of the total product offer. It may impact the consumer's ability to purchase the product but it is not a benefit or feature of the product itself.

Question 18

All of the following would allow a firm to utilize product differentiation except:

Accepted Answer

Increased production does not necessarily allow for product differentiation. It may allow for greater availability and accessibility of the product, but it doesn't distinguish the product from its competitors. The other options, pricing differences, elaborate packaging, and intensive advertising, all contribute to product differentiation by emphasizing unique features and benefits of the product.

Question 19

When people consider purchasing a good,they:

Accepted Answer

People may evaluate and compare a variety of factors before making a purchase decision, such as quality, price, brand, features, and benefits. They may also consider their personal preferences, needs, and budget. While supply and demand and price are important factors, they are not the only ones that influence purchase decisions. Additionally, people may be willing to make a special effort to purchase a good if they perceive it to be valuable or desirable.

Question 20

The purpose of __________ is to create real or perceived product differences.

Accepted Answer

Product differentiation is the process of creating real or perceived differences between products in the minds of customers. This helps to establish a competitive advantage and promote customer loyalty. Niche marketing and target marketing are more about identifying and appealing to specific customer groups, while product mixing refers to the strategy of offering a variety of products in a single line or brand.

Quiz 15: Managing the Marketing Mix: Product, Price, Place, and Promotion