Question 1

When new product is added to a product line,the line breadth of the company is increased.

Accepted Answer

Adding a new product to a product line increases the line depth, not the line breadth. Line breadth refers to the number of different product lines a company offers, while line depth refers to the variety within a single product line.

Question 2

When a feature satisfies a need or want,then there is a _____.
A)reduction of hassle
B)level of high quality
C)benefit
D)hike in price
E)tangible value

Accepted Answer

When a feature satisfies a need or want, it provides a benefit to the user or consumer. This is because the feature directly addresses a specific requirement, making the product or service more valuable or desirable to them.

Question 3

A(n)_____ is a characteristic of an offering.
A)tangible good
B)feature
C)intangible value
D)price point
E)need

Accepted Answer

Features are characteristics of an offering that set it apart from other offerings.

Question 4

A _____ is the use of information technology to allow owners of assets to increase utilization of their assets,whether for money or exchange of other goods or services.
A)sharing economy
B)service economy
C)product economy
D)barter economy
E)network economy

Accepted Answer

The sharing economy involves using information technology to enable asset owners to increase the utilization of their assets, often through renting them out or exchanging them for other goods or services. This model is distinct from traditional economic models by focusing on sharing, renting, or lending goods and services rather than owning them outright.

Question 5

The entire assortment of products that a firm offers is called the product line.

Accepted Answer

The entire assortment of products that a firm offers is called the product mix, while a product line refers to a group of related products under a single brand sold by the same company.

Question 6

A service is the tangible component of an offering.

Accepted Answer

A service is the intangible component of an offering, as opposed to a good, which is tangible.

Question 7

A _____ approach to determining the value of an offering would include the time and effort related to owning a product,in addition to the benefits received,the price,and hassle.
A)total cost of ownership (TCO)
B)service-oriented
C)product-oriented
D)product dominant
E)service dominant

Accepted Answer

The total cost of ownership (TCO) approach includes all costs associated with owning a product, such as the purchase price, the time and effort related to owning it, the benefits received, and any hassles, providing a comprehensive view of its value.

Question 8

_____ refers to the services and accessories that improve the core product's ability to deliver benefits.
A)Core product
B)Augmented product
C)Product mix
D)Service
E)Feature

Accepted Answer

The augmented product concept includes additional services and benefits that companies offer to consumers to differentiate their product and add more value than the core product itself. This can include warranties, customer service, and other extras that enhance the product's use.

Question 9

_____ refers to the physical component of an offering.
A)Service
B)Benefit
C)Augmented product
D)Core product
E)Product line

Accepted Answer

The core product refers to the fundamental physical component or the main item being offered to the consumer.

Question 10

Offerings are _____.
A)products and services designed to deliver value to customers
B)services that improve a product's ability to deliver benefits
C)the physical components of products
D)tangible goods that can be bought,sold,or owned
E)groups of products or services that serve similar needs

Accepted Answer

Offerings are products and services designed to deliver value to customers.

Question 11

GammaTech Inc.has released a new MP3 player.The device is packaged along with a set of compatible headphones and an A/C adapter,and a two-year warranty.Such an offering would be known as a(n)_____.
A)core product
B)augmented product
C)product line
D)product mix
E)complete product

Accepted Answer

The answer of GammaTech Inc.has released a new MP3 player.The...

Question 12

A product-dominant approach to marketing is based on the belief that:
A)enjoyment of a product and its disposal are important in understand consumer needs.
B)marketers should consider what services it takes for the customer to acquire their offerings.
C)sales personnel and marketing can drive consumerism.
D)the best way to capture market share is to create and manufacture better products at lower prices.
E)marketers should assess the value customers place on products in their daily lives.

Accepted Answer

The product-dominant approach focuses on creating superior products at competitive prices to capture market share, emphasizing the importance of product quality and cost efficiency in attracting customers.

Question 13

The total amount someone pays to own,use,and eventually dispose of a product is the TCO.

Accepted Answer

The Total Cost of Ownership (TCO) includes all costs associated with acquiring, using, and disposing of a product, encompassing purchase price, operating costs, maintenance, and disposal expenses.

Question 14

Price entails how much money a customer gives up to obtain an offering.

Accepted Answer

The answer of Price entails how much money a customer...

Question 15

_____ refers to an approach to offerings that integrates the physical product,attendant services,and price into the total offering.
A)Product oriented
B)Market oriented
C)Service-dominant
D)Product-dominant
E)Service-oriented

Accepted Answer

Service-dominant logic refers to an approach that integrates the product, services, and price into a comprehensive offering, focusing on the service aspect as the primary value proposition rather than the physical product alone.

Question 16

Trenton Security sells different types of security systems.The company also offers its customers a 24-hour help-line and maintenance services in case there are any problems with the system.These services are known as the _____.
A)core product
B)product mix
C)complete product
D)augmented product
E)product line

Accepted Answer

The 24-hour help-line and maintenance services are additional services that enhance the basic product, making them part of the augmented product.

Question 17

_____ refers to the number of variations in a single product line.
A)Line depth
B)Product mix
C)Line breadth
D)Product category
E)Complete product

Accepted Answer

Line depth refers to the number of variations (such as size, color, strength) within a single product line, indicating the range of choices available within that specific line.

Question 18

A group of related offerings is known as a _____.
A)technology platform
B)product mix
C)service mix
D)product category
E)product line

Accepted Answer

A product line refers to a group of related products under a single brand sold by the same company. Companies sell multiple product lines under their various brands, targeting different segments of the market or fulfilling different needs of their customers.

Question 19

Line depth refers to whether the product line is broad or narrow.

Accepted Answer

Line depth refers to the number of product variations offered within a product line, not whether the product line is broad or narrow.

Question 20

The number of different or distinct product lines offered by a company is known as _____.
A)line depth
B)a product mix
C)line breadth
D)a product category
E)a product line

Accepted Answer

Line breadth refers to the number of different or distinct product lines offered by a company.

Quiz 6: Creating Offerings

When new product is added to a product line,the line breadth of the company is increased.

When a feature satisfies a need or want,then there is a _____.

A(n) _____ is a characteristic of an offering.

A _____ is the use of information technology to allow owners of assets to increase utilization of their assets,whether for money or exchange of other goods or services.

The entire assortment of products that a firm offers is called the product line.

A service is the tangible component of an offering.

A _____ approach to determining the value of an offering would include the time and effort related to owning a product,in addition to the benefits received,the price,and hassle.

_____ refers to the services and accessories that improve the core product's ability to deliver benefits.

_____ refers to the physical component of an offering.

Offerings are _____.

GammaTech Inc.has released a new MP3 player.The device is packaged along with a set of compatible headphones and an A/C adapter,and a two-year warranty.Such an offering would be known as a(n) _____.

A product-dominant approach to marketing is based on the belief that:

The total amount someone pays to own,use,and eventually dispose of a product is the TCO.

Price entails how much money a customer gives up to obtain an offering.

_____ refers to an approach to offerings that integrates the physical product,attendant services,and price into the total offering.

Trenton Security sells different types of security systems.The company also offers its customers a 24-hour help-line and maintenance services in case there are any problems with the system.These services are known as the _____.

_____ refers to the number of variations in a single product line.

A group of related offerings is known as a _____.

Line depth refers to whether the product line is broad or narrow.

The number of different or distinct product lines offered by a company is known as _____.