Exam 12: Setting Product Strategy

Industrial-goods classifications based on terms of how the products enter the production process and their relative costs include such segments as materials and parts and capital items. Window cleaning services, consumable office supplies, personal computers, desks, paint, nails, and buckets are included in the classifications of industrial goods. List the other "classifications" including subclassifications for industrial goods.

A group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups, are marketed through the same outlets or channels, or fall within given price ranges is known as a ________.

________ is a measure of the probability that a product will not malfunction or fail within a specified time period.

Price-setting logic must be modified when the product is part of a product mix.

Your research shows that over 53% of all purchases are made on impulse. As you sit down with your packaging design team, you tell them that the package must communicate many of the sales tasks. List the sales tasks that packaging must now incorporate due to the increase in self-service sales.

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.

You have been asked to create a product system for your company's personal digital assistant. Before starting, you must define the term "product system" to the engineers to enable them to start design and production of the aligned items. Define the concept of a "product system."

Design can shift consumer perceptions to make brand experiences more rewarding.

Smith & Adams Poultry has recently upgraded its transactional model such that its customers (restaurants and hotels)can communicate with its central supply system to indicate purchase volumes, dates, and receive confirmation, through their computer terminals. This is an example of a company differentiating itself versus competition in terms of ________.

The cost of processing a return can be significantly greater than that of an outbound shipment.

The sellers of ________ goods carry a wide assortment to satisfy individual tastes and must have well-trained salespeople to inform and advise customers.

Marketing planning begins with formulating an offering to meet target customers' needs or wants.

In the rapidly changing market of today's world, product lines must be continuously updated or modernized.

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

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

________ are formal statements of expected product performance by the manufacturer.

A product system is a group of diverse and unrelated items that does not function in a compatible manner and includes the product mix and product assortment.

Which of the following factors is one of the contributors to the growing use of packaging as a marketing tool?

Guarantees are most effective in two situations. The first is when the company or products are not well known and the second is when the product's quality is ________ to competition.

A customer judges a product offering by three basic elements: product features and quality, services mix and quality, and ________.