Exam 8: Products, Services, and Brands: Building Customer Value

________ are the major marketing factors in the sale of most manufactured materials and parts.

Style simply describes the ________ of a product.

Which of the following is true with regard to services?

________ is an approach in which all the company's people are involved in constantly improving the quality of products, services, and business processes.

Erica wants to replace her old washing machine with a new one. In order to get the maximum value for her money, she plans to spend substantial time and effort in gathering information and making product comparisons before making the actual purchase. In this instance, Erica is planning to buy a ________ product.

________ are those products purchased for further processing or for use in conducting a business.

Elmo Inc., a Michigan-based manufacturer of athletic shoes, uses professional athletes in its ad campaigns to help sell its products. This is an example of ________ marketing.

The strongest brands are positioned on ________.

Co-branding occurs when retailers and wholesalers create their own store brands.

Attributes are the least desirable level for brand positioning because competitors can easily copy attributes.

Refer to the scenario below to answer the following questions. Herb Marks built his enterprise on the faithful patronage of four specialty shops and a large contract from Elmore Distributors. But after two years, the maker of novelty pens and pencils had to rethink his strategy when his contract with Elmore ended. Herb built a company reputation on the manufacturing and distribution of a variety of wooden writing utensils with customized engravings. Specialty shops loved to display the products in their fancy, lighted showcases, but such specialty shops alone were not profitable. Herb Marks established a brand name, known merely as Marks, and decided to expand on it. Herb extended his writing utensil lines to include quills, felt-tip pens, and multiple-cartridge pens that write in different colors. He even added a line of various grades of personalized stationery and business cards. Perhaps Herb's biggest added touch, however, was the addition of two salespeople who would work to explain the diverse array of products offered by Marks, as well as nurture existing accounts. "We make an excellent product," Herb Marks stated, "and we honor a good guarantee on everything we sell. But let's face it-we face hundreds of competitors! We need Marks representatives out there to help prospects understand what they should demand in something as simple as a writing tool." The Marks brand was fast-becoming synonymous with top-notch customer service. Part of the purchase package brought personal visits from the Marks representative, before the purchase and long after. -Which type of product does Marks manufacture?

Symmonds Inc., a company manufacturing breakfast cereals, has extended its special Crispo cereal brand into a full line of breakfast cereals plus protein shakes, fruit and sandwich spreads, butter, and doughnuts. This is an example of ________.

In a service business, the customer and the front-line service employee interact to co-create the service.

The augmented product is the actual product plus the various services and benefits offered with it, such as a warranty, free delivery, installation, and maintenance.

Lubricants, coal, paper, and pencils are examples of ________.

Refer to the scenario below to answer the following questions. Herb Marks built his enterprise on the faithful patronage of four specialty shops and a large contract from Elmore Distributors. But after two years, the maker of novelty pens and pencils had to rethink his strategy when his contract with Elmore ended. Herb built a company reputation on the manufacturing and distribution of a variety of wooden writing utensils with customized engravings. Specialty shops loved to display the products in their fancy, lighted showcases, but such specialty shops alone were not profitable. Herb Marks established a brand name, known merely as Marks, and decided to expand on it. Herb extended his writing utensil lines to include quills, felt-tip pens, and multiple-cartridge pens that write in different colors. He even added a line of various grades of personalized stationery and business cards. Perhaps Herb's biggest added touch, however, was the addition of two salespeople who would work to explain the diverse array of products offered by Marks, as well as nurture existing accounts. "We make an excellent product," Herb Marks stated, "and we honor a good guarantee on everything we sell. But let's face it-we face hundreds of competitors! We need Marks representatives out there to help prospects understand what they should demand in something as simple as a writing tool." The Marks brand was fast-becoming synonymous with top-notch customer service. Part of the purchase package brought personal visits from the Marks representative, before the purchase and long after. -An easier, more comfortable, more stylish transfer of thought onto paper refers to the ________ of Herb's offerings.

________ are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.

________ consists of activities undertaken to create, maintain, or change the attitudes and behaviors of target consumers toward an organization.

A company's product mix has four important dimensions: width, length, depth, and consistency.

Briefly explain the concept of brand equity.