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

Refer to the scenario below to answer the following questions. Steven Ma had built his enterprise on the faithful patronage of four specialty shops and a large contract from Sincere Distributors. But after two years, the maker of novelty pens and pencils had to rethink his strategy when his two-year contract with Elmore ended. Steven had built a company reputation on the manufacture 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. Steven had established a brand name, known merely as Marks, and decided to expound on it. Steven 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 Steven'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," Steven 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 so 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 is the key element in Steven's market offering?

How does a brand name add value to a product?

________ are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

A company can expand its product line in one of two common ways.Which of the following is one of those ways?

A(n)________ represents consumers' perceptions and feelings about a product and its performance.

Through ________,the service firm trains and motivates its customer-contact employees and supporting service people to work as a team to provide customer satisfaction.

Product mix ________ refers to the total number of items a company carries within its product lines.

Product planners need to consider products and services on three levels.Each level adds more customer value.The most basic level is the ________,which addresses the question,"What is the buyer really buying?"

Sony offers consumers more than just camcorders; it provides consumers with a complete solution to their picture-taking problems.This offering is called an augmented product.

Which of the following is an advantage offered by co-branding?

________ are a form of product that consists of activities,benefits,or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.

To achieve their social change objectives,social marketing programs ________.

Refer to the scenario below to answer the following questions. Steven Ma had built his enterprise on the faithful patronage of four specialty shops and a large contract from Sincere Distributors. But after two years, the maker of novelty pens and pencils had to rethink his strategy when his two-year contract with Elmore ended. Steven had built a company reputation on the manufacture 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. Steven had established a brand name, known merely as Marks, and decided to expound on it. Steven 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 Steven'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," Steven 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 so 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. -What type of consumer products does Marks manufacture?

Product mix ________ refers to the number of versions offered of each product in the line.Colgate toothpaste comes in 16 varieties,ranging from Colgate Total to Colgate Kids Toothpastes.

An example of service variability is that within a given Marriott hotel,one registration-desk employee may be cheerful and efficient,whereas another may be unpleasant and slow.

A manager of a Holiday Inn said,"We have power and value in the market and people are willing to pay for it." This manager is referring to ________.

Brands are not maintained by advertising,but by the brand __________.

An alternative to product line stretching is ________,adding more items within the present range of the line.

A Lamborghini automobile,for example,is a ______________ because buyers are usually willing to travel great distances to buy one.

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