Exam 12: Setting Product Strategy

Many products can be differentiated in terms of ________; the size, shape, or physical structure.

In discussions with the packaging design team, you note that they do not have a firm design objective for the final package. In an internal memo to your boss, you outline the objectives (both company and consumer orientated) that you wish to see implemented by the design team. List these objectives.

As a small firm, you know that your firm cannot compete with the "big boys" in terms of price and promotion. Instead, you have decided to "out design" them. What is necessary for this strategy of "out designing them" to succeed?

Warranties must be written to be legally enforceable.

In increasingly fast-paced markets, prices, and technology are not enough. ________ is the factor that will often give a company its competitive edge and is defined as the totality of features that affect how a product looks and functions in terms of customer requirements.

Your firm is contemplating a bundling strategy for its line of products. You note that there are three guidelines for correctly implementing a bundling strategy from your marketing management class. In a memo to your boss, you outline these strategies. List them here.

When a company positioned in the "middle" market may want to introduce a lower-priced product line this is an example of

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

A product hierarchy stretches from basic needs to particular items that satisfy those needs. Which of the following levels of a product's hierarchy involves a group of products having a certain functional coherence?

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 "product system."

The four product-mix dimensions (length, width, depth, consistency) permit the company to expand its business.

Campbell Soups all feature the name "Campbell Soup" on their packaging first then the particular variety such as Cream of Mushroom. This is an example of a firm using what level of product hierarchy to market its products?

Industrial goods can be classified in terms of how they enter the production process and their relative costliness. We can distinguish three groups of industrial goods: ________, capital items, and suppliers and business services.

Most products are established at one of four performance levels: low, average, high or superior. For example, mountain bikes come in a variety of sizes and physical attributes. When a consumer purchases a mountain bike costing $1000 she/he expects the bike to perform to specifications and to have a high ________ meeting the promised specifications.

________ recognize the emotional power of design and the importance to consumers of how things look and feel.

When Baxter Medical supplied their hospitals with computer terminals directly linked to Baxter's ordering system, this was an example of a company differentiating itself versus competition in terms of

Marketers have traditionally classified products on the basis of characteristics such as durability, tangibility, and use.

If the physical product cannot be easily differentiated, the key to competitive success may lies in adding valued services and improving their quality.

We define packaging as all the activities of designing and producing the container for a product. This includes up to three levels of material: primary package, secondary package, and

Various factors have contributed to the growing use of packaging as a marketing tool. Which of these factors involves incorporating unique materials and features?