Exam 12: Setting Product Strategy

In increasingly fast-paced markets,price 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,feels,and functions in terms of customer requirements.

Purchasers of theatre tickets receive a 20% discount if they purchase and pay for the full season at one time.This is an example of what type of product-mix pricing

Products such as insurance,cemetery plots,and smoke detectors are examples of ________ that are products that the consumer does not know about or does not normally think of buying.

Supplies and business services are short-term goods and services that facilitate ________ or managing the finished product.

Many sellers offer either general or specific guarantees.Guarantees reduce the buyer's ________ risk.

Realizing that although household products is a huge category,taking up an entire supermarket aisle or more,it is an incredibly boring one,the founders of Method Products designed a sleek,uncluttered dish soap container that also carried functional advantages.Method is competing in the crowded market for household products on the basis of superior ________.

________ are major purchases and are usually bought directly from the producer with the typical sale preceded by long negotiation periods.

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.

Industrial goods can be classified in terms of how they enter the production process and their relative costliness.Identify the three groups of industrial goods.

If line filling is overdone,it could result in ________ and customer confusion.

Product-mix pricing can involve a number of pricing strategies for the brand manager.List each of these strategies and briefly define each.

Customer training and customer consulting are two areas for service differentiation that manufacturers can use with their products.

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

________ describes the product's look and feel to the buyer; it has an advantage of creating distinctiveness that is difficult to copy.

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

Price-setting logic must be modified when the product is part of a product mix.In that case,the firm searches for a set of prices that ________ profits on the total mix.

The sellers of ________ goods carry a wide assortment to satisfy individual tastes and must have well-trained salespeople to inform and advise customers.Examples include automobile dealers,furniture stores,and insurance 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 $1,000,she/he expects the bike to perform to specifications and to have a high _________ meeting the promised specifications.

When companies search for new ways to satisfy customers and distinguish their offering from others,they look at the ________ product,which encompasses all the possible augmentations and transformations of the product.

Durable products normally require more personal selling and service and more seller guarantees than nondurable goods.