Exam 12: Setting Product Strategy

Product is the key element in the market offering.

Because ________ are purchased frequently,marketers should make them available in many locations,charge only a small markup,and advertise heavily to induce trial and build preference.

As the marketing manager for a product often referred to as a "commodity," you know that incremental sales and profits lies not in physical differentiation but in "service" differentiation.As you compose a memo to your boss regarding the concept of "service" differentiation,you note the six areas where service differentiation can make a difference.List these six areas for service differentiation.

The main advantage of co-branding is that a product may be convincingly positioned by virtue of the ________ involved.

Using the ________ level of the product hierarchy to market its soups,Campbell Soups feature the company name first,then the soup variety on their packaging.

When Jack bought his new laptop,he also bought a laptop bag and a spare power cord through the same retailer.These items are considered to be ________.

Capital items are long-lasting goods that facilitate developing or managing the finished products.

Studying how consumers shop,how they use a particular product or service,and how they dispose of the product when consumed is important for marketers.This information forms the basis of product strategy.First,define the consumption system and second,identify the two upcoming product strategies that are affected by this knowledge.

Explain the concepts of product-line width,length,depth,and consistency.

Convenience goods,products purchased without much thought,can be classified as impulse goods and emergency goods,and this constitutes one of the four classifications of goods based on shopping habits.The purchase of a Mercedes automobile,life insurance,homogeneous shopping goods,and heterogeneous shopping goods are examples of the other classifications.Identify these "goods" classifications or segments.

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

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.

Firms should design the highest performance level possible for their products.

Most products can be offered with varying ________ that supplement its basic function.

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

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 ________.

A consumer products firm manufacturers and sells over 200 different sizes and varieties of jams and jellies.We can say that this manufacturer's product mix has high ________.

Because they are intangible,durable goods normally require more quality control,supplier credibility,and adaptability than either services or nondurable goods.

Sellers must label their products.Labels serve many purposes beyond just "naming" the product.List the additional services provided by a product's label.

As a selling point,durability commands a particularly high pricing premium,especially for products that are subject to rapid technological obsolescence,as are personal computers and video cameras.