Exam 8: Developing and Managing Products and Services

A company wants to sustain this stage as long as possible.

________ 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.

Which of the following best represents the options a company has when a product is declining?

Products and services fall into two broad classes based on the types of consumers that use them. Name these two broad classes and describe how they are different from each other.

According to your text, which of the following is perhaps the most important external source of new-product ideas?

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 two-year 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 honour 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 is now 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. -Are examples of product mix depth evident in this scenario? Explain.

You have just flown first-class from Winnipeg to Calgary. Last month you flew economy-class from Ottawa to Vancouver. When assessing the quality of service you received on both flights, you admit that you preferred the economy-class flight. List three possible factors that may have led to that variability.

Quaker produces a variety of cereals. This variety is called its product line.

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

Good service companies focus attention on both customers and employees. Describe what the service-profit chain and internal marketing are, and how they differ from each other.

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

During the ________ stage of the new-product development process, helps spot good ideas and eliminate poor ones.

When a product enters the maturity stage, the company should consider ________.

In the narrowest sense, quality can be defined as ________.

Services are characterized by four key characteristics. Name and describe these four characteristics.

Most manufactured materials and parts are sold directly to ________ for further processing.

In the concept testing stage of new-product development, ________ form(s)of the product concept is presented to groups of target consumers.

According to the authors, the marketing strategy for a new product typically excludes ________.

The creation of a successful new product depends on a company's understanding of its ________ and its ability to deliver ________ to customers.

________ refers to inviting broad communities of people (such as customers, employees, independent scientists, and researchers)into the new-product innovation process.