Exam 9: Product and Service Strategies

Sandra is working on a purchase decision for her company.The product under consideration is expensive, has a short distribution channel, and isn't purchased frequently.In addition, Sandra is working closely with a seller's marketing representative.Which type of product is Sandra's company considering purchasing?

Which of the following business products are MOST similar to consumer specialty products?

Emergency goods are purchased after careful reflection on whether they are really needed.

What is adding individual offerings that appeal to different market segments known as?

A food company has introduced single-serving cans of soup for one-person households.By offering the traditional product in a smaller package to reach a new target market, the company hopes to extend the life cycle of its product offering.

How would you generally classify consumer goods such as milk, bread, and soft drinks?

What is a company practising when it institutes a continuous effort to improve products and work processes?

Impulse purchase items are marketed to consumers who may not yet recognize a need for them.

What are fashions with abbreviated life cycles called?

Total Quality Management (TQM) improves quality primarily by using end-of-the-line inspections to identify products that don't meet specifications.

The three main activities in benchmarking are identifying processes that need improvement, comparing internal processes against similar activities of industry leaders, and implementing changes to improve quality.

The ISO 9001:2000 standards were developed in Asia to assist businesses in selecting suppliers that have met certain specifications for quality.

Why do raw materials resemble component parts and materials?

Extending a product line allows a firm to maximize sales opportunities without being limited by its resources.

What is the first main activity involved in benchmarking?

Which of the following products typically has the longest distribution channel?

Actions taken by marketers early in the introductory stage of the product life cycle can extend the product life cycle indefinitely.

Shopping products can be goods or services.In either case, the purchaser of a shopping product lacks complete information prior to the buying trip and gathers information during the buying process.

What is advertising that warns consumers about the dangers of overexposure to the sun, even during winter months, an attempt by marketers of sunscreen to do?

Advertising is seldom an important component in the marketing mix for accessory equipment products.