Exam 9: Product and Service Strategies

Occasionally, shortages of raw materials prompt firms to discontinue production and marketing of formerly profitable products.

In the late 1990s, Las Vegas witnessed a growth in the number of newly built casinos targeting the family vacation market.What was advertising their facilities to families an attempt to do?

The product mix is the assortment of product lines and individual product offerings that a company sells.

Marketers typically define product mixes using concepts of size, number, and price.

To compete effectively during the growth stage of a product's life cycle, firms should NOT make changes or improvements to the product.

What are the five variables of service quality? Define service gap.

What type of products are financial, legal, and medical services?

The service sector of the Canadian economy is one-third as large as the manufacturing sector.

Consumer products are classified as convenience, shopping, and specialty.

Which of the following is NOT a raw material?

Price typically does NOT dominate purchase decisions for installations in the business market.The purchasing firm buys such products on the basis of efficiency and performance.

What are business products that are re-classified as raw materials called?

Because they do NOT have physical features that buyers can see, hear, smell, taste, or touch prior to purchase, services are said to be intangible.

Match each item to the statement or sentence listed below. a.marketing mix b.benchmarking c.product d.convenience product e.shopping product f.specialty product g.product line h.product mix i.unsought product j.maturity stage k.raw materials l.total quality management m.product life cycle n.installations -is a continuous effort to improve products and work processes. 2.The _____ is the blending of the four strategy elements to fit the needs and preferences of a target market. 3.Farm products and mineral products are examples of _____. 4.Firms often rely on _____ to set performance standards and achieve superior performance, resulting in a competitive advantage in the marketplace. 5.Sales of a product category continue to grow during the early part of the _____, but eventually reach a plateau as the backlog of potential customers dwindles. 6.A bundle of physical, service, and symbolic attributes is a(n) _____. 7.A product that is purchased frequently, immediately, and with minimal effort is classified as a(n) _____. 8.A(n) _____ is marketed to consumers who may not yet recognize the need for it. 9.A product that a consumer purchases after comparing competing offerings is called a(n) _____. 10.An assortment of product offerings sold by a firm is called the _____. 11.A(n) _____ offers unique characteristics that cause buyers to prize those particular brands. 12.A series of related products offered by one company is a(n) _____. 13.The specialty products of the business market are called _____. 14.A product will progress through four stages, called the _____.

What type of product are consumers primarily interested in when they are well aware of the brands they prefer and are willing to make a special effort to obtain them?

What are products that are considered capital investments but whose useful lives are generally much shorter than those of installations known as?

While a consumer views a product as a want satisfier, a marketer sees the product as a combination of elements that give value to a consumer.

What are purchases included with a car, such as spark plugs, batteries, and tires, examples of?

A product is simply a physical item designed to satisfy a customer's wants and needs.

The decision about whether to delete products from the product line is usually faced during the late growth and early maturity phases of the product life cycle.