MKTG 3310 Exam 3 Wolter || with 100% Errorless Answers.
what are the three elements to a product offering? correct answers 1) value-based prices
2) product features and quality
3) services mix and quality
what is the difference between goods and services, on average, regarding quality? correct
answers Service:
-is intangible, they cannot try it out and test it before purchase.
-requires some degree of interaction with the customer for it to be a service.
-vary from day to day and even hour by hour as a function of the attitudes of the customer and
the servers.
-perishable and time dependent
Good:
- is tangible
- can be made according to a production schedule that is efficient for the company.
-can be produced to meet very tight specifications day-in and day-out with essentially zero
variability.
- can be stored
customer-value hierarchy correct answers 1) core benefit- product itself
2) basic product- product serves intended use
3) expected product- what is assumed to come with the product (ex. batteries, hotel wifi)
4) augmented product- what the product/market offers that differentiates them from the market
(ex. free movie channels in hotel)
5) potential- the redefining variable that product offers (ex. air bnb, residence inn changing the
hotel game)
what happens over time to augmented features? correct answers Over time companies will copy
other companies augmented products and they will lose their effectiveness
augmented features correct answers non-physical part of the product. It usually consists of lots of
added value, for which you may or may not pay a premium. So when you buy a car, part of the
augmented product would be the warranty, the customer service support offered by the car's
manufacturer and any after-sales service.
What happens over time as products gain more expected and augmented features? correct
answers As products gain more expected and augmented features they will become the norm and
expected products will become basic products and augmented products will become expected.
feature fatigue correct answers When a product has too many features and becomes so
overwhelming customers are turned away (LESS IS MORE)
Durable correct answers tangible goods, more expensive, more time used evaluating purchase,
bought less frequently (ex. electric razor)
, non-durable correct answers a tangible good that is quickly used up, convenience-based, cheap
(ex. 5 hr energy)
service products correct answers intangible (ex. Auburn University)
convenience correct answers impulse buy, no research done (ex. Q-tip)
shopping correct answers sought out product, based on taste, compared to other products when
shopping (ex. Tom's shoes)
specialty correct answers not commonly shopped for, smaller market, must go out of way to find
(ex. virtual reality headset)
unsought products correct answers you don't want to buy it but you have to; need-based not
desire based (ex. coffin, life insurance)
product differentiation correct answers Form, Features, Performance quality, Conformance
quality, Durability, Reliability, Reparability, Style, Customization
service differentiation correct answers Ordering ease, Delivery Installation, Customer training,
Customer consulting, Maintenance and repair, Returns
product correct answers Anything that can be offered to a market to satisfy a want or need,
including physical goods, services, experiences, events, persons, places, properties,
organizations, information, and ideas
product line correct answers group of related products, that perform a similar function, are sold
to the same customer group, are marketed through the same outlets or channels, or fall within
given price ranges. (ex. life insurance)
product mix correct answers all the product lines; (i.e. all games by angry birds company)
length of a product mix correct answers number of products in each product line (down- P&G
has lots of detergents in line)
width of a product mix correct answers number of different product lines (across- detergents,
toothpaste, diapers
depth of a product mix correct answers amount of variance in lines
In what ways can a line be stretched? correct answers Down-market stretch, Up-market stretch,
Two-way stretch
down-market stretch correct answers market satisfies lower end needs and provides a lower price
(2 in 1 shampoo, simple razors)
