MKT 353 - Chap6-Part1 || Questions and 100% Verified
Answers.
Marketing Program correct answers The strategic combination of the four marketing mix
elements
The product receives the most attention because it is most responsible for fulfilling the
customers' needs and wants
The Marketing Program correct answers Involves creating an offering that is an array of physical
(tangible), service (intangible), and symbolic (perceptual) attributes designed to satisfy
customers' needs and wants
Due to commoditization, the core product typically becomes incapable of differentiating the
offering.
Most organizations work to enhance the service and symbolic elements of their offerings to stand
out in a crowded market.
Typically done by changing price, distribution, or promotion.
Product Strategy correct answers Defines what the organization does and why it exists
A product offering's real value comes from its ability to deliver benefits that enhance a
customer's situation or solve a customer's problems.
Products fall into two general categories:
1.Consumer products
2.Business products
Consumer products correct answers for personal use and enjoyment
Business products correct answers for resale, use in making other products, or use in a firm's
operations
Types of Consumer Products
(Exhibit 6.1) correct answers Convenience Products
Shopping Products
Specialty Products
Unsought Products
Types of Business Products
(Exhibit 6.1) correct answers Raw Materials
, Component Parts
Process Materials
Maintenance, Repair, and Operating Products
Accessory Equipment
Installations
Business Services
The Product Portfolio correct answers Product Line
A group of closely related product items
Product Mix or Portfolio
The total group of products offered by the firm
Strategic Decisions
Variety - number of product lines offered
Assortment - depth of each product line
Strategic Decisions correct answers Variety - number of product lines offered
Assortment - depth of each product line
Variety correct answers number of product lines offered
Assortment correct answers depth of each product line
Product Line correct answers A group of closely related product items
Product Mix or Portfolio correct answers The total group of products offered by the firm
Potential Benefits of Offering a Large Product Portfolio correct answers Economies of Scale
Package Uniformity
Standardization
Sales and Distribution
Efficiency
Equivalent Quality Beliefs
Answers.
Marketing Program correct answers The strategic combination of the four marketing mix
elements
The product receives the most attention because it is most responsible for fulfilling the
customers' needs and wants
The Marketing Program correct answers Involves creating an offering that is an array of physical
(tangible), service (intangible), and symbolic (perceptual) attributes designed to satisfy
customers' needs and wants
Due to commoditization, the core product typically becomes incapable of differentiating the
offering.
Most organizations work to enhance the service and symbolic elements of their offerings to stand
out in a crowded market.
Typically done by changing price, distribution, or promotion.
Product Strategy correct answers Defines what the organization does and why it exists
A product offering's real value comes from its ability to deliver benefits that enhance a
customer's situation or solve a customer's problems.
Products fall into two general categories:
1.Consumer products
2.Business products
Consumer products correct answers for personal use and enjoyment
Business products correct answers for resale, use in making other products, or use in a firm's
operations
Types of Consumer Products
(Exhibit 6.1) correct answers Convenience Products
Shopping Products
Specialty Products
Unsought Products
Types of Business Products
(Exhibit 6.1) correct answers Raw Materials
, Component Parts
Process Materials
Maintenance, Repair, and Operating Products
Accessory Equipment
Installations
Business Services
The Product Portfolio correct answers Product Line
A group of closely related product items
Product Mix or Portfolio
The total group of products offered by the firm
Strategic Decisions
Variety - number of product lines offered
Assortment - depth of each product line
Strategic Decisions correct answers Variety - number of product lines offered
Assortment - depth of each product line
Variety correct answers number of product lines offered
Assortment correct answers depth of each product line
Product Line correct answers A group of closely related product items
Product Mix or Portfolio correct answers The total group of products offered by the firm
Potential Benefits of Offering a Large Product Portfolio correct answers Economies of Scale
Package Uniformity
Standardization
Sales and Distribution
Efficiency
Equivalent Quality Beliefs
