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COB 300 Marketing Final Exam Strunk questions with correct answers
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COB 300 Marketing Final Exam Strunk questions with correct answers
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COB 300 Marketing Final Exam StrunkProduct - correct answer ✔✔Anything that can be offered to a market for attention, acquisition, use, or
consumption that might satisfy a want or need
True or False: Products include physical objects but also services, events, persons, places, orgs, ideas or
mixtures of these entities - correct answer ✔✔True
True or false: The product and brand are usually the first and most basic marketing consideration -
correct answer ✔✔True
Services - correct answer ✔✔an activity, benefit, or satisfaction offered for sale that is essentially
intangible and does not result in the ownership of anything
(Ex: banking, hotel, airline travel, retail)
True or false: Because of their importance in the world economy, we give special attention to services -
correct answer ✔✔True
3 levels of a product or service - correct answer ✔✔1. Core customer value
2. Actual product
3. Augmented product
Three levels of a product - correct answer ✔✔
core customer value (what is the buyer really buying?) - correct answer ✔✔The core problem solving
benefits that consumers seek when they buy a product.
Actual product - correct answer ✔✔exists around the core and includes the quality level, features,
design, brand name, and packaging
,augmented product - correct answer ✔✔The actual product plus the various services and benefits
offered with it, such as a warranty, free delivery, installation, and maintenance.
Pure tangible good - correct answer ✔✔such as soap, toothpaste, or salt - no services accompany the
product
Pure services - correct answer ✔✔for which the market offer consists primarily of a service
Ex: a doctor's exam and financial services
True or False: As products/services become more commoditized, many companies are moving to new
level in creating value for their customers, which is to differentiate through creating and managing
customer experiences with their brand/org - correct answer ✔✔True
Products and services fall into two broad classes based on the types of consumers who use them; these
two categories are - correct answer ✔✔1. Consumer products
2. Industrial products
Consumer Products - correct answer ✔✔a product bought by final consumers for personal consumption
- Usually classified according to consumer shopping habits (convenience, shopping, specialty and
unsought products)
Marketing considerations for consumer products - correct answer ✔✔
Convenience Products - correct answer ✔✔a consumer product that customers usually buy frequently,
immediately, and with minimal comparison and buying effort
Ex: laundry detergent, fast food
Shopping Products - correct answer ✔✔a consumer product that the customer, in the process of
selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style.
Typically distributed through fewer outlets, but provide deeper sales support to help customers in
comparison efforts
Ex: furniture, clothing, appliances, hotel services
, Specialty Products - correct answer ✔✔A consumer products with unique characteristics or brand
identification for which a significant group of buyers is willing to make a special purchase effort.
Ex: designer clothes, luxury cars
Unsought Products - correct answer ✔✔a consumer product that the consumer either does not know
about or knows about but does not normally consider buying. Requires a lot of promotion and marketing
efforts
Ex: life insurance, preplanned funeral services, blood donations
The one defining distinction between a consumer product and an industrial product is the - correct
answer ✔✔purpose for which the product is purchased
Industrial Products - correct answer ✔✔products purchased for further processing or for use in
conducting a business (includes materials/parts, capital items (installations and accessory equipment),
and supplies)
Social Marketing - correct answer ✔✔the use of traditional business marketing concepts and tools to
encourage behaviors that will create individual and societal well-being
Individual Product Decisions - correct answer ✔✔
Product Quality - correct answer ✔✔the characteristics of a product or service that bear on its ability to
satisfy stated or implied customer needs
Two Dimensions:
- Quality Level
- Quality Consistency
Product attribute decisions - correct answer ✔✔quality, features, style and design
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