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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 StrunkQuestions with correct Answers
Product - Answers -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 - Answers -True
True or false: The product and brand are usually the first and most basic marketing
consideration - Answers -True
Services - Answers -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 - Answers -True
3 levels of a product or service - Answers -1. Core customer value
2. Actual product
3. Augmented product
Three levels of a product - Answers -
core customer value (what is the buyer really buying?) - Answers -The core problem
solving benefits that consumers seek when they buy a product.
Actual product - Answers -exists around the core and includes the quality level,
features, design, brand name, and packaging
augmented product - Answers -The actual product plus the various services and
benefits offered with it, such as a warranty, free delivery, installation, and maintenance.
Pure tangible good - Answers -such as soap, toothpaste, or salt - no services
accompany the product
Pure services - Answers -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 - Answers -
True
Products and services fall into two broad classes based on the types of consumers who
use them; these two categories are - Answers -1. Consumer products
2. Industrial products
Consumer Products - Answers -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 - Answers -
Convenience Products - Answers -a consumer product that customers usually buy
frequently, immediately, and with minimal comparison and buying effort
Ex: laundry detergent, fast food
Shopping Products - Answers -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 - Answers -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 - Answers -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 - Answers -purpose for which the product is purchased
Industrial Products - Answers -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 - Answers -the use of traditional business marketing concepts and
tools to encourage behaviors that will create individual and societal well-being
Individual Product Decisions - Answers -
, Product Quality - Answers -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 - Answers -quality, features, style and design
Total Quality Management (TQM) - Answers -a management philosophy that focuses
on satisfying customers through empowering employees to be an active part of
continuous quality improvement
Brand - Answers -a name, term, symbol, design, or combination thereof that identifies a
seller's products and differentiates them from competitors' products
Brand name - Answers -the part of a brand that can be spoken, including letters, words,
and numbers
Brand mark - Answers -the part of a brand that is not made up of words, such as a
symbol or design
Trademark - Answers -a legal designation of exclusive use of a brand
trade name - Answers -the full legal name of an organization
Branding decisions - Answers -include selecting a brand name and developing a brand
strategy
Packaging - Answers -the activities of designing and producing the container or wrapper
for a product (protection, economy, convenience, promotion)
Marketers work with ______ to develop packaging for a product - Answers -- R&D
Packaging engineers
- Legal
Labels and logos (part of packaging) - Answers -identify, describe, and possibly
promote the product
Product support services - Answers -enhance customer service and satisfaction and
safeguard against competitors
True or False: Most companies produce a product line rather than a single product -
Answers -True
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