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MKT 353 - Chap6-Part1 || Questions and 100% Verified Answers.
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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 ar...

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  • August 25, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • marketing program

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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

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