14 Aug Question 1 There are four levels of a product: core, tangible, augmented, and

Question 1
There are four levels of a product: core, tangible, augmented, and promised Which of the following represents an
intangible product?

A new projector screen TV for teens to share with their friends

An outdoor kitchen to improve the value and appearance of a
home

Correct Answer
Life insurance with a high premium and high cash value after
20 years

In
A new Range Rover for its unique styling and brand name

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Question 2
What is the advantage of a service-dominated approach to
products?

Because everything today is essentially a service

Because it integrates the product, price, and service
dimensions of an offering

Because you don’t have to be concerned with tangible
benefits

Because services are more dominant today that pure goods.

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Question 3
Which stages are part of the product life cycle?

Early maturity, late maturity, demarket

Product development, product testing and launch

Introduction, launch, demarketing

Growth, maturity, decline

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Question 4
The product line is a group of related offerings. Which answer does NOT explain the definition
of a product line?

A line extension can be added

Can be broad or narrow

The entire assortment of products a company offers

Created to make marketing strategies more efficient

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Question 5
The service-dominant approach to marketing considers three
separate and distinguishable characteristics.
Which of the following is NOT one of them?

Planning

Products

Services

Prices

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Question 6
Which of the following best describe the new
offering-development process?

Product design, testing, feature screening, and
commercialization

Idea generation, idea screening, feature specification,
development, testing, commercialization, and evaluation

Idea generation, development, and commercialization

Ideation, design, testing, screening, development, and
evaluation

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Question 7
In the idea screening stage, companies evaluate new
offerings by determining ______.

if the product costs more during idea generation than
expected.

the product’s features

if the product fits with the image and corporate strategy

if the product works like it is supposed to work or if it
needs further development.

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Question 8
Price is _______.

the amount of money a customer pays to receive the
offering’s benefits.

the value the company believes the product is worth in order
for them to make a profit.

the manufacturer’s suggested list price (mslp) and not
necessarily what the consumer will pay for an offering.

always expressed in terms of US dollars.

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Question 9
Which of the following is an example of total cost of
ownership?

A BOGO (buy one get one free) price for a pair of shoes

purchase of a blood glucose meter and the strips necessary
to test blood glucose levels.

a Lego set and another related Lego product

Price of a hair appointment and the cost of gas to get to
the salon

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Question 10
When an accounting firm packages its audit report in an
expensive official looking report cover using linen stationary and the logo
embossed on every page, what are they trying to convey to the customer?

a way to present canned information in a way that looks
customized

to appear as if their service is really a product

A marketing message to promote their brand name to anyone
who sees the report

A tangible aspect to the audit service to help the customer
evaluate the service, trust the service, and be comfortable with price paid

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Question 11
Do all products have a technology platform?

Correct Answer
No, technology platforms are unique to products using
technology as the basis of their product

Yes, products need
technology to be manufactured.

No, the technology as the basis for the product is
irrelevant to describing a product.

In
Yes, all products have some aspect of technology involved in
them.

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Question 12
For most customers, a fur coat would be an example of what
type of consumer offering?

shopping offering

specialty offering

convenience offering

unsought offering

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Question 13
Apple begins markting an iCar. In which stage of the product life cycle
would you put the iCar?

decline

introduction

maturity

growth

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Question 14
Kellogg Cereal markets All Bran, a non-sweetened and
minimally processed cereal. It is in the
decline stage of the product life cycle.
What can Kellogg do to generate new interest in All Bran and extend the
length of the product life cycle?

Try to get better shelf position for All Bran so consumers
see it better and therefore more likely to buy it.

Consider the cereal a ‘dog’ and take it off the shelves and
cut their losses.

Correct Answer
Find a new market segment who would value the healthy cereal
such as millinials.

In
Offer price promotions with deep discounts to sell more
boxes of All Bran.

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Question 15
Why is having a good brand a great marketing strategy?

To ensure customers don’t buy competing offerings

So that other products offered under the same brand name can
receive the halo effect of the brand name and brand image

So that marketers don’t have to constantly find new product
names

So that competitors can’t use the same brand name

View FeedbackQuestion 1 There are four levels of a product: core, tangible, augmented, and promised Which of the following represents an
intangible product? A new projector screen TV for teens to share with their friends An outdoor kitchen to improve the value and appearance of a
homeCorrect Answer Life insurance with a high premium and high cash value after
20 yearsInA new Range Rover for its unique styling and brand nameView FeedbackQuestion 2 What is the advantage of a service-dominated approach to
products? Because everything today is essentially a serviceBecause it integrates the product, price, and service
dimensions of an offering Because you don’t have to be concerned with tangible
benefits Because services are more dominant today that pure goods.View FeedbackQuestion 3 Which stages are part of the product life cycle? Early maturity, late maturity, demarket Product development, product testing and launch Introduction, launch, demarketingGrowth, maturity, declineView FeedbackQuestion 4 The product line is a group of related offerings. Which answer does NOT explain the definition
of a product line? A line extension can be added Can be broad or narrowThe entire assortment of products a company offers Created to make marketing strategies more efficientView FeedbackQuestion 5 The service-dominant approach to marketing considers three
separate and distinguishable characteristics.
Which of the following is NOT one of them?Planning Products Services PricesView FeedbackQuestion 6 Which of the following best describe the new
offering-development process? Product design, testing, feature screening, and
commercializationIdea generation, idea screening, feature specification,
development, testing, commercialization, and evaluation Idea generation, development, and commercialization Ideation, design, testing, screening, development, and
evaluationView FeedbackQuestion 7 In the idea screening stage, companies evaluate new
offerings by determining ______. if the product costs more during idea generation than
expected. the product’s featuresif the product fits with the image and corporate strategy if the product works like it is supposed to work or if it
needs further development.View FeedbackQuestion 8 Price is _______.the amount of money a customer pays to receive the
offering’s benefits. the value the company believes the product is worth in order
for them to make a profit. the manufacturer’s suggested list price (mslp) and not
necessarily what the consumer will pay for an offering. always expressed in terms of US dollars.View FeedbackQuestion 9 Which of the following is an example of total cost of
ownership? A BOGO (buy one get one free) price for a pair of shoespurchase of a blood glucose meter and the strips necessary
to test blood glucose levels. a Lego set and another related Lego product Price of a hair appointment and the cost of gas to get to
the salonView FeedbackQuestion 10 When an accounting firm packages its audit report in an
expensive official looking report cover using linen stationary and the logo
embossed on every page, what are they trying to convey to the customer? a way to present canned information in a way that looks
customized to appear as if their service is really a product A marketing message to promote their brand name to anyone
who sees the reportA tangible aspect to the audit service to help the customer
evaluate the service, trust the service, and be comfortable with price paid View FeedbackQuestion 11 Do all products have a technology platform?Correct Answer No, technology platforms are unique to products using
technology as the basis of their product Yes, products need
technology to be manufactured. No, the technology as the basis for the product is
irrelevant to describing a product.InYes, all products have some aspect of technology involved in
them.View FeedbackQuestion 12 For most customers, a fur coat would be an example of what
type of consumer offering? shopping offeringspecialty offering convenience offering unsought offeringView FeedbackQuestion 13 Apple begins markting an iCar. In which stage of the product life cycle
would you put the iCar? declineintroduction maturity growthView FeedbackQuestion 14 Kellogg Cereal markets All Bran, a non-sweetened and
minimally processed cereal. It is in the
decline stage of the product life cycle.
What can Kellogg do to generate new interest in All Bran and extend the
length of the product life cycle? Try to get better shelf position for All Bran so consumers
see it better and therefore more likely to buy it. Consider the cereal a ‘dog’ and take it off the shelves and
cut their losses.Correct Answer Find a new market segment who would value the healthy cereal
such as millinials.InOffer price promotions with deep discounts to sell more
boxes of All Bran.View FeedbackQuestion 15 Why is having a good brand a great marketing strategy? To ensure customers don’t buy competing offeringsSo that other products offered under the same brand name can
receive the halo effect of the brand name and brand image So that marketers don’t have to constantly find new product
names So that competitors can’t use the same brand nameView Feedback

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