(7) Product Strategy – Flashcards
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Most firms today compete in mature markets characterized by commoditization. In these cases, the ______ typically becomes incapable of differentiating the product offering from those of the competition.
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Core Product
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Although the product is at the heart of the marketing strategy, it is important to remember that the product offering itself is of little value to customers. The real value that a product offering come from:
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Its ability to deliver benefits that enhance a customer's situation
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Mallory is an avid collector of antiques. In fact, she spends practically every weekend traveling to small towns and antique shops in search of unique antique treasures. For Mallory, antiques are a perfect example of:
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Specialty Product
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Why would a firm offer a deep assortment of products in its product portfolio?
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To attract a wide range of customers and market segment
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Why is the demand for most services - such as popular restaurants - extremely time and place dependent?
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Because customers must be present for service to be delivered
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Unlike tangible goods, virtually all services are susceptible to inconsistency and variations in quality. Why is this so?
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Because services depend on people for their delivery
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To compete in the fast growing hybrid segment, Honda introduced the Civic Hybrid with unique styling and great fuel economy. Which product development strategy has Honda implemented?
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Product line extension
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Assume Kia has developed a new product idea to launch a midsize pickup. Currently, Kia is developing a prototype and working on projected costs, revenues, and profit potential. Kia is currently at what stage of the new product development process?
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Screening and evaluation
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When Meghan went to by groceries, she found everything on her list except Pampers diapers. While the store had other competing brands in stock, Meghan left and drove five miles to the next store where she found the Pampers. It appears that Meghan exhibits a high degree of ____ for Pampers diapers.
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Brand insistence
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One way of looking at _____ is to consider the marketing and financial value associated with a brand's position in the marketplace.
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Brand equity
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If you purchase a notebook computer from Dell, you will note several brand insignias on the outside, such as Dell, Intel, and Microsoft Windows. What type of branding strategy does this example represent?
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Co-branding
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Which of the following IS NOT a function or potential function of packaging?
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Integration
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As a tool of positioning strategy, perceptual maps illustrate two basic issues. First, they indicate products/brands that are similar in terms of relative mental position. Second, they illustrate:
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voids in the current mindscape for a product category
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Without a doubt, the most important tool of product differentiation is:
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The brand
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With respect to product descriptors, the product's _____ communicate(s) how the product behaves, hopefully in a fashion that is distinctive and appealing to customers.
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Advantages
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Since the introduction of the Atkins diet, many food and beverage marketers have focused on the low carbohydrate counts in their products. Many of these firms have launched promotional campaigns that directly compare their products to competing products having higher carbohydrate counts. In terms of product positioning, these promotional campaigns are designed to:
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Reposition competing firms and their products
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One of the most common marketing goals during the introduction stage of the product life cycle is to:
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Engage in customer education activities
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Which stage of the product life cycle has 1) establishing a strong, defensible market position and 2) achieving financial objectives that repay investment as its main priorities?
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Growth
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During the maturity stage of the product life cycle, a firm has four general goals that can be pursued. Which of the following IS NOT one of these options?
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Divest the product
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Firms using the _____ approach during the decline stage of the product life cycle will gradually reduce marketing expenditures and use a less resource-intensive marketing mix.
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Harvesting
