Marketing Chap 9 – Flashcards

Which of the following is the best example of a specialty product a. a Ferretti yacht b. a Sony Blu-Ray player c. cash from an ATM d. a Merriam-Webster dictionary e. Dial hand soap

Consumer products are classified based on the: (1) attributes used in making the purchase decision; (2) frequency of purchase; and (3) a. amount of money the customer is willing to spend. b. number of competing products or product substitutes. c. demographics of the consumer. d. effort the consumer spends on the decision. e. consumer psychographics.

Equipment-based services do not have the marketing concerns of inconsistency because a. equipment comes with warranties. b. equipment can be easily serviced if something goes wrong. c. employees do not have direct contact when providing services to consumers. d. equipment-based services generally deal more with industrial firms than ultimate consumers. e. equipment-based services are not really services at all but highly specialized tangible products.

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value is referred to as a(n) a. ware b. product c. object d. market e. merchandise item

Ideally, before a new product is developed, a firm should have a precise protocol, which is a statement that identifies: (1) what the product will be and do to satisfy consumers; (2) specific customers' needs, wants, and preferences; and (3) __________. a. a clear marketing plan b. clear financial goals and expectations c. a well-defined target market d. a comprehensive SWOT analysis e. a precise budget of how much can be spent for a new offering's marketing program

There are eight marketing reasons why a new product can fail. One of these is __________. a. having an insignificant point of difference b. not listening to the "voice of the consumer" c. not learning critical "takeaway" lessons from past failures d. encountering "groupthink" in product development meetings e. pushing a poorly conceived offering into the market to generate quick sales and profits

There are six organizational problems that can cause new-product disasters. One of them is __________. a. failing to generate intense brand recognition b. avoiding the "NIH problem" c. thinking too much "out-of-the-box" d. receiving too much input from different departments within the firm e. not satisfying customers on critical factors

Amanda is the owner of a company called Piquant (which means having a pleasantly sharp taste or appetizing flavor). She was looking for a new product to go with her company's line of food condiments when a customer suggested creating a spicy mayonnaise. This is an example of a. "bootleg" innovation. b. ideation outsourcing. c. extended collaboration. d. idea "groupthink." e. open innovation.

Which stage in the new-product process results in the definition of the new product protocol and identifies the role it might serve in the firm's business portfolio? a. new-product strategy development b. idea generation c. screening and evaluation d. business analysis e. development

Teachers, optometrists, and social workers are service workers that could be classified as a. unskilled. b. semi-skilled labor. c. skilled labor. d. professionals. e. public servants.

product

services

consumer products

business products

Four I's

idle production capacity

product item

product line

product mix

new-product process

customer experience management