MKT571 WEEK 3 QUIZ (SOLUTION 21/21) GUARANTEE - 87570

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1. Some firms might delay the launch of their products until after the competitor has borne the cost of educating the market. Such an entry is called ________ entry. compensating balancing late strategic pay off 2. Which of the following is the best example of a new-to-the-world product? Tata Motors, an Indian automobile company, acquires Jaguar to extend its business Kids-Med, a company that produces childcare products, launches a non-contact thermometer Pestorica, a publishing company, decides to launch a new sports magazine Walmart, the retail giant, opens new stores in an underdeveloped African country 3. Marketers must see themselves as benefit providers. For example, when a shopper purchases new shoes, he or she expects the shoes to cover his or her feet and allow him or her to walk unobstructed. This is an example of what level in the consumer-value hierarchy? Potential product Basic product Pure tangible product Augmented product 4. Which of the following is the level at which the product’s primary characteristics operate? Conformance quality Performance quality Durability Design 5. When the physical product cannot be easily differentiated, the key to competitive success may lie in adding valued services and improving their quality. The main service differentiators are ordering ease, delivery, installation, ________, customer consulting, maintenance, and repair. customer training technology intensity adaptability ease of use 6. Which of the following will most help service providers overcome the limitation of intangibility of services when positioning itself? Cultivating non-peak demand Working with larger groups Sharing services Using brand symbols 7. Product launches include many tasks and often take longer than expected. To coordinate effectively, a planning technique such as ______ can be used. key path scheduling task scheduling planner critical path scheduling master scheduling 8. The five product levels constitute a ________. At each level more customer value is added. customer-value hierarchy demand chain value grid business model 9. Which of the following is most closely related with the organic growth of an organization? Developing new products from within Increasing the operational profitability Increasing productivity of employees Acquiring a product or service brand 10. Most new-product activities are devoted to introducing backward integration changing the target markets improving existing products changing the existing market dynamics 11. A dance school in the Bronx teaches professional hip-hop and salsa. It is experiencing an increase in student admissions, which is leading to substantial improvement in profits. The school is going through the ________ phase of its life cycle. maturity growth introduction decline 12. Services high in ________ are those services that have characteristics the buyer normally finds hard to evaluate even after consumption. trial qualities credence qualities experience qualities search qualities 13. ________ is the ability of a company to prepare on a large-scale basis individually designed products, services, programs, and communications. Backward compatibility Interoperability Mass customization Reverse engineering 14. Which of the following steps will help service firms to increase their quality control? Standardizing the service performance process Providing complementary services to customers Cultivating non-peak demand Adopting differential pricing 15. Product-line analysis provides information for two key decision areas: product-line length and ________. product-class composition product need family popular pricing product mix-pricing 16. Poga International, a multinational beverage corporation, identifies that one of its competitors is launching an apple flavored drink. The company decides to launch an apple flavor brand along with its competitor. What timing strategy is used here? Exchange entry Late entry First entry Parallel entry 17. It was sunny when Jenny went to class, but by the time class was over it was raining heavily, so Jenny stopped by the student store to buy an umbrella before she walked back to her dorm. In this case, the umbrella is an example of a(n) ________. emergency good heterogeneous shopping good impulse good specialty good 18. Happy Home Products produces detergents, toothpaste, bar soap, disposable diapers, and paper products. This company has a product ________ of five lines. type length class width 19. One of the ways to change the course of a brand is to modify the product. Under product modification, ________ adds size, weight, materials, supplements, and accessories that expand the product’s performance, versatility, safety, or convenience. technological improvement quality improvement style improvement feature improvement 20. Campbell Soups is a newly established company that specializes in preparing healthy but tasty food for children under the age of 5. It is incurring huge production costs, nonexistent profits, and slow sales growth. The company is in the ________ phase of its life cycle. maturity growth introduction decline 21. Using the ________ level of the product hierarchy to market its soups, Campbell Soups feature the company name first, then the soup variety on their packaging. product-line product-class product-type product-family
Solution Description

1. Some firms might delay the launch of their products until after the competitor has borne the cost of educating the market. Such an entry is called ________ entry.

compensating

balancing

late

strategic pay off

2. Which of the following is the best example of a new-to-the-world product?

Tata Motors, an Indian automobile company, acquires Jaguar to extend its business

Kids-Med, a company that produces childcare products, launches a non-contact thermometer

Pestorica, a publishing company, decides to launch a new sports magazine

Walmart, the retail giant, opens new stores in an underdeveloped African country

3. Marketers must see themselves as benefit providers. For example, when a shopper purchases new shoes, he or she expects the shoes to cover his or her feet and allow him or her to walk unobstructed. This is an example of what level in the consumer-value hierarchy?

Potential product

Basic product

Pure tangible product

Augmented product

4. Which of the following is the level at which the product’s primary characteristics operate?

Conformance quality

Performance quality

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