1. A service is the tangible component of an offering
2. Line depth refers to whether the product line is broad or narrow
3. The entire assortment of products that a firm offers is called the product line.
4. Price entails how much money a customer gives up to obtain an offering
5. The total amount someone pays to own, use, and eventually dispose of a product is the TCO
6. Most offerings are either a product or a service.
1. Offerings are _____.
a. products and services designed to deliver value to customers
b. services designed to satisfy customer needs
c. products designed to satisfy customer wants
d. products and services designed to deliver value to a firm
e. products and services designed to add value to the firms marketing mix
2. A(n) _____ is a characteristic of an offering.
a. tangible good
c. intangible value
d. price point
3. When a feature satisfies a need or want, then there is a(n) _____.
a. added value
b. high quality level
4. A product-dominant approach to marketing is based on the belief that
a. enjoyment of a product and its disposal are important in understand consumer needs
b. marketers should consider what services it takes for the customer to acquire their offerings
c. sales personnel and marketing can drive consumerism
d. the best way to capture market share is to create and manufacture better products at lower prices.
e. marketers should assess the value customers place on products in their daily lives.
5. A group of related offerings is known as a _____.
a. technology platform
b. product mix
c. service mix
d. product category
e. product line
6. The four offering levels include all of the following EXCEPT
a. the product mix.
b. the product category.
c. the product line
d. the basic offering
e. the offering’s technology platform
7. A group of offerings that are sold under the same name is known as a _____.
8. A number of variations in a single product line is known as _____.
a. line depth
b. a product mix
c. line breadth
d. a product category
e. a product line
9. The number of different or distinct product lines offered by a company is known as _____.
1. Offerings are products and services designed to deliver _____ to customers
2. A product is a(n) _____ that can be bought, sold, and owned.
3. The characteristics of an offering are known as the _____.
5. A product-orientation is an approach to business that focuses on capturing business by focusing on _____ and _____ better products at lower prices.
: creating; manufacturing
1. A frequently purchased product that requires little shopping effort is known as an impulse offering.
2. A consumer opts not to buy Brand B of potato chips when the grocery store is out of Brand A because it is a shopping offering in the eyes of the consumer.
3. Milk, fuel, bread, and other examples of life’s necessities are specialty offerings
4. The fact that many consumers would not consider shopping for a taillight until it is in need of repair is an example of an unsought offering.
5. Marketers use intensive distribution strategies to ensure consumers see convenience offerings at the right time.
6. The categories in which consumer offerings are placed are based on the characteristic of the offerings themselves.
1. Marketing of _____ items is often limited to simply trying to get the product in as many places as possible where a purchase could occur.
a. convenience offerings
b. shopping offerings
c. specialty offerings
d. unsought offerings
2. Consumers often care about brand names when they’re deciding on _____.
e. product offerings
3. _____ are specialty items that are available only through limited channels.
a. Convenience offerings
d. Unsought offerings
c. Specialty offerings
b. Shopping offerings
4. Marketing _____ requires building brand name recognition in the minds of consumers and educating them about your product’s key differences.
5. _____ are those that buyers do not generally want to have to shop for until they need them.
e. Product offerings
1. A convenience offering is a(n) _____-priced product or service.
2. A(n) _____ offering is purchased without prior planning.
3. An unsought offering is one that a customer typically does not shop for until _____.
a need arises
extra income is available
it is on sale
4. A crown on a tooth can be considered a(n) _____ offering
5. _____ are products and services consumers generally don’t want to put much effort into shopping for because they see little difference between competing brands.
1. A company that assembles and manufactures a product into its final form is known as an OFM.
1. A company that assembles and manufactures a product into its final form is known as an OEM.
2. Manufacturing, repair, and operations offerings are those that keep a company’s depreciable assets in working order.
3. Facilitating offerings are products and services a company purchases to support its operations but are not part of the firm’s final product.
4. A manufactured material has been processed into a finished good and is a stand-alone product
5. Because most businesses buy MRO items in large quantities and because these firms also need products not available to the general public, they will generally buy these products from a distributor.
1. Banking and transportation services are types of _____.
a. original equipment manufacturing offerings
b. capital equipment offerings
c. facilitating offerings
d. raw materials offerings
e. maintenance, repair, operations offerings
2. Marketing _____ can be very challenging because many people within a firm are involved in the buying decision for these types of products.
e. maintenance, repair, operations offerings
3. _____ are typically thought of as commodities, so price and availability are very important in relation to the competition.
a. Original equipment manufacturing offerings
b. Capital equipment offerings
c. Facilitating offerings
d. Raw materials offerings
e. Maintenance, repair, operations offerings
4. _____ consist of final products that have been put together from raw materials, manufactured materials, and/or component parts.
5. _____ are often sold by distributors but a consumer can also buy many of the same products at a retail store.
6. _____ might not be central to the buyer’s business, but the offerings are very important to a person making the buying decision.
7. A _____ is a finished good that still has to be incorporated into something else to be usable
a. manufactured material
b. finalized material
c. component piece
d. dynamic product
1. Capital equipment offerings include tangible equipment business purchases that are _____.
2. A(n) _____ has been processed into a finished good but is not a stand-alone product
3. _____ support an organization’s ability to do business but do not go into the final product
4. _____ are processed only to the point required for economic handling and distribution.
5. OEM offerings include products, or parts, sold by one manufacturer to another that get built into a final product without _____.
1. A brand extension involves the creation of a brand and then positioning it in the mind of the consumer.
2. An example of a brand mark is Coca-Cola
3. A brand is used by a seller to differentiate its offerings from that of the competitors.
4. Ideally when you sell a new product, you hope that all of its sales come from your competitor’s customer base or customers new to the market.
5. Both a completely new offering and a line extension will likely result in cannibalization
6. Packaging can be part of the brand
7. Secondary packaging holds a single retail unit of a product
8. Packaging can add value to your product
1. A symbol or logo used to identify a brand is known as a _____.
a. brand mark
c. brand name
d. brand extension
e. brand package
2. A brand is _____.
a. simply a label
b. a name, picture, design, or symbol used by a seller to differentiate their offerings
c. a picture that is similar to another company’s design
d. a slogan that conveys the firm’s image
e. an advertising campaign
3. A successful branding strategy
a. creates revenue for the company
b. invokes negative advertising campaigns from competitors
c. creates consumer recognition of what the brand means
d. results in a company being considered “cool.”
e. segments customers based on their needs.
4. Pepsi is an example of a(n) _____.
a. brand strategy
b. brand mark
c. brand statement
d. brand name
5. _____ occurs when a firm’s new offering eats into the sales of one of its older offerings.
a. Brand extension
b. Brand strategy
d. Product failure
1. A brand is used by a seller to _____ its offerings from competitors’ offerings.
2. A brand name is the _____ part of an identity used to describe the brand.
3. A brand mark is a(n) _____ or _____ used to identify a brand.
4. _____ packaging is designed to hold a single wholesale unit of a product
5. Primary packaging is designed to hold a single _____ unit of a product
6. A brand extension entails the process of utilizing an existing brand name or brand mark for a(n)
new product category
new retail outlet
7. _____ is designed for the shipping and handling of large quantities of product.
1. Vertical market managers are found only in B2B markets.
2. Market managers have the most flexibility in terms of pricing and product decisions.
3. Market managers are likely to be tasked with implementing a product or brand manager’s strategy.
4. At the retail level, a category manager at each store is responsible for one manufacturer’s products.
5. Product managers are found at companies like Procter & Gamble, SC Johnson, and Kraft.
1. Which type of manager has the most marketing responsibility?
a. category manager
b. market manager
c. value manager
d. brand manager
e. vertical market manager
2. Market managers can be found in which types of markets?
a. consumer and B2B
b. consumer and regional
c. B2B and industrial
d. regional and B2B
e. industrial and consumer
3. _____ are found at Xerox, IBM, and Rockwell International; while _____ are found at Microsoft, General Mills, and Target.
a. Brand managers; market managers
b. Brand managers; product managers
c. Product managers; brand managers
d. Product managers; market managers
4. A _____ is responsible for a broad group of offerings, such as home cleaning products, which have various brands within each group.
a. product manager
b. brand manager
c. market manager
d. category manager
e. vertical integration manager
5. A _____ is the person responsible for all business decisions regarding offerings within one brand
1. A(n) ______ is a person responsible for all business decisions regarding offerings within one brand.
2. A product manager is responsible for a(n) _____ or _____.
product; product line
brand; brand name
3. Vertical marketing managers oversee _____ products sold to a particular industry
4. Market managers have _____ over the communication content of marketing campaigns or market strategies.
5. A(n) _____ has responsibility for business decisions within a broad grouping of offerings
A market can be defined as
geographic market or region
a market segment
a type of business
channel of distribution
All of the above
_________ Decide what products are to be marketed and how
1. The size of a company will affect how the different stages of their new product development process are conducted.
2. In B2B markets, customers are typically a large source of new product ideas
3. New product ideas typically move down the supply chain
4. Idea generation is typically the most expensive step in the process of developing new offerings
6. Focus groups are conducted during the testing stage of the new offerings development process.
7. Depth interviews involve gathering eight to twelve consumers and gauging their reaction to a product/service concept.
8. The purpose of concept testing is to get early consumer feedback before investing too much money in an offering that won’t work.
9. Financial feasibility is the degree to which the company can actually make and service the product.
10. The risk that there is a better idea that gets ignored because the firm has invested in the idea at hand is known as opportunity risk.
11. Quality function deployment is the process whereby a company starts with the innovation and then designs an offering.
12. Testing is a relatively inexpensive step in the product development process.
13. A company that makes an offering available to certain markets first and then other markets later is employing a rolling launch strategy.
14. Milestones utilized by companies to evaluate product performance are typically the same within an industry.
15. Most companies put new offering ideas through a seven-step process.
1. Customers who are good at generating new product ideas or applications of products are called _____.
2. A line extension occurs when a company comes out with another model based on the same _____ and _____ as one of its other products.
a. platform; advertising
b. platform; brand
c. brand; advertising
d. marketing mix; offering
e. offering; consumers
3. In the idea screening stage, companies evaluate new offerings by determining
a. if the product cost more during idea generation than expected
b. the product’s features.
c. if the product fits with the image and corporate strategy
4. In what stage of the new product development process does concept testing occur?
b. idea generation
d. idea screening
5. To understand if a product offering is financially feasible, companies often consider the customer’s
a. potential interest in the product.
b. demographics, including income
c. value segmentation
e. personal value equation
6. _____ refers to the possibility that the company will fail to earn the appropriate return on the money and effort it puts into the new product.
a. Investment risk
b. Financial risk
c. Opportunity risk
d. Innovation risk
7. Quality function deployment is a process utilized in which step of the product development process?
b. feature specification
8. The feature specifications process begins with a strong understanding of
a. what risks are involved
b. what opportunity costs are entailed
c. what consumers want and need
9. A firm considers the product’s manufacturing process during which stage of the product development process?
10. In terms of a manufactured offering, using the same technology platform as another product can be
a. costly and cumbersome
b. seen as having a lack of innovative spirit
c. a subpar strategy
d. effective and less expensive
11. _____ ensures that a product meets its specifications in a variety of environments determined by the company.
a. Concept testing
b. Product testing
c. Alpha testing
12. _____ not only tests whether the offering works as advertised, but it also tests the offering’s delivery mechanisms, service processes, and other aspects of marketing the product.