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Marketing T2

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Quiz on Marketing T2, created by James Worthy on 05/11/2014.
James Worthy
Quiz by James Worthy, updated more than 1 year ago
James Worthy
Created by James Worthy over 9 years ago
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Resource summary

Question 1

Question
1. A service is the tangible component of an offering
Answer
  • True
  • False

Question 2

Question
2. Line depth refers to whether the product line is broad or narrow
Answer
  • True
  • False

Question 3

Question
3. The entire assortment of products that a firm offers is called the product line.
Answer
  • True
  • False

Question 4

Question
4. Price entails how much money a customer gives up to obtain an offering
Answer
  • True
  • False

Question 5

Question
5. The total amount someone pays to own, use, and eventually dispose of a product is the TCO
Answer
  • True
  • False

Question 6

Question
6. Most offerings are either a product or a service.
Answer
  • True
  • False

Question 7

Question
1. Offerings are _____.
Answer
  • 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

Question 8

Question
2. A(n) _____ is a characteristic of an offering.
Answer
  • a. tangible good
  • b. feature
  • c. intangible value
  • d. price point
  • e. need

Question 9

Question
3. When a feature satisfies a need or want, then there is a(n) _____.
Answer
  • a. added value
  • b. high quality level
  • c. benefit
  • e. value

Question 10

Question
4. A product-dominant approach to marketing is based on the belief that
Answer
  • 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.

Question 11

Question
5. A group of related offerings is known as a _____.
Answer
  • a. technology platform
  • b. product mix
  • c. service mix
  • d. product category
  • e. product line

Question 12

Question
6. The four offering levels include all of the following EXCEPT
Answer
  • a. the product mix.
  • b. the product category.
  • c. the product line
  • d. the basic offering
  • e. the offering’s technology platform

Question 13

Question
7. A group of offerings that are sold under the same name is known as a _____.
Answer
  • a. technology platform
  • b. product mix
  • c. service mix
  • d. product category
  • e. product line

Question 14

Question
8. A number of variations in a single product line is known as _____.
Answer
  • a. line depth
  • b. a product mix
  • c. line breadth
  • d. a product category
  • e. a product line

Question 15

Question
9. The number of different or distinct product lines offered by a company is known as _____.
Answer
  • a. line depth
  • b. a product mix
  • c. line breadth
  • d. a product category
  • e. a product line

Question 16

Question
1. Offerings are products and services designed to deliver _____ to customers
Answer
  • : tangible
  • : features
  • line breadth
  • : value

Question 17

Question
2. A product is a(n) _____ that can be bought, sold, and owned.
Answer
  • : features
  • : value
  • : tangible
  • line breadth

Question 18

Question
3. The characteristics of an offering are known as the _____.
Answer
  • : features
  • : value
  • breadth

Question 19

Question
5. A product-orientation is an approach to business that focuses on capturing business by focusing on _____ and _____ better products at lower prices.
Answer
  • : creating; manufacturing
  • product; mixing

Question 20

Question
1. A frequently purchased product that requires little shopping effort is known as an impulse offering.
Answer
  • True
  • False

Question 21

Question
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.
Answer
  • True
  • False

Question 22

Question
3. Milk, fuel, bread, and other examples of life’s necessities are specialty offerings
Answer
  • True
  • False

Question 23

Question
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.
Answer
  • True
  • False

Question 24

Question
5. Marketers use intensive distribution strategies to ensure consumers see convenience offerings at the right time.
Answer
  • True
  • False

Question 25

Question
6. The categories in which consumer offerings are placed are based on the characteristic of the offerings themselves.
Answer
  • True
  • False

Question 26

Question
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.
Answer
  • a. convenience offerings
  • b. shopping offerings
  • c. specialty offerings
  • d. unsought offerings

Question 27

Question
2. Consumers often care about brand names when they’re deciding on _____.
Answer
  • a. convenience offerings
  • b. shopping offerings
  • c. specialty offerings
  • e. product offerings

Question 28

Question
3. _____ are specialty items that are available only through limited channels.
Answer
  • a. Convenience offerings
  • d. Unsought offerings
  • c. Specialty offerings
  • b. Shopping offerings

Question 29

Question
4. Marketing _____ requires building brand name recognition in the minds of consumers and educating them about your product’s key differences.
Answer
  • a. convenience offerings
  • b. shopping offerings
  • c. specialty offerings
  • d. unsought offerings
  • e. product offerings

Question 30

Question
5. _____ are those that buyers do not generally want to have to shop for until they need them.
Answer
  • a. Convenience offerings
  • b. Shopping offerings
  • c. Specialty offerings
  • d. Unsought offerings
  • e. Product offerings

Question 31

Question
1. A convenience offering is a(n) _____-priced product or service.
Answer
  • low
  • moderate
  • high

Question 32

Question
2. A(n) _____ offering is purchased without prior planning.
Answer
  • impulse
  • unsought
  • specialty

Question 33

Question
3. An unsought offering is one that a customer typically does not shop for until _____.
Answer
  • a need arises
  • extra income is available
  • it is on sale

Question 34

Question
4. A crown on a tooth can be considered a(n) _____ offering
Answer
  • unsought
  • specialty
  • impulse

Question 35

Question
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.
Answer
  • convenience offerings
  • specialty offerings
  • unsought offerings

Question 36

Question
1. A company that assembles and manufactures a product into its final form is known as an OFM.
Answer
  • True
  • False

Question 37

Question
1. A company that assembles and manufactures a product into its final form is known as an OEM.
Answer
  • True
  • False

Question 38

Question
2. Manufacturing, repair, and operations offerings are those that keep a company’s depreciable assets in working order.
Answer
  • True
  • False

Question 39

Question
3. Facilitating offerings are products and services a company purchases to support its operations but are not part of the firm’s final product.
Answer
  • True
  • False

Question 40

Question
4. A manufactured material has been processed into a finished good and is a stand-alone product
Answer
  • True
  • False

Question 41

Question
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.
Answer
  • True
  • False

Question 42

Question
1. Banking and transportation services are types of _____.
Answer
  • a. original equipment manufacturing offerings
  • b. capital equipment offerings
  • c. facilitating offerings
  • d. raw materials offerings
  • e. maintenance, repair, operations offerings

Question 43

Question
2. Marketing _____ can be very challenging because many people within a firm are involved in the buying decision for these types of products.
Answer
  • a. original equipment manufacturing offerings
  • b. capital equipment offerings
  • c. facilitating offerings
  • d. raw materials offerings
  • e. maintenance, repair, operations offerings

Question 44

Question
3. _____ are typically thought of as commodities, so price and availability are very important in relation to the competition.
Answer
  • a. Original equipment manufacturing offerings
  • b. Capital equipment offerings
  • c. Facilitating offerings
  • d. Raw materials offerings
  • e. Maintenance, repair, operations offerings

Question 45

Question
4. _____ consist of final products that have been put together from raw materials, manufactured materials, and/or component parts.
Answer
  • a. Original equipment manufacturing offerings
  • b. Capital equipment offerings
  • c. Facilitating offerings
  • d. Raw materials offerings
  • e. Maintenance, repair, operations offerings

Question 46

Question
5. _____ are often sold by distributors but a consumer can also buy many of the same products at a retail store.
Answer
  • a. Original equipment manufacturing offerings
  • b. Capital equipment offerings
  • c. Facilitating offerings
  • d. Raw materials offerings
  • e. Maintenance, repair, operations offerings

Question 47

Question
6. _____ might not be central to the buyer’s business, but the offerings are very important to a person making the buying decision.
Answer
  • a. Original equipment manufacturing offerings
  • b. Capital equipment offerings
  • c. Facilitating offerings
  • d. Raw materials offerings

Question 48

Question
7. A _____ is a finished good that still has to be incorporated into something else to be usable
Answer
  • a. manufactured material
  • b. finalized material
  • c. component piece
  • d. dynamic product

Question 49

Question
1. Capital equipment offerings include tangible equipment business purchases that are _____.
Answer
  • specialized
  • depreciated
  • facilitated

Question 50

Question
2. A(n) _____ has been processed into a finished good but is not a stand-alone product
Answer
  • raw product
  • manufactured material

Question 51

Question
3. _____ support an organization’s ability to do business but do not go into the final product
Answer
  • Facilitating offerings
  • manufacturing offerings
  • OEM offerings

Question 52

Question
4. _____ are processed only to the point required for economic handling and distribution.
Answer
  • raw materials
  • manufactured material
  • OEM components

Question 53

Question
5. OEM offerings include products, or parts, sold by one manufacturer to another that get built into a final product without _____.
Answer
  • further modification
  • maintenance

Question 54

Question
1. A brand extension involves the creation of a brand and then positioning it in the mind of the consumer.
Answer
  • True
  • False

Question 55

Question
2. An example of a brand mark is Coca-Cola
Answer
  • True
  • False

Question 56

Question
3. A brand is used by a seller to differentiate its offerings from that of the competitors.
Answer
  • True
  • False

Question 57

Question
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.
Answer
  • True
  • False

Question 58

Question
5. Both a completely new offering and a line extension will likely result in cannibalization
Answer
  • True
  • False

Question 59

Question
6. Packaging can be part of the brand
Answer
  • True
  • False

Question 60

Question
7. Secondary packaging holds a single retail unit of a product
Answer
  • True
  • False

Question 61

Question
8. Packaging can add value to your product
Answer
  • True
  • False

Question 62

Question
1. A symbol or logo used to identify a brand is known as a _____.
Answer
  • a. brand mark
  • b. brand
  • c. brand name
  • d. brand extension
  • e. brand package

Question 63

Question
2. A brand is _____.
Answer
  • 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

Question 64

Question
3. A successful branding strategy
Answer
  • 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.

Question 65

Question
4. Pepsi is an example of a(n) _____.
Answer
  • a. brand strategy
  • b. brand mark
  • c. brand statement
  • d. brand name

Question 66

Question
5. _____ occurs when a firm’s new offering eats into the sales of one of its older offerings.
Answer
  • a. Brand extension
  • b. Brand strategy
  • c. Saturation
  • d. Product failure
  • e. Cannibalization

Question 67

Question
1. A brand is used by a seller to _____ its offerings from competitors’ offerings.
Answer
  • compare
  • communicate
  • differentiate

Question 68

Question
2. A brand name is the _____ part of an identity used to describe the brand.
Answer
  • spoken
  • recognized
  • written

Question 69

Question
3. A brand mark is a(n) _____ or _____ used to identify a brand.
Answer
  • symbol; logo
  • word; phrase

Question 70

Question
4. _____ packaging is designed to hold a single wholesale unit of a product
Answer
  • secondary
  • primary
  • tertiary

Question 71

Question
5. Primary packaging is designed to hold a single _____ unit of a product
Answer
  • retail
  • wholesale

Question 72

Question
6. A brand extension entails the process of utilizing an existing brand name or brand mark for a(n)
Answer
  • new product category
  • new retail outlet

Question 73

Question
7. _____ is designed for the shipping and handling of large quantities of product.
Answer
  • tertiary
  • primary
  • secondary

Question 74

Question
1. Vertical market managers are found only in B2B markets.
Answer
  • True
  • False

Question 75

Question
2. Market managers have the most flexibility in terms of pricing and product decisions.
Answer
  • True
  • False

Question 76

Question
3. Market managers are likely to be tasked with implementing a product or brand manager’s strategy.
Answer
  • True
  • False

Question 77

Question
4. At the retail level, a category manager at each store is responsible for one manufacturer’s products.
Answer
  • True
  • False

Question 78

Question
5. Product managers are found at companies like Procter & Gamble, SC Johnson, and Kraft.
Answer
  • True
  • False

Question 79

Question
1. Which type of manager has the most marketing responsibility?
Answer
  • a. category manager
  • b. market manager
  • c. value manager
  • d. brand manager
  • e. vertical market manager

Question 80

Question
2. Market managers can be found in which types of markets?
Answer
  • a. consumer and B2B
  • b. consumer and regional
  • c. B2B and industrial
  • d. regional and B2B
  • e. industrial and consumer

Question 81

Question
3. _____ are found at Xerox, IBM, and Rockwell International; while _____ are found at Microsoft, General Mills, and Target.
Answer
  • a. Brand managers; market managers
  • b. Brand managers; product managers
  • c. Product managers; brand managers
  • d. Product managers; market managers

Question 82

Question
4. A _____ is responsible for a broad group of offerings, such as home cleaning products, which have various brands within each group.
Answer
  • a. product manager
  • b. brand manager
  • c. market manager
  • d. category manager
  • e. vertical integration manager

Question 83

Question
5. A _____ is the person responsible for all business decisions regarding offerings within one brand
Answer
  • a. product manager
  • b. brand manager
  • c. market manager
  • d. category manager

Question 84

Question
1. A(n) ______ is a person responsible for all business decisions regarding offerings within one brand.
Answer
  • brand manager
  • category manager
  • product manager

Question 85

Question
2. A product manager is responsible for a(n) _____ or _____.
Answer
  • product; product line
  • brand; brand name

Question 86

Question
3. Vertical marketing managers oversee _____ products sold to a particular industry
Answer
  • B2B
  • C2B
  • B2C

Question 87

Question
4. Market managers have _____ over the communication content of marketing campaigns or market strategies.
Answer
  • no control
  • complete control
  • some control

Question 88

Question
5. A(n) _____ has responsibility for business decisions within a broad grouping of offerings
Answer
  • category manager
  • brand manager
  • product manager

Question 89

Question
A market can be defined as
Answer
  • geographic market or region
  • a market segment
  • a type of business
  • channel of distribution
  • All of the above

Question 90

Question
_________ Decide what products are to be marketed and how
Answer
  • market managers
  • brand managers

Question 91

Question
1. The size of a company will affect how the different stages of their new product development process are conducted.
Answer
  • True
  • False

Question 92

Question
2. In B2B markets, customers are typically a large source of new product ideas
Answer
  • True
  • False

Question 93

Question
3. New product ideas typically move down the supply chain
Answer
  • True
  • False

Question 94

Question
4. Idea generation is typically the most expensive step in the process of developing new offerings
Answer
  • True
  • False

Question 95

Question
6. Focus groups are conducted during the testing stage of the new offerings development process.
Answer
  • True
  • False

Question 96

Question
7. Depth interviews involve gathering eight to twelve consumers and gauging their reaction to a product/service concept.
Answer
  • True
  • False

Question 97

Question
8. The purpose of concept testing is to get early consumer feedback before investing too much money in an offering that won’t work.
Answer
  • True
  • False

Question 98

Question
9. Financial feasibility is the degree to which the company can actually make and service the product.
Answer
  • True
  • False

Question 99

Question
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.
Answer
  • True
  • False

Question 100

Question
11. Quality function deployment is the process whereby a company starts with the innovation and then designs an offering.
Answer
  • True
  • False

Question 101

Question
12. Testing is a relatively inexpensive step in the product development process.
Answer
  • True
  • False

Question 102

Question
13. A company that makes an offering available to certain markets first and then other markets later is employing a rolling launch strategy.
Answer
  • True
  • False

Question 103

Question
14. Milestones utilized by companies to evaluate product performance are typically the same within an industry.
Answer
  • True
  • False

Question 104

Question
15. Most companies put new offering ideas through a seven-step process.
Answer
  • True
  • False

Question 105

Question
1. Customers who are good at generating new product ideas or applications of products are called _____.
Answer
  • lead users
  • alpha users
  • innovators
  • trend setters

Question 106

Question
2. A line extension occurs when a company comes out with another model based on the same _____ and _____ as one of its other products.
Answer
  • a. platform; advertising
  • b. platform; brand
  • c. brand; advertising
  • d. marketing mix; offering
  • e. offering; consumers

Question 107

Question
3. In the idea screening stage, companies evaluate new offerings by determining
Answer
  • 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

Question 108

Question
4. In what stage of the new product development process does concept testing occur?
Answer
  • a. launch
  • b. idea generation
  • c. development
  • d. idea screening

Question 109

Question
5. To understand if a product offering is financially feasible, companies often consider the customer’s
Answer
  • a. potential interest in the product.
  • b. demographics, including income
  • c. value segmentation
  • d. price point
  • e. personal value equation

Question 110

Question
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.
Answer
  • a. Investment risk
  • b. Financial risk
  • c. Opportunity risk
  • d. Innovation risk

Question 111

Question
7. Quality function deployment is a process utilized in which step of the product development process?
Answer
  • a. launch
  • b. feature specification
  • c. development

Question 112

Question
8. The feature specifications process begins with a strong understanding of
Answer
  • a. what risks are involved
  • b. what opportunity costs are entailed
  • c. what consumers want and need

Question 113

Question
9. A firm considers the product’s manufacturing process during which stage of the product development process?
Answer
  • a. launch
  • b. feature specification
  • c. development

Question 114

Question
10. In terms of a manufactured offering, using the same technology platform as another product can be
Answer
  • a. costly and cumbersome
  • b. seen as having a lack of innovative spirit
  • c. a subpar strategy
  • d. effective and less expensive

Question 115

Question
11. _____ ensures that a product meets its specifications in a variety of environments determined by the company.
Answer
  • a. Concept testing
  • b. Product testing
  • c. Alpha testing

Question 116

Question
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.
Answer
  • Concept testing
  • Alpha testing
  • Beta testing
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