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Questions and Answers
What is the primary characteristic of a service?
What is the primary characteristic of a service?
Which of the following is NOT classified as a product?
Which of the following is NOT classified as a product?
In the new product development process, which step typically comes first?
In the new product development process, which step typically comes first?
What does the product life cycle illustrate?
What does the product life cycle illustrate?
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What does the term 'augmented product' refer to?
What does the term 'augmented product' refer to?
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Which of the following is a consideration in managing the new product development process?
Which of the following is a consideration in managing the new product development process?
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What defines an experience as a product?
What defines an experience as a product?
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Which of the following best describes convenience products?
Which of the following best describes convenience products?
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Which approach is essential for companies when developing new product ideas?
Which approach is essential for companies when developing new product ideas?
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What are specialty products characterized by?
What are specialty products characterized by?
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What type of products can be classified as places?
What type of products can be classified as places?
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Which example represents an unsought product?
Which example represents an unsought product?
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Which product category is defined by products that require careful comparison on various attributes?
Which product category is defined by products that require careful comparison on various attributes?
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What role does the augmented product dimension play for firms?
What role does the augmented product dimension play for firms?
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Which of the following products is an example of a shopping product?
Which of the following products is an example of a shopping product?
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Which characteristic best defines industrial products?
Which characteristic best defines industrial products?
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What are industrial products primarily used for?
What are industrial products primarily used for?
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Which category includes raw materials and manufactured items?
Which category includes raw materials and manufactured items?
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What does capital items refer to in industrial products?
What does capital items refer to in industrial products?
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What is the purpose of organization marketing?
What is the purpose of organization marketing?
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Which marketing concept is aimed at influencing individual behavior for societal improvement?
Which marketing concept is aimed at influencing individual behavior for societal improvement?
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What levels do marketers make product and service decisions at?
What levels do marketers make product and service decisions at?
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What types of activities does place marketing involve?
What types of activities does place marketing involve?
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Which of the following is NOT considered a type of product decision made by marketers?
Which of the following is NOT considered a type of product decision made by marketers?
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Which of the following is NOT a product or service attribute?
Which of the following is NOT a product or service attribute?
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What must marketers first choose regarding product quality to support the product's positioning?
What must marketers first choose regarding product quality to support the product's positioning?
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Total quality management involves which of the following?
Total quality management involves which of the following?
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Returning on quality treats quality as which type of resource?
Returning on quality treats quality as which type of resource?
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Which dimension of product quality refers to consistency in performance and freedom from defects?
Which dimension of product quality refers to consistency in performance and freedom from defects?
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How are product features primarily used in marketing?
How are product features primarily used in marketing?
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Which of these statements about product style and design is true?
Which of these statements about product style and design is true?
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Which approach focuses on holding quality efforts accountable for financial outcomes?
Which approach focuses on holding quality efforts accountable for financial outcomes?
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What does product mix width refer to?
What does product mix width refer to?
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How can product mix depth be best defined?
How can product mix depth be best defined?
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Which of the following statements about product mix consistency is true?
Which of the following statements about product mix consistency is true?
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What exemplifies a company stretching its product line downwards?
What exemplifies a company stretching its product line downwards?
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Which formula would be used to calculate the average length of a product line?
Which formula would be used to calculate the average length of a product line?
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Study Notes
Key Characteristics of a Service
- Intangibility: Services are intangible and cannot be physically touched or possessed.
Product Classification
- Services: Services are NOT classified as products.
New Product Development Process
- Idea generation: The first step in the new product development process is idea generation, where various ideas for new products are explored.
Product Life Cycle
- The product life cycle illustrates the stages a product goes through from its introduction to its eventual decline in the market.
Augmented Product
- The term 'augmented product' refers to additional services and benefits offered alongside the core product to enhance customer value, like warranties, delivery, and customer support.
Considerations in New Product Development
- Managing the new product development process involves various considerations, including market research, financial viability, and competitor analysis.
Experience as a Product
- An experience is considered a product when it's intentionally designed and managed to deliver a specific outcome or feeling for the customer.
Convenience Products
- Convenience products are frequently purchased items (e.g., groceries) that require minimal effort and are readily available.
New Product Idea Development
- A collaborative approach involving various departments and perspectives is essential for companies when developing new product ideas to ensure a holistic and successful outcome.
Specialty Products
- Specialty products are characterized by unique features and are often sought after by customers who are willing to invest considerable time and effort to find them.
Places as Products
- Places like tourist destinations, cities, and even countries can be classified as products when marketed and promoted to attract visitors or residents.
Unsought Products
- An example of an unsought product is life insurance, which consumers may not actively seek until a specific need arises.
Shopping Products
- Shopping products require consumers to carefully compare various attributes like price, features, and quality before making a purchase.
Augmented Product Dimension
- The augmented product dimension plays a significant role for firms by providing a competitive advantage and creating deeper customer loyalty through additional value-added services and benefits.
Shopping Product Example
- An example of a shopping product is a new television, where consumers typically research different brands and models before purchasing.
Industrial Products
- Industrial products are primarily used for further processing, manufacturing, or operations in business contexts.
Industrial Product Purpose
- Industrial products are used primarily for production, operations, and commercial activities, rather than direct consumption by individuals.
Industrial Product Categories
- Raw materials and manufactured items fall under the category of industrial products, as they are used in various manufacturing and production processes.
Capital Items in Industrial Products
- Capital items in industrial products refer to durable goods used in production processes, like machinery and equipment, that are expected to be used over an extended period.
Organization Marketing
- The purpose of organization marketing is to promote the image and values of an organization to its target audiences, building trust and positive perception.
Societal Marketing Concept
- The societal marketing concept aims to influence individual behavior to contribute to societal improvement and address environmental or social issues.
Product and Service Decision Levels
- Marketers make product and service decisions at various levels, including the strategic level (overall brand strategy), product line level (management of a specific product group), and individual product level (specific features and variations).
Place Marketing Activities
- Place marketing involves activities like creating a positive image and brand for a destination, promoting tourism, and attracting investment to enhance economic growth and development.
Product Decision Types
- Packaging is not considered a type of product decision made by marketers, as it's a specific aspect of product design rather than a broad decision category.
Product or Service Attributes
- Product or service attributes are specific characteristics that define a product or service, such as quality, features, packaging, and style.
Product Quality Choice
- Marketers must first choose the desired level of product quality based on the target market and product positioning, to form the foundation for a successful product strategy.
Total Quality Management
- Total quality management involves a comprehensive approach that emphasizes continuous improvement and customer satisfaction across every aspect of an organization.
Quality as a Resource
- The returning on quality approach treats quality as a valuable asset that can generate financial returns and improve organizational efficiency.
Product Quality Dimension
- The conformance dimension of product quality focuses on consistency in performance and freedom from defects, ensuring that the product meets pre-defined standards.
Product Feature Usage in Marketing
- Product features are primarily used in marketing to highlight specific attributes that differentiate a product from its competitors and appeal to target customers.
Product Style and Design
- Product style and design are not necessarily tied to the actual functionality of a product, as they primarily focus on its aesthetic appeal and visual impact.
Financial Accountability in Quality Efforts
- The financial accountability approach focuses on linking quality efforts directly to financial outcomes, ensuring that quality initiatives contribute to profitability and business growth.
Product Mix Width
- Product mix width refers to the number of different product lines offered by a company.
Product Mix Depth
- Product Mix depth refers to the number of variations within each product line, such as different sizes, colors, or models.
Product Mix Consistency
- Product mix consistency refers to the degree to which the different product lines offered by a company are related to each other, based on factors like target market, production processes, or brand image.
Downward Product Line Stretching
- A company stretching its product line downwards involves introducing lower-priced products to cater to a broader market segment or compete in a lower-price bracket.
Product Line Average Length Calculation
- The formula to calculate the average length of a product line is: Total number of items in a specific product line divided by the number of product lines.
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Description
Explore the various classifications of products including augmented products, consumer products, and industrial products. This quiz covers key concepts about what defines convenience and shopping products, and how they meet customer expectations. Test your knowledge on product features and their classifications.
