Marketing Concepts Quiz: Products & Services

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Questions and Answers

What aspect of a product refers to the intangible benefits like warranty and installation?

Convenience product

Core product

Actual product

Augmented product (correct)

Which type of consumer product is characterized by high price and infrequent purchases?

Shopping products

Specialty goods (correct)

Unsought goods

Convenience products

Which of the following best describes actual products?

Features, design, and quality level of a product (correct)

Experience combined with a physical product

Products that require minimal purchase effort

Intangible services that satisfy needs

Which product classification requires consumers to spend more time comparing suitability, quality, and price?

Shopping products Signup and view all the answers

Which strategy involves extending a well-known brand into new product lines?

Brand extension Signup and view all the answers

In brand sponsorship, which type involves a company owning the brand name but another firm produces the product?

Licensed brand Signup and view all the answers

Which factor is critical when selecting a brand name for a new product?

Legal restrictions Signup and view all the answers

What is primarily considered the core product when a consumer purchases a smartphone?

The communication capabilities Signup and view all the answers

What are the three levels at which brands can be positioned?

Product attributes, product benefits, consumer beliefs and values Signup and view all the answers

Which of the following is NOT a brand sponsorship type?

Franchise brand Signup and view all the answers

What is a characteristic of brand extension strategies?

Using an existing brand name to enter a new product category Signup and view all the answers

Which strategy involves creating multiple brands under a single organization?

Multibrand strategy Signup and view all the answers

What factor is most critical in brand name selection?

The name should be easy to pronounce and remember Signup and view all the answers

Which statement accurately describes unsought products?

Products that buyers do not think about purchasing regularly Signup and view all the answers

In the context of brand positioning, what does focusing on consumer beliefs and values entail?

Aligning the brand's identity with the social values of the target audience Signup and view all the answers

What are capital items in industrial products?

Buildings and equipment with a long useful life for production Signup and view all the answers

Which of the following is an example of brand extension?

Launching a new beverage using a popular snack brand name Signup and view all the answers

What is a key characteristic of a well-selected brand name?

It should be distinctive and easy to remember Signup and view all the answers

Which brand sponsorship type involves brands being promoted by the product producer?

Manufacturer's brand Signup and view all the answers

Which of the following describes line extension?

Adding new forms or colors of an existing product Signup and view all the answers

Which of these brand names correctly exemplifies translatability for the global economy?

Amazon.com Signup and view all the answers

What is the primary difference between a private brand and a manufacturer's brand?

Private brands are created by resellers, while manufacturer's brands are produced by the original manufacturers Signup and view all the answers

Which of the following describes co-branding?

Combining the brand names of two different companies on the same product Signup and view all the answers

What benefit does Dove Soap emphasize in its positioning?

Softer skin due to moisturizing lotion Signup and view all the answers

Study Notes

Products, Services & Brands

A product is any market offering designed to fulfill a want or need.
A service is an intangible product that doesn't result in ownership.
An experience is a product combining a service or physical good with a memorable experience.

Product Levels

Core Product: The fundamental benefit the buyer receives.
Actual Product: Packaging, features, design, quality, and brand name.
Augmented Product: Warranty, delivery, credit, installation, and service.

Consumer Product Classifications

Convenience Products: Frequently purchased, readily available, and inexpensive (e.g., candy, soda).
Shopping Products: Less frequent purchases requiring comparison based on suitability, quality, price, and style (e.g., furniture, clothing).
Specialty Products: High-priced, unique, and have considerable buyer effort to acquire (e.g., luxury cars, designer watches).
Unsought Products: Products consumers don't initially want or know about but might be persuaded to consider. (e.g., insurance, funeral arrangements).

Industrial Products Types

Materials and Parts: Raw and manufactured materials, parts.
Capital Items: Buildings and equipment used in buyer's production or operations with a long lifespan.
Supplies and Services: Operating supplies, repair, and maintenance items and services.

Building Strong Brands

Brand Positioning: Positioning a brand at levels of product attributes, benefits and consumer values.
Brand Names Selection: Brand names should be easy to pronounce, recognize, remember, distinctive, and translatable.
Brand Sponsorship: Types of brand sponsorship include Manufacturer's brand, Private brand, Licensed brand, and Co-brand.
Brand Strategy: Involves New Brands, Line/Brand Extensions, and Multi-brands.

Brand Development

Line extension: Introduction of new products within an existing product category using the same brand name (e.g., new flavors or sizes of a product)
Brand extension: Using a successful brand name to launch a new product in a different product category.
Multi-brands: Using different brands within the same product category (e.g., competing brands under a parent company).
New brands: New brands are developed based on a belief that the current brand isn't powerful enough, or that a new brand name is needed for a new product category.

Services

Intangibility: Services cannot be seen, tasted, felt, heard, or smelled before purchase.
Inseparability: Services cannot be separated from their providers.
Variability: Service quality depends on who provides it, and on when, where and how it is delivered.
Perishability: Services cannot be stored for later use.

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Description

Test your knowledge on the fundamentals of products, services, and brands. This quiz covers product levels and consumer product classifications, helping you understand the various types of products and their characteristics. Perfect for marketing students and professionals alike!