Podcast
Questions and Answers
In the marketing framework, which of the following is the most central of the 4Ps?
In the marketing framework, which of the following is the most central of the 4Ps?
- Product (correct)
- Place
- Promotion
- Price
The tangibility levels in services are high.
The tangibility levels in services are high.
False (B)
Intangibility index is defined as the:
Intangibility index is defined as the:
- Ratio of R&D costs to capital spending (correct)
- Aggregate of tangible product cost and intangible product cost
- Ratio of inventory to products-in-transit handling
- Product of variable costs and fixed costs
The intangibility index of a firm rises with expansive capital expenditure.
The intangibility index of a firm rises with expansive capital expenditure.
Going to the symphony is an example of _____.
Going to the symphony is an example of _____.
Credence attributes in products are those:
Credence attributes in products are those:
With reference to a product's attributes, which of the following statements explains the difference between experience and search attributes?
With reference to a product's attributes, which of the following statements explains the difference between experience and search attributes?
Goods are dominated by experience and credence qualities, while services are mostly comprised of search and experience qualities.
Goods are dominated by experience and credence qualities, while services are mostly comprised of search and experience qualities.
With reference to perishability, which of the following statements differentiates a product from a service?
With reference to perishability, which of the following statements differentiates a product from a service?
In the context of variability between goods and services, services are said to be more variable.
In the context of variability between goods and services, services are said to be more variable.
Typically, automated services are introduced to reduce error variability.
Typically, automated services are introduced to reduce error variability.
Which of the following is an example of pure goods?
Which of the following is an example of pure goods?
Typically, a firm's product line varies in depth not in width.
Typically, a firm's product line varies in depth not in width.
The 'core' of a firm's market offering helps enhance customer satisfaction.
The 'core' of a firm's market offering helps enhance customer satisfaction.
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Study Notes
Marketing Framework
- The most central element of the marketing mix (4Ps) is Product.
Tangibility in Services
- Services are characterized by low tangibility; thus, the statement about high tangibility levels in services is false.
Intangible Services
- Examples include haircuts, tattoos, massages, and hair color changes; these services lack physical substance.
Intangibility Index
- Defined as the ratio of Research & Development (R&D) costs to capital spending.
Intangibility Index and Capital Expenditure
- A firm's intangibility index does not rise with expansive capital expenditure, making the statement false.
Experience Marketing
- Attending a symphony exemplifies experience marketing, which focuses on engagement rather than tangible product attributes.
Credence Attributes
- Credence attributes are those difficult to analyze even after consumption, requiring some form of trial or evaluation.
Experience vs. Search Attributes
- Search attributes are evaluated before purchase, while experience attributes are assessed after consumption.
Quality Attributes in Goods vs. Services
- Goods are predominantly defined by experience and credence qualities, while services are mainly identified by search and experience qualities; the statement claiming otherwise is false.
Perishability of Products and Services
- The production and consumption of products are separable, in contrast to services, where they are inseparable.
Variability in Goods and Services
- Services exhibit greater variability compared to goods, making the assertion true.
Automated Services
- The introduction of automated services is typically aimed at reducing error variability, which is a true statement.
Pure Goods Examples
- Pure goods include items like coal, which is a fundamental product without service attributes.
Product Line Depth and Width
- A firm's product line typically varies in width, not depth; thus, the statement is false.
Core Market Offering
- The core aspect of a firm's market offering does not universally enhance customer satisfaction, making the statement false.
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