Marketing Module 8: Products and Brands

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Questions and Answers

What is the core benefit in the product levels?

Tangible product features

The emotional component tied to the product

What the buyer is really purchasing (correct)

Additional benefits like warranty

Which type of product classification includes items like clothing and cars?

Unsought Products

Convenience Products

Industrial Products

Consumer Products (correct)

Which stage is NOT part of the New Product Development process?

Idea Screening

Commercialization

Marketing Strategy

Product Analysis (correct)

What does price elasticity measure?

Change in demand relative to price changes Signup and view all the answers

Which retail type focuses on providing a seamless integration of online and offline channels?

Omni-Channel Retailing Signup and view all the answers

Which of the following is an intangible benefit offered for sale?

Banking services Signup and view all the answers

What type of channel conflict occurs among different levels, such as between a manufacturer and a retailer?

Vertical conflict Signup and view all the answers

Which pricing strategy is based on the total cost plus desired profit margin?

Cost-Based Pricing Signup and view all the answers

What is the primary purpose of logistics in a supply chain?

Planning, implementing, and controlling the flow of goods, services, and information Signup and view all the answers

Which type of retail store focuses on a narrow product line with deep assortments?

Specialty Stores Signup and view all the answers

What characterizes omni-channel marketing?

Integration of multiple shopping methods for a seamless experience Signup and view all the answers

What is a common feature of third-party logistics (3PL)?

It outsources logistics to specialists for increased efficiency. Signup and view all the answers

Which promotional tool is characterized by its non-personal communication format?

Advertising Signup and view all the answers

What is a key characteristic of corporate chains in retailing?

Multiple outlets owned or controlled by one organization Signup and view all the answers

What does the push strategy focus on in the promotion mix?

Encouraging intermediaries to push the product to consumers Signup and view all the answers

Which of the following best describes the role of a broker in wholesaling?

They facilitate deals without owning the goods. Signup and view all the answers

Which of the following marketing communication steps involves designing the message?

Determine Communication Objectives Signup and view all the answers

What is a common trend in retailing today?

Shorter retail lifecycles and new formats Signup and view all the answers

How does direct-mail marketing function in non-store direct retailing?

Sends promotional offers directly to consumer addresses. Signup and view all the answers

What is a characteristic of off-price retailers?

They buy at reduced wholesale prices and offer lower prices to customers. Signup and view all the answers

Which of these pricing strategies involves setting a fixed percentage of forecasted sales?

Percentage-of-Sales Method Signup and view all the answers

What characterizes the decline stage of a product's lifecycle?

Sales decrease and consideration to phase out the product. Signup and view all the answers

Which pricing strategy sets prices based on customer perceptions of value?

Customer Value-Based Pricing Signup and view all the answers

What is a key feature of monopolistic competition?

Many sellers providing differentiated products. Signup and view all the answers

Which of the following is not a function of marketing channels?

Setting government regulations Signup and view all the answers

What type of pricing adds features or services to justify higher prices?

Value-Added Pricing Signup and view all the answers

Which concept describes how costs drop as production increases?

Economies of Scale Signup and view all the answers

What is a direct marketing channel?

A channel where producers sell directly to consumers. Signup and view all the answers

Which pricing method sets the price to cover costs or achieve a target return?

Break-Even Pricing Signup and view all the answers

What type of conflict occurs between different levels of the distribution channel?

Vertical Conflict Signup and view all the answers

What is the primary focus of good-value pricing?

Offering the right mix of quality and service at a fair price. Signup and view all the answers

Which type of channel system involves companies at the same level joining forces?

Horizontal Marketing System Signup and view all the answers

What is one impact of inflation on pricing strategies?

Can lead to price adjustments to maintain margin. Signup and view all the answers

Which is a criterion for selecting channel members?

Market coverage Signup and view all the answers

What is disintermediation in marketing channels?

Cutting out intermediaries from the supply chain. Signup and view all the answers

What is the primary focus of a Market Nicher?

Specializing in a small segment of the market Signup and view all the answers

Which type of product is characterized by low immediate appeal but high long-term benefits?

Salutary Products Signup and view all the answers

Which of the following is NOT one of Michael Porter’s strategies?

Targeted Pricing Signup and view all the answers

Which characteristic of services describes the inability to standardize performance?

Variability Signup and view all the answers

What does the 'Augmented Product' level refer to?

Additional services accompanying the product Signup and view all the answers

What is the first stage of the New Product Development Process?

Idea Generation Signup and view all the answers

Which of these is considered a Deficient Product?

Products that fail to deliver any benefits Signup and view all the answers

What is the main focus of the Service Profit Chain?

Connecting employee satisfaction to customer satisfaction Signup and view all the answers

What does the concept of 'Brand Equity' refer to?

Customer perception and value associated with a brand Signup and view all the answers

Which phase of the New Product Development Process involves gathering customer feedback on the product idea?

Concept Development and Testing Signup and view all the answers

Which product classification involves items not regularly considered by consumers?

Unsought Products Signup and view all the answers

Which stage of the Product Life Cycle does not involve sales generation?

Introduction Stage Signup and view all the answers

What is emphasized in the process of Internal Marketing?

Motivating employees to enhance service delivery Signup and view all the answers

Which of the following identifies the steps in building strong brands?

Brand Positioning, Brand Name Selection, Brand Development Signup and view all the answers

What distinguishes personal selling from other promotional methods?

It builds relationships and preferences. Signup and view all the answers

Which of the following best describes the purpose of competitor analysis?

To understand competitors and develop effective strategies. Signup and view all the answers

What is a key focus of sustainable marketing?

Balancing the needs of current consumers with those of future generations. Signup and view all the answers

Which competitive strategy involves offering unique value to consumers?

Differentiation Strategy Signup and view all the answers

Which product type is characterized as being beneficial in the long run but not immediately appealing?

Salutary Products Signup and view all the answers

What is a primary goal of corporate social sustainability?

To integrate socially responsible practices into branding. Signup and view all the answers

How does consumerism influence marketing practices?

It empowers consumers against unfair practices. Signup and view all the answers

In a blue ocean strategy, what is the main objective?

Create and capture new demand in an uncontested market space. Signup and view all the answers

What characterizes a market leader?

It dominates with the largest market share and seeks to expand it. Signup and view all the answers

What is planned obsolescence in marketing?

Designing products that become outdated quickly. Signup and view all the answers

What is emphasized in a customer-centric marketing approach?

Understanding customer needs and preferences first. Signup and view all the answers

Which of the following constitutes a concern for businesses in the context of marketing's impact on society?

Encouraging cultural pollution through excessive advertising. Signup and view all the answers

What is the essence of a focus strategy in competitive positioning?

To specialize in narrow market segments with deep understanding. Signup and view all the answers

Which statement about public relations is correct?

It is often perceived as more authentic than traditional advertising. Signup and view all the answers

Study Notes

Module 8: Products, Services, and Brands

Product: Anything offered for sale to satisfy needs or wants (e.g., cars, clothing).
Service: Intangible benefits offered for sale (e.g., banking, airline travel).
Customer Experience: Emotional and sensory aspects linked to a product/service.
Product Levels:
- Core Benefit: The fundamental benefit a buyer seeks (e.g., entertainment from a film).
- Actual Product: Tangible aspects like design, brand, packaging.
- Augmented Product: Additional benefits like warranties and after-sales support.
Product Classifications:
- Consumer Products:
  - Convenience: Frequently bought (e.g., toothpaste).
  - Shopping: Compared on quality/price (e.g., furniture).
  - Specialty: Unique characteristics (e.g., luxury cars).
  - Unsought: Not typically considered (e.g., insurance).
- Industrial Products: Materials, supplies, and equipment.

Module 9: New Product Development and PLC

New Product Development Process: Idea generation → screening → concept development → strategy → business analysis → development → testing → commercialization.
Product Life Cycle (PLC): Introduction → growth → maturity → decline.
New Product Development Strategy:
- Acquisition: Buying a company, patent, or license.
- Internal Development: Creating new products, modifications, or improvements.

Module 10: Pricing

Pricing Strategies:
- Customer Value-Based: Based on buyer perception of value.
- Cost-Based: Total costs + profit margin.
- Competition-Based: Based on competitors' prices.
Key Pricing Concepts:
- Price Elasticity: Change in demand with price changes.
- Break-Even Pricing: Price covering all costs.

Module 11: Marketing Channels

Intermediaries: Facilitate transactions/complete them (information, promotion, negotiation, financing, risk taking).
Channel Types:
- Direct: No intermediaries involved.
- Indirect: Involves one or more intermediaries.
Channel Conflicts:
- Horizontal: Among same-level members (e.g., retailers).
- Vertical: Among different levels (e.g., manufacturers vs. retailers).

Module 12: Retailing and Wholesaling

Retail Types:
- Store-Based: Specialty, department, supermarket, convenience.
- Non-Store: Direct mail, catalogs, telemarketing.
Omni-Channel Marketing: Seamless online/offline integration.

Module 13: Promotion

Promotion Mix: Advertising, sales promotions, personal selling, public relations.
Integrated Marketing Communications (IMC): Consistent messaging across channels.

Module 14: Competitive Advantage

Competitive Positions: Market leader, challenger, follower, nicher.
Porter's Strategies: Cost leadership, differentiation, focus.

Module 15: Sustainable Marketing

Sustainable Marketing Principles: Ethical, consumer-oriented, societal welfare.
Product Classification (Societal):
- Deficient, Pleasing, Salutary, Desirable products.
Tips for MCQs: Focus on definitions, examples, and processes.
Tips for SAQs: Be structured, use relevant examples, and use diagrams.

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Description

This quiz covers key concepts from Module 8 about products, services, and brands. Explore definitions, classifications, and the levels of products including core benefits and augmented aspects. Test your knowledge on consumer and industrial products along with customer experience.