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?

<p>Change in demand relative to price changes (A)</p> Signup and view all the answers

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

<p>Omni-Channel Retailing (A)</p> Signup and view all the answers

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

<p>Banking services (C)</p> Signup and view all the answers

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

<p>Vertical conflict (D)</p> Signup and view all the answers

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

<p>Cost-Based Pricing (C)</p> Signup and view all the answers

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

<p>Planning, implementing, and controlling the flow of goods, services, and information (B)</p> Signup and view all the answers

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

<p>Specialty Stores (A)</p> Signup and view all the answers

What characterizes omni-channel marketing?

<p>Integration of multiple shopping methods for a seamless experience (A)</p> Signup and view all the answers

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

<p>It outsources logistics to specialists for increased efficiency. (B)</p> Signup and view all the answers

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

<p>Advertising (B)</p> Signup and view all the answers

What is a key characteristic of corporate chains in retailing?

<p>Multiple outlets owned or controlled by one organization (D)</p> Signup and view all the answers

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

<p>Encouraging intermediaries to push the product to consumers (D)</p> Signup and view all the answers

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

<p>They facilitate deals without owning the goods. (A)</p> Signup and view all the answers

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

<p>Determine Communication Objectives (B)</p> Signup and view all the answers

What is a common trend in retailing today?

<p>Shorter retail lifecycles and new formats (A)</p> Signup and view all the answers

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

<p>Sends promotional offers directly to consumer addresses. (B)</p> Signup and view all the answers

What is a characteristic of off-price retailers?

<p>They buy at reduced wholesale prices and offer lower prices to customers. (B)</p> Signup and view all the answers

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

<p>Percentage-of-Sales Method (A)</p> Signup and view all the answers

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

<p>Sales decrease and consideration to phase out the product. (B)</p> Signup and view all the answers

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

<p>Customer Value-Based Pricing (C)</p> Signup and view all the answers

What is a key feature of monopolistic competition?

<p>Many sellers providing differentiated products. (A)</p> Signup and view all the answers

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

<p>Setting government regulations (B)</p> Signup and view all the answers

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

<p>Value-Added Pricing (C)</p> Signup and view all the answers

Which concept describes how costs drop as production increases?

<p>Economies of Scale (A)</p> Signup and view all the answers

What is a direct marketing channel?

<p>A channel where producers sell directly to consumers. (D)</p> Signup and view all the answers

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

<p>Break-Even Pricing (A)</p> Signup and view all the answers

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

<p>Vertical Conflict (C)</p> Signup and view all the answers

What is the primary focus of good-value pricing?

<p>Offering the right mix of quality and service at a fair price. (A)</p> Signup and view all the answers

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

<p>Horizontal Marketing System (D)</p> Signup and view all the answers

What is one impact of inflation on pricing strategies?

<p>Can lead to price adjustments to maintain margin. (D)</p> Signup and view all the answers

Which is a criterion for selecting channel members?

<p>Market coverage (C)</p> Signup and view all the answers

What is disintermediation in marketing channels?

<p>Cutting out intermediaries from the supply chain. (B)</p> Signup and view all the answers

What is the primary focus of a Market Nicher?

<p>Specializing in a small segment of the market (A)</p> Signup and view all the answers

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

<p>Salutary Products (D)</p> Signup and view all the answers

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

<p>Targeted Pricing (D)</p> Signup and view all the answers

Which characteristic of services describes the inability to standardize performance?

<p>Variability (A)</p> Signup and view all the answers

What does the 'Augmented Product' level refer to?

<p>Additional services accompanying the product (C)</p> Signup and view all the answers

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

<p>Idea Generation (D)</p> Signup and view all the answers

Which of these is considered a Deficient Product?

<p>Products that fail to deliver any benefits (D)</p> Signup and view all the answers

What is the main focus of the Service Profit Chain?

<p>Connecting employee satisfaction to customer satisfaction (A)</p> Signup and view all the answers

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

<p>Customer perception and value associated with a brand (C)</p> Signup and view all the answers

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

<p>Concept Development and Testing (C)</p> Signup and view all the answers

Which product classification involves items not regularly considered by consumers?

<p>Unsought Products (C)</p> Signup and view all the answers

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

<p>Introduction Stage (D)</p> Signup and view all the answers

What is emphasized in the process of Internal Marketing?

<p>Motivating employees to enhance service delivery (B)</p> Signup and view all the answers

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

<p>Brand Positioning, Brand Name Selection, Brand Development (A)</p> Signup and view all the answers

What distinguishes personal selling from other promotional methods?

<p>It builds relationships and preferences. (D)</p> Signup and view all the answers

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

<p>To understand competitors and develop effective strategies. (A)</p> Signup and view all the answers

What is a key focus of sustainable marketing?

<p>Balancing the needs of current consumers with those of future generations. (C)</p> Signup and view all the answers

Which competitive strategy involves offering unique value to consumers?

<p>Differentiation Strategy (D)</p> Signup and view all the answers

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

<p>Salutary Products (D)</p> Signup and view all the answers

What is a primary goal of corporate social sustainability?

<p>To integrate socially responsible practices into branding. (C)</p> Signup and view all the answers

How does consumerism influence marketing practices?

<p>It empowers consumers against unfair practices. (B)</p> Signup and view all the answers

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

<p>Create and capture new demand in an uncontested market space. (B)</p> Signup and view all the answers

What characterizes a market leader?

<p>It dominates with the largest market share and seeks to expand it. (A)</p> Signup and view all the answers

What is planned obsolescence in marketing?

<p>Designing products that become outdated quickly. (D)</p> Signup and view all the answers

What is emphasized in a customer-centric marketing approach?

<p>Understanding customer needs and preferences first. (B)</p> Signup and view all the answers

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

<p>Encouraging cultural pollution through excessive advertising. (B)</p> Signup and view all the answers

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

<p>To specialize in narrow market segments with deep understanding. (D)</p> Signup and view all the answers

Which statement about public relations is correct?

<p>It is often perceived as more authentic than traditional advertising. (A)</p> Signup and view all the answers

Flashcards

Product

Anything offered to satisfy a need or want, such as cars or clothing.

Service

Intangible benefits offered for sale, like banking or airline travel.

Customer Experience

The emotional and sensory aspects tied to a product or service.

Brand Equity

The value consumers perceive a brand to have.

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Product Life Cycle (PLC)

The stages a product goes through from introduction to decline.

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Price Elasticity

The change in demand relative to price changes.

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Direct Marketing Channel

Selling directly to customers without intermediaries.

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Integrated Marketing Communications (IMC)

Consistent and clear messaging across all marketing channels.

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Market Leader

The company with the largest market share in a specific industry.

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Market Challenger

A company aggressively pursuing growth, often targeting the market leader.

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Market Follower

A company content with its current market share, mimicking the leader's strategies.

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Market Nicher

A company focusing on a small, specialized segment of the market.

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Cost Leadership

A competitive strategy focused on minimizing costs to offer the lowest prices in the market.

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Differentiation

A competitive strategy that emphasizes uniqueness and value creation to justify premium pricing.

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Focus Strategy

A strategy focused on serving a specific market niche or segment with specialized products or services.

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Ethical Marketing

Marketing practices that prioritize moral principles and social responsibility.

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Consumer-Oriented Marketing

Marketing that prioritizes understanding and meeting customer needs and wants.

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Societal Welfare Considerations

Marketing decisions that consider their impact on society and the environment.

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Deficient Product

A product with no immediate or long-term benefits.

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Pleasing Product

A product offering immediate satisfaction but potentially causing long-term harm.

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Salutary Product

A product with long-term benefits but low immediate appeal.

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Desirable Product

A product offering both immediate satisfaction and long-term benefits.

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Marketing Logistics

Planning, implementing, and controlling the flow of goods, services, and information to meet customer needs efficiently.

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Integrated Logistics Management

A strategy that involves internal coordination between different departments (e.g., marketing, finance, operations) and external partnerships to optimize the entire distribution network.

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Third-Party Logistics (3PL)

Outsourcing logistics activities to specialized companies for efficiency.

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Retailing

Activities involved in selling goods/services directly to final consumers for personal use.

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Omni-Channel Marketing

A strategy that seamlessly integrates in-store, online, and mobile shopping experiences to provide a consistent customer experience.

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Specialty Store

A retail store that focuses on a narrow product line with deep assortments.

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Department Store

A large retail store that offers a wide variety of product lines organized into departments.

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Supermarket

A large, self-service store that offers groceries and household items.

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Convenience Store

A small store located near residential areas, open long hours with limited items.

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Superstore

A larger version of a supermarket, offering a vast range of food and nonfood items.

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Corporate Chain

A group of multiple retail outlets owned and controlled by a single organization.

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Franchise

A contractual arrangement allowing independent operators to use a company's trademarks, business model, and other resources.

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Direct-Mail Marketing

A method of sending promotional offers directly to a consumer's address.

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Catalog Marketing

A method of promoting products to a specific audience through printed or digital catalogs.

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Promotion Mix

A blend of promotional tools used to communicate value and build relationships.

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Pricing

The amount charged for a product or service, representing the value customers exchange for benefits.

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Customer Value-Based Pricing

Setting prices based on customer perceptions of value, considering what customers are willing to pay.

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Good-Value Pricing

Offering the right combination of quality and service at a fair price, aiming for a good balance.

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Value-Added Pricing

Adding features or services to justify higher prices, making the product stand out.

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Cost-Based Pricing

Setting prices by calculating production, distribution, and selling costs and adding a desired profit margin.

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Fixed Costs

Costs that don't change with production levels, like rent or salaries.

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Variable Costs

Costs that directly vary with production levels, like raw materials.

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Competition-Based Pricing

Pricing based on competitor's prices, strategies, and offerings, considering customer perception of value.

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Demand Curve

A visual representation showing the relationship between different price points and the number of units sold at each price.

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Elastic Demand

Demand significantly changes with price, indicating sensitivity to price changes.

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Inelastic Demand

Demand changes minimally with price, indicating low sensitivity to price changes.

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Marketing Channels

A network of organizations responsible for moving goods and services from the producer to the consumer.

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Value Delivery Network

A collaboration of companies, suppliers, distributors, and customers working together to optimize system performance.

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Vertical Marketing Systems (VMS)

A unified system where producers, wholesalers, and retailers act as one to streamline distribution.

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Multichannel Distribution Systems

A single firm using multiple channels to reach different customer segments, offering diverse options.

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Competitive Advantage

Offering greater value and satisfaction to target customers than competitors.

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Competitor Analysis

Learning all about competitors to create effective strategies.

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What are competitors' objectives?

Understanding what competitors are trying to achieve, such as profitability, market share growth, or becoming a service leader.

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How do you assess competitor strategies?

Evaluating the approaches competitors take to achieve their objectives, looking for similarities or differences in their methods.

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How do you assess competitor strengths and weaknesses?

Analyzing competitors' strong points and vulnerabilities through market research, customer feedback, and benchmarking.

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How do you estimate competitor reactions?

Anticipating how competitors might respond to your company's actions or strategies.

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What is Entrepreneurial Marketing?

Leveraging creativity to exploit opportunities and seize new market openings.

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What is Formulated Marketing?

Developing and executing formalized strategies based on market research and analysis.

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What is Intrapreneurial Marketing?

Encouraging internal innovation within the company to develop and market new products or services.

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What is Differentiation?

Offering unique value in key benefit areas that customers value.

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What is Overall Cost Leadership?

Achieving the lowest production and distribution costs to undercut competitors and offer lower prices.

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What is Focus Strategy?

Specializing in narrow market segments, deeply understanding their specific needs.

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What is Sustainable Marketing?

Socially and environmentally responsible marketing that meets current needs without compromising future generations' ability to meet their needs.

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What is Social Marketing?

Marketing that focuses on improving societal well-being by encouraging positive behaviors.

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What is the criticism of high-pressure sales?

Marketing tactics that use persuasion or manipulation to convince consumers to buy products they may not need or want.

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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.

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