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Questions and Answers
Which type of product classification is characterized by strong brand preference and loyalty?
What is the primary characteristic of customer buying behavior for luxury goods?
Which type of products are often promoted through aggressive advertising and personal selling by both producers and resellers?
What is the primary characteristic of consumer products in terms of customer buying behavior?
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Which type of products are typically characterized by high price sensitivity?
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What is the primary characteristic of specialty products in terms of distribution?
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What is the first step in the SOSTAC Marketing Planning Model?
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What does the 'P' in the 4Ps of the Marketing Mix stand for?
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What is a product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything?
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What is the seventh 'P' in the 7Ps of the Marketing Mix?
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What is the primary goal of the Situational Analysis in the SOSTAC Marketing Planning Model?
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What is included in the Product component of the Marketing Mix?
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What is the primary function of the Promotion Mix in the Marketing Mix?
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What is the last step in the SOSTAC Marketing Planning Model?
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What is a characteristic of a service that makes it impossible to store for later use?
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Which type of consumer product is typically characterized by frequent and immediate purchase decisions?
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What is the primary difference between specialty products and shopping products?
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Which of the following is an example of a convenience product?
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What is the primary characteristic of inseparability in services?
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Which type of consumer product is characterized by less frequent purchases and more planning and shopping effort?
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What is the primary characteristic of variability in services?
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Which of the following is NOT a characteristic of a service?
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Study Notes
SOSTAC Marketing Planning Model
- SOSTAC is a marketing planning model that consists of Situation Analysis, Objectives, Strategy, Tactics, Action, and Control
Marketing Mix
- Marketing Mix is a set of tools used to satisfy customers and achieve business objectives
- There are two types of Marketing Mix:
- 4Ps: Product, Price, Promotion, and Place
- 7Ps: adds three more Ps: People, Process, and Physical Evidence
Product and Service
- Product: anything that can be offered to a market to satisfy a want or need
- Includes: physical objects, places, organizations, people, ideas, and combinations
- Service: a form of product that is intangible and does not result in ownership
- Characteristics of a service: intangibility, perishability, inseparability, and variability
Classification of Consumer Products
- Convenience products: frequent and immediate purchase, low customer involvement
- Examples: toothpaste, magazines, laundry detergents
- Shopping products: less frequent purchase, much planning and shopping effort
- Examples: major appliances, televisions, furniture
- Specialty products: strong brand preference and loyalty, special purchase effort
- Examples: luxury goods, Rolex watches, fine crystals, Lamborghini
- Unsought products: little product awareness or knowledge, varies
- Examples: life insurance, blood donations
Product Life Cycle
- A product goes through different stages: introduction, growth, maturity, and decline
- Requires careful planning to manage the product life cycle effectively
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Description
This quiz covers the SOSTAC marketing planning model, which includes situational analysis, objectives, strategy, tactics, action, and control. It also covers the marketing mix, including product, price, promotion, and place.
