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Questions and Answers
What strategy involves entering a new market with an existing product?
What strategy involves entering a new market with an existing product?
The Decline stage of the Product Life Cycle is characterized by increasing sales.
The Decline stage of the Product Life Cycle is characterized by increasing sales.
False
List two reasons why branding is important in product strategy.
List two reasons why branding is important in product strategy.
- Enables consumers to easily distinguish one product from another. 2. Enables the owner to communicate the benefits of the product vs. competition.
Packaging is known as the __________ salesman in the store.
Packaging is known as the __________ salesman in the store.
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Match the following stages of the Product Life Cycle with their descriptions:
Match the following stages of the Product Life Cycle with their descriptions:
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Which of the following is NOT a basic step in developing a Public Relations program?
Which of the following is NOT a basic step in developing a Public Relations program?
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Evaluation in Public Relations assesses what was done during the PR campaign.
Evaluation in Public Relations assesses what was done during the PR campaign.
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Which of the following is not a criterion for choosing packaging materials?
Which of the following is not a criterion for choosing packaging materials?
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Name one type of pricing strategy used in the market.
Name one type of pricing strategy used in the market.
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Name two types of Public Relations tools.
Name two types of Public Relations tools.
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If a sign announcing a circus is placed on the back of an elephant, that is called __________.
If a sign announcing a circus is placed on the back of an elephant, that is called __________.
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A well-designed package can help attract consumers at the point of sale.
A well-designed package can help attract consumers at the point of sale.
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Match the following PR tools with their descriptions:
Match the following PR tools with their descriptions:
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What is the purpose of random discounting?
What is the purpose of random discounting?
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Penetration pricing involves setting a high price initially to gain market share.
Penetration pricing involves setting a high price initially to gain market share.
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What is an example of secondary market discounting?
What is an example of secondary market discounting?
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The pricing strategy where products complement each other, such as Gillette razors and blades, is known as __________.
The pricing strategy where products complement each other, such as Gillette razors and blades, is known as __________.
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Match the following pricing strategies with their descriptions:
Match the following pricing strategies with their descriptions:
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Which pricing strategy involves high prices at introduction that decrease over time?
Which pricing strategy involves high prices at introduction that decrease over time?
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Geographic pricing considers the location of customers when determining product prices.
Geographic pricing considers the location of customers when determining product prices.
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What is the objective of using premium pricing?
What is the objective of using premium pricing?
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Which type of product is considered a durable good?
Which type of product is considered a durable good?
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Specialty goods require little effort and have the lowest risk for buyers.
Specialty goods require little effort and have the lowest risk for buyers.
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What describes the core level of a product?
What describes the core level of a product?
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A product that is intangible and cannot be physically touched is referred to as a ______.
A product that is intangible and cannot be physically touched is referred to as a ______.
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Match each type of product with its description:
Match each type of product with its description:
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Which of the following describes a situation where there is an opportunity for a new product in an existing market?
Which of the following describes a situation where there is an opportunity for a new product in an existing market?
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Generic products provide essential benefits to consumers.
Generic products provide essential benefits to consumers.
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What are the three types of products based on consumption?
What are the three types of products based on consumption?
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Which type of channel of distribution does NOT take title of the goods and mainly operates in international markets?
Which type of channel of distribution does NOT take title of the goods and mainly operates in international markets?
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Retailers primarily sell to wholesalers.
Retailers primarily sell to wholesalers.
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Name one advantage of franchising as a distribution method.
Name one advantage of franchising as a distribution method.
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In the promotional/message objectives, the 'C' in AIDA stands for __________.
In the promotional/message objectives, the 'C' in AIDA stands for __________.
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Match the following types of advertising with their purposes:
Match the following types of advertising with their purposes:
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Which tool in the marketing mix is primarily used to convince customers to buy immediately?
Which tool in the marketing mix is primarily used to convince customers to buy immediately?
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Home delivery is an example of addressing buyer convenience issues.
Home delivery is an example of addressing buyer convenience issues.
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What do wholesalers primarily do?
What do wholesalers primarily do?
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What is the main purpose of advocacy advertising?
What is the main purpose of advocacy advertising?
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Institutional advertising focuses on promoting specific products.
Institutional advertising focuses on promoting specific products.
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Name one way of creating an advertisement.
Name one way of creating an advertisement.
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The qualitative value of an ad that measures consumer interest in the brand is called __________.
The qualitative value of an ad that measures consumer interest in the brand is called __________.
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Match the forms of media with their descriptions:
Match the forms of media with their descriptions:
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Which of the following is NOT a type of consumer promotion?
Which of the following is NOT a type of consumer promotion?
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Frequency refers to the number of consumers exposed to an ad at least once.
Frequency refers to the number of consumers exposed to an ad at least once.
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Name one type of trade promotion.
Name one type of trade promotion.
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Study Notes
Consumption and Tangibility
- Three types of products based on consumption and tangibility:
- Durables (stronger repeat purchases)
- Non-Durables (long intervals between repeat purchases)
- Services (intangible, no physical product)
Effort and Risk
- Four types of products based on effort and risk:
- Convenience goods (little effort, lowest risk, no buyer loyalty, parity priced)
- Shopping goods (buyer feels effort is worth it, compares products, higher price, infrequent purchase)
- Specialty goods (unique, customized products, no substitutes, highest effort and risk, high product loyalty)
- Preference goods (lesser risk, buyer loyalty, willing to take substitutes, more parity in quality)
Product Levels
- Three levels of products related to consumer needs:
- Core product (generic benefit, e.g., good cooked food)
- Formal product (extras built-in, e.g., warranty, cooking lessons)
- Augmented product (tangible product, e.g., cookware system)
Product Opportunities for Company Growth
- Three opportunities for product growth related to the market:
- Market penetration (existing product in existing market)
- Product development (new product in an existing market)
- Market development (existing product in new market)
Product Life Cycle
- Stages of the Product Life Cycle:
- Introductory (new product, product sales starts to pick up)
- Growth (product is already patronized regularly)
- Maturity (product sales starts to fall off)
- Decline (product sales stops)
Branding Strategies
- Reasons for branding a product:
- Brand identification (enable consumers to easily distinguish one product from another)
- Goodwill (enable brand owner to enjoy the goodwill associated with same)
- Benefit communication (enable the owner to communicate the benefits of the product)
Promotion Criteria
- Criteria for choosing packaging materials:
- Size
- Cost
- Protection
- Display value
- Convenience
- Design/Attractiveness
Pricing Strategies
- Types of pricing strategies:
- Random discounting (occasionally using sales prices and special discounts)
- Off-peak pricing (prices higher during peak times - introduction of new products, etc.)
- Secondary market discounting (lower prices for secondary markets)
- Penetration pricing (low initial price to gain market share)
- Geographic pricing (different prices by location)
- Premium pricing (high price for unique features)
- Product bundle pricing (combining products for a lower overall price)
- Two-part pricing (fixed fee plus variable fee)
- Loss-leader pricing (lower price on one item to attract consumers)
Distribution Mix
- Elements of an effective distribution mix:
- Placement (proper types of outlet)
- Coverage (product availability in outlets)
- Display/Visibility (good inventory display)
- Pricing (incentives for dealers)
- Goodwill (win-win partnerships)
Distribution Channels
- Types of distribution channels:
- Distributors
- Wholesalers
- Retailers
- Franchising
- Agents
- Internet/E-commerce
- Home delivery
Marketing Mix Tools
- Four major marketing tools: (Information not wholly found in the provided text, other aspects of the subject matter are implied.)
Advertising Objectives
- Objectives for promotional/advertising messages:
- Grab attention
- Excite interest
- Create desire
- Prompt action
Advertising Types
- Types of advertising:
- Classified advertising (advertising opportunities)
- Advocacy advertising (convincing about causes)
- Brand advertising (stimulating a brand's demand)
- Promotional advertising (promotional activities)
- Institutional advertising (building goodwill)
- Mass advertising
Advertising Mix Elements
- Elements of the advertising mix:
- Message/Positioning
- Media selection
- Advertising budget
- Media scheduling
- Copy execution
- Advertising testing/evaluation
Advertising Styles/Execution
- Creative executional styles or handles:
- Scientific evidence
- Slice-of-life
- Image
Media Planning Parameters
- Media planning parameters:
- Frequency (number of times exposed to an ad)
- Reach (number of times consumers are reached)
- Impact (qualitative value, beyond recall, consumer interest)
Media Types
- Types of media:
- Television
- New media
Trade Promotions
- Trade promotions categories:
- Rebates and rewards
Public Relations (PR) Steps
- PR program steps:
- Research
- Planning
- Communication
- Evaluation
Public Relations Tools
- PR tools:
- Press/news releases
- Special events
- Sponsorships/partnerships
- Policy reform
- Editorials/advertorials
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Description
This quiz explores various types of products based on consumption, tangibility, effort, and risk. You'll learn about durables, non-durables, services, convenience goods, shopping goods, specialty goods, and more. Test your knowledge on how these classifications impact consumer behavior.