COB 300 Marketing Final Exam Strunk – Questions
and Answers
Product - -Anything that can be offered to a market for attention, acquisition, use, or
consumption that might satisfy a want or need
-True or False: Products include physical objects but also services, events, persons,
places, orgs, ideas or mixtures of these entities - -True
-True or false: The product and brand are usually the first and most basic marketing
consideration - -True
-Services - -an activity, benefit, or satisfaction offered for sale that is essentially
intangible and does not result in the ownership of anything
(Ex: banking, hotel, airline travel, retail)
-True or false: Because of their importance in the world economy, we give special
attention to services - -True
-3 levels of a product or service - -1. Core customer value
2. Actual product
3. Augmented product
-Three levels of a product - -
-core customer value (what is the buyer really buying?) - -The core problem solving
benefits that consumers seek when they buy a product.
-Actual product - -exists around the core and includes the quality level, features,
design, brand name, and packaging
-augmented product - -The actual product plus the various services and benefits
offered with it, such as a warranty, free delivery, installation, and maintenance.
-Pure tangible good - -such as soap, toothpaste, or salt - no services accompany
the product
-Pure services - -for which the market offer consists primarily of a service
Ex: a doctor's exam and financial services
-True or False: As products/services become more commoditized, many companies
are moving to new level in creating value for their customers, which is to differentiate
through creating and managing customer experiences with their brand/org - -True
-Products and services fall into two broad classes based on the types of consumers
who use them; these two categories are - -1. Consumer products
2. Industrial products
, -Consumer Products - -a product bought by final consumers for personal
consumption
- Usually classified according to consumer shopping habits (convenience, shopping,
specialty and unsought products)
-Marketing considerations for consumer products - -
-Convenience Products - -a consumer product that customers usually buy
frequently, immediately, and with minimal comparison and buying effort
Ex: laundry detergent, fast food
-Shopping Products - -a consumer product that the customer, in the process of
selecting and purchasing, usually compares on such attributes as suitability, quality,
price, and style. Typically distributed through fewer outlets, but provide deeper sales
support to help customers in comparison efforts
Ex: furniture, clothing, appliances, hotel services
-Specialty Products - -A consumer products with unique characteristics or brand
identification for which a significant group of buyers is willing to make a special
purchase effort.
Ex: designer clothes, luxury cars
-Unsought Products - -a consumer product that the consumer either does not know
about or knows about but does not normally consider buying. Requires a lot of
promotion and marketing efforts
Ex: life insurance, preplanned funeral services, blood donations
-The one defining distinction between a consumer product and an industrial product
is the - -purpose for which the product is purchased
-Industrial Products - -products purchased for further processing or for use in
conducting a business (includes materials/parts, capital items (installations and
accessory equipment), and supplies)
-Social Marketing - -the use of traditional business marketing concepts and tools to
encourage behaviors that will create individual and societal well-being
-Individual Product Decisions - -
-Product Quality - -the characteristics of a product or service that bear on its ability
to satisfy stated or implied customer needs
Two Dimensions:
- Quality Level
- Quality Consistency
-Product attribute decisions - -quality, features, style and design
-Total Quality Management (TQM) - -a management philosophy that focuses on
satisfying customers through empowering employees to be an active part of
continuous quality improvement
and Answers
Product - -Anything that can be offered to a market for attention, acquisition, use, or
consumption that might satisfy a want or need
-True or False: Products include physical objects but also services, events, persons,
places, orgs, ideas or mixtures of these entities - -True
-True or false: The product and brand are usually the first and most basic marketing
consideration - -True
-Services - -an activity, benefit, or satisfaction offered for sale that is essentially
intangible and does not result in the ownership of anything
(Ex: banking, hotel, airline travel, retail)
-True or false: Because of their importance in the world economy, we give special
attention to services - -True
-3 levels of a product or service - -1. Core customer value
2. Actual product
3. Augmented product
-Three levels of a product - -
-core customer value (what is the buyer really buying?) - -The core problem solving
benefits that consumers seek when they buy a product.
-Actual product - -exists around the core and includes the quality level, features,
design, brand name, and packaging
-augmented product - -The actual product plus the various services and benefits
offered with it, such as a warranty, free delivery, installation, and maintenance.
-Pure tangible good - -such as soap, toothpaste, or salt - no services accompany
the product
-Pure services - -for which the market offer consists primarily of a service
Ex: a doctor's exam and financial services
-True or False: As products/services become more commoditized, many companies
are moving to new level in creating value for their customers, which is to differentiate
through creating and managing customer experiences with their brand/org - -True
-Products and services fall into two broad classes based on the types of consumers
who use them; these two categories are - -1. Consumer products
2. Industrial products
, -Consumer Products - -a product bought by final consumers for personal
consumption
- Usually classified according to consumer shopping habits (convenience, shopping,
specialty and unsought products)
-Marketing considerations for consumer products - -
-Convenience Products - -a consumer product that customers usually buy
frequently, immediately, and with minimal comparison and buying effort
Ex: laundry detergent, fast food
-Shopping Products - -a consumer product that the customer, in the process of
selecting and purchasing, usually compares on such attributes as suitability, quality,
price, and style. Typically distributed through fewer outlets, but provide deeper sales
support to help customers in comparison efforts
Ex: furniture, clothing, appliances, hotel services
-Specialty Products - -A consumer products with unique characteristics or brand
identification for which a significant group of buyers is willing to make a special
purchase effort.
Ex: designer clothes, luxury cars
-Unsought Products - -a consumer product that the consumer either does not know
about or knows about but does not normally consider buying. Requires a lot of
promotion and marketing efforts
Ex: life insurance, preplanned funeral services, blood donations
-The one defining distinction between a consumer product and an industrial product
is the - -purpose for which the product is purchased
-Industrial Products - -products purchased for further processing or for use in
conducting a business (includes materials/parts, capital items (installations and
accessory equipment), and supplies)
-Social Marketing - -the use of traditional business marketing concepts and tools to
encourage behaviors that will create individual and societal well-being
-Individual Product Decisions - -
-Product Quality - -the characteristics of a product or service that bear on its ability
to satisfy stated or implied customer needs
Two Dimensions:
- Quality Level
- Quality Consistency
-Product attribute decisions - -quality, features, style and design
-Total Quality Management (TQM) - -a management philosophy that focuses on
satisfying customers through empowering employees to be an active part of
continuous quality improvement
