SI CHEN EXAM 3 MBA 706 REVIEW
QUESTION SET WITH ACCURATE
ANSWERS
◉ Gradual Repositioning
Answer: Planned and continuous adaptation to the changing
market environment
◉ Radical Repositioning
Answer: change in position due to a big gap between what the
brand offers and what the market wants
◉ Innovative Repositioning
Answer: shift to a position that has not been identified by the
competitors yet
◉ Zero Positioning
Answer: maintaining the same position over a long period of time
◉ Traditional Marketing Mix
Answer: 4 P's identified by McCarthy (1960) : Product (core of
mix), Price, Promotion, Place (Distribution)
◉ New Marketing Mix
, Answer: Expansion to include 3 softer elements: People, Physical
Evidence, Process Management
◉ Product
Answer: Can be physical goods, services, and ideas.
◉ Three elements of the Product
Answer: Product Attributes, Product Benefits, Marketing Support
Services
◉ Product Attributes
Answer: the core product; features, styles, product quality, brand
name, packaging, size, and color
◉ Product Benefits
Answer: elements that consumers perceive as meeting their
needs; typically refer to the product's performance and its image
◉ Marketing Support Services
Answer: additional elements to the core product; include delivery,
installation, guarantees, after-sales service and reputation.
◉ Two dimensions for effective product management
Answer: product life cycle, portfolio analysis
QUESTION SET WITH ACCURATE
ANSWERS
◉ Gradual Repositioning
Answer: Planned and continuous adaptation to the changing
market environment
◉ Radical Repositioning
Answer: change in position due to a big gap between what the
brand offers and what the market wants
◉ Innovative Repositioning
Answer: shift to a position that has not been identified by the
competitors yet
◉ Zero Positioning
Answer: maintaining the same position over a long period of time
◉ Traditional Marketing Mix
Answer: 4 P's identified by McCarthy (1960) : Product (core of
mix), Price, Promotion, Place (Distribution)
◉ New Marketing Mix
, Answer: Expansion to include 3 softer elements: People, Physical
Evidence, Process Management
◉ Product
Answer: Can be physical goods, services, and ideas.
◉ Three elements of the Product
Answer: Product Attributes, Product Benefits, Marketing Support
Services
◉ Product Attributes
Answer: the core product; features, styles, product quality, brand
name, packaging, size, and color
◉ Product Benefits
Answer: elements that consumers perceive as meeting their
needs; typically refer to the product's performance and its image
◉ Marketing Support Services
Answer: additional elements to the core product; include delivery,
installation, guarantees, after-sales service and reputation.
◉ Two dimensions for effective product management
Answer: product life cycle, portfolio analysis
