Quiz 3 MKT 605

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Kentucky Community and Technical College System *

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605

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Marketing

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Feb 20, 2024

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docx

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Question 1 7 / 7 pts In the marketing framework, which of the following is the most central of the 4Ps? Place Price Product Promotion The product is seen as the central part of the 4Ps because it is the focal point of the exchange. Question 2 6 / 6 pts Which of the following is an example of an intangible service? A hair color change A hair cut A massage A tattoo This is a challenging one. It has to be both intangible and a service. Which of these is the least noticeable upon completion? You can see when someone gets a hair cut, tattoo, hair color change ... But the massage is the best example here.

Question 3 7 / 7 pts Intangibility index is defined as the: ratio of R&D costs to capital spending. product of variable costs and fixed costs. aggregate of tangible product cost and intangible product cost. ratio of inventory to products-in-transit handling. Intangibility index is defined as the ratio of R&D costs to capital spending. Question 4 6 / 6 pts Going to the symphony is an example of _________________. tangibility marketing credence attributes experience marketing search concepts Going to a symphony is an experience. Thus experience marketing. Question 5 7 / 7 pts Credence attributes in products are those:

that need some trial or consumption before evaluation. factors distinguishable to the human senses. that are difficult to analyze even post-consumption. that are evaluated prior to a purchase. Credence attributes in products are those that are difficult to analyze even post-consumption. Question 6 6 / 6 pts With reference to a product's attributes, which of the following statements explains the difference between experience and search attributes? Search attributes of a product relate to its intangible factors, while experience attributes relate to its tangible factors. Search attributes are proportional to the strengths of a firm, while experience attributes relate to the opportunities of a firm. Search attributes of a product relate to its positioning process, while experience attributes relate to its targeting process. Search attributes are evaluated prior to a purchase, while experience attributes are evaluated post-consumption of a product. search attributes are those you anticipate based on your search. Experience attributes are those based on how you experience the product after consumption

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Question 7 7 / 7 pts With reference to perishability, which of the following statements differentiates a product from a service? Products tend to be more perishable than services. Production and consumption of a product are separable, while production and consumption of a service are inseparable. Products are said to be more variable than services. Credence attributes play a role in a product's consumption, while search attributes play a role in a service's consumption. Products are manufactured and then consumed later. Services MUST be consumed at the time of production. Question 8 6 / 6 pts Which of the following is an example of pure goods? Printer Cartridges Coal Paper Screws Each of the examples have some kind of alteration to it except coal - which is both pure and not branded.

Question 9 7 / 7 pts Which of the following statements about Goods and Services is TRUE? Goods are dominated by experience and credence qualities, while services are mostly comprised of search and experience qualities. The intangibility index of a firm rises with expansive capital expenditure. In the context of variability between goods and services, services are said to be more variable. The tangibility levels in services are high. Goods are highly standardized. Buy 1,000 cans of soup and they will nearly the same. Services are notoriously variable. See the same band 5 times and you will see a difference. Go out to eat at the same restaurant and you will see variations in service level. Question 10 9 / 9 pts Select the statement below that is TRUE. The "core" of a firm's market offering helps enhance customer satisfaction. service variability cannot be reduced. Typically, automated services are introduced to reduce error variability. Typically, a firm's product line varies in depth not in width.

Service variability can never be eliminated, but it can be reduced. One way is by using automation. For example an ATM versus a human teller. Question 11 6 / 6 pts In the marketing framework, "branding" refers to: associating a product with a unique portfolio of qualities. identifying a unique niche market. segmenting within a population of consumers. diversifying a unique product line. "branding" refers to associating a product with a unique portfolio of qualities. Question 12 7 / 7 pts In branding of products and services, which of the following indicates the difference between reliability and variability? Reliability deals with intangible products, while variability deals with intangible services. Reliability deals with perishable services, while variability deals with imperishable goods. Reliability implies a product's consistency, while variability implies a product's inconsistency. Reliability implies the experience attributes of a product, while variability implies the search attributes of a product.

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Even in data analysis, reliability implies consistency, while variability implies inconsistency. Question 13 6 / 6 pts Which of the following is the reason for the existence of knock-off products of prestigious brands? These products serve as status symbols Risk of choice associated with these products is low These products have high performance predictability These products satisfy quality standards Prestigious brands command a premium due to their status symbol nature. Knock-offs try to feed off that. Question 14 7 / 7 pts Which of the following examples should be categorized at the bottom of a brand value hierarchy? Drumstick, a brand of lip balm, uses vitamin E in its lip balms. Ruby, a brand of lip balm, is less expensive than the other competing brands in the market. Droopy is a brand of lip balm that can be used as a pain relief balm on cuts and minor burns. Capello, a lip balm brand, plans to introduce strawberry flavored lip balms.

The lowest brand value is generated by scents and flavors. So the strawberry flavored is the answer Question 15 6 / 6 pts When customers' passion for a certain brand brings them together with other like-minded customers, _____ are formed. brand equities brand extensions brand communities co-brands When a brand brings people together they are considered a brand community. Apple, Harley Davidson both strong examples. Question 16 7 / 7 pts In an umbrella branding approach, firms: unite with firms from a different industry to brand a product line introduce a new brand name for every major product line unite with firms from the same industry to brand a product line attach the same brand name for every major product line Umbrella branding is when a company uses one brand name for all offerings.

Question 17 6 / 6 pts In the _____ strategy, firms give a unique brand name to every major product line. brand extension house of brands umbrella brand product line extension House of Brands is the opposite of umbrella branding. So different lines and even different products have different brand names. Question 18 7 / 7 pts ____________ is the strategic use of a brand's equity, in which the marketer leverages the brand's good name to get customers to buy something new. Co-branding Ingredient branding Brand extension Store branding Companies use brand extensions to take advantage of the value and awareness of that brand name in a new market.

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Question 19 6 / 6 pts _______________ is a primary form of co-branding in which one of the companies and its product is the primary host, and the other company and its product add value to the host product. Ingredient branding Umbrella branding A house of brands Global branding Co-branding is when 2 brands appear on 1 product. For Ingredient branding, something that is a component part has a brand name. Intel and HP for example Question 20 9 / 9 pts Which of the statements below on branding is TRUE? Ingredient branding implies symmetry between two brands, whereas in co- branding, one brand dominates the other. For brand extensions to work, the firm's name has to be leveraged in the same product category. Risk is a measure of reliability. If customers are willing to pay premium prices for brands they value, they are less price sensitive.

If you are willing to pay premium prices, you will not be scared away by a change in the price point. Question 21 7 / 7 pts In the context of product development, a top-down approach is also called an inside-out approach because the idea comes from: within the firm the firm's customers the primary raw material suppliers the firm's product distributors When the R&D department within an organization creates products it is called a top down or inside out approach. Question 22 6 / 6 pts With reference to new product development, which of the following statements is true regarding the difference between the top-down approach and the marketing approach that is followed by firms? A firm following the top-down approach : relates to the macro-environmental factors of the firm, while a firm following the marketing approach relates to the micro-environmental factors of the firm. asks for customers' feedback at the end of a process, while a firm following the marketing approach asks for customers' feedback at most phases in a process.

uses subliminal ads to promote its stock product, while a firm following the marketing approach uses perceptual fluency ads to promote its stock product. deals with brand extensions, while a firm following the marketing approach deals with product line extensions. In a top down approach, the R&D department gets to create products with what they think will work in the market - customers are then asked afterward what they think. In a marketing approach, customers are an integral part and are frequently asked what they think. Question 23 7 / 7 pts In the _____ stage of the new product development process, the company tries to get customers' feedback on the most promising idea from its pool of selected ideas. problem solving brainstorming refining concept testing concept testing is when customers are asked their take on either a description or demonstration of the potential product. Question 24 6 / 6 pts Focus groups refer to the form of marketing research that: asks a group of people to describe the use of a product in a specific category

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groups customer segments into a separate niche market segment uses quantitative techniques to collect the primary data for new product development groups customer segments based on demographic factors A focus group is asked all types of opinions about new product offerings. One thing they are asked is how they could see the produce used in their life. Question 25 7 / 7 pts Beta testing refers to: creating the physical prototype of a product, and testing it under typical usage conditions launching a product and estimating the sales volume of the same product estimating the profitability and break-even point of a product idea using statistical tools building a product with minimal features, and testing it on the internal shareholders of a firm All steps in the NPD process are ways to either eliminate or validate a product idea. Creating a prototype is a great way to see if the product will work before you make thousands of them. That is beta testing. Question 26 6 / 6 pts A virtual grocery store aisle is an example of the _____ type of test market.

electronic area simulated conjoint Simulated test markets allow researchers to test a host of variables that they would not be able to control in an actual store. BUT it is artificial and you could miss out on value data from the live marketplace. Question 27 7 / 7 pts Forecasting is the: factor used to distinguish between two different core product attributes factor that distinguishes external test markets from internal test markets prediction of a product's likely success using customer data application of conjoint analysis to customer data Forecasting is the prediction of a product's likely success using customer data. Question 28 6 / 6 pts A ___________ is used in marketing to describe the evolution and duration of a product in the market.

product life cycle simulated market beta product model motivational circle The product life cycle describes the evolution and duration of a product in the market. Question 29 7 / 7 pts Customer awareness of a product in the market growth stage is greater than the customer awareness of the same product in the _____ stage. market maturity product decline product saturation market introduction Product awareness grows as a product moves through the PLC. Before growth is introduction which starts with ZERO awareness and grows before it officially becomes the Growth stage. At maturity, sales are WAY higher and it follows introduction and growth. So a product has the highest awareness during maturity. Question 30 6 / 6 pts

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With respect to diffusion of innovation, customers from the "_____" group are more risk averse than customers from the "late majority" group. laggards innovators early majority early adopters The least risk averse consumers are at the beginning of the diffusion of innovation process. The MOST risk averse are at the end - which are the laggards.

Quiz 3 MKT 605

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