TOP 10 Learning Questions for Setting Product Strategy 12 Adventurer Alex Go 12.16.11
1. In the 5 product levels of customer-value hierarchy, where does the service “inspection” belong? <ul><li>Core Benefit <...
Customer-Value Heirarchy http://lexgo-passionforlife.blogspot.com/
Inspection is the basic product offering which provides quality/ safety as its core benefits http://lexgo-passionforlife.b...
1. In the 5 product levels of customer-value hierarchy, where does the service “inspection” belong? <ul><li>Core Benefit <...
2. An example of durable goods is ____. <ul><li>Wine </li></ul><ul><li>Printer </li></ul><ul><li>Tortilla Chips </li></ul>...
Product classifications are essential in identifying appropriate marketing mix strategies <ul><li>Accdg. to durability and...
Durable goods are those that normally survive many uses <ul><li>Some examples are: electronic gadgets, printers & cars. </...
2. An example of durable goods is ____. <ul><li>Wine </li></ul><ul><li>Printer </li></ul><ul><li>Tortilla Chips </li></ul>...
3. It is the total features that affect how a product looks, feels, and functions in terms of customer req’ts. <ul><li>For...
There are several ways that a product can differentiate itself from the competition <ul><li>Form,  Style, Design & Customi...
Only design covers the totality of the product features <ul><li>Form </li></ul><ul><li>Style </li></ul><ul><li>Customizati...
3. It is the total features that affect how a product looks, feels, and functions in terms of customer req’ts. <ul><li>For...
4. Convenience, shopping and specialty products are examples of product categories. What is another name for this? <ul><li...
The Product Hierarchy http://lexgo-passionforlife.blogspot.com/
Product class http://lexgo-passionforlife.blogspot.com/ - is a group of products within the product family recognized as h...
4. Convenience, shopping and specialty products are examples of product categories. What is another name for this? <ul><li...
5. Which of the following is true for product mix? <ul><li>Width refers to how closely related the various product lines a...
A product mix has certain width, length, depth and consistency.  http://lexgo-passionforlife.blogspot.com/
None was correct. Right definitions are linked below. <ul><li>Width </li></ul><ul><li>Consistency </li></ul><ul><li>Depth ...
5. Which of the following is true for product mix? <ul><li>Width refers to the total number of items in a mix </li></ul><u...
6. What type of co-branding example is Cebu Pacific Citibank Credit Card? <ul><li>Same-company co-branding </li></ul><ul><...
Co-branding is the combination of two or more brands into a joint product http://lexgo-passionforlife.blogspot.com/
Citibank & Cebu Pacific are two separate entities.  Thus they are considered joint venture co-branding http://lexgo-passio...
6. What type of co-branding example is Cebu Pacific Citibank Credit Card? <ul><li>Same-company co-branding </li></ul><ul><...
7. Which of the following are not essential for product packaging? <ul><li>Convey descriptive and persuasive information <...
Packaging is all activities of designing and producing the container for a product <ul><li>Packaging must achieve 5 object...
Product content photo is not necessary. http://lexgo-passionforlife.blogspot.com/
7. Which of the following are not essential for product packaging? <ul><li>Convey descriptive and persuasive information <...
8. ______ is a measure of the ease of fixing a product when it malfunctions or fails <ul><li>Durability </li></ul><ul><li>...
Marketers may differentiate their product on the following: <ul><li>Durability – measure of the product’s expected operati...
Repairability = fixing http://lexgo-passionforlife.blogspot.com/
8. ______ is a measure of the ease of fixing a product when it malfunctions or fails <ul><li>Durability </li></ul><ul><li>...
9. Which of the following statements are incorrect? <ul><li>The broad definition of a product includes events, places and ...
In the chapter 12, several topics were covered under product strategy <ul><li>Products was broadly defined as anything off...
Letter D is considered captive product pricing <ul><li>Captive-product pricing provides a  low  mark-up is set for the com...
9. Which of the following statements are incorrect? <ul><li>The broad definition of a product includes events, places and ...
10. The leading apparel brand, Bench, recently created high end stores and hired international stars as their endorsers. W...
Line stretching occurs when a company lengthens its product line beyond its current range. <ul><li>There are 3 types: </li...
Since they are targeting the high end market, Bench is doing an up-market stretch http://lexgo-passionforlife.blogspot.com/
10. The leading apparel brand, Bench, recently created high end stores and hired international stars as their endorsers. W...
TOP 10 Learning Questions for Setting Product Strategy 12 Adventurer Alex Go 12.16.11 http://lexgo-passionforlife.blogspot...
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  • Ch12 Setting Product Strategy Go

    1. 1. TOP 10 Learning Questions for Setting Product Strategy 12 Adventurer Alex Go 12.16.11
    2. 2. 1. In the 5 product levels of customer-value hierarchy, where does the service “inspection” belong? <ul><li>Core Benefit </li></ul><ul><li>Basic Product </li></ul><ul><li>Expected Product </li></ul><ul><li>Augmented Product </li></ul><ul><li>Potential Product </li></ul>http://lexgo-passionforlife.blogspot.com/
    3. 3. Customer-Value Heirarchy http://lexgo-passionforlife.blogspot.com/
    4. 4. Inspection is the basic product offering which provides quality/ safety as its core benefits http://lexgo-passionforlife.blogspot.com/ Levels Definition Core Benefit Service or benefit the customer is really buying Basic Product Turn the benefit to an actual product Expected Product Set of attributes and conditions buyers normally expect upon purchase Augmented Product Exceeding the customer expectations Potential Product All possible transformations the offering might undergo in the future
    5. 5. 1. In the 5 product levels of customer-value hierarchy, where does the service “inspection” belong? <ul><li>Core Benefit </li></ul><ul><li>Basic Product </li></ul><ul><li>Expected Product </li></ul><ul><li>Augmented Product </li></ul><ul><li>Potential Product </li></ul>http://lexgo-passionforlife.blogspot.com/
    6. 6. 2. An example of durable goods is ____. <ul><li>Wine </li></ul><ul><li>Printer </li></ul><ul><li>Tortilla Chips </li></ul><ul><li>Tissue </li></ul><ul><li>Ink Cartridge </li></ul>http://lexgo-passionforlife.blogspot.com/
    7. 7. Product classifications are essential in identifying appropriate marketing mix strategies <ul><li>Accdg. to durability and tangibility, products can be classified into 3 types: </li></ul><ul><ul><li>Non-durable goods – tangible, one of few uses </li></ul></ul><ul><ul><li>Durable goods – tangible, many uses </li></ul></ul><ul><ul><li>Services - intangible </li></ul></ul>http://lexgo-passionforlife.blogspot.com/
    8. 8. Durable goods are those that normally survive many uses <ul><li>Some examples are: electronic gadgets, printers & cars. </li></ul>http://lexgo-passionforlife.blogspot.com/
    9. 9. 2. An example of durable goods is ____. <ul><li>Wine </li></ul><ul><li>Printer </li></ul><ul><li>Tortilla Chips </li></ul><ul><li>Tissue </li></ul><ul><li>Ink Cartridge </li></ul>http://lexgo-passionforlife.blogspot.com/
    10. 10. 3. It is the total features that affect how a product looks, feels, and functions in terms of customer req’ts. <ul><li>Form </li></ul><ul><li>Style </li></ul><ul><li>Design </li></ul><ul><li>Customization </li></ul><ul><li>None of the above </li></ul>http://lexgo-passionforlife.blogspot.com/
    11. 11. There are several ways that a product can differentiate itself from the competition <ul><li>Form, Style, Design & Customization are some of the product aspects marketers use to stand out. </li></ul>http://lexgo-passionforlife.blogspot.com/
    12. 12. Only design covers the totality of the product features <ul><li>Form </li></ul><ul><li>Style </li></ul><ul><li>Customization </li></ul><ul><li>Design </li></ul>http://lexgo-passionforlife.blogspot.com/ Either specific to shape, size, look & feel, custom made Total features
    13. 13. 3. It is the total features that affect how a product looks, feels, and functions in terms of customer req’ts. <ul><li>Form </li></ul><ul><li>Style </li></ul><ul><li>Design </li></ul><ul><li>Customization </li></ul><ul><li>None of the above </li></ul>http://lexgo-passionforlife.blogspot.com/
    14. 14. 4. Convenience, shopping and specialty products are examples of product categories. What is another name for this? <ul><li>Product Family </li></ul><ul><li>Product Class </li></ul><ul><li>Product Line </li></ul><ul><li>Product Type </li></ul><ul><li>None of the above </li></ul>http://lexgo-passionforlife.blogspot.com/
    15. 15. The Product Hierarchy http://lexgo-passionforlife.blogspot.com/
    16. 16. Product class http://lexgo-passionforlife.blogspot.com/ - is a group of products within the product family recognized as having a certain functional coherence. It’s also known as product category.
    17. 17. 4. Convenience, shopping and specialty products are examples of product categories. What is another name for this? <ul><li>Product Family </li></ul><ul><li>Product Class </li></ul><ul><li>Product Line </li></ul><ul><li>Product Type </li></ul><ul><li>None of the above </li></ul>http://lexgo-passionforlife.blogspot.com/
    18. 18. 5. Which of the following is true for product mix? <ul><li>Width refers to how closely related the various product lines are </li></ul><ul><li>Consistency refers to how many variants are offered of each product in the line </li></ul><ul><li>Depth refers to how many different product lines the company carries </li></ul><ul><li>None of the above </li></ul>http://lexgo-passionforlife.blogspot.com/
    19. 19. A product mix has certain width, length, depth and consistency. http://lexgo-passionforlife.blogspot.com/
    20. 20. None was correct. Right definitions are linked below. <ul><li>Width </li></ul><ul><li>Consistency </li></ul><ul><li>Depth </li></ul>http://lexgo-passionforlife.blogspot.com/ <ul><li>refers to how closely related the various product lines are </li></ul><ul><li>refers to how many variants are offered of each product in the line </li></ul><ul><li>refers to how many different product lines the company carries </li></ul>
    21. 21. 5. Which of the following is true for product mix? <ul><li>Width refers to the total number of items in a mix </li></ul><ul><li>Consistency refers to how many variants are offered of each product in the line </li></ul><ul><li>Depth refers to how many different product lines the company carries </li></ul><ul><li>None of the above </li></ul>http://lexgo-passionforlife.blogspot.com/
    22. 22. 6. What type of co-branding example is Cebu Pacific Citibank Credit Card? <ul><li>Same-company co-branding </li></ul><ul><li>Joint-venture co-branding </li></ul><ul><li>Multiple-sponsor co-branding </li></ul><ul><li>Retail co-branding </li></ul>http://lexgo-passionforlife.blogspot.com/
    23. 23. Co-branding is the combination of two or more brands into a joint product http://lexgo-passionforlife.blogspot.com/
    24. 24. Citibank & Cebu Pacific are two separate entities. Thus they are considered joint venture co-branding http://lexgo-passionforlife.blogspot.com/
    25. 25. 6. What type of co-branding example is Cebu Pacific Citibank Credit Card? <ul><li>Same-company co-branding </li></ul><ul><li>Joint-venture co-branding </li></ul><ul><li>Multiple-sponsor co-branding </li></ul><ul><li>Retail co-branding </li></ul>http://lexgo-passionforlife.blogspot.com/
    26. 26. 7. Which of the following are not essential for product packaging? <ul><li>Convey descriptive and persuasive information </li></ul><ul><li>Identify the brand </li></ul><ul><li>Display product image </li></ul><ul><li>Assist at-home storage </li></ul>http://lexgo-passionforlife.blogspot.com/
    27. 27. Packaging is all activities of designing and producing the container for a product <ul><li>Packaging must achieve 5 objectives </li></ul><ul><ul><li>Convey descriptive and persuasive information </li></ul></ul><ul><ul><li>Identify the brand </li></ul></ul><ul><ul><li>Assist at-home storage </li></ul></ul><ul><ul><li>Facilitate product transportation and protection </li></ul></ul><ul><ul><li>Aid product consumption </li></ul></ul>http://lexgo-passionforlife.blogspot.com/
    28. 28. Product content photo is not necessary. http://lexgo-passionforlife.blogspot.com/
    29. 29. 7. Which of the following are not essential for product packaging? <ul><li>Convey descriptive and persuasive information </li></ul><ul><li>Identify the brand </li></ul><ul><li>Display product photo </li></ul><ul><li>Assist at-home storage </li></ul>http://lexgo-passionforlife.blogspot.com/
    30. 30. 8. ______ is a measure of the ease of fixing a product when it malfunctions or fails <ul><li>Durability </li></ul><ul><li>Conformance Quality </li></ul><ul><li>Reliability </li></ul><ul><li>Repairability </li></ul>http://lexgo-passionforlife.blogspot.com/
    31. 31. Marketers may differentiate their product on the following: <ul><li>Durability – measure of the product’s expected operating life </li></ul><ul><li>Conformance Quality- degree to which all units are identical and meet the specifications </li></ul><ul><li>Reliability- measure that a product will not malfunction </li></ul><ul><li>Repairability- measure of the ease of fixing a product when it malfunctions or fails </li></ul>http://lexgo-passionforlife.blogspot.com/
    32. 32. Repairability = fixing http://lexgo-passionforlife.blogspot.com/
    33. 33. 8. ______ is a measure of the ease of fixing a product when it malfunctions or fails <ul><li>Durability </li></ul><ul><li>Conformance Quality </li></ul><ul><li>Reliability </li></ul><ul><li>Repairability </li></ul>http://lexgo-passionforlife.blogspot.com/
    34. 34. 9. Which of the following statements are incorrect? <ul><li>The broad definition of a product includes events, places and services. </li></ul><ul><li>Elevators are considered capital items </li></ul><ul><li>Absolut Vodka is highly differentiate by style </li></ul><ul><li>Free Iphone 4s with a Globe plan of 8,000 is an example of two-part pricing </li></ul>http://lexgo-passionforlife.blogspot.com/
    35. 35. In the chapter 12, several topics were covered under product strategy <ul><li>Products was broadly defined as anything offered to a market to satisfy a need/ want. (services, events, persons, ideas) </li></ul><ul><li>Capital items are long lasting goods. It has 2 groups: equipments and installations (where elevators belong) </li></ul><ul><li>Style describes the look and feel of the product to the buyer. Absolut achieve this in its ads. </li></ul><ul><li>Two part pricing consist of a fixed fee plus a variable usage fee </li></ul>http://lexgo-passionforlife.blogspot.com/
    36. 36. Letter D is considered captive product pricing <ul><li>Captive-product pricing provides a low mark-up is set for the companion main product with a high mark-up for the supplies . </li></ul><ul><li>The plan is considered as the companion of the product (cellphone) </li></ul>http://lexgo-passionforlife.blogspot.com/
    37. 37. 9. Which of the following statements are incorrect? <ul><li>The broad definition of a product includes events, places and services. </li></ul><ul><li>Elevators are considered capital items </li></ul><ul><li>Absolut Vodka is highly differentiate by style </li></ul><ul><li>Free Iphone 4s with a Globe plan of 8,000 is an example of two-part pricing </li></ul>http://lexgo-passionforlife.blogspot.com/
    38. 38. 10. The leading apparel brand, Bench, recently created high end stores and hired international stars as their endorsers. What type of line stretching is this called? <ul><li>Down-Market Stretching </li></ul><ul><li>Up-Market Stretching </li></ul><ul><li>Two way Stretching </li></ul><ul><li>Down-Line Stretching </li></ul>http://lexgo-passionforlife.blogspot.com/
    39. 39. Line stretching occurs when a company lengthens its product line beyond its current range. <ul><li>There are 3 types: </li></ul><ul><li>Down-Market Stretching- introducing lower-priced line </li></ul><ul><li>Up-Market Stretching- entering the high end of the market </li></ul><ul><li>Two way Stretching – expansion on both areas </li></ul>http://lexgo-passionforlife.blogspot.com/
    40. 40. Since they are targeting the high end market, Bench is doing an up-market stretch http://lexgo-passionforlife.blogspot.com/
    41. 41. 10. The leading apparel brand, Bench, recently created high end stores and hired international stars as their endorsers. What type of line stretching is this called? <ul><li>Down-Market Stretching </li></ul><ul><li>Up-Market Stretching </li></ul><ul><li>Two way Stretching </li></ul><ul><li>Down-Line Stretching </li></ul>http://lexgo-passionforlife.blogspot.com/
    42. 42. TOP 10 Learning Questions for Setting Product Strategy 12 Adventurer Alex Go 12.16.11 http://lexgo-passionforlife.blogspot.com/

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