MKT 201 CH. 6 Creating Offerings

FALSE
Milk, fuel, bread, and other examples of life’s necessities are specialty offering.
FALSE
A brand extension involves the creation of a brand and then positioning it in the mind of the consumer.
TRUE
A brand is used by a seller to differentiate its offerings from that of the competitors.
FALSE
Cannibalization occurs when a new product reduces the sales of similar products of a competing brand.
FALSE
A brand extension involves the introduction a new brand with its own product line.
TRUE
Packaging can add value to your product.
FALSE
Brand managers are found more commonly in B2B companies than in B2C companies.
products and services designed to deliver value to customers
Offerings are _____.
PRODUCT MIX
The entire assortment of products that a firm offers is known as the _____.
a name, picture, design, or symbol used by a seller to differentiate their offerings
A brand is _____.
BENEFIT
When a feature satisfies a need or want, then there is a ______.
the best way to capture market share is to create and manufacture better products at lower prices.
A product-dominant approach to marketing is based on the belief that:
total cost of ownership (TCO)
A _____ approach to determining the value of an offering would include the time and effort related to owning a product, in addition to the benefits received, the price, and hassle
Service-dominant
_____ refers to an approach to offerings that integrates the physical product, attendant services, and price into the total offering._____ refers to an approach to offerings that integrates the physical product, attendant services, and price into the total offering.
Core product
_____ refers to the physical component of an offering.
Product line
A group of related offerings is known as a _____.
Line breadth
The number of different or distinct product lines offered by a company is known as ______.
Original equipment manufacturing offerings
_____ refers to products, or parts, sold by one manufacturer to another that get built into a final product without further modification.
creates consumer recognition of what the brand means
A successful branding strategy:
CANNIBALIZATION
_____ occurs when a firm’s new offering eats into the sales of one of its older offerings.
B2B
Vertical market managers are found only in _____ markets.
The buying needs and processes are likely to be similar within an industry
In B2B companies, why do the marketing departments adopt a vertical market structure?
Brand manager
A _____ is the person responsible for all business decisions regarding offerings within one brand.
MANUFACTURED MATERIAL
A _____ is a finished good that still has to be incorporated into something else to be usable.
SHOPPING OFFERING
A _____ is one for which the consumer will make an effort to compare and select a brand.
CATEGORY MANAGER
A _____ is responsible for a broad group of offerings, such as home cleaning products, which have various brands within each group.
TRUE
A consumer opts not to buy Brand B of potato chips when the grocery store is out of Brand A because it is a shopping offering in the eyes of the consumer.
FALSE
A frequently purchased product that requires little shopping effort is known as an impulse offering.
FALSE
A manufactured material has been processed into a finished good and is a stand-alone product.
FALSE
A service is the tangible component of an offering.
BRAND MARK
A symbol or logo used to identify a brand is known as a _____.
FEATURE
A(n) _____ is a characteristic of an offering.
SHOPPING OFFERING
After trying out different brands of toothbrushes, Martin has decided that he prefers Oral B the most. Whenever he is out grocery shopping, he always purchases several of these toothbrushes, to stock up in case the store runs out of it in the future. To Martin, Oral B toothbrushes are _____ offerings.
TRUE
An Original equipment manufacturer OEM purchases raw materials, manufactured materials, and component parts and puts them together to make a final product.
TRUE
An example of a brand mark is the Coca-Cola logo.
IMPULSE OFFERING
At the check-out counter of the convenience store, Laura is given several nickels and dimes as change. Laura hates carrying so much change in her purse so she decides to buy a packet of chewing gum that she spies next to the cash register, at the last minute. In this instance, the chewing gum is a(n) _____.
FALSE
At the retail level, a category manager at each store is responsible for one manufacturer’s products.
UNSOUGHT
Bill never thought that he would need windshield repair, until he got involve in a minor accident. Now he is trying to find a place that will repair the huge crack in his windshield at a low cost. To Bill windshield repairs are _____ offerings.
TRUE
Facilitating offerings are products and services a company purchases to support its operations but are not part of the firm’s final product.
Facilitating offerings
Holden, Inc. is an advertising agency. Their clients are other businesses that hire them to create advertising campaigns. Which of the following types of offerings does Holden offer?
TRUE
Ideally when you sell a new product, you hope that all of its sales come from your competitor’s customer base or customers new to the market.
facilitating offerings
In the B2B market, banking and transportation services are types of _____.
SPECIALTY OFFERING
Jenna has always wanted to own a red Ferrari sports car. She has been saving up for years to buy it. Jenna views the Ferrari as a(n) _____.
TRUE
Line depth refers to whether the product line is broad or narrow.
FALSE
Manufacturing, repair, and operations offerings are those that keep a company’s depreciable assets in working order
TRUE
Market managers are likely to be tasked with implementing a product or the brand manager’s strategy.
FALSE
Market managers have the most flexibility in terms of pricing and product decisions.
TRUE
Marketers use intensive distribution strategies to ensure consumers see convenience offerings at the right time.
capital equipment offerings
Marketing _____ can be very challenging because many people within a firm are involved in the buying decision for these types of products.
Convenience offerings
Marketing of _____ items is often limited to simply trying to get the product in as many places as possible where a purchase could occur.
TRUE
Packaging can be part of the brand.
FALSE
Price entails how much money a customer gives up to obtain an offering.
Original equipment manufacturer offerings
Redmond Inc. is a company that builds and supplies windshields to automobile companies. These windshields are then built into the cars. Which of the following types of offerings characterizes the windshields?
FALSE
Secondary packaging holds a single retail unit of a product.
FALSE
The categories in which consumer offerings are placed are based on the characteristic of the offerings themselves.
FALSE
The entire assortment of products that a firm offers is called the product line.
TRUE
The fact that many consumers would not consider shopping for a taillight until it is in need of repair is an example of an unsought offering.
TRUE
The total amount someone pays to own, use, and eventually dispose of a product is the TCO.
TRUE
Vertical market managers are found mainly in B2B markets.
FALSE
When new product is added to a product line, the line breadth of the company is increased.
Marketing is more efficient because channels of communication are likely to be the same within an industry but different across industries.
Which of the following is an advantage of organizing in a vertical market structure in B2B markets?
BRAND MANAGER
Which type of manager has the most marketing responsibility?
consumers use them to make choices.
Why are brand names and brand marks important to companies?
Convenience offering
William is not particular about the brand of rice that he buys. He will buy any brand that he finds at the nearest store. To William, rice is a(n) _____.
Specialty offerings
_____ are highly differentiated offerings, and the brands under which they are marketed are very different across companies.
Raw material offerings
_____ are materials firms offer other firms so they can make a product or provide a service.
Maintenance, repair, and operations (MRO)
_____ items are often sold by distributors but a consumer can also buy many of the of the same products at a retail store.
UNSOUGHT OFFERING
_____ are those that buyers do not generally want to have to shop for until they need them.
FACILITATING OFFERINGS
_____ include products and services that support an organization’s ability to do business but do not go into the final product.
LINE DEPTH
_____ refers to the number of variations in a single product line.
AUGMENTED PRODUCT
_____ refers to the services and accessories that improve the core product’ s ability to deliver benefits.