1301 Final Exam Review

When consumers calculate the value of a product, they look at the benefits and then subtract the cost.

• True

• False

Successful businesses constantly monitor consumer wants and needs.

• False

• True

To satisfy consumers managers must learn to listen better than they do now and to adapt constantly to changing market demands.

• True

• False

Once an organization surveys the consumer's wants and needs, has designed a group of products to meet those needs, and begun to market them in stores, the organization is assured of success.

• False

• True

Fast food restaurants must constantly monitor all sources of information for new-product ideas.

• False

• True

Fast food restaurants, like Carl's Jr., pride themselves on offering precisely the same menu around the world so that customers know exactly what to expect when they eat at one of those restaurants.

• True

• False

Product development is a key activity in any modern business, anywhere in the world.

• False

• True

From a strategic marketing viewpoint, a total product offer includes all of the tangible attributes of a good or service, and excludes any intangible attributes.

• True

• False

The image created by advertising is part of the total product offer of a product.

• True

• False

The reputation of the manufacturer and the retail store surroundings are considered part of the value enhancers of a total product offer.

• False

• True