Chapter 11|12 Recap

What are those products or services for which the consumer is not willing to expend any effort to evaluate prior to purchase

• Shopping products/services 

• Household products and services
•  Convenience products/services 

• Professional products and services

The complete set of all products and services offered by a firm is called its product mix.

• TRUE

• FALSE

A firm’s product mix in contrast, equals the number of products within a product line. 

• TRUE

• FALSE

Why change product mix breadth?

• To address changing consumer preferences or preempt competitors while boosting sales, to realign resources

• To capture new or evolving markets, increase sales, and compete in new venues; to address changing market conditions or meet internal strategic priorities

Brand associations reflect the mental and emotional links that consumers make between a brand and its key product attributes, such as a logo and its color, slogan, or famous personality

• TRUE

• FALSE

Line Extension same brand name in different product line.

• TRUE

• FALSE

Concept testing is the process in which the concept is presented to potential buyers or users to obtain their reactions

• TRUE

• FALSE

Prototyping attempts to determine whether the product will perform according to its design and whether it satisfies the need for which it was intended. In contrast, beta testing uses potential consumers who examine the product prototype in a real-use setting to determine its functionality, performance, potential problems, and other issues specific to its use.

• TRUE

• FALSE

The growth stage of the product life cycle is characterized by the adoption of the product by the late majority and intense competition for market share among firms.

• TRUE

• FALSE

The process by which ideas are transformed into new products and services that will help firms grow.

• Conservation
• Innovation
• Revolution
• Imagination