6. MKT 201 - Chapter 8 - Building Customer Value

Which of these is not a level of a product?

• Actual Product

• Augmented Product

• Physical Product

• Core Customer Value

What is meant by the 'core' of a product?

• The core of the product refers to the tangible attributes, such as design, packaging, and features.

• The core of the product is the central benefit or the key value that the product provides.

• The core of the product encompasses all additional services and after-sales benefits offered to enhance customer satisfaction.

• The core of the product is the sum of the promotional efforts and brand identity that create customer loyalty.

What is meant by the 'actual' product?

• The actual product is the intangible value created by marketing efforts and consumer perception of the brand.

• The actual product encompasses all additional services and support offered after the purchase to enhance the overall customer experience.

• The actual product refers to the core benefit that the product provides to meet the consumer's primary need.

• The actual product involves the brand name, features, quality, packaging, design, etc. which are all not part of the main use of a product but often determine why one product is chosen over another.

What is meant by the 'augmented' product?

• The augmented product involves factors that come after a consumer purchases a product.

• The augmented product refers to the intangible emotional value and brand identity that influence consumer perception prior to purchase.

• The augmented product involves elements such as features, design, and packaging, which enhance the product's appeal before purchase.

• The augmented product includes the core benefit or main purpose of the product that satisfies the consumer's basic need.

A consumer enters a shop and spends a few minutes before purchasing a product. What type of consumer product is this most likely to be?

• Convenience

• Shopping

• Specialty

• Unsought

A consumer enters a shop and puts little thought in purchasing a product. What type of consumer product is this likely to be?

• Convenience

• Shopping

• Specialty

• Unsought

A consumer annually renews their life insurance. What type of consumer product is this most likely to be?

• Convenience

• Shopping

• Specialty

• Unsought

A consumer who has just won the lottery and spends hours searching for a luxury watch to buy for their personal use. What type of consumer product is this most likely to be?

• Convenience

• Shopping

• Specialty

• Unsought

Which of the following statements regarding product line is incorrect?

• A product line has a specific definition that allows it to define the products in a product line.

• A product line is a group of related products that are sold to a similar target market, have similar prices, but will have some differences.

• Items in the same product line are similar and therefore marketed in a more similar way to each other.

• An example of a product line is the iPhone series because they have the same function and are sold in similar outlets/targets.

Which of the following statements regarding product mix is incorrect?

• A product mix is the combination of product lines.

• A firm usually has multiple product mixes that are made up of multiple product lines.

• A few common terminologies related to a product mix are width, length, and consistency.

• An example of a product mix is the several product lines that Apple has that would be considered as a reasonably tight mix.