1Marketing Revision Part II Chapter 8 Product, Services, and Branding Strategies: Building Customer Value1) We define a _ as anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need.A) private brandB) service variabilityC) serviceD) productE) service encounterAnswer: DDiff: 1 Page Ref: 224AACSB: CommunicationSkill: ConceptObjective: 8-12) _ are a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.A) Line extensionsB) ServicesC) BrandsD) Consumer productsE) SupplementsAnswer: BDiff: 1 Page Ref: 224AACSB: CommunicationSkill: ConceptObjective: 8-13) A product is a key element in the _. At one extreme, it may consist of pure tangible goods or at the other extreme, pure services.A) market offeringB) brand equityC) brand extensionD) co-brandingE) value chainAnswer: ADiff: 1 Page Ref: 224AACSB: CommunicationSkill: ConceptObjective: 8-124) To differentiate themselves, many companies are going beyond products and services, they are developing and delivering customer _. A) qualityB) experiencesC) brandsD) product linesE) eventsAnswer: BDiff: 2 Page Ref: 224AACSB: CommunicationSkill: ConceptObjective: 8-15) Product planners need to consider products and services on three levels. Each level adds more customer value. The most basic level is the _, which addresses the question, What is the buyer really buying?A) actual productB) augmented productC) core customer valueD) co-brandingE) exchangeAnswer: CDiff: 2 Page Ref: 225AACSB: CommunicationSkill: ConceptObjective: 8-16) Developing a product or service involves defining the benefits that it will offer. These benefits are communicated and delivered by _ such as quality, features, and style and design.A) private brandsB) product attributesC) consumer productsD) product mixesE) marketing toolsAnswer: BDiff: 3 Page Ref: 229AACSB: CommunicationSkill: ConceptObjective: 8-237) _ is one of the marketers major positioning tools because it has a direct impact on product or service performance; it is therefore closely linked to customer value and satisfaction.A) PackagingB) Product qualityC) Total quality managementD) Specialty product marketingE) PositioningAnswer: BDiff: 2 Page Ref: 229AACSB: CommunicationSkill: ConceptObjective: 8-28) _ is an approach in which all the companys people are involved in constantly improving the products, services, and business processes.A) Product qualityB) Brand equityC) Total quality managementD) Specialty product marketingE) PositioningAnswer: CDiff: 2 Page Ref: 230Skill: ConceptObjective: 8-29) What are the two dimensions of product quality?A) consistency and levelB) performance and resistanceC) design and innovationD) conformance and styleE) feature and designAnswer: ADiff: 2 Page Ref: 230Skill: ConceptObjective: 8-2410) Which of the following types of quality refers to freedom from defects and consistency in delivering a targeted level of performance?A) private brandB) productC) total quality managementD) conformance E) adherenceAnswer: DDiff: 2 Page Ref: 230Skill: ConceptObjective: 8-211) Some analysts see _ as the major enduring asset of a company, outlasting the companys specific products and facilities.A) brandsB) convenience productsC) specialty productsD) unsought productsE) staplesAnswer: ADiff: 1 Page Ref: 235AACSB: CommunicationSkill: ConceptObjective: 8-312) A key element in a companys relationship with consumers, a _ represents consumers perceptions and feelings about a product and its performance.A) product lineB) product experienceC) brandD) serviceE) product attributeAnswer: CDiff: 2 Page Ref: 236AACSB: CommunicationSkill: ConceptObjective: 8-3513) Which of the following is NOT one of the four consumer perception dimensions used by ad agency Young & Rubicam to measure brand strength?A) brand differentiationB) brand knowledgeC) brand valuationD) brand esteemE) brand relevanceAnswer: CDiff: 3 Page Ref: 236AACSB: CommunicationSkill: ConceptObjective: 8-314) The total financial value of a brand is estimated through the process of brand _.A) differentiationB) valuationC) extensionsD) positioningE) equityAnswer: BDiff: 2 Page Ref: 236AACSB: CommunicationSkill: ConceptObjective: 8-315) The fundamental asset underlying brand equity is _-the value of the customer relationships that the brand creates. A powerful brand is important, but what it really represents is a set of loyal consumers.A) the customer mixB) customer equityC) line equityD) service variabilityE) the service encounterAnswer: BDiff: 3 Page Ref: 238AACSB: CommunicationSkill: ConceptObjective: 8-316) _ means that services cannot be separated from their providers, whether the providers are people or machines.A) Servi