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PSM
Question | Answer |
---|---|
Why would a business use a broad product mix? | to promote one-stop shopping |
A business that says it tries harder because its product is not number one, is using product positioning to | compete |
Which of the following is a reason that a business would make changes to its product? | To keep up with changing consumer preferences |
A drawback of brands as compared to unbranded products is that they usually | must be sold at higher prices |
In what stage of brand loyalty do people become aware of the brand? | Recognition |
Brand or trade names are used primarily to identify a | product |
Company XYZ sells condensed soups and promotes them by saying, "Great taste, great price." Company XYZ is positioning its product according to what strategy | Price and Quality |
Why do companies use brands for their products? | To differentiate their products |
A company that makes ink pens claims no other pen on the market uses a type of ink that changes color when exposed to light. The company is positioning its product according to what strategy? | Unique characteristics |
A company advertises that its products are durable lightweight, and come in a variety of colors. What strategy is the company using to position its product | features and benefits |
Why does a company need to know what stage of the product life cycle its products are in? | To adapt its marketing strategies |
What is a technologically advanced method that allows businesses to produce products that are specialized for very few customers? | Mass customization |
When a company uses its product wrapping to promote the preservation of an endangered animal species, it is engaging in an ethical practice called | cause packaging |
Which activity is addressed in the product/service management function | eliminating products that are slow sellers |
Why is the quality level of a product an important product/service management decision? | It reflects the image of the business |
Why should a business continue to monitor an existing product? | To make changes in order to extend a products life cycle |
Five years after a new product has been introduced, sales begin to level off because customers are purchasing the competitor's brand. What strategy would be most appropriate to use in this situation? | Modify the product to renew customer interest |
A business is behaving unethically if its product's label contains | misleading information |
What is one way a business uses computer technology to obtain information to improve their product/service mix? | tracking visitors to their websites |
Why is the quality level of a product an important product/service management decision? | It reflects the image of the business |
When a business publicly pledges to provide all of its customers with quick, courteous service, what is it doing? | Making a brand promise |
When products are graded by nongovernmental agencies, the grading is | voluntary |
What will probably happen to a business if it continuously fails to deliver on its brand promise? | Lose credibility |
What is the purpose of warranties and guarantees? | To protect the producer and the seller |
A business's brand promise is what the business intends to | provide the customer |
One way a company can reinforce its image is by | training its employees |
One way of reinforcing the company's image through employee performance is by making sure employees have | thorough knowledge of the products |
Any business that transports goods across state lines must comply with standards set by | government agencies |
John communicates through all advertisements that his employees go through extensive training. What is John doing? | making a brand promise |
How does the use of grades and standards affect the buying and selling process? | It enables customers to buy without having to inspect each product |