14 - 14 Student: _ 1. When consumers calculate the value of...

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14 Student: _______________________________________________________________________________________ True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False 1. When consumers calculate the value of a product, they look at the benefits and then subtract the cost. 2. Successful businesses constantly monitor consumer wants and needs. 3. To satisfy consumers managers must learn to listen better than they do now and to adapt constantly to changing market demands. 4. 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. 5. Fast-food organizations must constantly monitor all sources of information for new product ideas. 6. McDonald's prides itself on offering precisely the same menu around the world so that customers know exactly what to expect when they eat at a McDonald's. 7. According to the "Spotlight on Small Business" box in Chapter 14, Let's Dish and Dream Diners knew that even though its target market valued home-cooked meals and family time spent enjoying them they lacked the time to adequately prepare such meals. 8. Product development is a key activity in any modern business, anywhere in the world. 9. The "Spotlight on Small Business" box in Chapter 14 mentions Dream Dinners as a company that has succeeded by finding an unmet need and creating a satisfying total product offer. 10. 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. 11. The image created by advertising is part of the total product offer of a product. 12. The reputation of the manufacturer and the retail store surroundings are considered part of the value enhancers of a total product offer. 13. Price, store surroundings, service, and brand name are all elements that consumers evaluate in a total product offer. 14. Successful marketers attempt to think like consumers and evaluate the total product offer as a collection of impressions created by all parts of the value package. 15. Store surroundings are an important part of the total product value package. 16. The critical component of a total product offer is always a low price. 17. Low prices can often help retailers create an attractive total product offer. 18. In evaluating a total product offer, value enhancers such as service, guarantees, reputation of the seller, etc. are as important to customers as the basic product.
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True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False 19. A firm's product line refers to all of the different geographic markets in which it sells the same good or service. 20. A single product line may contain several competing brands.
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14 - 14 Student: _ 1. When consumers calculate the value of...

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