Which product level involves adding different features to make customers happy?

• A) Core product
• B) Augmented product
• C) By-product
• D) Actual product

What is typically used to position a product?

• A) A balance sheet only
• B) A SWOT analysis only
• C) A break-even analysis only
• D) The marketing mix

What is anything offered to the market to satisfy a need, in exchange for something, called?

• A) Brand equity
• B) Market offering
• C) Value
• D) Cost

What is the difference between the price of a product and the consumer's willingness to pay called?

• A) Consumer value (surplus)
• B) Brand equity
• C) Cost
• D) Market offering

In which stage of the product life cycle is repositioning usually better undertaken?

• A) Development stage
• B) Introduction stage
• C) Growth stage
• D) Maturity or decline stage

If a company's product is used by the mass market, how many positioning strategies might it use?

• A) Only one positioning strategy
• B) Only a price-based strategy
• C) It may use multiple positioning strategies for different segments
• D) No positioning strategy at all

What is the consumer's overall assessment of a product's utility, based on what is received versus given, called?

• A) Cost-plus pricing
• B) Market offering
• C) Brand equity
• D) Perceived value

Matching the attractiveness of an opportunity with the potential of uncovering a market niche is called what?

• A) Market Opportunity Analysis
• B) Perceptual Map
• C) Qualitative Frame
• D) Break-even Analysis

Is repositioning needed when the market is at equilibrium?

• A) Equilibrium requires constant repositioning
• B) No, there is no need to reposition
• C) Yes, repositioning is always needed
• D) Equilibrium has no relation to positioning

Which tool helps in understanding the market or segments' perception of a product for positioning it?

• A) Balance sheet
• B) SWOT matrix
• C) Perceptual map
• D) Break-even chart

What is it called when a firm achieves large volume of production through standardization?

• A) Derived demand
• B) Diseconomies of scale
• C) Economies of scale
• D) Economies of scope

How is brand equity best defined?

• A) A company's total advertising budget
• B) The positive differential effect that knowing the brand name has on customer response
• C) The retail markup on a branded product
• D) The ratio of assets and liabilities associated with customer perception

What happens to control over a distribution channel as its length increases?

• A) Shorter channels are always harder to control
• B) It becomes easier to control
• C) It becomes harder to control
• D) Channel length has no effect on control

What does unused service capacity reflect, since services cannot be stored?

• A) Service perishability
• B) Inventory management
• C) Economies of scale
• D) Brand equity

What does idea rating in product development include evaluating?

• A) Only competitor pricing
• B) Only advertising budget
• C) Only packaging design
• D) Customer needs, manufacturing capability, and strategic fit

Through which areas does intellectual capital mainly support innovative products?

• A) Only distribution
• B) R&D, value chain, and HRM
• C) Only advertising
• D) Only pricing

At which stage of the product life cycle is it hardest to establish brand loyalty?

• A) Growth stage
• B) Maturity stage
• C) Decline stage
• D) Introduction stage