MKT 320F UNIT 6 EXAM QUESTIONS WITH VERIFIED SOLUTIONS LATEST UPDATE 2026

MKT 320F UNIT 6 EXAM QUESTIONS WITH VERIFIED SOLUTIONS LATEST UPDATE 2026 A company's product policy includes - Answers the types of products and services a company will sell, and how many in each line? Company's 3 decisions in regard to product policy - Answers 1. Product mix breadth = variety and number of product lines offered 2. Product line depth = the number of items in a given product line 3. Product item design = refers to products design specifications SKU (stock keeping unit) = A specific unit of inventory that is carried as a separate, identifiable unit. differentiated vertically - Answers products at different price points differentiated horizontally - Answers products all at similar price points but different ex = different flavors of cheez its The nine key considerations in the product line depth decision making process are - Answers 1. customer heterogeneity and requirements specification 2. Ability to configure the offering to the segment 3. competitive impact - preempt? point of sustainable differentiation? 4. legitimization - of product type? of price point? 5. category size impact 6. net impact on own margins - cannibalization? 7. brand equity - enhanced or diluted overall? ability to support the extension 8. cost of variety vs scale opportunity - R&D spent to develop? 9. collaborator reaction There are a number of detergents marketed under the Tide brand, including detergents with and without fabric softener, with and without bleach, with various pleasing smells, and fragrance-free formulations. These detergents are an example of Tide's: - Answers product line Saucony is considering adding a new item to its Hurricane line of running shoes to increase its product line depth. All options would be acceptable EXCEPT: - Answers adding a new private label product What type of marketing strategy best exemplifies a straightforward mapping of a product to a customer's willingness to pay? - Answers good-better-best vertical differentiation Which of the following choices is NOT a consideration for the depth of a product line? - Answers The trialability of the product line. generic product - Answers features needed to deliver the core benefit of the product ex = pen dispensing ink expected product - Answers Generic Product + Customers Minimal Expectations ex = 24/7 support with online banking augmented product - Answers goes beyond expected product and includes unexpected value enhancing elements potential product - Answers extension to the augmented product that includes "everything that might be done to attract and hold customers" characteristics of winning products - Answers 1. superior to competitors products in terms of meeting users needs 2. solve a problem the customer has with competitive product 3. feature good value for the money and excellent price and performance characteristics 4. provide excellent product quality, according to customers way of defining quality 5. offer features easily perceived as useful 6. offer benefits that are highly visible to the customer Process of developing new products and services - Answers 1. new product strategy 2. idea generation 3. idea screening 4. business analysis 5. development 6. test marketing 7. commercialization new product strategy - Answers links the new-product development process with the objectives of the marketing department, the business unit, and the corporation Reinvent the crunchy taco and traditional Mexican cuisine Generating ideas - Answers The first step in new product development All-day ideation sessions with employees pitching product concepts Screening ideas/concept testing - Answers Rounds of testing with consumersIllustrations and edible mock-up Business analysis - Answers a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives Plans for new manufacturing lines to meet potential demand Development - Answers Experimenting with recipes to adjust seasoning and structural integrityCollaborating with Frito-Lays technical teams Test marketing - Answers the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation prototype released to select cities Commercialization - Answers introducing a new product into the market Building a pilot plant, hiring and training new employees Products lifetime typically follows these four stages - Answers 1. Introduction 2. Growth 3. Maturity 4. Decline Introduction phase - Answers the initial period in which consumers are informed about a product Growth phase - Answers Product design begins to stabilize Effective forecasting of capacity becomes necessary Adding or enhancing capacity may be necessary steepest part of the curve Maturity phase - Answers When sales of a product peak and then slowly start to decline Decline phase - Answers When sales of a product drop sharply, and businesses then tend to reduce advertising Innovators - Answers Those who are quick to try anything new and are willing to put up with the pain that sometimes goes with it are called Innovators. Early Adopters - Answers Those who are also fairly quick to try something new. They adopt new ideas early but carefully. Early Majority - Answers These people tend to be more deliberate. They will adopt a new idea before the average person but are rarely the leaders. They tend to be very practical. If the technology will solve a problem for them, and it has been tested out and has well-established references, they will adopt. Late Majority - Answers These people tend to be skeptics. They will adopt an innovation only after a majority of people have tried it. Laggards - Answers These people tend to be tradition-bound and suspicious of any change. They have no desire to have anything to do with any new technology. search quality - Answers a characteristic that can be easily assessed before purchase For example, consumers can pick up a mobile phone and play with the operating system to see if they like it. If it can be easily assessed before purchase, it is considered high in experience quality - Answers a characteristic that can be assessed only after use such as a haircut credence quality - Answers a characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience