Monday, September 30, 2019

Branding: Marketing and Answer

Chapter-9: MCQ’s and short questions: 1. _____ is endowing products and services with the power of a brand. Your Answer:| Branding | 2. _____ is the added value endowed to products and services. Your Answer:| Brand equity | 3. ______ are those trademarked devices that serve to identify and differentiate the brand. Your Answer:| Brand elements | 4. _____ marketing is about mixing and matching marketing activities to maximize their individual and collective effects. Your Answer:| Integrating | 5. _____ is consumers' ability to identify the brand under different conditions as reflected by their brand recognition or recall performance.Your Answer:| Brand awareness | 6. _____ occurs when customers experience the company as delivering on its brand promise. Your Answer:| Brand bonding | 7. A _____ is a consumer-focused exercise that involves a series of procedures to assess the health of the brand, uncover its sources of brand equity, and suggest ways to improve and leverage its equi ty. Your Answer:| brand audit | 8. When a firm uses an established brand to introduce a new product it is called a _____. Your Answer:| brand extension | 9. A _____ product is one whose brand name has been licensed to other manufacturers who actually make the product.Your Answer:| licensed | 10. _____ occurs when consumers no longer associate a brand with a specific product or highly similar products and start thinking less about the brand. Your Answer:| Brand dilution | 11. _______is the set of all brands and brand lines which a particular firm offers for sale to buyers in a particular category. Your Answer:| Brand portfolio | 12. _____ measures the degree to which a brand is seen as different from others. Your Answer:| Differentiation | 13. _____ measures the breadth of a brand's appeal. Your Answer:| Relevance | 14.Nike has the distinctive â€Å"swoosh† logo, the â€Å"Just Do It† slogan, and the â€Å"Nike† name based on a mythological goddess. These items a re called _____. Your Answer:| brand elements | 15. Burton, a maker of snowboards, is introducing a new snowboard called â€Å"The Dominator. † This snowboard will be associated and identified with top professional riders. What marketing strategy is Burton using? Your Answer:| leveraging secondary association | 16. The purpose of the _____ is to provide a current, comprehensive profile of how all the products and services sold by a company are marketed and branded. Your Answer:| brand inventory | | 7. A _____ typically employs quantitative measures to provide marketers with current information as to how their brands and marketing programs are performing on the basis of a number of key dimensions. Your Answer:| tracking study| | 18. Nivea, a strong European brand, has expanded its scope from a skin-cream brand to a skin-care and personal-care brand through carefully designed and implemented brand extensions. This is an example of _____. Your Answer:| brand reinforcement | 19. Dannon Yogurt offers several types of new yogurts, Fruit on the Bottom, Natural Flavours, and Fruit Blends to name a few.This is an example of a _____. Your Answer:| line extension | 20. Honda uses the company name to cover different products such as automobiles, motorcycles, snow blowers, and snowmobiles. This is an example of a _____. Your Answer:| category extension | 21. A _____ brand may be kept around despite dwindling sales because they still manage to hold on to a sufficient number of customers and maintain profitability with little or no marketing support. Your Answer:| cash cow | 22. All products marketed by Heinz carry the brand name ‘Heinz'. This is an example of ___________. Your Answer:| blanket family names |Short Questions: Chapter-9: 1. Describe the functions a brand provides for the firm. Ans:Brands simplify product handling or tracking. Brands help to organize inventory and accounting records. Brands also offer the firm legal protection for unique features o r aspects of the product. Finally, brands signal a certain level of quality so that satisfied buyers can easily choose the product again. 2. What are the two basic approaches to measuring brand equity? Ans: The indirect approach assesses potential sources of brand equity by identifying and tracking consumer brand knowledge structures.The direct approach assesses the actual impact of brand knowledge on consumer responses to different aspects of the marketing. 3. From a marketing management perspective, there are three main sets of brand equity drivers. List these factors. Ans: The initial choices for the brand element or identities making up the brand. The way the brand is integrated into the supporting marketing program. The associations indirectly transferred to the brand by linking the brand to some other entity. 4. What are the six criteria used to choose brand elements? Explain each of these.Ans:- 1. Memorable – how easily is the brand element recalled and recognized. 2. Meaningful – to what extent is the brand element credible and suggestive of the corresponding category? 3. Likeability – how aesthetically appealing do consumers find the brand element? 4. Transferable – can the brand element be used to introduce new products in the same or different categories? 5. Adaptable – how adaptable and updatable is the brand element. 6. Protectable – how legally protectable is the brand element? How competitively protectable is it? Can it be copied? 5.Discuss the four general strategies used in choosing a brand name. What are the advantages to each of these strategies? Ans:- ? First, a company can use an individual name strategy. This way the company does not tie its reputation to the product's. If the product fails or appears to have a low quality the company's image is not hurt. ? A second strategy is to use blanket family names. By using this strategy, there is no need for â€Å"name† research or heavy advertisin g to create brand-name recognition; this reduces initial development costs. ? A third strategy is to use separate family names for all products.This works best for companies that produce quite different products and one blanket family name is not desirable. ? Finally, a company can use the corporate name combined with individual product names as a branding strategy. The company name legitimizes and the individual name individualizes the new product. 6. The Marketing Insight – Applying Permission Marketing, presents the practice of permission marketing as an important tool for building customer loyalty. List the five steps which Seth Godin, a pioneer in the technique, has identified as important in creating effective permission marketing.Ans:-   Godin identifies the following 5 steps: Offer the prospect an incentive to volunteer (e. g. , free sample, sales promotion, or contest). Offer the interested prospect a curriculum over time that teaches the consumer about the product or service. Reinforce the incentive to guarantee that the prospect maintains the permission. Offer additional incentives to get more permission from the consumer. Over time, leverage the permission to change consumer behaviour toward profits. Chapter-10: MCQ’s and short questions: 1. ____ is the act of designing the company's offering and image to occupy a distinctive place in the mind of the target market. Your Answer:| Positioning | 2. Companies can gain a strong competitive advantage through having better-trained people. This is called _____. Your Answer:| personnel differentiation | 3. _____ pass through four stages: distinctiveness, emulation, mass fashion, and decline. Your Answer:| Fashions | 4. In a _____ pattern of the product life cycle, sales grow rapidly when the product is first introduced and then fall to a â€Å"petrified† level.Your Answer:| growth-slump-maturity | 5. The _____ stage is marked by a rapid climb in sales. Your Answer:| growth | 6. During the _____ stage sales slow down creating over-capacity in the industry, which leads to intensified competition. Your Answer:| maturity | 7. During the _____ stage sales and profits decline and some firms withdraw from the market. Your Answer:| decline | 8. _____ calls for gradually reducing a product and business's costs while trying to maintain sales. Your Answer:| Harvesting | 9. If a new product sells well, new firms will enter the market, ushering in a(n) _____ stage.Your Answer:| market-growth | 10. Eventually, when competitors cover and serve all the major market segments the market enters the _____ stage. Your Answer:| maturity | 11. A company may follow the strategies of deletion, harvesting, or contracting in the _______ stage. Your Answer:| decline | 12. Creating the image of a â€Å"delivered pizza† rather than a â€Å"frozen pizza† category for McCain's pizza is an example of _______. Your Answer:| positioning | 13. Attributes or benefits consumers strongl y associate with a brand, such as FedEx-guaranteed overnight delivery-are called _____.Your Answer:| points-of-difference | 14. Associations that are not necessarily unique to the brand are called _____. Your Answer:| points-of-parity | 15. A _____ is a basic and distinctive mode of expression appearing in a field of human endeavour. Your Answer:| style | 16. During the _____ stage prices remain where they are or fall slightly. Your Answer:| growth | 17. The _____ stage divides into three phases: growth, stable, and decaying maturity. Your Answer:| maturity | 18. During the _____ stage product managers try to stimulate sales by modifying other marketing program elements.Your Answer:| maturity | 19. During the _____ stage firms may withdraw from smaller market segments and weaker trade channels. Your Answer:| decline | 20. _____ is used to milk the firm's investments to recover cash quickly in the decline stage. Your Answer:| Harvesting | 21. In a _____ strategy a new product can be designed to meet the preferences of one of the corners of the market. Your Answer:| single-niche | 22. Which of the following is not a key desirability for PODs? Your Answer:| Feasibility | Short Questions: Chapter-10: 1.What are the three key consumer desirability criteria for POD's (points-of-difference)? Ans:- 1. Relevance – target consumers must find the POD personally relevant and important. 2. Distinctiveness – target consumers must find the POD distinctive and superior. 3. Believability – target consumers must find the POD believable and credible. 2. What are the four stages in the Product Life Cycle? Describe what happens at each stage. Ans:- ? In the first stage, introduction, the product experiences slow sales growth as the product is introduced in the market. In the second stage, growth, there is a period of rapid market acceptance and substantial profit improvement. ? In the third stage, maturity, the product experiences a slowdown in sales growth, p rofits stabilize or decline because of increased competition. ? And in the fourth and final stage, decline, sales show a downward drift and profits erode. 3. Companies can gain a strong competitive advantage through better trained people. List some of the characteristics of better-trained personnel, and give some illustrative examples.Ans:-   Competence – they possess the required skill and knowledge Courtesy – they are friendly, respectful, and considerate Credibility – they are trustworthy Reliability – they perform the service consistently and accurately Responsiveness – they respond quickly to customers' requests and problems Communication – they make an effort to understand the customer and communicate clearly Some examples of the above: Singapore Airlines – excellent reputation in large part because of its flight attendants McDonald's people are courteous IBM people are professional Disney people are upbeat. . What are the thr ee main ways to convey a brand's category membership? Ans:- 1. Announcing category benefits — benefits are frequently used to announce category membership to reassure consumers that a brand will deliver. 2. Comparing to exemplars — well known noteworthy brands in a category can also be used to specify category membership. 3. Relying on the product descriptor — the product descriptor that follows the brand name is often a concise means of conveying category origin. 5. What five strategies are available to firms in declining industries? Ans:- 1.Increasing the firm's investments. 2. Maintaining the firm's investment level until the uncertainties about the industry are resolved. 3. Decreasing the firm's investment level selectively by dropping unprofitable customer groups and simultaneously strengthening the firm's investment in lucrative niches. 4. Harvesting the firm's investment to recover cash quickly. 5. Divesting the business quickly by disposing of its assets as advantageously as possible. 6. Define and discuss the concepts of points-of-parity (pop) and points-of-difference (pod). Use examples to illustrate your discussion.Ans:-   Points-of-Difference (PODs) are attributes or benefits consumers strongly associate with a brand, positively evaluate, and believe that they could not find to the same extent with a competitive brand. Strong, favourable, and unique brand associations that make up PODs may be based on virtually any type of attribute or benefit. Examples are FedEx (guaranteed overnight delivery), Nike (performance), and Lexus (quality. ) Points-of-Parity (POPs) are associations that are not necessarily unique to the brand but may be shared with other brands. They come in two basic forms: category and competitive.Category POPs are associations consumers view as essential to be a legitimate and credible offering within a certain product or service category. They represent necessary conditions for brand choice. They may change ov er time due to technological advances, legal developments, or consumer trends, but they are the ‘greens fees' to play the marketing game. Competitive POPs are associations designed to negate competitors' PODs. If a brand can ‘break even' in those areas where the competitors are trying to find an advantage and also can achieve advantages in other areas, the brand should be in a strong, and even unbeatable, competitive position.Chapter-13: MCQ’s and short questions: 1. A distinct characteristic of services is _____. Your Answer:| intangibility | 2. Services are typically produced and consumed simultaneously. This is an example of the _____ characteristic of services. Your Answer:| inseparability | 3. Services cannot be stored. This describes the _____ characteristic of services. Your Answer:| perishability | 4. _____ describes employees' skills in serving the client. Your Answer:| Interactive marketing | 5. SSTS refers to _____. Your Answer:| self-service technologi es | 6.Top firms audit service performance by collecting _____ measurements to probe customer satisfiers and dissatisfiers. Your Answer:| voice of the customer | 7. The services a customer expects are called the _____ service package. Your Answer:| primary | 8. Added features to an offering are called _____ service features. Your Answer:| secondary | 9. The intangibility of services has implications for the choice of _____. Your Answer:| brand elements | 10. _____ cost refers to the product's purchase cost plus the discounted cost of maintenance and repair less the discounted salvage value.Your Answer:| Life cycle | 11. According to Parasuraman, Zeithaml & Benny, the most important determinant of service quality is: Your Answer:| Reliability | 12. An offering that consists primarily of a tangible good with no services at all is considered a _____. Your Answer:| pure tangible good | 13. A restaurant is an example of a(n) _____. Your Answer:| hybrid | 14. _____ refers to the willingne ss to help customers and to provide prompt service. Your Answer:| Responsiveness | 15. _____ refers to the knowledge and courtesy of employees and their ability to convey trust and confidence.Your Answer:| Assurance | 16. _____ refers to the ability to perform the promised service dependably and accurately. Your Answer:| Reliability | 17. Mystery shoppers refer to the use of _____. Your Answer:| undercover shoppers | 18. Customers often view a service as fairly homogeneous, caring less about the provider than the price. Service marketers must therefore _____ their services. Your Answer:| differentiate | 19. Marriott is setting up hotel rooms for high-tech travelers who need accommodations that will support computers, fax machines, and e-mail.These are examples of _____ service features. Your Answer:| secondary | 20. _____ extensions often require sub-branding strategies where the corporate name is combined with an individual brand name or modifier. Your Answer:| Vertical | 21. Servi ces such as installations, staff training, maintenance, and repair services and financing are called _____ services. Your Answer:| facilitating | 22. Ritz-Carlton Hotels' legendary service is an example of which one of the following distinct characteristic of service? Your Answer:| Intangibility | Short Questions: 1.What are the five categories of offerings in the product-service mix? Ans:- 1. Pure tangible good – the offering consists primarily of a tangible good, no services accompany the product. 2. Tangible good with accompanying services – the offering consists of a tangible good accompanied by one or more services. 3. Hybrid – the offering consists of equal parts of goods and services. 4. Major service with accompanying minor goods and services – the offering consists of a major service along with additional services or supporting goods. 5. Pure service – the offering consists primarily of a service. . What are the five determinants of servic e quality in order of importance? Ans:- 1. Reliability – the ability to perform the promised service dependably and accurately. 2. Responsiveness – the willingness to help customers and to provide prompt service. 3. Assurance – the knowledge and courtesy of employees and their ability to convey trust and confidence. 4. Empathy – the provision of caring, individualized attention to customers. 5. Tangibles – the appearance of physical facilities, equipment, personnel, and communication materials. 3.Holistic marketing for services requires external, internal, and interactive marketing. Define these terms. Ans:-   External marketing describes the normal work of preparing, pricing, distributing, and promoting the service to customers. Internal marketing describes training and motivating employees to serve customers well. Interactive marketing describes the employees' skill in serving the client. Clients judge service not only by its technical quality (e. g. , was the surgery successful? ) but also by its functional quality (e. g. , did the surgeon show concern and inspire confidence? ). Branding: Marketing and Answer Chapter-9: MCQ’s and short questions: 1. _____ is endowing products and services with the power of a brand. Your Answer:| Branding | 2. _____ is the added value endowed to products and services. Your Answer:| Brand equity | 3. ______ are those trademarked devices that serve to identify and differentiate the brand. Your Answer:| Brand elements | 4. _____ marketing is about mixing and matching marketing activities to maximize their individual and collective effects. Your Answer:| Integrating | 5. _____ is consumers' ability to identify the brand under different conditions as reflected by their brand recognition or recall performance.Your Answer:| Brand awareness | 6. _____ occurs when customers experience the company as delivering on its brand promise. Your Answer:| Brand bonding | 7. A _____ is a consumer-focused exercise that involves a series of procedures to assess the health of the brand, uncover its sources of brand equity, and suggest ways to improve and leverage its equi ty. Your Answer:| brand audit | 8. When a firm uses an established brand to introduce a new product it is called a _____. Your Answer:| brand extension | 9. A _____ product is one whose brand name has been licensed to other manufacturers who actually make the product.Your Answer:| licensed | 10. _____ occurs when consumers no longer associate a brand with a specific product or highly similar products and start thinking less about the brand. Your Answer:| Brand dilution | 11. _______is the set of all brands and brand lines which a particular firm offers for sale to buyers in a particular category. Your Answer:| Brand portfolio | 12. _____ measures the degree to which a brand is seen as different from others. Your Answer:| Differentiation | 13. _____ measures the breadth of a brand's appeal. Your Answer:| Relevance | 14.Nike has the distinctive â€Å"swoosh† logo, the â€Å"Just Do It† slogan, and the â€Å"Nike† name based on a mythological goddess. These items a re called _____. Your Answer:| brand elements | 15. Burton, a maker of snowboards, is introducing a new snowboard called â€Å"The Dominator. † This snowboard will be associated and identified with top professional riders. What marketing strategy is Burton using? Your Answer:| leveraging secondary association | 16. The purpose of the _____ is to provide a current, comprehensive profile of how all the products and services sold by a company are marketed and branded. Your Answer:| brand inventory | | 7. A _____ typically employs quantitative measures to provide marketers with current information as to how their brands and marketing programs are performing on the basis of a number of key dimensions. Your Answer:| tracking study| | 18. Nivea, a strong European brand, has expanded its scope from a skin-cream brand to a skin-care and personal-care brand through carefully designed and implemented brand extensions. This is an example of _____. Your Answer:| brand reinforcement | 19. Dannon Yogurt offers several types of new yogurts, Fruit on the Bottom, Natural Flavours, and Fruit Blends to name a few.This is an example of a _____. Your Answer:| line extension | 20. Honda uses the company name to cover different products such as automobiles, motorcycles, snow blowers, and snowmobiles. This is an example of a _____. Your Answer:| category extension | 21. A _____ brand may be kept around despite dwindling sales because they still manage to hold on to a sufficient number of customers and maintain profitability with little or no marketing support. Your Answer:| cash cow | 22. All products marketed by Heinz carry the brand name ‘Heinz'. This is an example of ___________. Your Answer:| blanket family names |Short Questions: Chapter-9: 1. Describe the functions a brand provides for the firm. Ans:Brands simplify product handling or tracking. Brands help to organize inventory and accounting records. Brands also offer the firm legal protection for unique features o r aspects of the product. Finally, brands signal a certain level of quality so that satisfied buyers can easily choose the product again. 2. What are the two basic approaches to measuring brand equity? Ans: The indirect approach assesses potential sources of brand equity by identifying and tracking consumer brand knowledge structures.The direct approach assesses the actual impact of brand knowledge on consumer responses to different aspects of the marketing. 3. From a marketing management perspective, there are three main sets of brand equity drivers. List these factors. Ans: The initial choices for the brand element or identities making up the brand. The way the brand is integrated into the supporting marketing program. The associations indirectly transferred to the brand by linking the brand to some other entity. 4. What are the six criteria used to choose brand elements? Explain each of these.Ans:- 1. Memorable – how easily is the brand element recalled and recognized. 2. Meaningful – to what extent is the brand element credible and suggestive of the corresponding category? 3. Likeability – how aesthetically appealing do consumers find the brand element? 4. Transferable – can the brand element be used to introduce new products in the same or different categories? 5. Adaptable – how adaptable and updatable is the brand element. 6. Protectable – how legally protectable is the brand element? How competitively protectable is it? Can it be copied? 5.Discuss the four general strategies used in choosing a brand name. What are the advantages to each of these strategies? Ans:- ? First, a company can use an individual name strategy. This way the company does not tie its reputation to the product's. If the product fails or appears to have a low quality the company's image is not hurt. ? A second strategy is to use blanket family names. By using this strategy, there is no need for â€Å"name† research or heavy advertisin g to create brand-name recognition; this reduces initial development costs. ? A third strategy is to use separate family names for all products.This works best for companies that produce quite different products and one blanket family name is not desirable. ? Finally, a company can use the corporate name combined with individual product names as a branding strategy. The company name legitimizes and the individual name individualizes the new product. 6. The Marketing Insight – Applying Permission Marketing, presents the practice of permission marketing as an important tool for building customer loyalty. List the five steps which Seth Godin, a pioneer in the technique, has identified as important in creating effective permission marketing.Ans:-   Godin identifies the following 5 steps: Offer the prospect an incentive to volunteer (e. g. , free sample, sales promotion, or contest). Offer the interested prospect a curriculum over time that teaches the consumer about the product or service. Reinforce the incentive to guarantee that the prospect maintains the permission. Offer additional incentives to get more permission from the consumer. Over time, leverage the permission to change consumer behaviour toward profits. Chapter-10: MCQ’s and short questions: 1. ____ is the act of designing the company's offering and image to occupy a distinctive place in the mind of the target market. Your Answer:| Positioning | 2. Companies can gain a strong competitive advantage through having better-trained people. This is called _____. Your Answer:| personnel differentiation | 3. _____ pass through four stages: distinctiveness, emulation, mass fashion, and decline. Your Answer:| Fashions | 4. In a _____ pattern of the product life cycle, sales grow rapidly when the product is first introduced and then fall to a â€Å"petrified† level.Your Answer:| growth-slump-maturity | 5. The _____ stage is marked by a rapid climb in sales. Your Answer:| growth | 6. During the _____ stage sales slow down creating over-capacity in the industry, which leads to intensified competition. Your Answer:| maturity | 7. During the _____ stage sales and profits decline and some firms withdraw from the market. Your Answer:| decline | 8. _____ calls for gradually reducing a product and business's costs while trying to maintain sales. Your Answer:| Harvesting | 9. If a new product sells well, new firms will enter the market, ushering in a(n) _____ stage.Your Answer:| market-growth | 10. Eventually, when competitors cover and serve all the major market segments the market enters the _____ stage. Your Answer:| maturity | 11. A company may follow the strategies of deletion, harvesting, or contracting in the _______ stage. Your Answer:| decline | 12. Creating the image of a â€Å"delivered pizza† rather than a â€Å"frozen pizza† category for McCain's pizza is an example of _______. Your Answer:| positioning | 13. Attributes or benefits consumers strongl y associate with a brand, such as FedEx-guaranteed overnight delivery-are called _____.Your Answer:| points-of-difference | 14. Associations that are not necessarily unique to the brand are called _____. Your Answer:| points-of-parity | 15. A _____ is a basic and distinctive mode of expression appearing in a field of human endeavour. Your Answer:| style | 16. During the _____ stage prices remain where they are or fall slightly. Your Answer:| growth | 17. The _____ stage divides into three phases: growth, stable, and decaying maturity. Your Answer:| maturity | 18. During the _____ stage product managers try to stimulate sales by modifying other marketing program elements.Your Answer:| maturity | 19. During the _____ stage firms may withdraw from smaller market segments and weaker trade channels. Your Answer:| decline | 20. _____ is used to milk the firm's investments to recover cash quickly in the decline stage. Your Answer:| Harvesting | 21. In a _____ strategy a new product can be designed to meet the preferences of one of the corners of the market. Your Answer:| single-niche | 22. Which of the following is not a key desirability for PODs? Your Answer:| Feasibility | Short Questions: Chapter-10: 1.What are the three key consumer desirability criteria for POD's (points-of-difference)? Ans:- 1. Relevance – target consumers must find the POD personally relevant and important. 2. Distinctiveness – target consumers must find the POD distinctive and superior. 3. Believability – target consumers must find the POD believable and credible. 2. What are the four stages in the Product Life Cycle? Describe what happens at each stage. Ans:- ? In the first stage, introduction, the product experiences slow sales growth as the product is introduced in the market. In the second stage, growth, there is a period of rapid market acceptance and substantial profit improvement. ? In the third stage, maturity, the product experiences a slowdown in sales growth, p rofits stabilize or decline because of increased competition. ? And in the fourth and final stage, decline, sales show a downward drift and profits erode. 3. Companies can gain a strong competitive advantage through better trained people. List some of the characteristics of better-trained personnel, and give some illustrative examples.Ans:-   Competence – they possess the required skill and knowledge Courtesy – they are friendly, respectful, and considerate Credibility – they are trustworthy Reliability – they perform the service consistently and accurately Responsiveness – they respond quickly to customers' requests and problems Communication – they make an effort to understand the customer and communicate clearly Some examples of the above: Singapore Airlines – excellent reputation in large part because of its flight attendants McDonald's people are courteous IBM people are professional Disney people are upbeat. . What are the thr ee main ways to convey a brand's category membership? Ans:- 1. Announcing category benefits — benefits are frequently used to announce category membership to reassure consumers that a brand will deliver. 2. Comparing to exemplars — well known noteworthy brands in a category can also be used to specify category membership. 3. Relying on the product descriptor — the product descriptor that follows the brand name is often a concise means of conveying category origin. 5. What five strategies are available to firms in declining industries? Ans:- 1.Increasing the firm's investments. 2. Maintaining the firm's investment level until the uncertainties about the industry are resolved. 3. Decreasing the firm's investment level selectively by dropping unprofitable customer groups and simultaneously strengthening the firm's investment in lucrative niches. 4. Harvesting the firm's investment to recover cash quickly. 5. Divesting the business quickly by disposing of its assets as advantageously as possible. 6. Define and discuss the concepts of points-of-parity (pop) and points-of-difference (pod). Use examples to illustrate your discussion.Ans:-   Points-of-Difference (PODs) are attributes or benefits consumers strongly associate with a brand, positively evaluate, and believe that they could not find to the same extent with a competitive brand. Strong, favourable, and unique brand associations that make up PODs may be based on virtually any type of attribute or benefit. Examples are FedEx (guaranteed overnight delivery), Nike (performance), and Lexus (quality. ) Points-of-Parity (POPs) are associations that are not necessarily unique to the brand but may be shared with other brands. They come in two basic forms: category and competitive.Category POPs are associations consumers view as essential to be a legitimate and credible offering within a certain product or service category. They represent necessary conditions for brand choice. They may change ov er time due to technological advances, legal developments, or consumer trends, but they are the ‘greens fees' to play the marketing game. Competitive POPs are associations designed to negate competitors' PODs. If a brand can ‘break even' in those areas where the competitors are trying to find an advantage and also can achieve advantages in other areas, the brand should be in a strong, and even unbeatable, competitive position.Chapter-13: MCQ’s and short questions: 1. A distinct characteristic of services is _____. Your Answer:| intangibility | 2. Services are typically produced and consumed simultaneously. This is an example of the _____ characteristic of services. Your Answer:| inseparability | 3. Services cannot be stored. This describes the _____ characteristic of services. Your Answer:| perishability | 4. _____ describes employees' skills in serving the client. Your Answer:| Interactive marketing | 5. SSTS refers to _____. Your Answer:| self-service technologi es | 6.Top firms audit service performance by collecting _____ measurements to probe customer satisfiers and dissatisfiers. Your Answer:| voice of the customer | 7. The services a customer expects are called the _____ service package. Your Answer:| primary | 8. Added features to an offering are called _____ service features. Your Answer:| secondary | 9. The intangibility of services has implications for the choice of _____. Your Answer:| brand elements | 10. _____ cost refers to the product's purchase cost plus the discounted cost of maintenance and repair less the discounted salvage value.Your Answer:| Life cycle | 11. According to Parasuraman, Zeithaml & Benny, the most important determinant of service quality is: Your Answer:| Reliability | 12. An offering that consists primarily of a tangible good with no services at all is considered a _____. Your Answer:| pure tangible good | 13. A restaurant is an example of a(n) _____. Your Answer:| hybrid | 14. _____ refers to the willingne ss to help customers and to provide prompt service. Your Answer:| Responsiveness | 15. _____ refers to the knowledge and courtesy of employees and their ability to convey trust and confidence.Your Answer:| Assurance | 16. _____ refers to the ability to perform the promised service dependably and accurately. Your Answer:| Reliability | 17. Mystery shoppers refer to the use of _____. Your Answer:| undercover shoppers | 18. Customers often view a service as fairly homogeneous, caring less about the provider than the price. Service marketers must therefore _____ their services. Your Answer:| differentiate | 19. Marriott is setting up hotel rooms for high-tech travelers who need accommodations that will support computers, fax machines, and e-mail.These are examples of _____ service features. Your Answer:| secondary | 20. _____ extensions often require sub-branding strategies where the corporate name is combined with an individual brand name or modifier. Your Answer:| Vertical | 21. Servi ces such as installations, staff training, maintenance, and repair services and financing are called _____ services. Your Answer:| facilitating | 22. Ritz-Carlton Hotels' legendary service is an example of which one of the following distinct characteristic of service? Your Answer:| Intangibility | Short Questions: 1.What are the five categories of offerings in the product-service mix? Ans:- 1. Pure tangible good – the offering consists primarily of a tangible good, no services accompany the product. 2. Tangible good with accompanying services – the offering consists of a tangible good accompanied by one or more services. 3. Hybrid – the offering consists of equal parts of goods and services. 4. Major service with accompanying minor goods and services – the offering consists of a major service along with additional services or supporting goods. 5. Pure service – the offering consists primarily of a service. . What are the five determinants of servic e quality in order of importance? Ans:- 1. Reliability – the ability to perform the promised service dependably and accurately. 2. Responsiveness – the willingness to help customers and to provide prompt service. 3. Assurance – the knowledge and courtesy of employees and their ability to convey trust and confidence. 4. Empathy – the provision of caring, individualized attention to customers. 5. Tangibles – the appearance of physical facilities, equipment, personnel, and communication materials. 3.Holistic marketing for services requires external, internal, and interactive marketing. Define these terms. Ans:-   External marketing describes the normal work of preparing, pricing, distributing, and promoting the service to customers. Internal marketing describes training and motivating employees to serve customers well. Interactive marketing describes the employees' skill in serving the client. Clients judge service not only by its technical quality (e. g. , was the surgery successful? ) but also by its functional quality (e. g. , did the surgeon show concern and inspire confidence? ).

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