What Are The Major Components Of An Offering?

What Are The Major Components Of An Offeringquestion 1 Optionsgoods

What are the major components of an offering? Question 1 options: goods, ideas and products tangible goods and intangible services product and price features and benefits Question 2 The major advantage to the service-dominant approach to products is _____ Question 2 options: the firm doesn't have to be concerned with providing tangible benefits. the firm can adjust the price of a service easier and more frequently than a tangible product. the recognition that in today's economy everything is essentially a service. the ability to view the offering from the consumer's point of view and the value they are seeking from the offering. Question 3 ( Generally built on a core technology platform, a group of related products that meet differing consumer needs is called a ___________.

Question 3 options: product mix. line extension. product family. product line. Question 4 A bag of potato chips offered for sale at the neighborhood gas station is a ___________. Question 4 options: shopping offering convenience offering. unsought offering. speciality offering. Question 5 Annie has been planning her dream wedding and the wedding dress is very important to her. She has been scanning wedding magazines for years and is now about begin looking for her perfect dress. Annie's wedding dress is an example of a __________. Question 5 options: unsought offering. specialty offering. shopping offering. convenience offering. Question 6 Which of the following best describe the new offering-development process? Question 6 options: Ideation, design, testing, screening, development, launch, and evaluation Idea generation, development, testing, and commercialization Idea generation, idea screening, feature specification, development, testing, commercialization, and evaluation Product design, testing, feature screening, and commercialization Question 7 Why is it important for a firm to establish a brand for its offerings? Question 7 options: Because consumers find brand logos easier to recognize than product names. Because any product sold under a brand can benefit from the sales of all products sold under the same brand umbrella. Because the brand logo and name identifies the product and differentiates it from competing offerings thereby positioning it in the minds of consumers. Because brands are families and like families are best known by their name. Question 8 At the recent annual meeting of Apple shareholders, the iCar product design was unveiled and it was announced that sales would most likely begin in the first half of the next year. At which stage of the new product development process is the iCar? Question 8 options: development testing feature specification launch Question 9 Why is a product package important to the marketer? Question 9 options: Because marketing is responsible for any product breakage Because the package communicates the offering at the point of sale Because package design is essentially a creative process and therefore part of the marketer's responsibility Because packaging that is not eye appealing may not receive prominent shelf space by the retailer Question 10 Kellogg Cereal markets All Bran, a non-sweetened and minimally processed cereal. It is in the late maturity stage of the product life cycle and the brand manager is concerned it might enter decline. What can Kellogg do to generate new interest in All Bran and extend the length of the product life cycle? Question 10 options: Offer price promotions with deep discounts to sell more boxes of All Bran. Try to get better shelf position for All Bran so consumers see it better and therefore more likely to buy it. Update the product and find a new market segment who would value the healthy cereal such as millinnials. Consider the cereal a 'dog' and take it off the shelves to cut their losses. Question 11 When an accounting firm packages its audit report in an expensive official looking report cover using linen stationary and the logo embossed on every page, what are they trying to convey to the client who is expected to pay a premium price for the audit of his business? Question 11 options: a marketing message to promote their brand name to other business people who see the report in hopes of leaving a positive impression for future business a way to present canned information in a way that looks customized to appear as if the audit service is really a tangible product That the firm provided a high quality service as evidenced by the quality report to help the customer trust and evaluate the service and be comfortable with the price paid. Question 12 Which of the following is an example of total cost of ownership? Question 12 options: purchase of a blood glucose meter and the strips necessary to test blood glucose levels. A BOGO (buy one get one free) price for a pair of shoes a Lego set and another related Lego product Price of a hair appointment and the cost of gas to get to the salon Question 13 In the Idea Generation stage of the New Product Development Process, who should be considered a primary source of new product ideas, especially in B2B products? Question 13 options: customers market researchers suppliers competitors Question 14 Price is ________. Question 14 options: the manufacturer's suggested list price (mslp) and not necessarily what the consumer will pay for an offering. the value the company believes the product is worth in order for them to make a profit. the amount of money a customer pays to receive the offering's benefits. always expressed in terms of US dollars. Question 15 Why is an understanding of a product's life cycle important for marketers? Question 15 options: The product life cycle tells the marketer when to stop selling the product because it can no longer be profitable. The product life cycle tells the marketer precisely how long the product will last in each stage. The product life cycle compares the product against the life cycle of competing products and helps the marketer make decisions regarding price discounts and marketing communication strategies. The product life cycle helps the marketer plan strategy based on the life cycle stages to extend the life (and profitability) of the product.

Paper For Above instruction

The components of an offering are fundamental to understanding how products and services are designed, marketed, and perceived by consumers. An offering can encompass tangible goods, intangible services, ideas, or a combination thereof. The primary components typically involved include the product itself, associated features, benefits, pricing, branding, and packaging. Each element plays a critical role in creating value for consumers and establishing competitive advantages in the marketplace.

Goods, ideas, and products form the core of an offering. Goods are tangible and transferable, whereas ideas and services often emphasize intangible value. A comprehensive offering considers both physical and intangible attributes, aligning them with consumer needs. For example, a car is a tangible good, but the maintenance service or financing options are intangible components that add value. Understanding and integrating these elements effectively influence customer satisfaction and loyalty.

The service-dominant logic of marketing emphasizes the importance of value co-creation and the consumer's perspective. One major advantage of this approach is that firms can focus on delivering benefits rather than merely tangible features. Instead of solely emphasizing a physical product, companies consider the overall experience, shared benefits, and customer engagement. This shift allows for more flexible pricing strategies and fosters stronger relationships with customers, which are essential in today's service-centric economy.

Product development often begins with a core technology platform, leading to related product groups that meet different consumer needs. These groups are typically known as a "product family" or "product line." A product family consists of related products built on a common platform, allowing companies to extend their offerings efficiently while targeting various market segments. For instance, a technology company might develop a range of laptops, tablets, and smartphones based on a shared operating system and component platform. This strategic approach helps optimize resource use and branding consistency.

In retail, the categorization of offerings varies from convenience to specialty products. A bag of potato chips at a neighborhood gas station is generally considered a convenience offering due to its immediate availability and low involvement purchase. Conversely, a wedding dress exemplifies a specialty offering, as it involves a high level of consumer involvement, uniqueness, and brand preference. Understanding these classifications assists marketers in designing appropriate marketing strategies for each product type.

An example of a shopping offering is the process of consumers actively seeking out specific items like a wedding dress after significant planning and research. Such offerings require consumers to compare options and make deliberate purchase decisions, often involving higher involvement and evaluation. This is distinct from convenience or unsought offerings, which typically require less consumer effort and are purchased out of necessity or lack of awareness.

When an individual is deeply engaged in the process of selecting a highly personal product such as a wedding dress, this represents a shopping offering. The consumer invests significant time and effort, comparing options based on style, price, and brand reputation. Marketers targeting these offerings should focus on creating a seamless, informative, and personalized shopping experience to influence purchase decisions effectively.

The new product development process involves several stages, including idea generation, screening, design, testing, commercialization, and evaluation. The most comprehensive description involves ideation, feature specification, development, testing, commercialization, and evaluation, reflecting the iterative nature of introducing innovative products to the marketplace. Strategic management of these phases is crucial for minimizing risks and maximizing market success.

Brand establishment is vital for companies because it helps consumers recognize and differentiate their offerings from competitors. A well-established brand communicates quality, reliability, and unique value propositions. Furthermore, branding creates an emotional connection that influences customer loyalty and perceptions, which are often more enduring than the products themselves. Companies like Apple have leveraged branding to position their products distinctively in the consumer's mind, often commanding premium prices.

The development stage of a new product, such as Apple’s iCar, occurs after concept approval and detailed product design. This phase involves refining the product, rigorous testing, and preparing manufacturing processes before the launch. Recognizing the precise stage helps companies allocate appropriate resources and strategize marketing efforts to ensure successful product introduction.

Packaging plays a crucial role in marketing because it communicates the offering at the point of sale, influences purchasing decisions, and enhances brand perception. Effective packaging design attracts consumer attention, provides functional protection, and conveys product information. For instance, premium brands often utilize luxurious packaging to reinforce their high-end positioning and justify premium pricing.

To extend the life cycle of a mature product like Kellogg’s All-Bran, marketers can adopt strategies like updating the product, targeting new market segments, improving shelf positioning, or employing promotional tactics. These actions aim to rekindle consumer interest, adapt to emerging trends, and create renewed demand, ultimately prolonging profitability and market relevance.

When an accounting firm invests in high-quality presentation of reports, including embossed logos and premium stationery, they are sending a message of high value and professionalism. Such packaging suggests that the service itself is of premium quality, helping clients perceive the audit as a tangible, high-value product and justifying premium pricing.

Evaluating total cost of ownership (TCO) extends beyond the initial purchase price to include all associated expenses over the product's lifespan. An example would be buying a blood glucose meter along with test strips, which involves ongoing costs, capturing the comprehensive financial commitment. Understanding TCO is essential for consumers and marketers to make informed decisions about long-term investments.

In B2B environments, primary sources of new product ideas often include customers, suppliers, and market researchers. Customers provide insights into unmet needs and pain points, while suppliers contribute technological innovations. Competitors and market analysis also play vital roles but are secondary to direct stakeholder input when generating innovative ideas in targeted markets.

Pricing reflects the amount a customer pays for a product’s benefits; it is not solely the manufacturer's suggested retail price but the actual transaction amount. Price strategies must consider perceived value, competitive positioning, and costs to optimize profitability and market acceptance. Effective pricing aligns with customer expectations and the value delivered.

A thorough understanding of a product's lifecycle helps marketers tailor strategies at each stage—introduction, growth, maturity, and decline. It informs decisions about pricing, promotional efforts, and product modifications necessary to extend profitability. Recognizing where a product stands in its lifecycle enables proactive management to maximize longevity and return on investment.

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