From the given columns which of the combinations best describe the concepts of product hierarchy?(a) Need family (i) The core need that underlines the existence of a product family (b) Product family (ii) Group of items within a product line that share one of several possible forms of the product (c) Product class (iii) Group of products within the product family recognized as having a certain functional coherence (d) Product line (iv) All the product classes that can satisfy a core need with reasonable effectiveness
Only (a)-(i), (b)-(iv) and (c)-(iii) are correct
Kotler's product hierarchy runs from the broadest human need down to the specific item, and each level has a precise definition. This matching question tests those definitions, and the key marks three pairings as correct.
A need family is the core need that underlies the very existence of a product family, so (a)-(i) - it is the most basic level, the fundamental want the products serve. A product family is all the product classes that can satisfy that core need with reasonable effectiveness, so (b)-(iv) - a broad grouping of everything that meets the need. A product class is a group of products within the product family that are recognised as having a certain functional coherence, so (c)-(iii) - a narrower set sharing a common function.
These three pairings, (a)-(i), (b)-(iv) and (c)-(iii), are exactly the combination the first option lists. The other options either misassign the product family or product class descriptions or bring in the product-line definition incorrectly, so they do not match the key.
Therefore the combination that best describes the product hierarchy is only (a)-(i), (b)-(iv) and (c)-(iii).
Hence the answer is only (a)-(i), (b)-(iv) and (c)-(iii).
The step after 'concept testing' in the new product development process is:
Which of the following best describes the 4 A’s from the buyer’s viewpoint ?
A. Adjustability
B. Awareness
C. Accessibility
D. Affordability
E. Acceptability
Choose the correct answer from the options given below :
Under which of the following conditions, a brand is said to have a negative brand equity ?
Under Brand Sponsorship, store brands are also known as which other names from the following?
A. National Brands
B. Generic Brands
C. Private Brands
D. Distributor Brands
E. Manufacturers Brands
Choose the correct answer from the options given below:
Evaluate the statements according to Brand Asset Valuator Model of Brand Equity :
Statement (I) : Knowledge measures the degree to which a brand is seen as different from others as well as its pricing power.
Statement (II) : Esteem measures perceptions of quality and loyalty or how well the brand is regarded and respected.
Code :
Which of the following statements represents marketing ?
| List - I | List - II |
|---|---|
| (a) Bundle pricing | (i) Price for any product is deliberately fixed lower than the prices of competitors |
| (b) Parity pricing | (ii) Prices fixed for similar products and services are the same as competitor’s prices |
| (c) Penetration pricing | (iii) Price fixation is allowed at levels higher than competitors |
| (d) Premium pricing | (iv) Involves being the leader in fixing prices by benchmarking them |
| (v) Set of products and services are clubbed together and charged at lower than the sum of individual elements in the mix |
The step after 'concept testing' in the new product development process is: