Question 1

Customer value represents a business customer's overall assessment of a supplier based on perceptions of benefits received and sacrifices made. Discuss the benefits and sacrifices typically considered by customers when assessing value. What has recent research discovered matters most in customer value and how do these findings impact business marketing strategies?

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Question 2

Main Street represents a stage in the technology adoption life cycle where the frantic waves of adoption have subsided and supply now exceeds demand. Using any product and industry you choose, please describe the strategies that business marketers should follow during this phase.

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Question 3

Brand ____________________is described as the ways in which the brand attempts to meet customers' more abstract psychological or social needs.

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Question 4

Along with consumer-goods names like Nike or Coca Cola, the world's most valuable brands include high-tech representatives such as Intel, Hewlett-Packard, IBM, and Microsoft. Describe the attributes of a strong high-tech brand. Do the investments in building a high-tech brand pay off? Explain.

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Question 5

New products or services that require the end-user and the marketplace to dramatically change their past behavior, with the promise of gaining equally dramatic new benefits are known as ____________________ innovations.

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Question 6

Brand ____________________represents the strength of the psychological bond that a customer has with a brand and the degree to which this connection translates into loyalty, attachment, and active engagement with the brand.

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Question 7

____________________ brand equity is defined as the differential effect that customers' brand knowledge has on their response to marketing activities and programs for that brand.

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Question 8

Brand ____________________refers to the customer's ability to recall or recognize a brand under different conditions.

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Question 9

Strategy experts suggest that a company's product or service is competitively superior if, at a price equal to the price of competing products, customers always choose it. With this in mind, consider the spectacular growth of Dell Computer-a firm that sells direct to organizations and individuals who can place orders by phone or through the Internet. Using the value-in-use concept, describe the costs and benefits a customer faces in buying a computer directly from Dell. On what dimensions would local computer dealers and retailers enjoy an edge over Dell? Overall, what are the critical factors that shape the product strategy followed by Dell?

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Question 10

Selecting a hypothetical product and market setting, describe how a business marketing manager might use product positioning analysis to examine the competitive position of a product. Drawing on your illustration, suggest the product strategy implications.

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Question 11

The bowling alley represents a stage in the adoption life cycle where a product gains acceptance from selected groups of customers within the mainstream market but has yet to achieve widespread adoption. Describe the strategy that the business marketing firm should follow at this stage in the technology adoption life cycle. Next, explore the factors that trigger a tornado in high-tech markets and discuss how the focus of strategy changes during this chaotic phase.

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Quiz 7: Managing Products for Business Markets