GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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true
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false
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Either A or B
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None of the above
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Detailed explanation-1: -If a company recognizes an opportunity for producing something that customers will value, they should supplement their product line, especially if they can make the new products better than competitors. A brand is an investment. Company A offers a line of products to a single segment.
Detailed explanation-2: -A product is anything that is of value to a consumer and can be offered through a voluntary exchange. This is the definition of a product.
Detailed explanation-3: -What Is a Customer? A customer is an individual or business that purchases another company’s goods or services. Customers are important because they drive revenues; without them, businesses cannot continue to exist.
Detailed explanation-4: -Search qualities are the attributes that may be evaluated prior to purchase, as the customer learns about the competitive offerings. For example, when you go to a department store to purchase socks, you can just look at a pair and know before buying them whether you’ll like them.
Detailed explanation-5: -What growth strategy combines new markets and new products? Diversification. Diversification involves developing new products and services and/or entering completely new markets.